Regular Savings Accounts: The Best Currently Available List!

badger09

Over62 said:

First Direct regular saver matured today.  Funds in the saver account this morning.  Opened a new regular saver, left £300 in first direct and transferred the rest out.  Good job I did that earlier as now the app is unavailable and the website shows "the Lambda function associated with the CloudFront distribution was throttled!"

Oh that doesn’t sound like a good thing does it🤔

Bridlington1

gt94sss2 said:

@Silver_Saver_2

Sorry, if I have missed it but I don't think https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/ is listed on the first page

The account only pays 5.25% variable, lasts a year and has a max deposit of £300/mth, so it wouldn't qualify for inclusion under the new criteria if I'm not mistaken. 

Also I think @Special_Saver2 deserves a touch of gold rather than silver after the work he/she has put in to maintaining this thread over the years.

masonic

saverkev said:

App working OK for me

I'm still getting 'Service Unavailable', but based on the error message it sounds like it is capacity-related issue.

There's a banner now on the website:

kaMelo

There is a banner on the website;

We're really sorry that some customers are having issues accessing personal online and mobile banking. Our IT teams are working hard to get these services back to normal. Debit and credit cards, digital wallet and ATMs are all working. You can still authorise online card purchases via SMS.

surreysaver

Special_Saver2 said:

Hi Folks,

I have decided it is time to review the interest rate thresholds that I use for inclusion on this thread. I had been waiting for a month after the new tax year and it is now approximately a month later. I have decided to now include having a fixed interest rate as a favourable condition given interest rates are predicted to fall.

These are now the criteria in post 1 of this thread:

"I am only adding accounts where the interest rate is 5.5% or better, or 5% if the account has favourable conditions (e.g. you can pay in £500 per month or more, the interest rate is fixed, or if the account matures after at least 2 years)."

I have checked the interest rate on every account on page 1 and then removed accounts from the entries on page 1 that do not meet these criteria.

I will do the next update within the next 2 weeks.

SS2

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For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

I wonder if penalty-free withdrawals should be included as a favourable condition?  As it's worth me paying into an account paying more than 5%, as that's equivalent to what my flexible ISA pays, if an account pays its interest next tax year, if I am able to withdraw the money should better accounts become available.
This would enable the inclusion of the Aldermore account

tg99

If new reg sav opened yesterday Sat 4th and opening £300 taken by First Direct same day then will they therefore take the future £300 monthly contributions on the 4th always even if a non working day? Thks 

gt94sss2

tg99 said:

If new reg sav opened yesterday Sat 4th and opening £300 taken by First Direct same day then will they therefore take the future £300 monthly contributions on the 4th always even if a non working day? Thks 

No, future payments are taken by standing order so will be taken on the next working day

tg99

Thx gt94sss2. One follow up qu regarding funding the First Direct Reg saver - historically I have set the SO date for the £300 to go from my main current account to my First Direct current account as the working day before the £300 is transferred into the Reg saver so as to make sure it was there ready. So eg over next 12 months would set it for the 1st since sometimes the 2nd and 3rd fall on weekends. Instead, anyone know if it’s ok to just set it for the same working day? It means that the money might not be in there when First Direct first try and take it if in the early hours but I believe some banks automatically try again in the afternoon - and don’t charge any fee for the initial failed attempt- by which time it would be in there? My main current account seems to send out SO around 130am. Assume the same applies to HSBC Reg saver too? Thks.

gt94sss2

tg99 said:

Thx gt94sss2. Instead, anyone know if it’s ok to just set it for the same working day? It means that the money might not be in there when First Direct first try and take it if in the early hours but I believe some banks automatically try again in the afternoon - and don’t charge any fee for the initial failed attempt- by which time it would be in there? My main current account seems to send out SO around 130am. Assume the same applies to HSBC Reg saver too? Thks.

Yes, that should be fine. It's what I do.

You'll may get an SMS in the morning, saying you are overdrawn but you can ignore that as long as they receive your SO that day.

gt94sss2

Bridlington1 said:

gt94sss2 said:

@Silver_Saver_2

Sorry, if I have missed it but I don't think https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/ is listed on the first page

The account only pays 5.25% variable, lasts a year and has a max deposit of £300/mth, so it wouldn't qualify for inclusion under the new criteria if I'm not mistaken. 

Also I think @Special_Saver2 deserves a touch of gold rather than silver after the work he/she has put in to maintaining this thread over the years.

Oh, I quite agree. I think it's more that I didn't see the revised criteria before posting..