Regular Savings Accounts: The Best Currently Available List!

CuparLad

CuparLad said:

Principality Regular Saver 33

I had a letter from PBS the other day about this regular saver, where I had elected to close the RS at maturity and transfer funds to my current account. The letter states that "your funds wil be transferred to your nominated account on 9th June 2024." This seems unlikely bearing in mind the 9th is a Sunday. Does anyone have any experience of PBS accounts maturing over the weekend and whether they do pay out over the weekend, or next working day?

I stand corrected. The RS matured overnight and the proceeds appeared in my current account just before 10:00am on Sunday (albeit dated in my Current Account as tomorrow (Monday)).

wiseonesomeofthetime

As per @CuparLad 's experience, my Principality RS matured on 9 June, as designated, albeit being a Sunday, much to my surprise. Enabled me to access my funds and distribute to their required destinations, within minutes

Bridlington1

Not a top regular saver by any stretch of the imagination but it could be of interest to some, Ford Money have launched a Step Up regular saver at 4.75% (fixed).

The account lasts 12 months, allows you to deposit up to £200/mth and allows unlimited penalty free withdrawals.

Aidanmc

drphila said:

Bridlington1 said:

Regarding the Progressive BS Online Regular Rainy Day Saver Account at 7%, just to give anyone who may be interested an indication as to the timescales/processes involved:

I requested an application pack for the Branch Instant Access Saver be sent to me on 23rd May, this arrived the next day with a prepaid envelope. I completed this and sent it off the same day. I telephoned Progressive BS yesterday evening to see if there was an update on my application, they said the account had been opened the day before (4th June).

I've just opened the Rainy Day Saver online. The application/online banking registration process was pretty straightforward in my case, it was just a case of say that I'm an existing member (I didn't need my existing account number for this), fill in a few details, upload a photo of my passport and take a selfie (can all be done on a laptop), which were verified there and then. From there I could generate a password and open the account immediately.

With regards to the authenticator app, I was given the option to instead receive OTPs via WhatsApp rather than bothering with the authenticator app. If you choose the WhatsApp option it seems to just send SMS messages directly to your mobile phone.

Once funds have arrived from my Skipton MBS I'll make a deposit into the account by faster payment so should be able to give an indication as to how quick deposits are in due course. One other thing to note is that you can also make deposits into this account by debit card if you wish. 

Just finished opening and funding mine.

Used original copies of council tax, bank statement and benefit letter to open the pre-requisite branch instant access saver to become a member. In my case sent downloaded application form on 25th May and got passbook on 5th June

On-line registration was a bit more tricky for me re the ID verification. It kept timing out so my suggestion is to have a photo of your driving licence/passport ready before you start.

Interesting about 2FA. Didn't choose whatsapp because use different number for that but if they send it by SMS I needn't have bothered with an authenticator app.

You can change the 2FA method in account profile section.

Just did that myself.

Wheres_My_Cashback

Bridlington1 said:

Wheres_My_Cashback said:

Bridlington1 said:

Bobblehat said:

Thanks to kaMelo and Bigwheels1111 .....  I gave it a go just now and worked within minutes online. I put the proceeds of the old RS into the Base Rate Tracker and funded the first £250 for the new RS from the BRT. Will do a manual payment on the 1st June and set up an appropriate SO from July 1st similar to the SO for the old RS. Thanks people 

I would wait until 3rd June before making your second payment into Skipton as deposits made into the account on non-working days are treated as having been made the next working day for interest purposes.

Previous posts by other posters contradict that as do their general T&Cs for savings accounts. They don't seem to make a distinction between weekdays and weekends anywhere in those terms. Previous credits I've made to Skipton over a weekend are credited on those weekend dates and the table below infers interest is immediately earnt.

My reading of the terms is as follows:

Immediately above the table you post it states this:


In the paying in section of the website it states:



In addition the section of the general Ts&Cs regarding withdrawals by internal transfer states:

Where a business day is defined as follows:


So my reading is that payments made by internal transfer or faster payment will begin to earn interest immediately after they have been received into the Skipton account. Payments made into Skipton on non working days will may show as being in the Skipton account the day they are sent but will not actually be ``received" (at least for interest purposes) until the next business day.

The only way to be able to say for sure when deposits made on non-working days begin earning interest is if someone who has made deposits on non-working days calculates how much interest they should've received if deposits made on non-working days do indeed start earning interest from that date and compares this to the amount of interest actually received.

As ever though I'm happy to change my interpretation if someone can provide the relevant calculations.

Having pondered the above for a couple of days, I put it to Skopton as to why the website and the general t&cs contradict one another, but got differing confusing answers which then led me to file it as a complaint to get formal clarity, however that was never my initial intention.

I received the formal written response today - to cut it short they have apologised and upheld the complaint and agreed that the website policy of deposits is not clearly stated within the t&cs and the table does indeed insinuate that deposits made over a weekend would also begin to receive interest immediately. 
They have passed this internally to the relevant department to provide more clarity in the future.

qbadger

So have they clarified in their response whether, as things stand, deposits on non business days would start earning interest immediately?

etienneg

If two people have a joint current account with Co-operative Bank, can each of them have a sole regular savings account, or can they only have one joint regular savings account?

etienneg

DJDools said:

etienneg said:

If two people have a joint current account with Co-operative Bank, can each of them have a sole regular savings account, or can they only have one joint regular savings account?

Yes. Me and my (slightly) better half have a joint bank a/c, and two separate sole regular savings as well as a joint regular saver.

That's interesting. This is from their own web site:

• You can only have one Regular Saver account of the same issue at any one time – if you have a joint Regular Saver, you cannot open one on your own

kaMelo

I think they were referring to this bit.

DJDools said:

etienneg said:

If two people have a joint current account with Co-operative Bank, can each of them have a sole regular savings account, or can they only have one joint regular savings account?

Yes. Me and my (slightly) better half have a joint bank a/c, and two separate sole regular savings as well as a joint regular saver.

Which contradicts the terms.

PowerSavingMode

kaMelo said:

I think they were referring to this bit.

DJDools said:

etienneg said:

If two people have a joint current account with Co-operative Bank, can each of them have a sole regular savings account, or can they only have one joint regular savings account?

Yes. Me and my (slightly) better half have a joint bank a/c, and two separate sole regular savings as well as a joint regular saver.

Which contradicts the terms.

So sorry, I should have noted the early hour of the day (after midnight) when I responded; I was mistaken and thinking of the Nationwide. It has been a VERY long and hard months so far, so I shall refrain from answering questions if I find myself in such a situation again. Many apologies.