Regular Savings Accounts: The Best Currently Available List!

WillPS

Once again I'm in awe of your extreme Money Saving @Bridlington1 ! Although for my peace of mind I'm happy losing out on up to 8p in interest knowing that money is in 'the right place' before my second coffee on the first, regardless of which day of the week it is.

FIREmenow

Turnedoutniceagain said:

Hello, I've just opened a NatWest DRS and first payment went in on 29 April by SO. Is it ok to change the date of SO to the 3 May now? And just leave it at the 3rd for every month? Thanks in advance.

I've just done this, managed to get a payment in last night before the account was showing - it failed from an external account but went through on an internal transfer.

Have then done another faster payment today for May and the standing order will take over from 1 June.

Bigwheels1111

My First Direct regular saver matures today.
Strange thing is interest was added yesterday and less than advertised £136.50.
£135.38 balance showing.
£1.12 short.
I will have to wait a few days until it’s paid out, but me thinks a little nudge maybe in order.
Petty I know, but I will get the £1.12 I believe they owe me.

I know some on here are wizards with figures, should it not be a little more as was a leap year ?.

friolento

Bigwheels1111 said:

My First Direct regular saver matures today.
Strange thing is interest was added yesterday and less than advertised £136.50.
£135.38 balance showing.
£1.12 short.
I will have to wait a few days until it’s paid out, but me thinks a little nudge maybe in order.
Petty I know, but I will get the £1.12 I believe they owe me.

I know some on here are wizards with figures, should it not be a little more as was a leap year ?.

The advertised rate assumes your deposits were made on the first of every month. This is unlikely to be the case for anyone as even if your account gets opened on a 1st, the SO won‘t always get processed on the 1st as sometimes a 1st falls on a non-working day.

To work out your interest, you need to use the number of days your monthly deposits have actually been in your account.

masonic

As above, the difference will be due to your payment date sometimes falling on a weekend or bank holiday and being delayed. For example, for an account opened on 3rd May 2023, this would have happened in the months of June (Sat), September (Sun), December (Sun), February (Sat) and March (Sun), but 7 days interest on £300 @ 7% = 40 p. The rest is probably explainable by shorter months like February falling late in your account year, meaning the balance didn't increase as fast as someone who opened in say January or February and had fewer days between their early payments.

Gers

My First Direct RS matured yesterday - monies in savings account this morning and moved out to another bank.  New RS account opened and funded in five minutes. Very impressive given that the process used to be much longer.

My interest is £135.58.

RG2015

Gers said:

My First Direct RS matured yesterday - monies in savings account this morning and moved out to another bank.  New RS account opened and funded in five minutes. Very impressive given that the process used to be much longer.

My interest is £135.58.

Exactly the same for me and my new regular saver account is showing in the app.

This is the first time in several years that my new £300 standing order will be the same date as the previous one.

Bigwheels1111

Thanks for the sums, I will still call and ask.

I will try and get my £1.12.

I know Im an *******.

But there web page states £136.50.

I will update everyone in a few days.

Stargunner

Bigwheels1111 said:

Thanks for the sums, I will still call and ask.

I will try and get my £1.12.

I know Im an *******.

But there web page states £136.50.

I will update everyone in a few days.

No wonder that there are often queues to get through to customer service advisors, with people like you calling them.

The reasons have already been made aware to you.

dealyboy

Gers said:

My First Direct RS matured yesterday - monies in savings account this morning and moved out to another bank.  New RS account opened and funded in five minutes. Very impressive given that the process used to be much longer.

My interest is £135.58.

I don't think the process is necessarily any quicker, but the quick turnaround being because you had a 'Savings Account'. I didn't have that a couple of months ago and although I was able to obtain the balance + interest (£137.05) two days after maturity following a phone call, I did have to wait a few extra days for the RS to convert to a Savings Account before allowing me to open a new RS. I have read before that it may be a good idea to open a Savings Account before maturity.