Regular Savings Accounts: The Best Currently Available List!

BestSeagull

simonsmithsays said:

Beehive UK savings week RS 2023/24

Should mature overnight tonight and be available tomorrow even though the maturity date (on mine at least) is showing as 30/9/24.

Notts BS always tend to do this in my experience.

It'd be nice if Beehive came out with a competitive new RS. What do we think the chances of that are?

winkowinko

Bridlington1 said:

WindfallWendy said:

These are super sneeky sneekies, you guys! I love it! There was me thinking must be the only one daft enough to have spreadsheets and reminders of which specific day things need to happen to maximise the returns!! 

I've over 100 savings accounts including just over 50 regular savers, a spreadsheet makes the admin far easier.

This has genuinely blown my mind. Can I ask how much (total) you put into these RS accounts every month, and what kind of return you get annually?

Bridlington1

winkowinko said:

Bridlington1 said:

WindfallWendy said:

These are super sneeky sneekies, you guys! I love it! There was me thinking must be the only one daft enough to have spreadsheets and reminders of which specific day things need to happen to maximise the returns!! 

I've over 100 savings accounts including just over 50 regular savers, a spreadsheet makes the admin far easier.

This has genuinely blown my mind. Can I ask how much (total) you put into these RS accounts every month, and what kind of return you get annually?

I don't fund all of them, a decent chunk are open with £1 in case they come in useful later on or for ``membership purposes".

This month, as things stand, I'll be fully funding 32 of them (interest rates between 5.25% and 10%) with a total of £7725, mostly made up of funds from the Nationwide Flex Regular Saver Issue 2 at 8% and the YBS Loyalty 2023 Regular eSaver, both of which matured in September.

WindfallWendy

Woah. Money saving experts with the emphasis on Experts!!

I realise this might derail the thread, but do you counter the tax owed on interest gained by non ISA accounts by overpaying into your pension, too? 

I'd love to play the regular saver game with accounts, but don't want the hassle of £1000+ interest and the associated tax return.

Also.... Can I assume whilst we are talking about Regular Saver accounts, actually what you could do is recycle the Y1 savings and simply re-deposit that money I to a different RS each month? So whilst there may be £7k a month going into savings, that might all be from recycling RS funds from previous years? Something I've only just thought of, and will definitely build I to my forward plans!!!

[Deleted User]

Bridlington1 said:

winkowinko said:

Bridlington1 said:

WindfallWendy said:

These are super sneeky sneekies, you guys! I love it! There was me thinking must be the only one daft enough to have spreadsheets and reminders of which specific day things need to happen to maximise the returns!! 

I've over 100 savings accounts including just over 50 regular savers, a spreadsheet makes the admin far easier.

This has genuinely blown my mind. Can I ask how much (total) you put into these RS accounts every month, and what kind of return you get annually?

I don't fund all of them, a decent chunk are open with £1 in case they come in useful later on or for ``membership purposes".

This month, as things stand, I'll be fully funding 32 of them (interest rates between 5.25% and 10%) with a total of £7725, mostly made up of funds from the Nationwide Flex Regular Saver Issue 2 at 8% and the YBS Loyalty 2023 Regular eSaver, both of which matured in September.

I only have around 15 at last count but once you get into the habit it is invaluable and pays for itself in a way.
Those 2 you mention above funded my next 2 months plus a bit more to the ISA.

Next one matures Nov.

But if you have 32 you will have an average of 3 maturing each month, just keep rolling on to the next one.

Works a treat.

gt94sss2

WindfallWendy said:

I'd love to play the regular saver game with accounts, but don't want the hassle of £1000+ interest and the associated tax return.

You only need to do a tax return if you receive £10,000/interest per year (unless something else triggers it)

See https://www.gov.uk/check-if-you-need-tax-return

Kim_13

WindfallWendy said:

Woah. Money saving experts with the emphasis on Experts!!

I realise this might derail the thread, but do you counter the tax owed on interest gained by non ISA accounts by overpaying into your pension, too? 

I'd love to play the regular saver game with accounts, but don't want the hassle of £1000+ interest and the associated tax return.

Also.... Can I assume whilst we are talking about Regular Saver accounts, actually what you could do is recycle the Y1 savings and simply re-deposit that money I to a different RS each month? So whilst there may be £7k a month going into savings, that might all be from recycling RS funds from previous years? Something I've only just thought of, and will definitely build I to my forward plans!!!

The tax return hassle starts at £10,000. If exceeding £1,000, your tax code will be amended to collect the extra tax, and HMRC may or may not do this correctly. 

There are a handful of Regular Saver ISAs (with the best offers typically at the start of the tax year) so you may wish to collect one of these to take sufficient funds so that you do not end up needing to file a tax return/pushing yourself into a higher tax bracket.

I don’t have a spreadsheet but I do have a notebook, though I plan to only be actively funding a dozen at most going forward. I’ve opened too many ‘in case’ this year only to not use them.

Bridlington1

Usual drill:
Leeds BS Regular Saver (Issue 56) is now NLA, replaced by Issue 57 at the same rate but with a new maturity date of 5/10/26.

simonsmithsays

simonsmithsays said:

Beehive UK savings week RS 2023/24

Should mature overnight tonight and be available tomorrow even though the maturity date (on mine at least) is showing as 30/9/24.

Notts BS always tend to do this in my experience.

Interest added in the last hour (£112.28) and account now Online Easy Access Issue 4

Transferred, all but £10, to my nominated acct which it should hit tomorrow 

WillPS

BestSeagull said:

simonsmithsays said:

Beehive UK savings week RS 2023/24

Should mature overnight tonight and be available tomorrow even though the maturity date (on mine at least) is showing as 30/9/24.

Notts BS always tend to do this in my experience.

It'd be nice if Beehive came out with a competitive new RS. What do we think the chances of that are?

Unlikely. No new products since the start of the year. Missed UK Savings Week when they usually offered a similar product to The Nottingham (which happened).

Multiple branch staff confirming it's being relaunched/rebranded in the next 6 months (in my case I was told without asking!)