Regular Savings Accounts: The Best Currently Available List!

friolento

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.

Quick google shows this

There are no special rules for different deposit methods.

[Deleted User]

allegro120 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

You don't have to pay in. When you reach £5k limit you can just withdraw monthly interest.  I've done that in the past when the limit was £1k and doing it now with £5k.  

How do you pay direct debit straight  in this RS?
Thanks

E_zroda

[Deleted User] said:

allegro120 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

You don't have to pay in. When you reach £5k limit you can just withdraw monthly interest.  I've done that in the past when the limit was £1k and doing it now with £5k.  

How do you pay direct debit straight  in this RS?
Thanks

You beat me to the same question. I am guessing they meant SO, so won't get too excited....

allegro120

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".

judexx

Bridlington1 said:

I take comfort in the fact that my cat was able to spend her last day laid in a sunbeam which she always loved to do and was never alone on her last night. 

So sorry for your loss Bridlington1 - that paints a lovely picture of her lying in a sunbeam and hopefully will be how you'll remember her.

And thanks for all the work you do on this forum

surreysaver

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?

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?