Regular Savings Accounts: The Best Currently Available List!

10_66 · 20 June 2024 at 5:02PM

jameseonline said:

10_66 said:

ThePirates said:

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?

You can deposit now and then on 1st of the month. Maximum balance permitted is £1,200 over the 6 month period.

Or setup closer to the end of the month making the next payment on the 1st

If it's still available at the end of the month.

polymaff · 20 June 2024 at 5:14PM

A PARADOX:

Folk spending time on here pointing out how people waste time for a puny return

surreysaver · 20 June 2024 at 5:17PM

polymaff said:

A PARADOX:
Folk spending time on here pointing out how people waste time for a puny return

Obviously pointing out how other people waste their time is more productive to them than earning free money

Bridlington1 · 20 June 2024 at 5:30PM

Growingold said:

jameseonline said:

Or setup closer to the end of the month making the next payment on the 1st

If it is still available. It it's very popular may not stay long but that is a chance one takes.
2 sayings spring to mind completely contradicting each other
Firstly 'only fools rush in' and Secondly 'he who hesitates is lost'

Alternatively you can use the fact that historically Principality's regular savers have consistently disappeared from moneyfacts at midnight on the day they are due to go NLA before being removed from their website between 8-9am(ish) that morning to your advantage. Keep an eye on moneyfacts and then apply as soon as it disappears from their list, thereby hesitating but not losing out on the account.

You could also use the fact that there is a very nice Welsh building society that has a habit of failing to deactivate old savings account application links, which may well have enabled people to get hold of a 5% Xmas regular saver last year, several months after it went NLA and just open the account at a time that suits you.

jameseonline · 20 June 2024 at 5:40PM

10_66 said:

jameseonline said:

10_66 said:

ThePirates said:

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?

You can deposit now and then on 1st of the month. Maximum balance permitted is £1,200 over the 6 month period.

Or setup closer to the end of the month making the next payment on the 1st

If it's still available at the end of the month.

Why wouldn't it be?, they've only just launched it, pretty sure it will be around for just over a week, pretty sure their other regular accounts have lasted more than a week before being pulled too.

But yes it's a possibility but I doubt it.

Section62 · 20 June 2024 at 7:11PM

Bridlington1 said:

Growingold said:

jameseonline said:

Or setup closer to the end of the month making the next payment on the 1st

If it is still available. It it's very popular may not stay long but that is a chance one takes.
2 sayings spring to mind completely contradicting each other
Firstly 'only fools rush in' and Secondly 'he who hesitates is lost'

Alternatively you can use the fact that historically Principality's regular savers have consistently disappeared from moneyfacts at midnight on the day they are due to go NLA before being removed from their website between 8-9am(ish) that morning to your advantage. Keep an eye on moneyfacts and then apply as soon as it disappears from their list, thereby hesitating but not losing out on the account.
...

Given the minimum operating balance on the account is just £1 there is also the 'third way' option of opening the account today and sticking a quid in it, then deciding on 30/06/2024 whether it is worth adding more funds to the account this month. Or not.

jameseonline said:

10_66 said:

If it's still available at the end of the month.

Why wouldn't it be?, they've only just launched it, pretty sure it will be around for just over a week, pretty sure their other regular accounts have lasted more than a week before being pulled too.

But yes it's a possibility but I doubt it.

In the past some providers have pulled their RS accounts within 24/48 hours.

Principality doing a 6 month RS account is a bit of an oddity compared to their normal offerings, so I'd be reluctant to rely on their past performance as any kind of guide to how long this account may be on offer for.

As suggested above, it only takes a few minutes and £1 to apply for the account... which instantly takes away the stress and worry of whether it will still be available tomorrow/next week/at the end of the month/etc etc.

Descrabled · 20 June 2024 at 8:53PM

Principality 6 month saver

To maximise your income (interest) it is always best to open and add the maximum payment (£200) as near as possible to the last day of the month followed by 5 more payments on the 1st of the following months.

The idea of opening with £1 now and making a decision on further payments later gives the poorest return. 8% is an excellent return and should be subscribed to at the expense of any lower interest savings.

Note that I have only one regular saver at an interest below 6% and that is the Coventry FHS 1 (NLA) that I use as my petty cash and account to feed my other regular savers.