Regular Savings Accounts: The Best Currently Available List!

ThePirates

To be honest I can't remember the last time I looked at the site, the Banking and Saving forums tell you everything you need to know!

trient

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

ThePirates

Interesting! 
Do you need a joint current in order to open the joint Regular Saver?

jaypers

trient said:

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

Will be interesting what happens as you can only have 1 in your name, whether joint or sole.

Speculator

jaypers said:

trient said:

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

Will be interesting what happens as you can only have 1 in your name, whether joint or sole.

probably this meaning one of the accounts will earn a zero rate of interest.

Want to save more than £250 a month? We'll accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit.

flaneurs_lobster

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.

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.