Regular Savings Accounts: The Best Currently Available List!

Snapdragon

flaneurs_lobster said:

surreysaver said:

JamesRobinson48 said:

Monmouthshire BS:  RS 13th month

Yesterday I attempted to internally transfer £300 into my two in-flight Monmouthshire BS RS accounts (paying 8% and 7%), both of which mature later this month.  Both transfers were declined, on the grounds that the account maximum balance would be exceeded.  I had previously paid in the max £300 for 12 consecutive months, starting August 2023.

To the best of my knowledge, in each case the account T&Cs specify a monthly max of £300, but no max account balance is stipulated anywhere.

In other words, they're applying a "no 13th month" policy although none is stated in the account T&Cs.

Please, how did anyone in similar circumstances get on?   I assume there would be many in the same boat.  


EDIT:  the MonBS has now sent me a secure message which states: 

"The maximum account balance is £3600".   

So best of luck to everyone trying for a 13th month!

Mine is funded by standing order and the money hasn't come back

But has the money been credited to your account(s)?

My guess is no. When I tried to make a 13th payment to the Coronation Saver it took the best part of a week for the funds to be returned.

I have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

Stargunner

flaneurs_lobster said

I have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

I am in the same position as you. I made both the £300 payments on the 1st by bank transfer. The 12th payment to the 7% saver is showing this morning , but the 13th payment to the 8% saver is not showing and it hasn’t been returned. I guess that it will be returned  on Monday.

jaypers

When interest rates were climbing, I kind of went off Regular Savers with the exception of maybe the odd few paying more than 6%. Now that rates are slowly starting to err on a downwards trajectory, I’m starting to look at anything I can get paying over 5% where in the T&Cs the rate is fixed and can’t be reduced during the term. My strategy will be for Easy Access money to be filtered across. My point here is that the changing market place has made me adjust my strategy slightly with regards to savings. The only slight downside I have with regards to multiple Regular Savers is the necessity for extra administration, however I do quite secretly like having loads of spreadsheets!!

jim1999

Virgin

I was just wondering whether it was worth me opening a Virgin current account to access the regular saver, thought I would share my maths.

So, Virgin project £162.40 interest if you max out. 

By my maths, compared to an alternative best buy product @ ~5% would get you around £80.  So Virgin are giving you approx £82 benefit over and above an alternative product.

If you're paying tax at 20%, that benefit drops to ~£65 and if you're paying tax at 40% it drops to ~£50.

For me, I normally would want more than that to open a current account, so I won't do it on this occasion.

It's interesting, because Virgin were recently offering a year of 10% interest as a switching perk, which again I decided wasn't worth it.  Obviously if you got both that and then this as well you'll be doing very well.  Seems like they're playing with using interest rates as an attract and retain strategy, perhaps in preference to just handing out cash.  Probably has something to do with the economics of the Nationwide deal as well.

ThePirates

jaypers said:

however I do quite secretly like having loads of spreadsheets!!

Loads? 🤣
What's wrong with 1? 🤔
I have 1 for money, 1 for whisky and 1 for postboxes!

MisterMotivated

Exactly, no need for loads.  I have 1 spreadsheet, imaginatively titled "My Finances - 2024", that covers absolutely everything about my finances (and a separate "Property Management" one).  Mind you, it currently has exactly 110 tabs. Maybe it's time for a review of some of the less important tabs on there before the 2025 version is released

schiff

Monmouth Update -
Exclusive 12th deposit accepted - showing as credited on 2/8, though sent on 1/8
RS 2 13th deposit not accepted - yet. No sign of the returned funds.
Losing interest all round!

ForumUser7

NatWest and RBS Digital Regular Savers

Rate above 5k drops to 1.60% from 1.75% effective 29th August. Headline rate of 6.17% up to and including 5k remains

Stargunner

ForumUser7 said:

NatWest and RBS Digital Regular Savers

Rate above 5k drops to 1.60% from 1.75% effective 29th August. Headline rate of 6.17% up to and including 5k remains

Surely, no one is daft enough to keep over £5k in any of those accounts, so it wont have any relevance.

jim1999

Stargunner said:

ForumUser7 said:

NatWest and RBS Digital Regular Savers

Rate above 5k drops to 1.60% from 1.75% effective 29th August. Headline rate of 6.17% up to and including 5k remains

Surely, no one is daft enough to keep over £5k in any of those accounts, so it wont have any relevance.

You'd be surprised.  I was talking to someone a while ago who had about 50k savings in a 123 Current Account (capped at 20k) and thought they were doing pretty well because interest payments came in every month.