Regular Savings Accounts: The Best Currently Available List!

kaMelo

You're absolutely correct regarding the regular saver, 



For some reason I incorrectly thought this was a locked in regular saver. With that information it becomes more like a notice account so a little more attractive at 3.15% if all other higher paying accounts are utilised. 

Speculator

Ecology Regular going up by 0.75% to 2.85% from 7/11

chris_the_bee

Ecology BS raising rate on Regular Saver from 2.1% to 2.85% WEF 7th November

mary

NatWest Digital Regular Saver Account

Can anyone explain why they quote interest for amounts of up to £5,000 and yet by making max monthly payments of £150, you will never reach £5,000 anyway.    I'm sure it's dead obvious so can someone assist please?

cricidmuslibale

mary said:

NatWest Digital Regular Saver Account

Can anyone explain why they quote interest for amounts of up to £5,000 and yet by making max monthly payments of £150, you will never reach £5,000 anyway.    I'm sure it's dead obvious so can someone assist please?

It's simply because this regular saver account does not end after a year as so many do; you can carry on making monthly contributions of up to £150 for as long as you wish to; thus it is possible to eventually reach a balance of £5000 or more. However, any balances above £1000 suffer a dramatic drop in interest payable on amounts above £1000, so most people who have this account will fill it to a maximum balance of £1000 and then move any surplus interest to another suitable account.

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