Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

It's always best I think if you can to open as many reasonable interest rate Regular Savers as you can sensibly manage and, if at all feasible, then fund each new Regular Saver with the maximum deposit amount permitted for each month on the day of opening itself! It's the number of months the money stays in each Regular Saver as well as the interest rate that gives you the best possible return when the account matures. If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, then you'll probably still get a better return after 12 months that way than taking out fewer Regular Savers in order to ensure that you make the max. monthly deposit allowed in each of these accounts in all 12 months (assuming each of these Reg Savers lasts for 1 year).

typistretired

Regular Savers have a limit for each month

Wheres_My_Cashback

cricidmuslibale said:

It's always best I think if you can to open as many reasonable interest rate Regular Savers as you can sensibly manage and, if at all feasible, then fund each new Regular Saver with the maximum deposit amount permitted for each month on the day of opening itself! It's the number of months the money stays in each Regular Saver as well as the interest rate that gives you the best possible return when the account matures. If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, then you'll probably still get a better return after 12 months that way than taking out fewer Regular Savers in order to ensure that you make the max. monthly deposit allowed in each of these accounts in all 12 months (assuming each of these Reg Savers lasts for 1 year).

That's not possible due monthly limitations

someone

Re Coventry Regular Saver (4)

typistretired said:

You can have one of each issue. They have actually clarified this for this issue.
"This is a limited issue account and you can only have one Regular Saver (4) at a time."

On RS(3) it was worded "This is a limited issue account and you can only have one Regular Saver at a time." (notice the lack of issue number. Unfortunately I do not have the summary box for RS(2).

The account specific terms say

RS(2): 1.3 You can only be named on one Regular Saver (including any subsequent issues) at any one time

RS(3): 1.3 You can only be named on one Regular Saver (including any previous or subsequent issues) at any one time.

RS(4): 1.3 You can only be named on one Regular Saver (including any previous or subsequent issues) at any one time.

I don't have the terms for the first issue of this account  as I don't hold the account.

Seems like myself and others may be in breach of these terms ... however there is discrepancies especially with the current issue.

SFindlay

If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, 

By the very nature of the account that's impossible!! 

cricidmuslibale

I hope the new Coventry Regular Saver is still available in mid December; I'm not going to open one before then simply because I won't be able to make the maximum monthly deposit allowed on the day of opening if I do.

someone

Wheres_My_Cashback said:

cricidmuslibale said:

... If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, then you'll probably still get a better return after 12 months  ...

That's not possible due monthly limitations

I think cricidmuslibale is saying if YOU don't have enough funds to max out the remaining months e.g. you have £1,000 to save, you put in the max each month (say £250x4 months) then idle the accounts (pay in min or nil depending on T&Cs) until maturity.

cricidmuslibale

SFindlay said:

If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, 

By the very nature of the account that's impossible!! 

What I mean, to clarify, is because you've filled them with the maximum monthly deposit permitted in each of their first 6 months.

cricidmuslibale

someone said:

Wheres_My_Cashback said:

cricidmuslibale said:

... If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, then you'll probably still get a better return after 12 months  ...

That's not possible due monthly limitations

I think cricidmuslibale is saying if YOU don't have enough funds to max out the remaining months e.g. you have £1,000 to save, you put in the max each month (say £250x4 months) then idle the accounts (pay in min or nil depending on T&Cs) until maturity.

Thank you! That's exactly what I was trying to say! I'm sorry that it wasn't entirely clear to everybody what I meant! (My bad use of words obviously.)

Sailtheworld

someone said:

Wheres_My_Cashback said:

cricidmuslibale said:

... If you haven't enough funds to fund all your Regular Savers in their last 6 months say because you've filled them to the maximum allowed in their first 6 months, then you'll probably still get a better return after 12 months  ...

That's not possible due monthly limitations

I think cricidmuslibale is saying if YOU don't have enough funds to max out the remaining months e.g. you have £1,000 to save, you put in the max each month (say £250x4 months) then idle the accounts (pay in min or nil depending on T&Cs) until maturity.

Although if you know at the outset that you won't be able to max them out it's probably not worth the effort anyway. Less than a tenner in the example above.