Regular Savings Accounts: The Best Currently Available List!

dcs34

Just set up Principality Regular Saver Xmas 2021. Looking at my 2020 issue which is due to mature in mid December.
I've made 12 payments, one each month, on the opening day (mid-month) and then the first day of each month thereafter, and have a balance of £1,500. 

I know the terms say £1,500 is the maximum account balance but if a thirteenth payment were to be sent on 1st December before it matured later that month, any ideas how Principality would deal with it? I know some BS will just return it, others hold onto it but it doesn't pay interest...the T&Cs imply they'd get in touch with me and ask me to correct it so wouldn't seem to be a serious breach of terms just to see what happens!

lantanna

Also set up principality RS, set up Virgin Money last month, have Coventry issue 2 and waiting for my Halifax RS to mature next month and then il set up a new Halifax RS. That will be me maxed out with RS for the year. These including my Halifax help to buy isa and the dribble I now keep in my Marcus account combine to give me my house deposit which will be ready by the end of 2021.

schiff

lantanna said:

Also set up principality RS, set up Virgin Money last month, have Coventry issue 2 and waiting for my Halifax RS to mature next month and then il set up a new Halifax RS. That will be me maxed out with RS for the year. These including my Halifax help to buy isa and the dribble I now keep in my Marcus account combine to give me my house deposit which will be ready by the end of 2021.

You would be better off with Coventry RS (3) at 1.55% rather than a new Halifax at 1.00%. Larger deposit limit £500/£250 as well.

SFindlay

dcs34 said:

Just set up Principality Regular Saver Xmas 2021. Looking at my 2020 issue which is due to mature in mid December.
I've made 12 payments, one each month, on the opening day (mid-month) and then the first day of each month thereafter, and have a balance of £1,500. 

I know the terms say £1,500 is the maximum account balance but if a thirteenth payment were to be sent on 1st December before it matured later that month, any ideas how Principality would deal with it? I know some BS will just return it, others hold onto it but it doesn't pay interest...the T&Cs imply they'd get in touch with me and ask me to correct it so wouldn't seem to be a serious breach of terms just to see what happens!

The extra payment will be returned to you a few days later. 

schiff

Nottingham Seasonal Saver maturity 30/11/20
The letters are being sent out. It's either a visit (though they try to dissuade it) or a cheque in the post. A SAE is provided.
The proceeds go into an Easy Access account at 0.40% in case that may be of interest.

polymaff

SFindlay said:

dcs34 said:

Just set up Principality Regular Saver Xmas 2021. Looking at my 2020 issue which is due to mature in mid December.
I've made 12 payments, one each month, on the opening day (mid-month) and then the first day of each month thereafter, and have a balance of £1,500. 

I know the terms say £1,500 is the maximum account balance but if a thirteenth payment were to be sent on 1st December before it matured later that month, any ideas how Principality would deal with it? I know some BS will just return it, others hold onto it but it doesn't pay interest...the T&Cs imply they'd get in touch with me and ask me to correct it so wouldn't seem to be a serious breach of terms just to see what happens!

The extra payment will be returned to you a few days later

  .. and so you would not earn the 13p of interest an accepted 13th payment would have earned  - less the interest you sacrificed elsewhere. ...

AdamBrunt

Can I just check I am not missing something stupid here ...
As a FD 1st account holder I have access to their Regular Savings Account - https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/ - and would be able to commit £300 a month to it without needing to access the money within the year. I assume it's 2.75% interest makes it vastly preferable to a Cash ISA ?

eskbanker

AdamBrunt said:

Can I just check I am not missing something stupid here ...
As a FD 1st account holder I have access to their Regular Savings Account - https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/ - and would be able to commit £300 a month to it without needing to access the money within the year. I assume it's 2.75% interest makes it vastly preferable to a Cash ISA ?

Its 2.75% interest rate makes it preferable (in interest-earning terms at least) to any account paying less than 2.75%, yes, but remember of course that, as with any other regular saver, the balance builds throughout the year so don't expect the interest to be £3,600 * 2.75%!

AdamBrunt

eskbanker said:

AdamBrunt said:

Can I just check I am not missing something stupid here ...
As a FD 1st account holder I have access to their Regular Savings Account - https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/ - and would be able to commit £300 a month to it without needing to access the money within the year. I assume it's 2.75% interest makes it vastly preferable to a Cash ISA ?

Its 2.75% interest rate makes it preferable (in interest-earning terms at least) to any account paying less than 2.75%, yes, but remember of course that, as with any other regular saver, the balance builds throughout the year so don't expect the interest to be £3,600 * 2.75%!

Very true. In fact their site says that £300 every month will give you £53.83 at the end of the 12 months. Not exactly fantastic but certainly better than a Cash ISA and, certainly, my Barclays Savings account.
I assume Cash ISAs are for bigger amounts of money than £300pm / £3600 pa ?

lantanna

schiff said:

lantanna said:

Also set up principality RS, set up Virgin Money last month, have Coventry issue 2 and waiting for my Halifax RS to mature next month and then il set up a new Halifax RS. That will be me maxed out with RS for the year. These including my Halifax help to buy isa and the dribble I now keep in my Marcus account combine to give me my house deposit which will be ready by the end of 2021.

You would be better off with Coventry RS (3) at 1.55% rather than a new Halifax at 1.00%. Larger deposit limit £500/£250 as well.

Your right, thank you