Regular Savings Accounts: The Best Currently Available List!

flaneurs_lobster

bigjoe said:

s71hj said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

My approach, rightly or wrongly is fund them as soon as I find out about them, the basis of this being if I can afford to fund and want to open them it generally means I have and will continue to have money in an account paying a lower rate of interest. 

I think that's a good approach because deals can be withdrawn or you might forget about them.

But I was thinking more of the second and subsequent payments, and if it is better to make those on the 1st of the month. It seems that is the case because of the possibility of extra interest.

I take a simplistic approach to this. All other things being equal, fund your RSs as soon as you can, in decreasing order of interest rate, until your available funds are depleted.

WillPS

flaneurs_lobster said:

bigjoe said:

s71hj said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

My approach, rightly or wrongly is fund them as soon as I find out about them, the basis of this being if I can afford to fund and want to open them it generally means I have and will continue to have money in an account paying a lower rate of interest. 

I think that's a good approach because deals can be withdrawn or you might forget about them.

But I was thinking more of the second and subsequent payments, and if it is better to make those on the 1st of the month. It seems that is the case because of the possibility of extra interest.

I take a simplistic approach to this. All other things being equal, fund your RSs as soon as you can, in decreasing order of interest rate, until your available funds are depleted.

Same + move from lower rates to fund higher rates where account terms allow.

anna42hmr

friolento said:

jaypers said:

Mee said:

Re: Principality R S
Just checking if anyone is as disorganised as me and opened a PBS RS near the end of the month, then found they couldn't fund their account until they received the activation code via snail mail and thus the first monthly deposit was made the calendar next month. The maturity date on mine is a year to the date of the RS being opened, but not activated so missing out on at least a 12th payment. Has anyone queried or asked for the maturity date to be adjusted to the activation date.
 I haven't as yet found a clause that would prevent this.

The activation code is just to add full functionality to your online account (closure/withdrawals etc) and shouldn’t make any difference. You can login and see balances from Day 1. 

and importantly, you can make deposits as soon as you have the account details, which is instantly. AFAIK, they only credit on working days, though

they will credit on a weekend, have opened one for me yesterday (Saturday) and one for mom today (Sunday) and the payments showed on the accounts the same day within a couple of hours of the account being sent over.

s71hj

bigjoe said:

s71hj said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

My approach, rightly or wrongly is fund them as soon as I find out about them, the basis of this being if I can afford to fund and want to open them it generally means I have and will continue to have money in an account paying a lower rate of interest. 

I think that's a good approach because deals can be withdrawn or you might forget about them.

But I was thinking more of the second and subsequent payments, and if it is better to make those on the 1st of the month. It seems that is the case because of the possibility of extra interest.

Again, rightly or wrongly I set up my second payment for the first of the next month on the principle I'm getting the higher interest rate that has made the account attractive to me more quickly. 

trickydicky14

s71hj said:

bigjoe said:

s71hj said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

My approach, rightly or wrongly is fund them as soon as I find out about them, the basis of this being if I can afford to fund and want to open them it generally means I have and will continue to have money in an account paying a lower rate of interest. 

I think that's a good approach because deals can be withdrawn or you might forget about them.

But I was thinking more of the second and subsequent payments, and if it is better to make those on the 1st of the month. It seems that is the case because of the possibility of extra interest.

Again, rightly or wrongly I set up my second payment for the first of the next month on the principle I'm getting the higher interest rate that has made the account attractive to me more quickly. 

Yes I agree get the second payment in as soon as possible, just remember some accounts only let you pay in on the same date or later. As an example, Zopa.

Special_Saver2

Hi Everybody,

I have just updated the first page of this thread.

- Introduction post section on the interest rate thresholds used for inclusion on this thread. Note from 10th November 2024 - I will be reviewing these thresholds once the banks and building societies have updated their interest rates to take into account the recent Bank of England interest rate cut. 

- Market Harborough Fixed Term Regular Saver (30.11.2025) entry updated with a comment about being able to open this online if an existing customer using their online service

- Gatehouse Regular Saver Account (Issue 2) entry updated to show that the terms and conditions now say that the maximum you can pay into this account is £3,600

- Principality BS Triple Access Regular Saver entry updated to show the interest rate will be 5.6% from 5th December 2024

- Principality BS First Home Steps Savings Account (Issue 4) or Principality BS First Home Steps Online Savings Account (Issue 3) entries updated to show the interest rate will be 4.85% from 5th December 2024

- Yorkshire BS First Home eSaver entry updated to show the interest rate will be 4.7% from 10th December 2024

- Yorkshire BS Loyalty Regular e-Saver Account entry updated to show the interest rate will be 5.45% from 10th December 2024

- Royal Bank of Scotland Digital Regular Saver Account and NatWest Digital Regular Saver Account entries updated to show that the interest rate will be 1.49% (1.5% AER) on balances above £5,000 from 5th December 2024

For the Aldermore Regular Saver Account (Issue 1) account, I note the post from Dizzycap from 3 days ago on page 1578 of this thread noting this account is no longer available. When I follow this link, the account still appears to be available and clicking on the link to make an application also appears to be working normally. I also note that RosieRooBear managed to open an account after that post. I have therefore not changed my entry for this account.

I will do the next update within the next 2 weeks (and I am managing to do the updates within a week at the moment).

SS2

---

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

t1redmonkey

Aldermore 5.25% Issue 1 RS NLA I believe, and is going to be reduced to 5% from 6th December.  Will also be replaced with an issue 2 at 5% today:



Source: https://www.aldermore.co.uk/media/25ahbzw5/personal-savings-accounts-rates.pdf

t1redmonkey

Aldermore - looks like you can apply for the issue 2 now, but you're not permitted to hold it in addition to issue 1: https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/regular-saver-account/

jaypers

Based on the rates dropping I might just grab a Halifax RS at 5.5% while it’s still there. 

Speculator

ColdIron said:

Speculator said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

The earlier you deposit the money, the more interest you will get.

For example, assuming a rate of 6% and 1st and 31st are working days. If you pay in £250 on the 1st, you will earn £1.27 in interest for that month. If you paid  in £250 on the 31st, you will earn 4p in interest.   

Not really a fair comparison is it, comparing interest gained in 1 day against 31 days

For calendar month type RSs if you had paid £250 on the 31st and again on the 1st you would have £2.59 at the end of the first full month. Effectively you would have £500 for the first month and an extra £250 for every subsequent month

I was answering a specific question.