Regular Savings Accounts: The Best Currently Available List!

pookey

allegro120 said:

pookey said:

JamesRobinson48 said:

Stargunner said:

OneUser1 said:

Still waiting for Monmouthshire to send paperwork to me. I applied the first morning and I am a long time existing member. Not panicking yet but with the Bank Holiday won’t be any post now until Tuesday afternoon.

What is there to panic about?i if your forms don’t arrive in time, just make your first payment in September.

I dare say you're aware of the significance of making the first payment in Aug, in the case of this particular product (Mon BS Exclusive RS 2).  The max calendar month payment is £500 pm, and the max account balance is £6000 so no '13th month' is permitted. Suppose I make my first payment on 30 Aug and all of the subsequent 11 monthly payments on the first of every month from 1 Sep until 1 July 2025. Compare that with, alternatively, making my first payment on 1 Sep and all of the subsequent 11 monthly payments on the first of every month from 1 Oct until 1 Aug 2025.  The differential between those two scenarios is that one £500 payment is 11 months sooner, i.e. on 30 Aug 2024 instead of 1 Aug 2025, whereas all of the other payments are identical. Quantifying the effect of that delta on my income, 11 months on £500 @ 6.0% interest earns slightly over £27.  I know there's an opportunity cost of having that £500 in the Mon instead of elsewhere. But I think most would agree that the £ difference may be pounds, not pennies. As you know, this is all part of the attention to detail that many RS enthusiasts thrive on.  I've outlined all this at some length (sorry!) just in case there are relative RS newbies following this thread.

Is it ok to do this with the VM 10% monthly saver pls? I opened it the day or 2 days after it launched this month and planning to do S/O on the first of each month.

I usually open RS towards the end of the month to maximise interest but did this one quicker as we are travelling and didn't want to miss out in case it got pulled😅

Yes, it's £250 per calendar month, any time of the month is ok.  SO is not the best because they don't arrive at weekends.  For example if you set up SO for the 1st your September deposit will arrive on the 2nd.  It gives more flexibility and better return if you do it manually.

Thanks for the advice, I'll do it manually 

Nick_C

Re Standing Orders.  I use Chase STOs to feed my RS accounts.  If 1st is not a working day, I amend the SO dates to the first banking day, and change them back once the payments have been processed.

It's a little less work than doing all the payments manually. 

csw5780

Progressive BS RS

MSE “ Progressive BS offers a regular saver at a lower 7% variable for a year on up to £300/month. You can make unlimited withdrawals, though you must pay in at least £20 each month.”

However this thread says no penalty for missed months. Anyone had contact so can give the definitive answer?

exel1966

csw5780 said:

Progressive BS RS

MSE “ Progressive BS offers a regular saver at a lower 7% variable for a year on up to £300/month. You can make unlimited withdrawals, though you must pay in at least £20 each month.”

However this thread says no penalty for missed months. Anyone had contact so can give the definitive answer?

MSE is wrong, it's as simple as that, £20 minimum is required to open and maintain the account only.

The link you've provided clearly states the requirements.

flaneurs_lobster

exel1966 said:

csw5780 said:

Progressive BS RS

MSE “ Progressive BS offers a regular saver at a lower 7% variable for a year on up to £300/month. You can make unlimited withdrawals, though you must pay in at least £20 each month.”

However this thread says no penalty for missed months. Anyone had contact so can give the definitive answer?

MSE is wrong, it's as simple as that, £20 minimum is required to open and maintain the account only.

The link you've provided clearly states the requirements.

The link you've provided contains the following in the T&Cs

Subsequent monthly payments must be made by electronic transfer. You must set up a faster payment with your own bank for the amount you wish to save each month for a minimum of £20 and a maximum of £300 per month

Now does that mean that the minimum deposit amount is £20? Yes.

Does that mean that a payment of at least £20 must be made each month? Er....

etienneg

Nick_C said:

Re Standing Orders.  I use Chase STOs to feed my RS accounts.  If 1st is not a working day, I amend the SO dates to the first banking day, and change them back once the payments have been processed.

It's a little less work than doing all the payments manually. 

All this to get one extra day's interest? Perhaps someone would like to check my arithmetic, but I calculate one day on £300 at 7% is about 5.7p.

Over 2024, for example, the 1st falls once on a Saturday and twice on a Sunday. Hence the difference would be 22.8p.

To me that's certainly not worth fussing about to the extent of extra work, and possibly forgetting. But everyone's different, I suppose. Personally I prefer to set it up to operate automatically and then leave it for the year.

masonic

etienneg said:

Nick_C said:

Re Standing Orders.  I use Chase STOs to feed my RS accounts.  If 1st is not a working day, I amend the SO dates to the first banking day, and change them back once the payments have been processed.

It's a little less work than doing all the payments manually. 

All this to get one extra day's interest? Perhaps someone would like to check my arithmetic, but I calculate one day on £300 at 7% is about 5.7p.

Over 2024, for example, the 1st falls once on a Saturday and twice on a Sunday. Hence the difference would be 22.8p.

To me that's certainly not worth fussing about to the extent of extra work, and possibly forgetting. But everyone's different, I suppose. Personally I prefer to set it up to operate automatically and then leave it for the year.

Those figures would be about right. It's more important to get the balance at maturity moved over into a decent paying account ASAP, as the loss there per day will be greater.

Nick_C

masonic said:

Those figures would be about right. It's more important to get the balance at maturity moved over into a decent paying account ASAP, as the loss there per day will be greater.

Of course.  And it's not a binary choice. 

allegro120

etienneg said:

Nick_C said:

Re Standing Orders.  I use Chase STOs to feed my RS accounts.  If 1st is not a working day, I amend the SO dates to the first banking day, and change them back once the payments have been processed.

It's a little less work than doing all the payments manually. 

All this to get one extra day's interest? Perhaps someone would like to check my arithmetic, but I calculate one day on £300 at 7% is about 5.7p.

Over 2024, for example, the 1st falls once on a Saturday and twice on a Sunday. Hence the difference would be 22.8p.

To me that's certainly not worth fussing about to the extent of extra work, and possibly forgetting. But everyone's different, I suppose. Personally I prefer to set it up to operate automatically and then leave it for the year.

...and twice on bank holidays, which makes it 34.2p. Then you need to add up all regular savers that don't credit at weekends to get the right figure. 

AmityNeon

etienneg said:

Nick_C said:

Re Standing Orders.  I use Chase STOs to feed my RS accounts.  If 1st is not a working day, I amend the SO dates to the first banking day, and change them back once the payments have been processed.

It's a little less work than doing all the payments manually. 

All this to get one extra day's interest? Perhaps someone would like to check my arithmetic, but I calculate one day on £300 at 7% is about 5.7p.

Over 2024, for example, the 1st falls once on a Saturday and twice on a Sunday. Hence the difference would be 22.8p.

To me that's certainly not worth fussing about to the extent of extra work, and possibly forgetting. But everyone's different, I suppose. Personally I prefer to set it up to operate automatically and then leave it for the year.

If you don't feel it's worth it for you, then don't do it.