We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Regular Savings Accounts: The Best Currently Available List!

1122512261228123012311699

Comments

  • Kim_13
    Kim_13 Posts: 3,684 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 18 April 2024 at 5:49PM
    Having a brain fart here and now.
    For the Principality, what name do I use, mine or Principality.
    I know my acc no is the ref.


    Principality Building Society, selecting 'Business Account.' As I'm already funding a Principality account via Chase and they only save one reference now, I have today's new addition and the 2 Year Healthy Habits saved to my Nationwide payees with the descriptions '1Yr Triple Access' and '2Yr Fix' respectively.

    A pain if your bank don't have a description field, as you need the reference to be the account number as you say.
  • Bigwheels1111
    Bigwheels1111 Posts: 3,072 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Having a brain fart here and now.
    For the Principality, what name do I use, mine or Principality.
    I know my acc no is the ref.


    I used Principality Building Society, Santander checked it and accepted it.

    Many thanks,
    Now I just need to set up standing order for the first.
  • friolento
    friolento Posts: 2,686 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Having a brain fart here and now.
    For the Principality, what name do I use, mine or Principality.
    I know my acc no is the ref.



    I selected personal account, and used my usual naming convention for the account name. I knew this couldn't match, and I simply accepted the mismatch.

    My usual naming convention is LCbankxxxx, where bank is Princ for Principality, and xxxx the last four digits of the Reference or the Account Number where I have a personal account number. That way I can easily identify which of my several Principality accounts the payment is for.
  • CuparLad
    CuparLad Posts: 158 Forumite
    100 Posts Second Anniversary Name Dropper
    friolento said:
    Having a brain fart here and now.
    For the Principality, what name do I use, mine or Principality.
    I know my acc no is the ref.



    I selected personal account, and used my usual naming convention for the account name. I knew this couldn't match, and I simply accepted the mismatch.
    My approach is similar. Always set them up as Business and use a meaningful description, otherwise (as is my case) I'd end up with four "Principality Building Society"s and needing to use the Ref as the determinant. That's bound to lead to mistakes.
    I thought I read somewhere that the eventual intention was to strictly apply account verification so you couldn't pay to an account where there was a mismatch, meaning our aproach would no longer work. Hopefully that's either not true or a long way off.
  • jameseonline
    jameseonline Posts: 1,213 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 18 April 2024 at 6:09PM
    I think you can select personal account for things but you are supposed to select business for simplicity/so things go through smoothly/at all.

    Some building societies etc aren't that clear or have been clear on the how to fund things, thankfully never had any issues getting my money into regular/easy access savings so far.

    Doesn't help things that Virgin for example doesn't recognise Principality Building Society as a business so you have to do the manual input thing
  • Bigwheels1111
    Bigwheels1111 Posts: 3,072 Forumite
    1,000 Posts Third Anniversary Name Dropper
    I used Principality Building Society 
    Then Business as their email said.

  • I'm new to all of this savings stuff and have opened and maxed out the accounts listed on the MSE website. 

    I've opened a NatWest 6.17% Regular Digital Saver, is there anything stopping me opening a RBS one too?
    Nope, may as well have them both open as there's only a £150 max deposit a month limit so will take a long time to max each one out at £5000
    I have previously read on here of people being able to max one out within a month using double round ups. I maxed out both of mine in around 7-8 months.
    I don't understand the round up trick or whatever people call it, but generally speaking it's a £150 deposit a month per brand
    https://www.natwest.com/savings/tools-for-savings/round-ups.html

    Make a debit card transaction for an odd amount (eg. £1.01) and NatWest/RBS will round up the transaction to £2, and put the difference (99p) into a nominated savings account. They also offer a double round-up version, which allows £1.98 to be saved each transaction.
    I'm assuming they round up using your funds, not theirs..?
  • allegro120
    allegro120 Posts: 2,135 Forumite
    1,000 Posts Second Anniversary Name Dropper
    I'm new to all of this savings stuff and have opened and maxed out the accounts listed on the MSE website. 

    I've opened a NatWest 6.17% Regular Digital Saver, is there anything stopping me opening a RBS one too?
    Nope, may as well have them both open as there's only a £150 max deposit a month limit so will take a long time to max each one out at £5000
    I have previously read on here of people being able to max one out within a month using double round ups. I maxed out both of mine in around 7-8 months.
    I don't understand the round up trick or whatever people call it, but generally speaking it's a £150 deposit a month per brand
    I use NS&I Direct Saver for double round up trick.  Depositing £1.01 by RBS or Natwest debit card adds £1.98 to digital savers. NS&I DS interest is low, but the money can be withdrawn as soon as the payment is cleared.  The process is tedious so I only do it occasionally when I feel like doing it, add about 40 p/m on the top of £150 allowance to each digital saver.
  • Bridlington1
    Bridlington1 Posts: 4,118 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    DJDools said:
    I'm new to all of this savings stuff and have opened and maxed out the accounts listed on the MSE website. 

    I've opened a NatWest 6.17% Regular Digital Saver, is there anything stopping me opening a RBS one too?
    Nope, may as well have them both open as there's only a £150 max deposit a month limit so will take a long time to max each one out at £5000
    I have previously read on here of people being able to max one out within a month using double round ups. I maxed out both of mine in around 7-8 months.
    I don't understand the round up trick or whatever people call it, but generally speaking it's a £150 deposit a month per brand
    https://www.natwest.com/savings/tools-for-savings/round-ups.html

    Make a debit card transaction for an odd amount (eg. £1.01) and NatWest/RBS will round up the transaction to £2, and put the difference (99p) into a nominated savings account. They also offer a double round-up version, which allows £1.98 to be saved each transaction.
    I'm assuming they round up using your funds, not theirs..?
    Yes it uses the funds that are in your current account, sadly the £1.98 isn't given to you by NatWest/RBS.
  • friolento
    friolento Posts: 2,686 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    CuparLad said:
    friolento said:
    Having a brain fart here and now.
    For the Principality, what name do I use, mine or Principality.
    I know my acc no is the ref.



    I selected personal account, and used my usual naming convention for the account name. I knew this couldn't match, and I simply accepted the mismatch.
    My approach is similar. Always set them up as Business and use a meaningful description, otherwise (as is my case) I'd end up with four "Principality Building Society"s and needing to use the Ref as the determinant. That's bound to lead to mistakes.
    I thought I read somewhere that the eventual intention was to strictly apply account verification so you couldn't pay to an account where there was a mismatch, meaning our aproach would no longer work. Hopefully that's either not true or a long way off.

    I agree, hopefully it is untrue or a very long way off. Until all banks and buliding societies provide a meaningful way to uniquely identify an account. e.g. via a nickname which is then used in all transactions, forcing a COP match would be lunacy. Mind you, this probably won't stop some hardcore consumer rights campaigners from demanding unreasoned "improvements".
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.