Regular Savings Accounts: The Best Currently Available List!

Descrabled

RBS/NatWest digital savers

I have had both these savers at £5,000 for 12 months now. I have stopped all use of debit card transactions and no longer add money to the digital saver.

On the first working day of the month, I calculate the interest that will be paid by simple interest at 6% for each day between the first working day of last month and the first working day of this month. I then remove that amount rounded to the nearest penny from the digital saver to the current account and thence onwards.

So on November 1st the calculation is £5000×6%×31÷365=£24•4795. (31 is the number of days between 1 October and 1 November). I will take £24•48 from the digital saver on 1 November and move through the current account. On 2 November the interest will be added to the digital saver dated 1 November.

November's interest will be added on 3rd December, as the first working day is on 2nd, and will again be £24•48.

Note this only works if the debit card is no longer used for round-ups, standing orders or transfers to the digital saver are stopped, there's £5000 in the digital saver, and you want to maximise your interest.

allegro120

chris_the_bee said:

allegro120 said:

trickydicky14 said:

orange-juice said:

GlasgowExpat2 said:

I’m getting near the £5,000 limit on my NatWest Regular Saver. Does anything happen to the account if you stop making payments? Or should I just reduce the direct debit to £1

No, you can stop your payments into the account. Probably worthwhile skimming off the interest each month and keeping it at 5k, since that's the max amount that'll attract the higher interest rate.

NatWest digital saver, I put the max of £150 into the account and also use the ‘round ups’ to get the figures up as quick as possible.

Question, when I reach the magic 5k do I also stop the round ups or are they exempt from the 5K limit and continue to earn interest. I think I know the answer but I'll ask the question.

There is no point in using round-ups anymore when you've reached "the magic £5k".

If your round-ups are say £10 per month, then reduce your balance to £4,965 to allow for the monthly interest and the round-ups.
Then repeat every month

What would you gain by doing this extra work?

chris_the_bee

surreysaver said:

chris_the_bee said:

allegro120 said:

trickydicky14 said:

orange-juice said:

GlasgowExpat2 said:

I’m getting near the £5,000 limit on my NatWest Regular Saver. Does anything happen to the account if you stop making payments? Or should I just reduce the direct debit to £1

No, you can stop your payments into the account. Probably worthwhile skimming off the interest each month and keeping it at 5k, since that's the max amount that'll attract the higher interest rate.

NatWest digital saver, I put the max of £150 into the account and also use the ‘round ups’ to get the figures up as quick as possible.

Question, when I reach the magic 5k do I also stop the round ups or are they exempt from the 5K limit and continue to earn interest. I think I know the answer but I'll ask the question.

There is no point in using round-ups anymore when you've reached "the magic £5k".

If your round-ups are say £10 per month, then reduce your balance to £4,965 to allow for the monthly interest and the round-ups.
Then repeat every month

Why? You'd just stop the round-ups, surely?

Silly me, I was thinking round-ups were free money. Post deleted

gt94sss2

Descrabled said:

RBS/NatWest digital savers

So on November 1st the calculation is £5000×6%×31÷365=£24•4795. (31 is the number of days between 1 October and 1 November). I will take £24•48 from the digital saver on 1 November and move through the current account. On 2 November the interest will be added to the digital saver dated 1 November.

November's interest will be added on 3rd December, as the first working day is on 2nd, and will again be £24•48.

Would it not be simpler to just leave the balance at £5,000 and withdraw the interest when credited each month?

chris_the_bee

allegro120 said:

chris_the_bee said:

allegro120 said:

trickydicky14 said:

orange-juice said:

GlasgowExpat2 said:

I’m getting near the £5,000 limit on my NatWest Regular Saver. Does anything happen to the account if you stop making payments? Or should I just reduce the direct debit to £1

No, you can stop your payments into the account. Probably worthwhile skimming off the interest each month and keeping it at 5k, since that's the max amount that'll attract the higher interest rate.

NatWest digital saver, I put the max of £150 into the account and also use the ‘round ups’ to get the figures up as quick as possible.

Question, when I reach the magic 5k do I also stop the round ups or are they exempt from the 5K limit and continue to earn interest. I think I know the answer but I'll ask the question.

There is no point in using round-ups anymore when you've reached "the magic £5k".

If your round-ups are say £10 per month, then reduce your balance to £4,965 to allow for the monthly interest and the round-ups.
Then repeat every month

What would you gain by doing this extra work?

Silly me, I was thinking round-ups were free money. Post deleted

castle96

How do you get these to £5k. They are only £150 p/mth

PloughmansLunch

castle96 said:

How do you get these to £5k. They are only £150 p/mth

Lots of months’ worth of pay in, or alternatively, go wild with manufactured £0.01 spend and double round-ups

Descrabled

RBS/NatWest digital savers

Yes it would be simpler to wait for the day after the first working day, when the bank indicates the amount of interest added. However, by taking the projected interest out on the first working day then I maximise the interest by having £50 (two accounts) to use a day early to pay into my regular savers.

It's only pennies but they're my pennies and this is "money saving expert".

I've told you how to do it and it's your choice whether you do it or not.

Special_Saver2

Hi Folks,

I have just updated the first page of this thread.

- I have edited post 1 (the introduction post) to remove some out of date information and links

- Coventry BS Loyalty Mortgage Saver added paying 6% gross p.a. variable on up to £1,000 per month for 12 months (13 payments allowed) for customers who hold an eligible mortgage account with Coventry Building Society, Godiva Mortgages Limited or ITL Mortgages Limited; there will be a charge equal to 30 calendar days' interest on the amount withdrawn on each occasion before account maturity and notice of withdrawal/closure cannot be given to avoid paying this charge.

- Aldermore Regular Saver Account (Issue 1) added paying 5.25% gross p.a. variable on up to £300 per month for 12 months, 13 payments allowed

- Penrith BS Regular Saver 200 entry updated to show this can now only be opened in branch

On a personal note, I would also like to pass on my condolences to Bridlington1 and my thanks for useful posts.

I will do the next update within the next 2 weeks.

SS2

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For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

surreysaver

castle96 said:

How do you get these to £5k. They are only £150 p/mth

I actually had mine at £5k, but withdrew £1.5k a year ago to put the money in an ISA that was paying more after tax. Now I'm building it back up to £5k.
As well as paying in £150pm, I went a bit mad with double round-ups, paying off the minimum payment on my Barclaycard with debit card transactions of £1.01. Not to be encouraged, as there were reports of some people getting warnings off their banks for taking the mickey