Regular Savings Accounts: The Best Currently Available List!

AmityNeon

Bigwheels1111 said:

My First Direct regular saver matures today.
Strange thing is interest was added yesterday and less than advertised £136.50.
£135.38 balance showing.
£1.12 short.
I will have to wait a few days until it’s paid out, but me thinks a little nudge maybe in order.
Petty I know, but I will get the £1.12 I believe they owe me.

I know some on here are wizards with figures, should it not be a little more as was a leap year ?.

In this case, a leap year decreases the daily interest amount. Daily interest can be broken down into chunks of (1/366th) of 7% of £300, resulting in approximately £0.057377.

For now, let's ignore the fact that deposits are delayed by weekends and bank holidays. As you started your regular saver in May, the first month has 31 interest chunks, the second month has 60 chunks (30 × 2), the third has 93 (31 × 3), and so on. After a year, there would be a total of 2,372 chunks of interest (£136.10)

Although there are 366 days in a leap year, the total number of interest chunks is dependent on when you make each £300 deposit, and this in turn is dependent on the number of days in each month (due to account deposit restrictions). Below is a list illustrating the maximum possible number of interest chunks in a leap year, for each month in which the account is opened (sorted from largest to smallest):

February   2,390 (£137.13)
January    2,384
September  2,384
November   2,384
April      2,378
June       2,378
August     2,378
October    2,378
December   2,378
March      2,372
May        2,372
July       2,372 (£136.10)

£136.50 assumes every month has the same number of days, which in a leap year would be 30.5 (half day), but in practice, the varying number of days each month results in actual interest differing by small amounts. Even under perfect conditions (where deposits are not delayed by weekends and bank holidays), there is an 18-chunk difference/variance (up to £1.03). Then, for every day where a standing order is delayed, that's another chunk lost.

All that said, £135.38 is still £0.72 below the 'perfect' May maximum of £136.10, indicating 12-13 days of delays (which is rather high). Assuming you opened your account on 2nd May 2023, your total interest should have been £135.70 (from 2,365 chunks), delayed by 7 days (3rd July, 4th Sep, 4th Dec, 4th Mar).

For those interested in the 'Displaced Annual Period', I now understand why HSBC (and likely First Direct) displaces the annual period so that the first account month always starts with February, regardless of when the account is actually opened. It matters little when the default process is a set-and-forget SO, but interesting to me nonetheless. With First Direct, one could cancel the default SO and create another monthly SO starting 28 days after account opening to maximise earnings. HSBC systems aren't restricted to standing orders and funding is possible on non-working days (e.g. internal transfers).

dealyboy

@gt94sss2 said:

Bigwheels1111 said:

gt94sss2 said:

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.

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. 😁

I just called them as said, your T&C state £136.50, why did I not get that.

You do realise the T&C don't actually say that?

It looks like it says £136.50 to me.
So I pulled them on it.
I will pull them again in 12 months.
Plus on Monday, as used the wife’s account to get a second R/S she got paid even less than me.

Those are not the T&C. You will notice it says "guide" and is based on various assumptions.

If you want to exchange screenshots:



Are you sure none of the 12 dates you have your standing order scheduled for did not fall on the a weekend/public holiday for instance? As that delays the actual date a transaction is carried out..

... but if it is not possible for 'monthly deposits to be made on the 1st of each month' (fourth assumption) then the illustration/guide is misleading at best, the projected balances are unachievable.

simonsmithsays

Bridlington1 said:

allegro120 said:

Bridlington1 said:

SonOfPearl said:

pokemaster said:

SonOfPearl said:

simonsmithsays said:

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

The T&C for the Skipton FA Bonus Saver states that you need to "have agreed to have an appointment with one of our financial advisers". That's a big no from me then. It's not worth the hassle for a 5.2% variable rate for six months when I currently have several accounts still paying 5%+ anyway. 

To me that reads as “if”

Further down the T&Cs it says this, which sounds very much like a requirement:

For now I'll interpret it to mean that you can open it if you have an appointment with one of their financial advisers but this is not a requirement. I've just tried applying for the account online using a guessed application link and was successful in my efforts. My new FA Bonus Saver Issue 1 now sits awaiting funding in online banking.

ETA application link:
https://secure.skipton.co.uk/portal/NewAccount/28105

I've logged in yesterday but couldn't find it.  Now followed your link and opened this account, it was very quick and no mention of appointments with financial advisers.  Can't find any t&c for this account, do you have a link you can post? 

https://secure.skipton.co.uk/Handlers/DocHandler.ashx?productId=28105

If this works out for us it might even make it onto the Top Easy Access (with lots of caveats) thread.

I might get a mention amongst the greats in the pantheon of top easy access accounts.

😂

allegro120

masonic said:

pokemaster said:

SonOfPearl said:

simonsmithsays said:

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

The T&C for the Skipton FA Bonus Saver states that you need to "have agreed to have an appointment with one of our financial advisers". That's a big no from me then. It's not worth the hassle for a 5.2% variable rate for six months when I currently have several accounts still paying 5%+ anyway. 

To me that reads as “if”

Yes, if you've agreed to have an appointment with one of their FAs, then they can offer you the account. Perhaps you'd be able to open the account without having such an appointment in place, but should expect a call to set one up.

I can confirm it. I've opened the account, deposited £1 and the interest displays as 3.8%.  I'll check tomorrow to see if it changes, but it looks to me like you need to make an appointment to get 5.2%.

Gers

@allegro120 - I've opened this account and deposited funds, it's showing as 5.2% in the app. No appointment made.

mebu60

Bigwheels1111 said:

gt94sss2 said:

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.

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. 😁

I just called them as said, your T&C state £136.50, why did I not get that.

You do realise the T&C don't actually say that?

It looks like it says £136.50 to me.
So I pulled them on it.
I will pull them again in 12 months.
Plus on Monday, as used the wife’s account to get a second R/S she got paid even less than me.

'could earn' does not mean 'will earn'. 

Bridlington1

Gers said:

@allegro120 - I've opened this account and deposited funds, it's showing as 5.2% in the app. No appointment made.

I decided to hold off funding mine for now. I have all my non-ISA EA savings (barring accounts with minimum balances) at 5.5%+ now so the account is only one I'm opening speculatively.

Skipton are one of those building societies where the account term starts on the date you make your first deposit rather than the date you apply for the account so by waiting a bit before making a deposit I can push the end date for the bonus rate on a bit.

flaneurs_lobster

Gers said:

@allegro120 - I've opened this account and deposited funds, it's showing as 5.2% in the app. No appointment made.

Ditto, although the app shows "Next interest due" as 12 May 24?

PS : Off topic, not about a Regular Savings Account.....

simonsmithsays

allegro120 said:

masonic said:

pokemaster said:

SonOfPearl said:

simonsmithsays said:

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

The T&C for the Skipton FA Bonus Saver states that you need to "have agreed to have an appointment with one of our financial advisers". That's a big no from me then. It's not worth the hassle for a 5.2% variable rate for six months when I currently have several accounts still paying 5%+ anyway. 

To me that reads as “if”

Yes, if you've agreed to have an appointment with one of their FAs, then they can offer you the account. Perhaps you'd be able to open the account without having such an appointment in place, but should expect a call to set one up.

I can confirm it. I've opened the account, deposited £1 and the interest displays as 3.8%.  I'll check tomorrow to see if it changes, but it looks to me like you need to make an appointment to get 5.2%.

Another 3.8% here (both on App and funding confirmation (below)) with the next interest showing as 11/5/25.

Gers

This is mine.