Regular Savings Accounts: The Best Currently Available List!

Johnny-Cage

simonsmithsays said:

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.......

Thanks wasn’t 100% sure basically making x2 £400 deposits even thou it’s 2 different RS 

Kim_13

intalex said:

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.

They won’t process an internal transfer on a weekend. Set up an ISA on 6th April (also a Saturday), with funds coming from the BRT. The ISA appeared in their app along with the option for debit card funding straight away, but the BRT transfer had to be done later on a working day.

Might be worth early closing rather than letting the funds sit there over the weekend.

intalex

Kim_13 said:

They won’t process an internal transfer on a weekend. Set up an ISA on 6th April (also a Saturday), with funds coming from the BRT. The ISA appeared in their app along with the option for debit card funding straight away, but the BRT transfer had to be done later on a working day.

It seems if I give an advance maturity instruction to transfer internally, this will indeed be completed (and dated) on Saturday 1st June. And if I then open a new issue Regular Saver on Saturday 1st June I can fund it from £250 of the maturity proceeds from the other account too and it'll also be dated 1st June. Just confirmed via webchat, so I'll give it a go and see if reality matches up with the webchat advice.

PS> Maturity instruction to withdraw externally would be completed on the first working day.

qbadger

Is it not better to manually close the Skipton regular saver account on 30 May by a full withdrawal? There doesn't seem to be any penalties to do this, and should then allow one to open their new regular saver and deposit twice on 31 May and 01 June.

BooJewels

I don't think I'm going to bother renewing the Skipton RS - the gain over another account at around 5% is only something like £33 for the year - but ties up those funds (I know it can be closed).  I'd save more than that if I gave up eating shortbread.  Last year the difference was rather greater with interest rates closer to 4% and the RS at 7.5% - but the gap has closed.  Granted, in 6 months, the balance will probably shift. 

Plus, some of the fix interest that was funding mine has matured now, so it served its purpose this year.  I think the only way to make regular savers work is if you're in work and not got many spare pennies and this allows you the discipline of saving monthly and making a little on it.  Or if you're a seasoned saver like most here - have lots of them working simultaneously, fed from EA accounts - then the small gains can add up.  The latter doesn't appeal to me to try and manage.

TheWoodler

I wouldn’t bank on there necessarily being a RS renewal product with Skipton, or at least not immediately. This is issue 2 of a loyalty product so it’s aimed at a particular market. 

I had issue 1, 2021-22, IIRC opened in Aug 21. 

BooJewels

When I spoke to them on chat about the missing SO, they said I could open a new RS 'as soon as this one matures', as long as one was still available.  I have enough other Skipton accounts to qualify for their member products.  It just depends on what the rate and terms are on the day after maturity - it's currently issue 3 at 7%.

changearound1

qbadger said:

Is it not better to manually close the Skipton regular saver account on 30 May by a full withdrawal? There doesn't seem to be any penalties to do this, and should then allow one to open their new regular saver and deposit twice on 31 May and 01 June.

Good idea, but could it not be improved further by closing on the 31st?

jameseonline

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.

Ahh you do good things, fair play to you

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.

Have asked them on chat they saying I'm not out of pocket, interest has been paid correctly etc.

Although it's not much more so no great loss & more money may end up going into the poopy savings account anyway, last year an extra 66p ended up in it. 😁