Regular Savings Accounts: The Best Currently Available List!

almanak

thJamesRobinson48 said:

almanak said:

is there any Regular Saving account you can pay in with Direct Debit?

Ecology Building Society (pays 0.80% variable) is the only one known to me.

Thanks. they write:  *We pay all savings interest gross, which means that no tax is deducted. It's your responsibility to pay any tax due, based on your individual circumstances. ' what does it mean in practice? Will I get a notification from HMRC?

refluxer

almanak said:

Thanks. they write:  *We pay all savings interest gross, which means that no tax is deducted. It's your responsibility to pay any tax due, based on your individual circumstances. ' what does it mean in practice? Will I get a notification from HMRC?

You just need to make sure the total interest you receive from all your (taxable) savings accounts doesn't exceed your Personal Savings Allowance and declare it to the HMRC if it does.

https://www.moneysavingexpert.com/savings/personal-savings-allowance/

almanak

do they actually refer to CRAs so it will be visible as a new account?
and what do you put in question '* Origin of funds'? Money will be from my bank account where I have my savings etc.

Sorry for asking elementary questions

badger09

almanak said:

is there any Regular Saving account you can pay in with Direct Debit?

This one does. 

https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

wiseonesomeofthetime

Almost got excited when I saw a regular saver with Saffron earning 1.75% (Saffron BSSmall Saver Issue 2) until I noticed the maximum monthly deposit is £50, so total reward over the year is barely a fiver

schiff

I admire the Saffron, a small society with a fixed rate regular saver at a better rate than most, and with a possible £500 monthly deposit. I would go for this Small Saver out of loyalty but you can't have more than one RS at a time. Clearly with the higher possible monthly deposit the basic RS is better. Mine matures in January, I hope the 1.5% is in place at that time!

surreysaver

almanak said:

do they actually refer to CRAs so it will be visible as a new account?
and what do you put in question '* Origin of funds'? Money will be from my bank account where I have my savings etc.

Sorry for asking elementary questions

Savings accounts aren't referred to CRAs. Only accounts where you can have a negative balance - current accounts and credit cards etc

They'll check your identity via a CRA, but it won't appear as a hard search

surreysaver

trickydicky14 said:

mhoc said:

where_are_we said:

mhoc said:

Coventry have finally caught up with my OH - is he one of the last ones with multiple accounts?
Graciously they are giving 2 months notice before closing the extra accounts up to 19th October 2021.
They say its the 1st account opened after 18th October 2020 that will be allowed to stay open. 
But OHs regular saver 3  (1.55%) matures on 16th October, just then leaving issue 4 and 5 open. 
Issue 4 matures was opened in November 2020 so thats the one that will stay open at least for the final month before it matures.
Issue 5 will be the excess account they will close.
But then I will reopen it again in November - that is if issue 5 still exists then

Are they imposing a penalty such as loss of interest?

No penalty - they say "if a regular saver is closed before the 12 month period ends we usually charge an amount equal to 30 days calendar interest. However in this case were going to waiver the charge and transfer the savings you hold along with all of the interest you've earned up to the date they're closed to your named bank account.  

Just had the dreaded letter from the Coventry, can keep my issue 3 due in Nov but issue 4 must go, that had until Jan 2022 to run.
As above, I must say how civilised the Coventry are about it, two months notice and get to keep all interest. 

Still waiting for my letter. My Issue 3 matures next month. Issue 4 in December. Hopefully I'll get away with it!
If they're giving two months notice I will only have one left

Rich2808

schiff said:

I admire the Saffron, a small society with a fixed rate regular saver at a better rate than most, and with a possible £500 monthly deposit. I would go for this Small Saver out of loyalty but you can't have more than one RS at a time. Clearly with the higher possible monthly deposit the basic RS is better. Mine matures in January, I hope the 1.5% is in place at that time!

I was going to apply for the small saver with Saffron but I already have a 12 month fixed regular saver with them - seems I cannot have both as you are restricted to one regular saver at any time as you say.

Unless the absolute maximum you can afford to invest per month is £50 the 12 month fixed rate members regular saver which allows you to invest up to £500 a month probably makes more sense (even if the rate is only 1.5% as opposed to 1.75%).

where_are_we

Saffron`s use of Small in "Small Saver" is ambiguous. Initially I thought it would be restricted to children!