Regular Savings Accounts: The Best Currently Available List!

friolento

BooJewels said:

friolento said:

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

There's no particular advantage in funding from the BRT and that's not what I do.  I actually fund it from my Skipton EA saver, because that's the recipient of monthly interest from a couple of Skipton fixes.  So, to date, my RS has been funded entirely from received monthly interest - none of my own principle funds - better than compounding in the original account.  One of the fixes matured recently, so the interest payments stopped, leaving me 50 quid short for my last RS payment.  So I set up a transfer from the BRT for that last 50 (itself being an interest payment), just to round it off.

Phew, that sounds complicated. Great that it's working for you

TheWoodler

BooJewels said:

I've been thinking about it further during today whilst pottering in the garden and it does seem almost preposterous that it could even happen. 

My thoughts entirely, especially as SOs are completely controlled by the customer.  

That one was a Members’ RS IIRC, so for this to happen with a loyalty product seems doubly unfortunate. I would not have felt well rewarded for loyalty if I had missed my 12th payment through no fault of my own. 

It’s also a point to consider that there was no difficulty with sufficient funds in the originating EA account - so with it being a working day as well, all conditions were in place for it to have been taken. 

BooJewels

Indeed @TheWoodler - I had thought originally that it wasn't showing as a scheduled payment because there were insufficient funds earlier in the month - but I had scheduled a transfer for 26th April to bring it up over the required amount in good time - no point moving it too soon, as the BRT interest rate is higher than the EA account.  I may be mistaken on this, but my understanding is that if SOs are set for a particular day, as long as the funds are there when it's scheduled it will go ahead - but I think DDs need more run time.

I've sent a secure message asking about it, as it has made me a smidge uneasy about SOs with them, as I routinely schedule withdrawals to my current account in that manner and I need to be able to trust it.  Plus I was going to take another RS when it matures, but likewise, I don't want to rely on it if they might just intervene and cancel the SO before it's been actioned.  I'm not sure that her explanation yesterday withstood scrutiny once I gave it more thought.

liamcov

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?

flaneurs_lobster

liamcov said:

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?

You asked this question a week ago

I guess the answer is still no.

jameseonline

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.

Bigwheels1111

jameseonline said:

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.

Ask for your £1.12, they will give it to you.

BooJewels

I was thinking about the same thing in respect of the issue with Skipton and the scheduled SO being paid late (not had a reply yet about the last one being cancelled) - if I scheduled the SO for the 1st of the month and it was always paid on the 3rd, 4th or 5th of each month - that diddles me out of about £2 of interest over the year, if my maths is right.  0.075 (%) x 250 / 365 = 5.1p per day x 3 x 12 = £1.84+ - if 5 days late, it's just over £3.

simonsmithsays

Skipton Member Saver 7.5% Maturity

As one of the account holders who haven't closed this early (and then opened up the 7% RS) I see that upon logging into the app I see the following

Your account is due to mature on 31 May 2024.

We'll let you know about your maturity options around two weeks before your account maturity date'

Saffron 9% RS

No indication on the Saffron app as to the maturity options yet

On both accounts I won't be cancelling the SOs quite yet incase these morph into decent accounts.

liamcov

flaneurs_lobster said:

liamcov said:

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?

You asked this question a week ago

I guess the answer is still no.

Sorry I thought it was new, can't keep up!