Regular Savings Accounts: The Best Currently Available List!

quirkydeptless

My matured Tipton Regular saver was in my bank account as per Maturity instructions this morning.

Fingerbobs

schiff said:

Fingerbobs said:

schiff said:

Fingerbobs said:

schiff said:

For fun(?) I've calculated my overall interest rate on my regular savers - 1.407%. Bearing in mind that some of that is being taxed at 20% it does make you think whether it's all worth it. Plus the inflation rate. The ultimate destination of the £7050 odd from Tipton is my Marcus account (feeder for the RSs and my main account). £7050 at 0.60% is 11.5p per day.

I think I'm making a fuss about not very much!

My weighted average interest rate across all my RS accounts for last month is 2.16%. (I have a cell in my spreadsheet to work it out). Obviously it varies month-by-month as the balances in each account change and some accounts mature.

Only two of my 24 RSs pay more than 2.16% so you clearly avoid the lower rates - I have seven paying 1.10% or less. Not sure what you meant by 'weighted'. I simply calculated the monthly interest on the maximum monthly - which, so far anyway, I stick to. Monthly (theoretical) interest over maximum monthly deposits.

I haven't been bothering with any accounts paying less than 2% lately, and currently only have two accounts remaining that pay less than this (both maturing soon).

My calculation is the average interest rate paid across all my accounts, weighted according to the actual balance in each account. So it's the effective interest rate I'm receiving on the sum of all the balances.

Fingerbobs said:

schiff said:

Fingerbobs said:

schiff said:

For fun(?) I've calculated my overall interest rate on my regular savers - 1.407%. Bearing in mind that some of that is being taxed at 20% it does make you think whether it's all worth it. Plus the inflation rate. The ultimate destination of the £7050 odd from Tipton is my Marcus account (feeder for the RSs and my main account). £7050 at 0.60% is 11.5p per day.

I think I'm making a fuss about not very much!

My weighted average interest rate across all my RS accounts for last month is 2.16%. (I have a cell in my spreadsheet to work it out). Obviously it varies month-by-month as the balances in each account change and some accounts mature.

Only two of my 24 RSs pay more than 2.16% so you clearly avoid the lower rates - I have seven paying 1.10% or less. Not sure what you meant by 'weighted'. I simply calculated the monthly interest on the maximum monthly - which, so far anyway, I stick to. Monthly (theoretical) interest over maximum monthly deposits.

I haven't been bothering with any accounts paying less than 2% lately, and currently only have two accounts remaining that pay less than this (both maturing soon).

My calculation is the average interest rate paid across all my accounts, weighted according to the actual balance in each account. So it's the effective interest rate I'm receiving on the sum of all the balances.

So 'all your accounts' isn't restricted to regular savers?

The weighted average is only on regular saver accounts. Sorry, I wasn't clear. The average would be considerably lower if I included non-RS accounts as well. Actually that might be an interesting number to calculate   

veryintrigued

Fingerbobs said:

schiff said:

Fingerbobs said:

schiff said:

Fingerbobs said:

schiff said:

For fun(?) I've calculated my overall interest rate on my regular savers - 1.407%. Bearing in mind that some of that is being taxed at 20% it does make you think whether it's all worth it. Plus the inflation rate. The ultimate destination of the £7050 odd from Tipton is my Marcus account (feeder for the RSs and my main account). £7050 at 0.60% is 11.5p per day.

I think I'm making a fuss about not very much!

My weighted average interest rate across all my RS accounts for last month is 2.16%. (I have a cell in my spreadsheet to work it out). Obviously it varies month-by-month as the balances in each account change and some accounts mature.

Only two of my 24 RSs pay more than 2.16% so you clearly avoid the lower rates - I have seven paying 1.10% or less. Not sure what you meant by 'weighted'. I simply calculated the monthly interest on the maximum monthly - which, so far anyway, I stick to. Monthly (theoretical) interest over maximum monthly deposits.

I haven't been bothering with any accounts paying less than 2% lately, and currently only have two accounts remaining that pay less than this (both maturing soon).

My calculation is the average interest rate paid across all my accounts, weighted according to the actual balance in each account. So it's the effective interest rate I'm receiving on the sum of all the balances.

Fingerbobs said:

schiff said:

Fingerbobs said:

schiff said:

For fun(?) I've calculated my overall interest rate on my regular savers - 1.407%. Bearing in mind that some of that is being taxed at 20% it does make you think whether it's all worth it. Plus the inflation rate. The ultimate destination of the £7050 odd from Tipton is my Marcus account (feeder for the RSs and my main account). £7050 at 0.60% is 11.5p per day.

I think I'm making a fuss about not very much!

My weighted average interest rate across all my RS accounts for last month is 2.16%. (I have a cell in my spreadsheet to work it out). Obviously it varies month-by-month as the balances in each account change and some accounts mature.

Only two of my 24 RSs pay more than 2.16% so you clearly avoid the lower rates - I have seven paying 1.10% or less. Not sure what you meant by 'weighted'. I simply calculated the monthly interest on the maximum monthly - which, so far anyway, I stick to. Monthly (theoretical) interest over maximum monthly deposits.

I haven't been bothering with any accounts paying less than 2% lately, and currently only have two accounts remaining that pay less than this (both maturing soon).

My calculation is the average interest rate paid across all my accounts, weighted according to the actual balance in each account. So it's the effective interest rate I'm receiving on the sum of all the balances.

So 'all your accounts' isn't restricted to regular savers?

The weighted average is only on regular saver accounts. Sorry, I wasn't clear. The average would be considerably lower if I included non-RS accounts as well. Actually that might be an interesting number to calculate   

It might be worth you starting a separate 'average interest rate thread'.

If you want to see your eyes water then take a look at this closed one I created a few years ago

https://forums.moneysavingexpert.com/discussion/4708327/just-for-fun-whats-your-average-interest-rate-across-savings#latest

schiff

I can't bring myself to read any more after seeing 8% mentioned in the second post.

veryintrigued

veryintrigued said:

Further to the above, other RS interest due at the end of the year includes:

Ecology

Principality (Thank you) - done

Mansfield - done

Saffron

Penrith (200) - done

Ecology interest paid this afternoon too.

Just leaves Saffron for me.

schiff

Darlington BS
Interim interest added on 31/12/21. As it's withdrawable it falls into 2021/22 for tax purposes.

swanfan02

Suffolk building society has 2 new regular savers, 1 year @ 1.25% & 2 year @ 3%

https://www.suffolkbuildingsociety.co.uk/savings/savings-finder/

Nick_C

swanfan02 said:

Suffolk building has 2 new regular savers, 1 year @ 1.25% & 2 year @ 3%

https://www.suffolkbuildingsociety.co.uk/savings/savings-finder/

Note:  You must be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.

PRAISETHESUN

Nick_C said:

swanfan02 said:

Suffolk building has 2 new regular savers, 1 year @ 1.25% & 2 year @ 3%

https://www.suffolkbuildingsociety.co.uk/savings/savings-finder/

Note:  You must be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.

https://www.suffolkbuildingsociety.co.uk/savings-products/2-year-regular-saver/

For the 2 year account, it's a maximum £50 monthly deposit and 1 withdrawal allowed per "year" (between 01Mar and 28-29Feb). Fixed rate though which is nice

SFindlay

Although not meeting criteria to be added to front page people may be interested to know Principality have released issue 25 of their RS paying 1.05% fixed with maximum £250 per month however no withdrawals allowed unless on closure.

The Principality allow multiple RS to be held as long as only 1 of each release is held so worth opening and sticking £20 a month into it (as I do with release 24) and see what interest rates do. Principality have previously issued different releases within a few months of each other so even if they release a higher paying issue in near future you can open that too.