Regular Savings Accounts: The Best Currently Available List!

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.

TheWoodler

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.

Their website states the figures are ‘a guide to the interest you could earn’ and form a ‘projection provided for illustrative purposes only’. So good luck with spending time and money on the phone claiming that £1.12. 

simonsmithsays

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.

Got to be a windup.

Noone would spend time coming on here to look for guidance and then be given the correct advice by multiple helpful people and then ignore that advice, admit they're ignoring it on here and waste their own time and the banks by proceeding on a hopeless cause?

All for a quid?

As I say, got to be a windup

schiff

While we're talking about pennies may ask a simple question.
If I deposit funds into an interest bearing account at midday say, and draw it out at ten minutes past midnight, do I get one day's interest?
TYIA

ColdIron

simonsmithsays said:

Bigwheels1111 said:

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

I will try and get my £1.12.

I know Im an A hole.

But there web page states £136.50.

I will update everyone in a few days.

Noone would spend time coming on here to look for guidance and then be given the correct advice by multiple helpful people and then ignore that advice, admit they're ignoring it on here and waste their own time and the banks by proceeding on a hopeless cause?

You'd be surprised

Kim_13

ColdIron said:

simonsmithsays said:

Bigwheels1111 said:

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

I will try and get my £1.12.

I know Im an A hole.

But there web page states £136.50.

I will update everyone in a few days.

Noone would spend time coming on here to look for guidance and then be given the correct advice by multiple helpful people and then ignore that advice, admit they're ignoring it on here and waste their own time and the banks by proceeding on a hopeless cause?

You'd be surprised

To be fair they will probably give it to him if they cannot get him to go away with a simple explanation such as those here - they would have to check the interest, looking at the dates in the month he paid in, whether those were working days and if not, whether FD pay interest on a non-working day.

Though I would agree it is spurious and just asking for the bank to refuse your custom in the future. 

On the leap year point, the bank will have a policy as to whether interest is payable on 29 February or not. I seem to remember reading in Nationwide's terms that they don't, but I don't have a clue on any others. If an account is a good account one day every four years / whether they will credit the account on a non-working day isn't a dealbreaker.

Fingerbobs

RG2015 said:

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.

Weirdly, I've just done exactly the same, but I got a message saying my new account would be opened in 3 working days. Applied via the App. 

AmityNeon

I assume First Direct utilises the same underlying systems to calculate interest as HSBC. When my HSBC Regular Saver matured, interest was £0.62 less than expected.

Long story short:

1. Payment windows are based on calendar months.
2. The maximum monthly balance (i.e. the balance on which full interest is paid) is defined by account month (not calendar month). On balances above the maximum monthly balance (possible when a payment is made earlier in the month as per #1), the standard rate of interest is paid.
3. The crux: Displaced Annual Period (my own term)
   The 'account month' does not simply start each month on the same day of the month the account was opened. In my case, my first 'account month' contained 28 days, with subsequent months containing 31, 30, 31 days etc. matching an account year that starts in February; however, my account was not opened in February, so the day of the month the monthly maximum balance increased was constantly shifting each month, due to this 'displaced' annual period being superimposed onto my account.

The full story involved HSBC complaint handlers failing to understand their own systems, repeatedly providing incorrect information regarding precisely how the interest figure was calculated, attempting to dismiss me with an even lower figure calculated by 'senior' staff, followed by an escalation to the FOS that resulted in me receiving compensation worth far more than the total interest earned on the regular saver (plus a spreadsheet I was able to analyse to ascertain the above points—I doubt anyone in an official capacity would have bothered to explain it even if they could).

jameseonline

schiff said:

While we're talking about pennies may ask a simple question.
If I deposit funds into an interest bearing account at midday say, and draw it out at ten minutes past midnight, do I get one day's interest?
TYIA

I've also been wondering that🤔🙄😏🤣😂😁😌

AmityNeon

jameseonline said:

schiff said:

While we're talking about pennies may ask a simple question.
If I deposit funds into an interest bearing account at midday say, and draw it out at ten minutes past midnight, do I get one day's interest?
TYIA

I've also been wondering that🤔🙄😏🤣😂😁😌

In most cases, yes. The most common exception would be providers that don't pay interest on deposits received on non-working days.