Regular Savings Accounts: The Best Currently Available List!

happybagger

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

Bob2000

Bobblehat said:

Bob2000 said:

allegro120 said:

Bob2000 said:

Re: Principality 6 month RS

So if l opened this account today, if possible, being boxing day. Does anyone suggest  funding today or leaving until Tuesday 31st then second on the first January?

I’d fund it today and again on 1st January.

So no real advantage then to open and fund on the 31st?

Advantage of around £1 .... ~£34 instead of ~£33. 

Thank you. 

surreysaver

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

But if you multiply that by, say ten accounts you're doing the same thing with, it's £5. The small amounts are accumulative.

happybagger

But that's hypothetical. If you can give me ten accounts that pay 8% or so, ie above the 5% available, without risk of the 8% account being pulled leaving you with no chance of 8% for the 6 months at all, then fine.

Each to their own I guess.

simonsmithsays

Might be a help to others but I've got the following institutions that I have RS with whom like to pay, at least some of, their interest on the 31/12:

Buckinghamshire BS
Mansfield BS
Penrith BS

And also non RS easy access products, which also pay interest in the 31/12, from Cambridge BS and Saffron BS (which are left open to enable access to RS from these institutions)

allegro120

Bridlington1 said:

The advantage of opening and funding it on 31st rather than today would be that you'd be effectively swapping having 5 days of the account sitting with a £200 balance earning 8% in December for an extra 5 days of having the account sat at a £1.2k balance earning 8% in June. In other words you get more interest opening/funding the account on 31/12/24 as opposed to opening/funding the account today.

True, but there is always a chance for the product to be pulled any day. The latest example - MHBS issue2.  I've decided to delay for a couple of days (for the obvious reason)....... I even put the details in my spreadsheet and amended my MHBS distribution list, I stupidly assumed that they not going to pull this issue until the end of this month. 

[Deleted User]

Further to the last but one post (Simon not Allegro) I think the 10% Virgin saver will pay some interest on the 30th.

allegro120

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

This is why I think that calculating the gain is pointless.  You never know where you will be feeding from over a period of product's life.  My January distribution will be from 5.12% EA, I've no idea what it will be in February, never mind June   

Bridlington1

allegro120 said:

Bridlington1 said:

The advantage of opening and funding it on 31st rather than today would be that you'd be effectively swapping having 5 days of the account sitting with a £200 balance earning 8% in December for an extra 5 days of having the account sat at a £1.2k balance earning 8% in June. In other words you get more interest opening/funding the account on 31/12/24 as opposed to opening/funding the account today.

True, but there is always a chance for the product to be pulled any day. The latest example - MHBS issue2.  I've decided to delay for a couple of days (for the obvious reason)....... I even put the details in my spreadsheet and amended my MHBS distribution list, I stupidly assumed that they not going to pull this issue until the end of this month. 

Or the compromise candidate of open now and then refresh if still available on 31/12/24, which has served me well with many of Principality BS's previous regular savers, Coventry BS's Sunny Day Saver among many others.

allegro120 said:

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

This is why I think that calculating the gain is pointless.  You never know where you will be feeding from over a period of product's life.  My January distribution will be from 5.12% EA, I've no idea what it will be in February, never mind June   

I don't necessarily calculate the gain as such but one factor at play is that if you have multiple regular savers and are at the point where you are having to empty regular savers in order to feed other regular savers, having an account mature on the last day of the month is probably going to be more convenient than having the regular saver mature on, say, 26th of the month as the chances are you'll be feeding lots of regular savers on 1st and/or the first working day of the month.

Additionally having an account mature at the end of the month would also reduce the length of time you'd need to store money temporarily in regular savers and/or an EA account at a lower rate before you use the funds for other regular savers on 1st, which in my experience has left me with more interest overall.

happybagger

January is my last 5.12% month (cahoot) - as it stands I will be feeding from 4.75% (unless something decent crops up)