Regular Savings Accounts: The Best Currently Available List!

AmityNeon

KuchKuch said:

Principality 6 Month Regular Saver

Can anybody tell me if I make a faster payment to my Principality 6 Month Regular Saver account on September 1st (Sunday), will I start earning interest from Sunday or will I start earning interest from Monday?

If I start earning interest on the account from Monday, is it best to do an internal transfer to my Principality 6 Month Regular Saver instead on Sunday

Contrary to Principality's T&Cs, Faster Payments are in fact added to savings accounts on non-business days and earn interest from the same day. I funnel my regular saver deposits through a single basic savings account (a single payee that never changes) and then make internal transfers on the first of each month.

KuchKuch

AmityNeon said:

KuchKuch said:

Principality 6 Month Regular Saver

Can anybody tell me if I make a faster payment to my Principality 6 Month Regular Saver account on September 1st (Sunday), will I start earning interest from Sunday or will I start earning interest from Monday?

If I start earning interest on the account from Monday, is it best to do an internal transfer to my Principality 6 Month Regular Saver instead on Sunday

Contrary to Principality's T&Cs, Faster Payments are in fact added to savings accounts on non-business days and earn interest from the same day. I funnel my regular saver deposits through a single basic savings account (a single payee that never changes) and then make internal transfers on the first of each month.

Thanks all.

Looks like I’m making a faster payment on Sunday.

subjecttocontract

AmityNeon said:

KuchKuch said:

Principality 6 Month Regular Saver

Can anybody tell me if I make a faster payment to my Principality 6 Month Regular Saver account on September 1st (Sunday), will I start earning interest from Sunday or will I start earning interest from Monday?

If I start earning interest on the account from Monday, is it best to do an internal transfer to my Principality 6 Month Regular Saver instead on Sunday

Contrary to Principality's T&Cs, Faster Payments are in fact added to savings accounts on non-business days and earn interest from the same day. I funnel my regular saver deposits through a single basic savings account (a single payee that never changes) and then make internal transfers on the first of each month.

Am I missing something here ?
That extra day seems to be worth 8p by using FP instead of a SO.
£500 @ 6%/365 = £0.08

flaneurs_lobster

subjecttocontract said:

AmityNeon said:

KuchKuch said:

Principality 6 Month Regular Saver

Can anybody tell me if I make a faster payment to my Principality 6 Month Regular Saver account on September 1st (Sunday), will I start earning interest from Sunday or will I start earning interest from Monday?

If I start earning interest on the account from Monday, is it best to do an internal transfer to my Principality 6 Month Regular Saver instead on Sunday

Contrary to Principality's T&Cs, Faster Payments are in fact added to savings accounts on non-business days and earn interest from the same day. I funnel my regular saver deposits through a single basic savings account (a single payee that never changes) and then make internal transfers on the first of each month.

Am I missing something here ?
That extra day seems to be worth 8p by using FP instead of a SO.
£500 @ 6%/365 = £0.08

Worse than that I think, PrinBS 6mth RS is £200 @ 8%/365 = 4p

friolento

Just to share my timeline for the Monmouthshire Exclusive RS

24/08 applied

28/08 received signature form; posted it back; added the account to online banking; sent £500 by FP

29/09 new account shows online with a zero balance and 0% interest rate

30/08 £500 now showing online with correct rate, credit date 28/08

This was fast by MMBS, and Royal Mail, standards, and I am perfectly happy, particularly with the credit date

Nick_C

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

t1redmonkey

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

Same here, haha.  Also got a letter in another envelope saying the same thing for the 8% RS (reducing from 8% to 7.75% on 30 September), which in my case has also already matured.  

Maybe the rate reductions will affect some, I can't remember when these RS's went NLA though.  Were they even available up until 30th September 2023?

Hattie627

Mon BS

Can we expect a reduction from 6% to 5.75% on the new Exclusive RS Issue 2 only just launched? Hope that the base rate reduction in August was factored into the decision to launch this last week at 6%.

t1redmonkey

Hattie627 said:

Mon BS

Can we expect a reduction from 6% to 5.75% on the new Exclusive RS Issue 2 only just launched? Hope that the base rate reduction in August was factored into the decision to launch this last week at 6%.

I would hope they did factor the rate reduction in for that one, seeing as it was a lower rate than the two RS's they launched last year.  In total, I got 3 'rate reduction letters' from them today, 1 for the 7% RS, 1 for the 8% RS, and 1 for a random 3.5% easy access account I have with them that just has £1 in it.

When they launched this 6% one a couple of weeks back, they would/should have been well aware of the predicted interest rate trajectory over the next 12 months, so I don't think they will reduce the rate for some time (hopefully they won't reduce it at all though).

Stargunner

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

I received 4 separate letters from Mon BS today. One was to say one of my reg savers was maturing on 3rd September. 2 letters saying my 8% & 7% Reg savers were reducing by 0.25% on 30th September, even though both will be matured by then  One was confirmation of the new reg saver that I recently applied for.