Regular Savings Accounts: The Best Currently Available List!

pecunianonolet

Opened it last night when @Bridlington1 guessed the link but I now see that interest is paid on 1st Jan and is flexible. Was opening it so I can get interest paid next financial year as I was hoping it is paid annually on date of opening. Already maxed out PSA for this year so I am better off with an ISA. Will leave the account unfunded for them to close it automatically.

"Interest is calculated on the money in the account each day and paid each year on 1 January"

simonsmithsays

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account

Three penalty withdrawals including early closure make it a no brainer to add to my RS list for me.

And I've currently got 5.2% and 5.1% EA accounts.

It extends my relationship with Principality too should anything good come along.

Section62

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

happybagger

Even if only for a few months, and even if BoE were inclined to make four reductions to 4.25% over the period of this account, the loss by not opening it would me minimal. A decent deposit limit would have persuaded me differently.

qbadger

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

t1redmonkey

qbadger said:

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

It wouldn't go above £600 at the time you'd be making the 12th payment, even with the added interest.

where_are_we

Thanks Kazza242 and Bridlington1 for link to new Principality RS @ 6%. If you are already a Principality customer, it is very quick and easy to open. You can only make 12 payments of £50 - so no 13th payment possible. Deposit £50 today to name - Principality Building Society, Business account, sort code 20-18-23 account number (Removed by Forum Team) with your new RS account number as reference. You will get confirmation of payee come up. Then set up 11 standing orders for £50 starting 1/5/24 and ending 3/3/25 (1/3/25 is a Saturday).

Kim_13

qbadger said:

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

I had a moan to that effect on their feedback pop up - but the section that states what the balance could be after 12 months as £619.50 implies that you could. I guess if you paid £40 in in month 12 you maybe wouldn’t then be able to add another £10 as the balance would already be over £600 before the payment arrived with them.

Hopefully they update the page to clarify.

Stargunner

Section62 said:

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

When interest rates drop, variable regular savers will also drop. Even if EA rates dropped to 4% and this remained at 6%, it would still not be of any interest to me due to the small monthly deposit limits.

Bridlington1

Stargunner said:

Section62 said:

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

When interest rates drop, variable regular savers will also drop. Even if EA rates dropped to 4% and this remained at 6%, it would still not be of any interest to me due to the small monthly deposit limits.

Though as you've alluded to, there's no guarantee that this account's rate will drop by the same amount as other variable rate accounts (or if it will drop at all). Personally I go after every penny of interest, 6% on £50/mth gives me more interest than if I'd left the money in an EA account so I'll drip-feed the funds across to it. I actually quite enjoy it all, though I appreciate others have differing opinions on what constitutes ``worth the effort".

I also prefer to hedge my bets a bit so to speak. If I had the choice between putting savings into a top paying EA account and putting them in a regular saver at the same rate which offers some penalty free withdrawals/early closure online I typically favour funding the regular saver as I can empty the regular saver into the EA account at any time in the future if I wish but can't transfer a lump sum larger than the max deposit from the EA account to the regular saver so I gain some flexibility depending on how the savings landscape evolves.