Regular Savings Accounts: The Best Currently Available List!

PRAISETHESUN

Transferred over my £28.39 this morning (faster payment) and cancelled my standing order. I've always paid my SO in from an external account so no issues changing anything.

Also just received emails from both NatWest and RBS advising of the new changes (interest rates, deposit limits, etc), effective from yesterday (15 Mar).

Gers

PRAISETHESUN said:

Gers said:

PRAISETHESUN said:

I feel like this is deliberately timed... next month is when I would've hit £1000, having had one of these opened from basically when they introduced them. But it make this much more attractive for new account holders since you can max out the account in 6-7 months now.

Is it possible to close your account and open a new one?

I believe so - there was a promo a while back where a few people did just that to be eligible for it. Not sure why you'd want to close it though?

I don't want to - thought that maybe you would!

orange-juice

I've been using the roundups feature to try and boost my monthly contributions and get closer to the 1000 limit. It's been tedious to say the least, so having the increased limit is welcomed.

typistretired

Frogletina said:

Up typistretired said:

I have just topped up and altered standing order no problem

Hi - did you do this as a transfer? 

I've just topped mine up as a transfer as I was unable to amend the standing order. I've had to order a new card as mine has expired

I just transferred over £100 from my current account with RBS to the regular saver and then amended standing order in my RBS current account to £150. I’m a newbie with them still waiting for a card reader

Daliah

typistretired said:

. I’m a newbie with them still waiting for a card reader

You shouldn't need an RBS or Natwest card reader any longer if you use their app, as you can now approve transactions in the app. Discussed at length in https://forums.moneysavingexpert.com/discussion/6338955/which-banks-do-not-use-a-card-reader-for-online-banking

typistretired

I do. I have to get my nominated bank account approved by logging onto their website and using the card reader to have it approved to enable payments of more than £1000 daily to be allowed. I am using the app
As I said before only just opened RBS by transferring another bank account 

PRAISETHESUN

Gers said:

PRAISETHESUN said:

Gers said:

PRAISETHESUN said:

I feel like this is deliberately timed... next month is when I would've hit £1000, having had one of these opened from basically when they introduced them. But it make this much more attractive for new account holders since you can max out the account in 6-7 months now.

Is it possible to close your account and open a new one?

I believe so - there was a promo a while back where a few people did just that to be eligible for it. Not sure why you'd want to close it though?

I don't want to - thought that maybe you would!

Nope! Just going to keep my £2k in the accounts (£1k in both NatWest and RBS) and let it continue to earn 3%. Might skim off the interest from time to time. It's 0.25% on balances above £1k, so I can find a better home for new money elsewhere.

someone

RBS, the original product information sheet said

* You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.

*  You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).

but now it says

* You can only pay up to £150 into the account each month. This includes your standing order and any extra money you put in. Round Ups won’t count towards your monthly £150 limit. Any amount over this limit may be automatically moved to your current account. If you repeatedly try to pay more than £150 each month into the account, you will be given 60 days’ notice to close the account.
* There’s no minimum deposit to open the account, however you’ll need to set up a standing order from your Royal Bank of Scotland current account of between £1 and £150 each calendar month into the account. If you wish to put extra money into the account, the combination of this and your standing order cannot exceed the £150 per calendar month limit. There is no maximum balance limit, however, the highest interest rate will only apply to balances up to and including £1,000.

And their FAQs also say

 Do I have to keep my standing order once I reach £1000 to still benefit from the interest rate?

No, but it helps keep you in the savings habit. You will still receive the highest interest rate on your balance up to £1000.

Without the FAQ you would think you still had to be paying in £1 /month (and based on the new product information sheet it had to come from an RBS account.

Not the clearest setup IMO

Daliah

typistretired said:

I do. I have to get my nominated bank account approved by logging onto their website and using the card reader to have it approved to enable payments of more than £1000 daily to be allowed. I am using the app
As I said before only just opened RBS by transferring another bank account 

It's probably because you haven't enabled biometrics in the app.

Daliah

someone said:

RBS, the original product information sheet said

* You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.

*  You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).

but now it says

* You can only pay up to £150 into the account each month. This includes your standing order and any extra money you put in. Round Ups won’t count towards your monthly £150 limit. Any amount over this limit may be automatically moved to your current account. If you repeatedly try to pay more than £150 each month into the account, you will be given 60 days’ notice to close the account.
* There’s no minimum deposit to open the account, however you’ll need to set up a standing order from your Royal Bank of Scotland current account of between £1 and £150 each calendar month into the account. If you wish to put extra money into the account, the combination of this and your standing order cannot exceed the £150 per calendar month limit. There is no maximum balance limit, however, the highest interest rate will only apply to balances up to and including £1,000.

And their FAQs also say

 Do I have to keep my standing order once I reach £1000 to still benefit from the interest rate?

No, but it helps keep you in the savings habit. You will still receive the highest interest rate on your balance up to £1000.

Without the FAQ you would think you still had to be paying in £1 /month (and based on the new product information sheet it had to come from an RBS account.

Not the clearest setup IMO

Agree, it's clear as mud.

I will ignore the bit about the SO from the RBS current account - - - they did not notify me of such a change to the T&Cs, so I don't consider this mandatory. IIRC, as part of the application for the Digital Saver, they will automatically set up the SO from your chosen RBS account for you but you can then delete that SO if you wish and set one one up from a different bank, or even make your monthly deposits by FP.

Same for Natwest.