Regular Savings Accounts: The Best Currently Available List!

njs131905

RG2015 said:

Wheres_My_Cashback said:

njs131905 said:

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...

Maturity, what maturity? 

As for being advised, they are under no legal obligation to do so when the rate goes up, only when it goes down and that will be set out in the T&Cs. Some financial organisations do advise of rate increases, many dont.

However, their terms state they will advise and have by way of advising it on their website.

The first time poster, @njs131905 is not claiming any breach of the Ts & Cs, merely stating that they would have expected an advance notification of the change.

It is really a matter on common courtesy.

As regards the use of the term "maturity", the poster did qualify this with the comment in parentheses; "is that the right word?.

In my opinion, your comments are rather harsh and somewhat unjustified in this instance.   

My genuine thanks for the supportive comments and defending my own ignorance @RG2015 , you've put it far more eloquently than I could've had we been holding this conversation in a Wetherspoons!

I acknowledge the use of the word "maturity" when referring to not wanting to contribute beyond the 'higher interest rate threshold' on NW/RBS Digital Regular Saver (or similar limited deposit saving account products) is incorrect, but I wouldn't say entirely inaccurate.

Anyone opening an NW/RBS DRS right now would have to wait around 34months (quick maths: RoundUp(5000/150)) in order to maximise immediate savings rate returns.

I did phone NatWest this morning, and it was confirmed to me that my DRS has had it's higher interest rate threshold increased to £5k, as well as highlighting how this actionable information had not been communicated to active DRS customers, whom like myself, could well be under the impression any further account contributions were to be subject to 0.5% interest, and as such, could/would be motivated to stop deposits, research the market (ie Barclays £5k@5%), and perhaps take their entire savings with them.

Perhaps a more pertinent question to have asked them, is if there was any consideration to increasing the maximum monthly deposit: 34months for new account holders is a long time, and why turn down money if I've the ability to contribute more? A seperate discussion probably.

Thanks for bearing with me once again.

pecunianonolet

Anyone experience with the round up feature of the debit card to add additional sums, although small, to the 150/month allowance? E.g., can I make daily 10 x 1p Paypal family and friends transactions using my debit card and get with double round up 10 x 1.98 = 19.80 into the reg saver per day?  I know, would still take ages to fill up completly but every little helps

RG2015

njs131905 said:

RG2015 said:

Wheres_My_Cashback said:

njs131905 said:

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...

Maturity, what maturity? 

As for being advised, they are under no legal obligation to do so when the rate goes up, only when it goes down and that will be set out in the T&Cs. Some financial organisations do advise of rate increases, many dont.

However, their terms state they will advise and have by way of advising it on their website.

The first time poster, @njs131905 is not claiming any breach of the Ts & Cs, merely stating that they would have expected an advance notification of the change.

It is really a matter on common courtesy.

As regards the use of the term "maturity", the poster did qualify this with the comment in parentheses; "is that the right word?.

In my opinion, your comments are rather harsh and somewhat unjustified in this instance.   

Perhaps a more pertinent question to have asked them, is if there was any consideration to increasing the maximum monthly deposit: 34months for new account holders is a long time, and why turn down money if I've the ability to contribute more? A seperate discussion probably.

The account was originally only £50 per month and the increase to £150 was a welcome surprise. It would surprise me if they increased it again.

As to why they re turning down new money, the answer is they would have to pay more interest.

If I was a banker I would be quite proud of devising such an account amendment. It gives them kudos, new money and limits the massive cost in extra interest that Barclays would have had to bear.

I actually cannot see the 5% rate lasting 34 months, but I live in hope. And in any case there are no 3 year savers paying 5% so I even locking in to NW/RBS for 34 months is a winner for me.

Bridlington1

pecunianonolet said:

Anyone experience with the round up feature of the debit card to add additional sums, although small, to the 150/month allowance? E.g., can I make daily 10 x 1p Paypal family and friends transactions using my debit card and get with double round up 10 x 1.98 = 19.80 into the reg saver per day?  I know, would still take ages to fill up completly but every little helps

I see no reason why you shouldn't be able to do that. I did 99 £1.01 debit card deposits into my NS&I account using my Natwest debit card on Tuesday. This morning nearly £200 was rounded up into my regular saver.

pecunianonolet

Bridlington1 said:

pecunianonolet said:

Anyone experience with the round up feature of the debit card to add additional sums, although small, to the 150/month allowance? E.g., can I make daily 10 x 1p Paypal family and friends transactions using my debit card and get with double round up 10 x 1.98 = 19.80 into the reg saver per day?  I know, would still take ages to fill up completly but every little helps

I see no reason why you shouldn't be able to do that. I did 99 £1.01 debit card deposits into my NS&I account using my Natwest debit card on Tuesday. This morning nearly £200 was rounded up into my regular saver.

99 transactions in one day, how long did this take? Thought about 10 transactions per day not to trigger all alarm bells of fraud or scam detection.. 

RG2015

pecunianonolet said:

Anyone experience with the round up feature of the debit card to add additional sums, although small, to the 150/month allowance? E.g., can I make daily 10 x 1p Paypal family and friends transactions using my debit card and get with double round up 10 x 1.98 = 19.80 into the reg saver per day?  I know, would still take ages to fill up completly but every little helps

I have signed up, but mainly to get entered in the prize draw as I rarely use my debit card.

The pennies do get added as expected including the double round up option.

Your second question is totally down to you. Many on this site contrive actions to maximise the benefit of banking features. There is no telling whether banks will frown upon such schemes.

There is though apocryphal reports of banks closing the accounts of customers "abusing" their special features. I am sure others on here will advise that as long as it is not breaching terms and conditions that this would be fine.

It is similar to tax avoidance (legal) which the Tax Authorities address by redefining such schemes making them tax evasion which is illegal.

Band7

njs131905 said:

 

Anyone opening an NW/RBS DRS right now would have to wait around 34months (quick maths: RoundUp(5000/150)) in order to maximise immediate savings rate returns.

By their very nature, none of the Regular Saver accounts allows you to deposit the maturity amount (or whatever people want to call it) on day 1. You maximise the returns by saving the max monthly amount.

If you are looking for an account that pays you interest from day 1 on the full maturity amount, you need an account that allows you to deposit the full amount on day 1, and you need to leave that amount in the account for the duration. This kind of accounts are available in abundance and known as Fixed Term Savers or Fixed Term Bonds. Invariably, their interest rates are lower than those of Regular Savers.

njs131905 said:

I did phone NatWest this morning, and it was confirmed to me that my DRS has had it's higher interest rate threshold increased to £5k, as well as highlighting how this actionable information had not been communicated to active DRS customers, whom like myself, could well be under the impression any further account contributions were to be subject to 0.5% interest, and as such, could/would be motivated to stop deposits, research the market (ie Barclays £5k@5%), and perhaps take their entire savings with them.

Perhaps a more pertinent question to have asked them, is if there was any consideration to increasing the maximum monthly deposit: 34months for new account holders is a long time, and why turn down money if I've the ability to contribute more? A seperate discussion probably.

What you are effectively saying is that banks should always inform you personally about better savings deals, that they should know that you have 34 or however many months worth of money ready to deposit, and that they should offer you their best savings rates based on your available money. This is quite unrealistic, so you need to adjust your expectations. Banks only offer savings accounts based on their own needs for funds. 

chris_the_bee

refluxer said:

cricidmuslibale said:

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?

I guess it's very rare for a RS to allow you to put away a 4-figure sum every month. Most are in the £50-£250/month region, with some exceptions (First Direct, Lloyds etc) who allow you to contribute more each month at a better rate, but only in return for also taking out a current account.

I've still got one of the few 4-figure Regular Savers I've seen in recent years (a Leek BS Flexible Saver @ £1000/month) but the rate on that has slipped below the best easy access accounts, now making it essentially pointless.

I guess the banks have to find a compromise between the amount they'll allow you to deposit and the rate they can offer, with the higher combinations being limited to the bigger banks who also offer (compulsory) current accounts. From the RS ISA accounts you mentioned, it sounds like the RS ISA rates are in the same ball-park as a conventional easy access ISA, in which case a conventional easy access ISA (without the usual RS restrictions) would make more sense.

Coventry (1st Home Saver) and Earl Shilton (Regular Monthly Saver) both allow £1,000 per month payments.

Band7

refluxer said:

I guess it's very rare for a RS to allow you to put away a 4-figure sum every month. Most are in the £50-£250/month region, with some exceptions (First Direct, Lloyds etc) who allow you to contribute more each month at a better rate, but only in return for also taking out a current account.
 

My current top max is £500 but I still manage to get £3,375 per month into Regular Savers at 4%+. This involves 14 accounts, and it would obviously be a lot nicer if it was just 2 or 3, or ideally,1 account. But since this isn't going to happen anytime soon, or ever, I am quite happy with the 14 accounts.

Bridlington1

pecunianonolet said:

Bridlington1 said:

pecunianonolet said:

Anyone experience with the round up feature of the debit card to add additional sums, although small, to the 150/month allowance? E.g., can I make daily 10 x 1p Paypal family and friends transactions using my debit card and get with double round up 10 x 1.98 = 19.80 into the reg saver per day?  I know, would still take ages to fill up completly but every little helps

I see no reason why you shouldn't be able to do that. I did 99 £1.01 debit card deposits into my NS&I account using my Natwest debit card on Tuesday. This morning nearly £200 was rounded up into my regular saver.

99 transactions in one day, how long did this take? Thought about 10 transactions per day not to trigger all alarm bells of fraud or scam detection.. 

About an hour in total, though it wasn't all in one go. It's not the first time I've done this. Back in about April/May I had 2 days on the trot where I did 100 £1.01 debit card deposits to my NS&I account from each of my Natwest/RBS debit cards. Apart from having to verify payments in the app there was no fraud/scam checks. You get quite quick at it after the first few dozen or so. The only restriction I found is that they don't let you make more than 100 debit card payments in one day (I found that out through shear brute force).

Personally I'm more bothered about the bank statements I will receive next month. In May/June I received 2 very long statements which came in about 4/5 separate envelopes each. This time round it could quite easily be 10-15 times the size depending on how much time I have on my hands.