Regular Savings Accounts: The Best Currently Available List!

friolento

AmityNeon said:

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

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

AmityNeon

friolento said:

AmityNeon said:

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

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

Technically, the FAQ and account terms are correct. Whilst the SO date cannot be changed, the SO itself can be cancelled altogether, and you can create a new SO as desired. Their standard Savings Account rate is far lower than the top easy access rates though so it's not worth depositing earlier than the start of the account month. It's also unlikely that any monthly SO will map perfectly to the (account) monthly periods anyway.

Bigwheels1111

jameseonline said:

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?

I love it.
Gives me things to do in the early hours, as a live in carer I’m on call 24/7.
Stops me getting board.

friolento

AmityNeon said:

friolento said:

AmityNeon said:

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

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

Technically, the FAQ and account terms are correct. Whilst the SO date cannot be changed, the SO itself can be cancelled altogether, and you can create a new SO as desired. Their standard Savings Account rate is far lower than the top easy access rates though so it's not worth depositing earlier than the start of the account month. It's also unlikely that any monthly SO will map perfectly to the (account) monthly periods anyway.

OK, I get you. Nice little trick ;-)

simonsmithsays

Bigwheels1111 said:

jameseonline said:

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?

I love it.
Gives me things to do in the early hours, as a live in carer I’m on call 24/7.
Stops me getting board.

A gentle walk would stop stiffness 


But seriously though hats off to you on your caring work 👏

gt94sss2

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'

Skipton's default rollover option for this account is a 3.8% "matured saver" instant access account

They are also offering a 4.5% one year bond or you can switch to any of their other products available on the 1st June.

The maturity email doesn't list the app as a method of providing maturity instructions, but you can do so online, via email, post, webchat etc

If you want to open a new RS, you need to open a new account from 1st June

simonsmithsays

gt94sss2 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'

Skipton's default rollover option for this account is a 3.8% "matured saver" instant access account

They are also offering a 4.5% one year bond or you can switch to any of their other products available on the 1st June.

The maturity email doesn't list the app as a method of providing maturity instructions, but you can do so online, via email, post, webchat etc

If you want to open a new RS, you need to open a new account from 1st June

Even better is that Skipton are also offering a FA Bonus Saver which is easy access and pays up to 5.2% for six months variable (3.8% after that).

You'll see this option when you login online to complete your instructions and click on Full savings range available online

Johnny-Cage

Question regarding the Club Lloyds RS 
It matures on 5th June o vis I can make a 13th payment on the 1st 
When it matures on the 5th and it’s transferred to a normal saver
If I start a new RS will I be able to fund it straight away with making that 13th payment 

tyvm 

simonsmithsays

Johnny-Cage said:

Question regarding the Club Lloyds RS 
It matures on 5th June o vis I can make a 13th payment on the 1st 
When it matures on the 5th and it’s transferred to a normal saver
If I start a new RS will I be able to fund it straight away with making that 13th payment 

tyvm 

Yes.......

intalex

gt94sss2 said:

If you want to open a new RS, you need to open a new account from 1st June

Given 1st June is a Saturday, I presume the maturity option to withdraw to external nominated account would only be executed on Monday 3rd June. I wonder (i) if the option to transfer to another Skipton easy access account (e.g. BRT in my case) would still be completed on Saturday 1st June, and (ii) if a new RS could then be both opened and funded from this Skipton easy access account on Saturday 1st June. Hopefully someone has and recalls experience of what Skipton's systems do/don't process on Saturdays.