Regular Savings Accounts: The Best Currently Available List!

refluxer

Band7 said:

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.

Yes, totally - I get that. The comment was in relation to the subject of saving up to £20k in a Regular Saver ISA though and, as you'd only be able to pay into one of those during the tax year, you wouldn't be able to open multiple accounts in the way you're doing currently with conventional Regular Savers

To be fair though - of the three mentioned above, both the Hanley and Progressive Building Societies appear to allow up to 1/12 of the annual £20k ISA allowance to be deposited each month but their rates are 1.6% and 2.25% respectively so you'd still be better off in one of the best Easy Cash ISAs without the RS restrictions.

Band7

refluxer said:

Band7 said:

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.

Yes, totally - I get that. The comment was in relation to the subject of saving up to £20k in a Regular Saver ISA though and, as you'd only be able to pay into one of those during the tax year, you wouldn't be able to open multiple accounts in the way you're doing currently with conventional Regular Savers

To be fair though - of the three mentioned above, both the Hanley and Progressive Building Societies appear to allow up to 1/12 of the annual £20k ISA allowance to be deposited each month but their rates are 1.6% and 2.25% respectively so you'd still be better off in one of the best Easy Cash ISAs without the RS restrictions.

10 of my 14 RSs allow withdrawal or closure without penalty. So you could save into RSs throughout the year, and then tip the lot into an ISA just before the end of the financial year. That is, if you are happy to pay any tax that might become due - which may well be worth it as the RS rates are much higher than many ISA rates.

veryintrigued

Where did the thread go which identified new RS please?

All I can find is a long blog of what's happening in people's lives

RG2015

veryintrigued said:

Where did the thread go which identified new RS please?

All I can find is a long blog of what's happening in people's lives

Very interesting. I have been following these last few topics with interest and strangely they are about regular savings accounts. I don’t recall anything about people’s families, dogs or cars (ie their lives).

I got very bored with dozens of endless posts about Monmouthshire a few days ago. At one point I thought they would never end.

liamcov

There's been a lot of talk about people still waiting for the Monmouthshire 3% account to be processed/opened - are people still waiting on the 5.5% account too? I haven't heard a peep from them.

where_are_we

OK lianmcov - you asked for it - "peep"!

pecunianonolet

liamcov said:

There's been a lot of talk about people still waiting for the Monmouthshire 3% account to be processed/opened - are people still waiting on the 5.5% account too? I haven't heard a peep from them.

    Still waiting on the 5.5% account but only took the letter on the 1st Dec to the post office and if it takes ages and they are asking for more stuff I probably just disregard it. 

Wheres_My_Cashback

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.   

Firstly, I've never suggested the 'first time poster' is claiming any breach of T&Cs.

The OP had an expectation of notification, I merely pointed out the reality of what financial institutions can and will do, legally or by way of setting their own terms. They have done as they've said they will do.
Should they meet every individuals expectations and niceties/like to have? No, because that would be an unrealistic expectation.

Harsh ? A long way from it, merely factual.

I'd hazard a guess that over 70% of the RS accounts I hold have never personally notified me of an increase in rate.

subjecttocontract

pecunianonolet said:

liamcov said:

There's been a lot of talk about people still waiting for the Monmouthshire 3% account to be processed/opened - are people still waiting on the 5.5% account too? I haven't heard a peep from them.

    Still waiting on the 5.5% account but only took the letter on the 1st Dec to the post office and if it takes ages and they are asking for more stuff I probably just disregard it. 

Yes same for me......if they take ages and want more docs I'm gonna drop them. Not worth the hassle for £200 a month. I just opened an account with HSBC as a new customer......it took 48 hours and they didn't need anything, all done online.

Band7

pecunianonolet said:

liamcov said:

There's been a lot of talk about people still waiting for the Monmouthshire 3% account to be processed/opened - are people still waiting on the 5.5% account too? I haven't heard a peep from them.

    Still waiting on the 5.5% account but only took the letter on the 1st Dec to the post office and if it takes ages and they are asking for more stuff I probably just disregard it. 

The postal delays are horrendous. I posted a 1st class recorded delivery on Monday this week. As of now, it doesn’t seem to even have left the Post Office I handed the letter to. So delays aren’t entirely due to Monmouthshire.

As to @liamcov’s Q: I applied on Nov 25 for the 3.75% and the 5.5% one, with cheques for the respective opening balances. The cheque for the 3.75% has been cashed today. No sign of the account number yet, and nothing about the 5.5% one. I suppose I could call them but that would just be more workload for them, and I can’t make any further deposits, even if I wanted to, before Jan 1