Regular Savings Accounts: The Best Currently Available List!

Middle_of_the_Road

orange-juice said:

Both of my YBS 7.0% and Nationwide 8.0% regular savers have received their 12th payments last month, and are due to mature at some point this month.

Is it possible/worthwhile depositing another payment? I think some people complained  a while ago, about Mon BS not applying interest properly to the 13th payment as the account had reached the deposit limit (12 monthly payments)?

YBS Loyalty regular e-saver23.

I mistakenly made a 13th payment to the account yesterday.
As of now the balance is £6,500. I will report if/when they return the payment.

allegro120

simonsmithsays said:

YBS new RS 

Fantastic offering at 8%

For those poo pooing the £50 per month.

Just think when a different institution offers a similar product for another £50 at a similar rate 

And then another offers one at a similar rate 

Before you know it you're running with scores of RS.

All maturing at different times.

All feeding each other.

And all ensuring your overall interest rate is very significant than your could get elsewhere.

And ensuring you have a presence in lots of institutions should a product or a prize draw or a loyalty bonus is paid.

Some on here have been doing it for years and years.

This month I paid £8,755 into RS accounts and I will top it up to £8,805 next week.  I don't bother calculating the profit, I just open and fund them. Any RS paying above 5.2%, never mind 8%, are worth opening, no matter what the max allowance is.

JamesRobinson48

Middle_of_the_Road said:

YBS Loyalty regular e-saver23.

I mistakenly made a 13th payment to the account yesterday.
As of now the balance is £6,500. I will report if/when they return the payment.

Based on my own recent experience, I think it's likely that YBS will wait a few weeks and then send you a cheque in the post.

Bridlington1

allegro120 said:

Stargunner said:

Middle_of_the_Road said:

subjecttocontract said:

How much is the Coventry Sunny Day Reg Saver extra month worth ?

It's not about the final extra month, which would make pennies, it's getting the first deposit on the last day of the opening month, followed by another on the first day of the next month. This allows your  initial £300 to earn interest for 12 months.
An extra £9.37

If the account was not opened until the 1st of the month the extra £150 would be sitting in an easy access account earning around 5% at current rates, which would earn £7.50, so the difference for making a 13th payment for this one is very small. 

Most importantly if you wait until the end of month you have a good chance to miss the boat.

Though it's worth noting that Coventry BS do allow you to ``refresh" regular savers pretty quickly in online banking.

I opened it yesterday, thus ``catching the boat". If it's still available on 30/9/24 I'll refresh it then so that I can get the benefit of the 13th payment as well. 

allegro120

JamesRobinson48 said:

Middle_of_the_Road said:

YBS Loyalty regular e-saver23.

I mistakenly made a 13th payment to the account yesterday.
As of now the balance is £6,500. I will report if/when they return the payment.

Based on my own recent experience, I think it's likely that YBS will wait a few weeks and then send you a cheque in the post.

I've made a similar mistake with Saffron, they bounced the money back to my feeder account the next working day.

Kim_13

simonsmithsays said:

YBS new RS 

Fantastic offering at 8%

For those poo pooing the £50 per month.

Just think when a different institution offers a similar product for another £50 at a similar rate 

And then another offers one at a similar rate 

Before you know it you're running with scores of RS.

All maturing at different times.

All feeding each other.

And all ensuring your overall interest rate is very significant than your could get elsewhere.

And ensuring you have a presence in lots of institutions should a product or a prize draw or a loyalty bonus is paid.

Some on here have been doing it for years and years.

It has the same terms as the Saffron Members' Month RS - so given that it is open to new customers, very generous indeed. Anyone know if we can ask for it as part of our maturity instructions for the 7% account? Yet to hear anything from them yet.

I'm all for lower deposit limits if it means higher rates - Monmouthshire's Exclusive Issue 2 is likely to be my 'overflow' account if needed for the year ahead, so anything paying more than 6% is an improvement.

FIREmenow

YBS new Reg Saver: 
Happy to make this my first YBS account and get my foot in the loyalty door, thanks for the info.

Long-term, I hope we don't end up with loads of £50 reg savers as a way to get attention with a headline rate. Can't be good for the banks/BSs or savers to have admin for 6 accounts instead of one with a £300 deposit. The next step in the cycle would be for someone to offer a good rate and a high balance to try and vacuum up some market share - I don't mind that at all. 

ForumUser7

Bridlington1 said:

allegro120 said:

Stargunner said:

Middle_of_the_Road said:

subjecttocontract said:

How much is the Coventry Sunny Day Reg Saver extra month worth ?

It's not about the final extra month, which would make pennies, it's getting the first deposit on the last day of the opening month, followed by another on the first day of the next month. This allows your  initial £300 to earn interest for 12 months.
An extra £9.37

If the account was not opened until the 1st of the month the extra £150 would be sitting in an easy access account earning around 5% at current rates, which would earn £7.50, so the difference for making a 13th payment for this one is very small. 

Most importantly if you wait until the end of month you have a good chance to miss the boat.

Though it's worth noting that Coventry BS do allow you to ``refresh" regular savers pretty quickly in online banking.

I opened it yesterday, thus ``catching the boat". If it's still available on 30/9/24 I'll refresh it then so that I can get the benefit of the 13th payment as well. 

How do you refresh please? Close and reopen?

allegro120

FIREmenow said:

YBS new Reg Saver: 
Happy to make this my first YBS account and get my foot in the loyalty door, thanks for the info.

Long-term, I hope we don't end up with loads of £50 reg savers as a way to get attention with a headline rate. Can't be good for the banks/BSs or savers to have admin for 6 accounts instead of one with a £300 deposit. The next step in the cycle would be for someone to offer a good rate and a high balance to try and vacuum up some market share - I don't mind that at all. 

Keeping your foot in the door has proved to be a good strategy.

£50 max is a relatively new trend, it may stay or go - we don't know.  

The accounts are managed electronically, so the number is not an issue for banks.  The main purpose of regular savers scheme is to attract/retain more customers.   

Bridlington1

ForumUser7 said:

Bridlington1 said:

allegro120 said:

Stargunner said:

Middle_of_the_Road said:

subjecttocontract said:

How much is the Coventry Sunny Day Reg Saver extra month worth ?

It's not about the final extra month, which would make pennies, it's getting the first deposit on the last day of the opening month, followed by another on the first day of the next month. This allows your  initial £300 to earn interest for 12 months.
An extra £9.37

If the account was not opened until the 1st of the month the extra £150 would be sitting in an easy access account earning around 5% at current rates, which would earn £7.50, so the difference for making a 13th payment for this one is very small. 

Most importantly if you wait until the end of month you have a good chance to miss the boat.

Though it's worth noting that Coventry BS do allow you to ``refresh" regular savers pretty quickly in online banking.

I opened it yesterday, thus ``catching the boat". If it's still available on 30/9/24 I'll refresh it then so that I can get the benefit of the 13th payment as well. 

How do you refresh please? Close and reopen?

That's correct. You should be able to do this within a minute in online banking, when I refreshed the Loyalty RS issue 2 I was able to close and reopen without having to log out of online banking.