Regular Savings Accounts: The Best Currently Available List!

RG2015

Re NatWest/RBS Digital Regular Savers.

I am sure the rate for over £1,000 will show as 5.00% tomorrow.

It appears that there are far more geeks on this site than NW/RBS have in their IT departments. 

RG2015

Re NatWest/RBS Digital Regular Savers.

Now shows 5.00% for £1,304.14 balances in each of NatWest and RBS.

Great rate for up to £10k combined but as I build up to this figure at £300 per month I am not going to be accessing any of it.

Very clever move by them to hold on to my money!

t1redmonkey

Question on the first direct regular saver (finally could apply to it today, took about 10 days to open a current account with them!).  It asks during the application process for the regular saver how much you want to pay in and that it'll take it from your first direct current account; how do you know when this'll actually be taken?  I personally don't want to leave £300 in the current account until the day (or maybe the day before) they actually take the money.

happybagger

Loughborough BS has changed its rates today, very very limited.
It has NOT increased ANY of its regular saver accounts - All still stuck at 2.5%
(Open Regular Saver, or closed Flexible Save to Buy or Flexible Monthly Saver accounts)

source

PRAISETHESUN

...

t1redmonkey said:

Question on the first direct regular saver (finally could apply to it today, took about 10 days to open a current account with them!).  It asks during the application process for the regular saver how much you want to pay in and that it'll take it from your first direct current account; how do you know when this'll actually be taken?  I personally don't want to leave £300 in the current account until the day (or maybe the day before) they actually take the money.

From memory they take the first deposit on the day they actually open the RS. From there, they then set up a monthly SO to fund it. You obviously need money in your FD current account to cover the first payment, but apart from that as long as you then have funds in your account to cover the SO then you shouldn't have any issues. I keep my FD empty and pay a SO into it each month on the day the RS is due to be funded and this has worked fine without issue.

t1redmonkey

PRAISETHESUN said:

...

t1redmonkey said:

Question on the first direct regular saver (finally could apply to it today, took about 10 days to open a current account with them!).  It asks during the application process for the regular saver how much you want to pay in and that it'll take it from your first direct current account; how do you know when this'll actually be taken?  I personally don't want to leave £300 in the current account until the day (or maybe the day before) they actually take the money.

From memory they take the first deposit on the day they actually open the RS. From there, they then set up a monthly SO to fund it. You obviously need money in your FD current account to cover the first payment, but apart from that as long as you then have funds in your account to cover the SO then you shouldn't have any issues. I keep my FD empty and pay a SO into it each month on the day the RS is due to be funded and this has worked fine without issue.

Thanks, though I am mainly wondering when they'd actually be opening the RS.  Since it took 10 days for them to open the current account, I'm a bit in the dark as to when to put the £300 in there ready for it to be collected since I don't know when they're going to open the RS.

PRAISETHESUN

t1redmonkey said:

PRAISETHESUN said:

...

t1redmonkey said:

Question on the first direct regular saver (finally could apply to it today, took about 10 days to open a current account with them!).  It asks during the application process for the regular saver how much you want to pay in and that it'll take it from your first direct current account; how do you know when this'll actually be taken?  I personally don't want to leave £300 in the current account until the day (or maybe the day before) they actually take the money.

From memory they take the first deposit on the day they actually open the RS. From there, they then set up a monthly SO to fund it. You obviously need money in your FD current account to cover the first payment, but apart from that as long as you then have funds in your account to cover the SO then you shouldn't have any issues. I keep my FD empty and pay a SO into it each month on the day the RS is due to be funded and this has worked fine without issue.

Thanks, though I am mainly wondering when they'd actually be opening the RS.  Since it took 10 days for them to open the current account, I'm a bit in the dark as to when to put the £300 in there ready for it to be collected since I don't know when they're going to open the RS.

It took a few days last time I opened a RS - probably just easiest to whack the opening deposit in and leave it at that. The lost interest over a few days will be pennies.

Band7

You have a £250 free overdraft by default with FD. 

You could request another £50, and once approved, ask for the 12-month waver of the overdraft charges

cricidmuslibale

I’ve been wondering for quite a while now, why are there only 3 regular saver ISAs in total currently available (according to Moneyfacts), one each from Vernon Building Society, Progressive Building Society and Hanley Economic Building Society respectively?

(Of these three, only Vernon’s, paying 3% annual interest, is really competitive with normal, non ISA regular savers at the moment.)

It is notable that none of the above are being offered by major banks and building societies!

Any thoughts please as to why the “big boys and girls” in the savings world in particular were not interested in offering regular saver ISAs at the start of this financial year, and whether they may consider offering them at the start of the next financial year?

Maybe it’s just me but I would have thought they would be quite popular with quite a few savers if they were much more widely available during the first few weeks from April 6 2023 onwards! I would certainly be more than interested!

Is the fact that the current annual ISA allowance of £20,000 is not divisible by 12 a key reason why regular saver ISAs are so rare at the moment, perhaps? I would still have thought that it would be feasible and reasonably practical for banks and building societies to either permit 8 monthly deposits of £1667 plus 4 of £1666 or instead to only allow a maximum of 10 monthly deposits of up to £2000 for a regular saver ISA lasting the usual 12 months.

njs131905

RG2015 said:

Re NatWest/RBS Digital Regular Savers.

Now shows 5.00% for £1,304.14 balances in each of NatWest and RBS.

Great rate for up to £10k combined but as I build up to this figure at £300 per month I am not going to be accessing any of it.

Very clever move by them to hold on to my money!

My first post here, not a criticism, but something important to point out:

NatWest / RBS have not communicated to existing DRS account holders that the maturity-amount (is that the right word?) had increased from £1k to £5k.

The only way I found out was because my NW-DRS had reached maturity yesterday, and (as I had closed my Current/Reward Account with them), I could only withdraw my over-maturity value (right wordage again?) in branch...

I checked their DRS info site less than an hour ago, and shocked to see yes, an increased maturity-amount to £5k, but this hasn't been communicated to me atleast (granted it's only been 2days to the product adjustment, which I've gleemed from here in MSE), unlike on the 31st October, when both NW and RBS text messaged me about the DRS interest rate increase.

RBS DRS website now also reflects the maturity-amount increase too! I might still visit in person to confirm this, as I've nothing much else to do given the snow forecast prohibiting work.