Regular Savings Accounts: The Best Currently Available List!

Angelica123

MakeVotesMatter said:

Forgive me for being new here, but doesn't seem that worthwhile to drip feed 1 year regular savers. 2 hours wasted for £30 profit?
If I compare co-op 7% regular saver to a 5% easy access account:
Drip feed interest: (£250 * 6 * 0.07) + (£250 * 6 * 0.05) = £180
Non drip feed interest: £250 * 12 * 0.05 = £150
Difference: 180 - 150 = £30 profit
90 mins reading current account & regular saver terms and conditions(~22 page, ~4m per page), and 20 mins setting up account and standing orders is almost 2 hours spent.

I think for many people on here, they would spend less time setting up than that. I would say for me, the process using takes about 15 mins - usually while I am sat in front of TV. If you open multiple regular savers then it starts adding up for little effort (especially if it's all automated with standing orders). 

The other benefit is that the interest is often (but not always) fixed. So 7% fixed over next year when rates of EA will fall, will look even more attractive (I know  Co-op is variable, but FD, for example, are fixed 7%). Plus both co-op and First Direct offer switch bonuses so actually opening a current account plus regular savings account could make you £200 in a year. 

where_are_we

MakeVotesMatter said:

Forgive me for being new here, but doesn't seem that worthwhile to drip feed 1 year regular savers. 2 hours wasted for £30 profit?
If I compare co-op 7% regular saver to a 5% easy access account:
Drip feed interest: (£250 * 6 * 0.07) + (£250 * 6 * 0.05) = £180
Non drip feed interest: £250 * 12 * 0.05 = £150
Difference: 180 - 150 = £30 profit
90 mins reading current account & regular saver terms and conditions(~22 page, ~4m per page), and 20 mins setting up account and standing orders is almost 2 hours spent.

Forgive me for being "old" here! Welcome to the Regular Saver "gang"! Once you have done one you become more adept at the process timewise. I`m hoping RS interest rates hold up longer (because of the low maximum capital limits) than easy access rates once the much forecast BOE drop begins. This is another reason to hold multiple RS`s .

crumpet_man

subjecttocontract said:

MakeVotesMatter said:

Forgive me for being new here, but doesn't seem that worthwhile to drip feed 1 year regular savers. 2 hours wasted for £30 profit?
If I compare co-op 7% regular saver to a 5% easy access account:
Drip feed interest: (£250 * 6 * 0.07) + (£250 * 6 * 0.05) = £180
Non drip feed interest: £250 * 12 * 0.05 = £150
Difference: 180 - 150 = £30 profit
90 mins reading current account & regular saver terms and conditions(~22 page, ~4m per page), and 20 mins setting up account and standing orders is almost 2 hours spent.

My regular savers (approx 20) generate around £3000 pa profit and are a small but useful part of my savings portfolio.

£3000?  Is that the total interest or the difference between putting/leaving the money in an easy access account?

allegro120

MakeVotesMatter said:

Forgive me for being new here, but doesn't seem that worthwhile to drip feed 1 year regular savers. 2 hours wasted for £30 profit?
If I compare co-op 7% regular saver to a 5% easy access account:
Drip feed interest: (£250 * 6 * 0.07) + (£250 * 6 * 0.05) = £180
Non drip feed interest: £250 * 12 * 0.05 = £150
Difference: 180 - 150 = £30 profit
90 mins reading current account & regular saver terms and conditions(~22 page, ~4m per page), and 20 mins setting up account and standing orders is almost 2 hours spent.

I deposit approximately £8k a month into 35 regular savers AER between 5.5% and 8%.  Feeding from 5.2% easy access.  It's too much hassle to calculate the profit because of wide variety of rates and allowances, but I'm confident that I'm getting significantly more than £30 extra profit from running regular savers  

Opening RSs takes between 1 and 5 minutes each.  Reading key features and copying the relevant sentences into my spreadsheet for a quick view takes no more than 5 minutes each (some of them are renewals with the same t&c so don't require any reading time).  Because I choose to distribute manually (except FD where is no such option available) it takes me about 30 minutes a month to deal with transactions. I'm maximising my saving by probably about £700-800 a year for approximately 10 hours of work. It's way above the minimum wage and a fun job to do

HHUK

Thomas_Crown said:

The wording on the Vernon BS website actually states:-

ELIGIBILTY: This account is only available to UK residents aged 18 or over, living in the following postcodes: BL, CH, CW, M, OL, SK, WA, or WN, unless you were a society member prior to 1st May 2024.

The key word is 'unless'. It means that anyone living in the above postcode areas can apply for this account, even if they weren't a member prior to 1st April 2024.

'Unless' denotes an exception to the general rule that the account is only available to UK residents aged 18 or over, living in the postcodes mentioned. The exception clearly being that people living elsewhere may also apply if they were members prior to 1 May 2024.

ThePirates

Nationwide Start 2 Save Iss 3 matured today, interest in my account at midnight! 
Thanks very much NW!

jim1999

ThePirates said:

Nationwide Start 2 Save Iss 3 matured today, interest in my account at midnight! 
Thanks very much NW!

Neither me nor my wife ever won any of the prize draws, so Nationwide can sod off

But yes to glad to have my interest and be able to close it!

chris_the_bee

jim1999 said:

ThePirates said:

Nationwide Start 2 Save Iss 3 matured today, interest in my account at midnight! 
Thanks very much NW!

Neither me nor my wife ever won any of the prize draws, so Nationwide can sod off

But yes to glad to have my interest and be able to close it!

Have any of this threads readers ever won in this prize draw or similar?

SuperHans1

chris_the_bee said:

jim1999 said:

ThePirates said:

Nationwide Start 2 Save Iss 3 matured today, interest in my account at midnight! 
Thanks very much NW!

Neither me nor my wife ever won any of the prize draws, so Nationwide can sod off

But yes to glad to have my interest and be able to close it!

Have any of this threads readers ever won in this prize draw or similar?

Yes I was lucky enough to win £250 in the last draw

Kim_13

chris_the_bee said:

jim1999 said:

ThePirates said:

Nationwide Start 2 Save Iss 3 matured today, interest in my account at midnight! 
Thanks very much NW!

Neither me nor my wife ever won any of the prize draws, so Nationwide can sod off

But yes to glad to have my interest and be able to close it!

Have any of this threads readers ever won in this prize draw or similar?

Wasn’t it Issue 2? 

I’m not aware of a future issue being planned - anyone seen anything that I’ve missed? 

I didn’t win under either version, but many forumites won under one or the other. Not aware of anyone winning on both.