Regular Savings Accounts: The Best Currently Available List!

Section62

subjecttocontract said:

Agreed, but a lot of people can't count, they will see the 8% headline and think they are onto a winner.
...

Why do you think they "can't count", or wouldn't be "onto a winner"?

Having £1 in an account earning 8% pa is better than having the £1 in an easy access account earning (say) 5%.  Each of those pounds can earn a little bit more interest.

So the total extra interest is not vast, not enough to retire on certainly, but for those of us who see RS accounts as a bit of fun or a challenge the small amount of effort needed to earn that little bit extra is a 'win'.

It is fine to say "I don't think the effort is worthwhile" (if anyone feels the effort of posting something like that is a productive use of their time), but it is wrong to suggest people wanting to gain that little bit extra "can't count", nor to suggest there is no net benefit from opening the account.

(Edit: The account is listed on Principality's site now.  For those unsure, note that Principality say "We can stop accepting applications at any time".)

jim1999

If there's one thing we're guaranteed, it's that having a multi-page debate about whether Regular Savers are worth the effort or not will be very productive.

soulsaver

jim1999 said:

If there's one thing we're guaranteed, it's that having a multi-page debate about whether Regular Savers are worth the effort or not will be very productive.

Not.......

where_are_we

jameseonline said:

Kazza242 said:

Principality Building Society are launching a new '6 Month Regular Saver', paying 8.00%.

Pay in £1 - £200 per month.  The maximum investment is £1,200.

The account does not permit withdrawals before maturity, though earlier access is available by closing the account.

It is available to open online or via branch.  The account will mature after 6 months.  

Once launched, the account should appear on the Principality BS website, here.

(The application page for the account is at the following link here but it's probably best to wait for the account to officially launch first.  I will edit this post later in the morning to include the link to the account details page).   

Interesting, might give it a go in a month or so if it's still available.

Got like 3 regular savings accounts with them already 🤣, 2 @ £50 a month and their standard at £250 a month, plus accounts elsewhere, need to wait before starting anything new.

How did you find out about the new account?

 You could maximise your Principality interest by missing one or two £250 payments (this is allowed) to standard RS (@5.5% ?) and instead put £200 into 6 month RS@8% and if you haven`t got £200 to put in this month you probably would be ok waiting to beginning of next month before opening RS@8% and first deposit of £200 when you have the money.

Kim_13

Definitely more worthwhile than the Triple Access version. It’s only for half the period, but with 4x the deposit limit at a higher rate, so still a winner. And the rate is fixed compared to the variable of the Triple Access, which isn’t even that useful for the purpose it says, seeing as £50 per month means that there are never going to be a great deal of funds to access.

But they are quick to set up so it’s always worth having any account paying more than Easy Access (appreciate that opening new accounts can be more of a faff with some providers than others depending on their procedures and therefore that this might not always be the case.) 

The thing that might lead some to pass on this account would be that the six month period means it matures at a time when many forumites already have many accounts ending, so it’s not useful from a savings ladder perspective (e.g. My preference would be February, as after July, it’s the only month I’m missing until May if I remember rightly.)

pecunianonolet

Nice account, nice rate, interest to fall into this tax year for me so subject to 40% tax. Still got some ISA allowance left so that takes priority. Already had to stop feeding other reg savers so don't need more just to create more income for the government. 

crumpet_man

Section62 said:

subjecttocontract said:

Agreed, but a lot of people can't count, they will see the 8% headline and think they are onto a winner.
...

Why do you think they "can't count", or wouldn't be "onto a winner"?

Having £1 in an account earning 8% pa is better than having the £1 in an easy access account earning (say) 5%.  Each of those pounds can earn a little bit more interest.

So the total extra interest is not vast, not enough to retire on certainly, but for those of us who see RS accounts as a bit of fun or a challenge the small amount of effort needed to earn that little bit extra is a 'win'.

It is fine to say "I don't think the effort is worthwhile" (if anyone feels the effort of posting something like that is a productive use of their time), but it is wrong to suggest people wanting to gain that little bit extra "can't count", nor to suggest there is no net benefit from opening the account.

(Edit: The account is listed on Principality's site now.  For those unsure, note that Principality say "We can stop accepting applications at any time".)

Many people do not understand regular savers and will see 8% rate and think they can deposits thousands on day 1 and earn lots of interest.  Those people will be disappointed.

 I do not think this is meant to be a negative comment towards those who do understand regular savers and think it is a good account and worth the short amount of admin time required to receive a decent interest payout.

Bigwheels1111

I have 3 regular savers with Principality.

Would like to add this one, but I'm out of cash until September, O'well.

Bazzalona13295

Thanks for info on Principality RS.

Struggling to put much into my savers right now but making sure I'll shoehorn the £200 into there.

No brainer!

ThePirates

So the Principality 6 Mth Saver says £200 per month. To maximise interest am I right in thinking £200 today and the the 1st of each month for the next 5 or is it the 20th of each month?