Regular Savings Accounts: The Best Currently Available List!

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.

Kim_13

Changed my mind and applied for the Monmouthshire Exclusive after all. It wasn’t listed on Moneyfacts today that I could see, so I wondered if it would go NLA tomorrow. 

I have 6% fixes until January, so in that sense not that appealing at the moment, but I’ll be able to get this one to run to late September - into October 2025. By the time the £50 needs to be paid in, Nationwide Flex Regular Saver will have paid out interest which can fund it. The higher deposit limit makes it worth the minimum to secure the account - who knows what’ll be left by the time I actually need more RS capacity and as others have since found, the withdrawal option would be there in the event of a rate reduction.

Nick_C

I applied for the Monmouthshire RS today.  I will only be putting £1500 into it in the first three months, but the appeal to me is that the interest won't be paid until 2025, and that makes it more useful than either Santander Edge or NatWest RS (which pay monthly), as I am close to the £1k threshold for this year, and don't want to go over it. 

arsenalboy

MBS
I applied for the Exclusive reg saver last week and received the signature form this morning, have added the account online and it is showing as "pending". I will return the form but have missed todays post unless I go for a long drive. If I transfer £500 in tomorrow what will happen as they probably wont get form until Friday and it might be Monday (Sept) before they action it?  Will this count as an August payment into account? 

chris_the_bee

arsenalboy said:

MBS
I applied for the Exclusive reg saver last week and received the signature form this morning, have added the account online and it is showing as "pending". I will return the form but have missed todays post unless I go for a long drive. If I transfer £500 in tomorrow what will happen as they probably wont get form until Friday and it might be Monday (Sept) before they action it?  Will this count as an August payment into account? 

It will stay pending until funds are received. They do not post payments until the day after receipt, so if you pay tomorrow (Wednesday), they wont post to your account until Thursday. The account may stay as pending until your form is received which means you will not be able to withdraw funds. Interest should accrue from their date of funds receipt (Wednesday) if you use FPS.