Regular Savings Accounts: The Best Currently Available List!

Kim_13

Bigwheels1111 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.

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

savethepandas said:

Bigwheels1111 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 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

Bigwheels1111 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 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

friolento said:

Bigwheels1111 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

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

I used Principality Building Society 
Then Business as their email said.

PowerSavingMode

PRAISETHESUN said:

jameseonline said:

Stargunner said:

jameseonline said:

ThePirates 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

jameseonline said:

Stargunner said:

jameseonline said:

ThePirates 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

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

DJDools said:

PRAISETHESUN said:

jameseonline said:

Stargunner said:

jameseonline said:

ThePirates 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

CuparLad said:

friolento said:

Bigwheels1111 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".