Regular Savings Accounts: The Best Currently Available List!

jameseonline

simonsmithsays said:

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.

Saffron won't it will change to a poop maturity account earning fudge all & can't pay into, unless you give them maturity instructions.

I always message them instructions to transfer to my easy access account which they do then I move it out myself from there, well technically I send them a request & it gets transferred via fast payment but yeah.

I don't think you have to wait for the maturity thing to show up either, just message them online/app.

I've done this for the Members Month 9% and they've noted my request already.

Can't speak about Skipton but I don't know of ANY Regular Savings accounts that morph into decent savings accounts, only poopy accounts paying less interest.

The only potential benefits I'm aware of is you have a new savings account so could potentially use it to transfer money out & also if you keep the account you could have it in order to get loyalty accounts in the future.

For example I have £100 in Cambridge Building Society, they have loyalty regular savings accounts, the best they do currently is 6%, also I have £1 with Skipton and they do a 5.50% savings account & a 7% account so given time I'll be eligible for those or whatever they have running in the future.

jameseonline

Bigwheels1111 said:

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.

Just me or do you like complaining?

wiseonesomeofthetime

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.

Mine was the same today but, unlike BigWheels1111, I cannot be bothered with chasing £1.12 tbh

jameseonline

simonsmithsays said:

jameseonline said:

simonsmithsays said:

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.

Saffron won't it will change to a poop maturity account earning fudge all & can't pay into, unless you give them maturity instructions.

I always message them instructions to transfer to my easy access account which they do then I move it out myself from there, well technically I send them a request & it gets transferred via fast payment but yeah.

I don't think you have to wait for the maturity thing to show up either, just message them online/app.

I've done this for the Members Month 9% and they've noted my request already.

Can't speak about Skipton but I don't know of ANY Regular Savings accounts that morph into decent savings accounts, only poopy accounts paying less interest.

The only potential benefits I'm aware of is you have a new savings account so could potentially use it to transfer money out & also if you keep the account you could have it in order to get loyalty accounts in the future.

For example I have £100 in Cambridge Building Society, they have loyalty regular savings accounts, the best they do currently is 6%, also I have £1 with Skipton and they do a 5.50% savings account & a 7% account so given time I'll be eligible for those or whatever they have running in the future.

Saffron RS have allowed you to keep the same account number and sort code for their 'regular' RS for at least a decade.

I've got a number, albeit limited and not special editions, of other RS (I've got dozens with 11k going out each month) which do similar - i.e. 'mature' but then continue for another year with the same account details.

Keeping the same account number and sort code doesn't necessarily mean anything in itself.

Do you mean keep the same account going but by product switch or something?. Because all that product switching does is transfer up to the max monthly limit into a new agreement/term/account and the remaining money has to go somewhere else and you have to tell them where.

I'm not quite sure what you mean to be honest, I've had accounts mature with Saffron along with accounts I've closed and accounts I've product switched so can only go by my experience.

As for other regular savings accounts do you mean things like Halifax?, I don't think there's that many accounts like that to be honest, most accounts end after a year and convert to a easy access paying a poop rate so would then need to move the money into a decent easy access account, start a new regular etc.

Anyways check your regular savings terms etc.

Bridlington1

wiseonesomeofthetime said:

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.

Mine was the same today but, unlike BigWheels1111, I cannot be bothered with chasing £1.12 tbh

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do draw the line at trying to get them to pay me an extra £1.12 if they've already paid me the correct amount of interest in the first place.

RG2015

Bridlington1 said:

wiseonesomeofthetime said:

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.

Mine was the same today but, unlike BigWheels1111, I cannot be bothered with chasing £1.12 tbh

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do draw the line at trying to get them to pay me an extra £1.12 if they've already paid me the correct amount of interest in the first place.

I was paid the same amount and the interest was not incorrect.

What may be regarded as incorrect is that the £300 standing order was not made on a weekend or bank holiday.

AmityNeon

Assuming it was a set and forget Standing Order for the full monthly amount, £135.38 is a little low even when taking into account delayed deposits due to weekends and bank holidays.

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

gt94sss2

RG2015 said:

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do dr

What may be regarded as incorrect is that the £300 standing order was not made on a weekend or bank holiday.

That is following the rules that govern standing orders. 

I would say that the small number of financial organisations which ignore this and make the payments on non working days are the one who are incorrect.

On the broader point, the First Direct website states:

Projection provided for illustrative purposes only and does not take into account individual circumstances.

It does not mean that they are paying you less interest than you earned.

masonic

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

AmityNeon

masonic said:

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

Technically, the interest window is based on account months* but the payment window is based on calendar months. The account terms include a provision for account balance exceeding the Maximum Monthly Balance: "If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate."

*https://forums.moneysavingexpert.com/discussion/comment/80760541#Comment_80760541