Regular Savings Accounts: The Best Currently Available List!

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The wheel has started to turn slowly hasn’t it, as of 1st April 2021 NS&I saving rate was 0.01% so I was getting a princely sum – drum roll if you please, a grand total £40 per annum or £3.33 a month. I will let you work out with your calculators how much cash I had loaned to the government state bank.

As of now I will be getting around £322 every month with current interest savings rates. N.B. I am not with Chase bank.

My feet are firmly on the floor, if you look at the archives here go back just a few years ago and people were moaning about only getting 5% interest savings rates. Interesting times ahead me thinks.  

Daliah

RG2015 said:

Daliah said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

Being pedantic, it would only be 3.25% since the interest would not be compounded.

OK, pedant Q: where would you get 3.25% on instant access?

RG2015

Daliah said:

RG2015 said:

Daliah said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

Being pedantic, it would only be 3.25% since the interest would not be compounded.

OK, pedant Q: where would you get 3.25% on instant access?

Just thought you would appreciate it as you are usually a stickler for correctness 

Malchester

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

I have the RBS product and plan to do the same

qsk

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

Daliah

qsk said:

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

You can stop the SO any time you like, before or after reaching £1,000. You can withdraw as much and as often as you like, and you can resume deposits if your balance drops below £1,000. 

RG2015

Daliah said:

qsk said:

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

You can stop the SO any time you like, before or after reaching £1,000. You can withdraw as much and as often as you like, and you can resume deposits if your balance drops below £1,000. 

I assume that however much you withdraw, you can not deposit more than £150 per month. I did have a quick look on NatWest but could not find a definitive answer.

I was thinking of the Nationwide Start to Save account, which appears to allow large withdrawals to be replaced, as long as the month end balance does not exceed the previous month end by more than £100.

PRAISETHESUN

qsk said:

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

The NatWest/RBS versions both allow easy access, with unlimited withdrawals. Only limit is how much you can put into the account each month in the first place. As for cancelling the SO - there was some discussion earlier in the thread about this as the terms seemed a bit unclear on this. I've personally cancelled my SO since I've reached a £1k balance, and will see what happens moving forward.

kaMelo

I thought the terms were crystal clear.

Malchester

I stopped my SO to RBS digital saver as soon as first payment was made (and that was only for £1). Now send the £150 from my Nationwide account. No problems. I think the idea of the SO is to encourage people to keep saving automatically