Regular Savings Accounts: The Best Currently Available List!

mary

That explains that bit then.  Thanks.    However as it is a "regular saver", I assume you are obliged to continue paying in £150  each month, otherwise it ceases to be  "regular"?   Surely you can't just stop once you reach the magic £1,000 and not keep it alive any more??

RG2015

mary said:

That explains that bit then.  Thanks.    However as it is a "regular saver", I assume you are obliged to continue paying in £150  each month, otherwise it ceases to be  "regular"?   Surely you can't just stop once you reach the magic £1,000 and not keep it alive any more??

You do not need to continue paying in. Mine has been at £1,000 for several months. The spiel on the NatWest web page has this as one of their FAQs.

The downside of course is if you withdraw more than £150 you then have to start building it back up again.

schiff

mary said:

That explains that bit then.  Thanks.    However as it is a "regular saver", I assume you are obliged to continue paying in £150  each month, otherwise it ceases to be  "regular"?   Surely you can't just stop once you reach the magic £1,000 and not keep it alive any more??

You can! Withdraw the interest monthly as soon as it hits. What most of us are doing.

cricidmuslibale

mary said:

That explains that bit then.  Thanks.    However as it is a "regular saver", I assume you are obliged to continue paying in £150  each month, otherwise it ceases to be  "regular"?   Surely you can't just stop once you reach the magic £1,000 and not keep it alive any more??

In the frequently answered questions section relating to this account, it clearly says that you do not have to continue to pay in by standing order (the only way to pay into this account, I think) once you reach a balance of £1000. Although you are encouraged to do so in order to maintain a savings habit. So it appears that you can actually stop once you reach a balance of £1000 and continue to benefit from 5.00% gross monthly interest for as long as you wish to!

mary

Thanks everyone.   It's sheer madness!!   The hoops we have to jump through to extract peanuts!!   I hadn't read the FAQs at that point.   Help much appreciated

RobM99

mary said:

Thanks everyone.   It's sheer madness!!   The hoops we have to jump through to extract peanuts!!  

Agreed and it's  odd how some people will jump through flaming hoops to earn £2.46 or so!

RG2015

Not sure there is any hoop jumping required.

For 6.66 months it is a bog standard regular saver for £150 per month paying 5.00%.

Then is becomes an easy access account for £1,000 paying an average of £4.16 per month. The only caveat now is the limit on how much can be paid back in per month. 

callum9999

RobM99 said:

mary said:

Thanks everyone.   It's sheer madness!!   The hoops we have to jump through to extract peanuts!!  

Agreed and it's  odd how some people will jump through flaming hoops to earn £2.46 or so!

I'm not sure it's that much weirder than posting on internet forums to earn £0!

liamcov

Re Monmouthshire regular savers - when one account matures and they transfer part of the balance to a new product, do all account details stay the same to pay into it?

Special_Saver2

Hi Folks,

I have changed the following items on page 1 of this thread for this weekend's update.

- Restored the Cumberland BS First Home Saver Account (Issue 2) entry that I accidentally deleted last weekend (fortunately I kept copies of all the entries that I removed)

- I have noted the comments about it being irritating for some people to see accounts that are only available to local people, and I also note other comments that it is great if you happen to live in one of the areas where there is a great account. I would also add that some accounts that are open to locals only are also available to existing members and I am aware that some readers of this thread may have an old regular savings account with certain building societies when it was easy to open them from a distance. I have put in bold in the special conditions section if an account is only available to locals or existing customers to draw attention to this. I have an idea... I have just re-organised each post on page 1 into two sections - "Accounts available to all UK residents" and "Accounts only for people who live locally or existing members". This has allowed me to remove a lot of bold type as I no longer need to put in bold that an account is available for locals and existing members. I think these changes make the first page easier to read and better organised, plus people who are not interested in the locals and existing members accounts can skip straight past those sections (or skim through those sections quickly to see if they live in the right area).

- For the feeder account section, I used to have the Chase current account but I removed it last week. I can see the comment about the possible inclusion of the Chase Saver account paying 2.1%. Does that account allow standing orders or regular transfers to regular saver accounts? I do not have any account with Chase so I do not know the answer

- Principality BS Christmas 2023 Regular Saver Bond added to page 1 paying 5% on up to £125 per month for 12 months

- Principality BS First Home Steps Online Savings Account (Issue 2) added to page 1 (added to the entry with the branch only equivalent account)

- Coventry BS Regular Saver (Issue 5) interest rate updated to 3.15% from 1st December

- Coventry BS First Home Saver interest rate updated to 2.95% from 1st December

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1