Regular Savings Accounts: The Best Currently Available List!

AmityNeon

For interest purposes, whether to feed a Regular Saver (or any savings account) on a non-banking day depends on how the account calculates interest in terms of when money is considered part of the daily balance.

Lloyds Banking Group accounts future-date transactions to the next working day (e.g. 03 Jan), but they calculate interest from the actual transaction date as listed in the transaction details.

NatWest/RBS accounts appear to post accurately-dated placeholder transaction entries that are reflected in the account balance, but the entry post date is eventually amended to the next working day, and the actual transaction date is moved to the transaction details. Interest is calculated from the amended post date.

I'm not sure about Nationwide. They appear to observe 'true' bank holidays such as 01 May 2022 and 01 Jan 2023, future-dating transactions until the next day (02 May 2022 and 02 Jan 2023), and ignore substitute bank holidays as well as weekends (my statements show payments received on Saturday, 01 Oct 2022). My assumption would be that interest is calculated based on the transaction dates as posted.

Coventry BS and Principality have accepted Faster Payment deposits today, dated today; refreshingly simple compared to the rest above.

ForumUser7

AmityNeon said:

For interest purposes, whether to feed a Regular Saver (or any savings account) on a non-banking day depends on how the account calculates interest in terms of when money is considered part of the daily balance.

Lloyds Banking Group accounts future-date transactions to the next working day (e.g. 03 Jan), but they calculate interest from the actual transaction date as listed in the transaction details.

NatWest/RBS accounts appear to post accurately-dated placeholder transaction entries that are reflected in the account balance, but the entry post date is eventually amended to the next working day, and the actual transaction date is moved to the transaction details. Interest is calculated from the amended post date.

I'm not sure about Nationwide. They appear to observe 'true' bank holidays such as 01 May 2022 and 01 Jan 2023, future-dating transactions until the next day (02 May 2022 and 02 Jan 2023), and ignore substitute bank holidays as well as weekends (my statements show payments received on Saturday, 01 Oct 2022). My assumption would be that interest is calculated based on the transaction dates as posted.

Coventry BS and Principality have accepted Faster Payment deposits today, dated today; refreshingly simple compared to the rest above.

Re Nationwide, when I asked them they said:

'Hi ForumUser7. Thanks for your query. Yes you will receive interest from the date the money is added to the account, ie today.. On a weekend the system always shows the date as the next working day but the effective date is from when its physically added to the account. Apologies for the confusion. Many thanks.'

If you make a deposit today, interest should be calculated from today but the transaction will be dated 2nd Jan. As @amityneon said, they don't observe substitute bank holidays.

AmityNeon

ForumUser7 said:
'Yes you will receive interest from the date the money is added to the account, ie today.. On a weekend the system always shows the date as the next working day but the effective date is from when its physically added to the account. Apologies for the confusion.'

Rather confusing still, considering 01 Oct 2022 was a Saturday and every record I have (app, online, PDF statement) lists 01 Oct 2022 as the date of my Flex Regular Saver credit.

That being said, looking further back I do see "effective date" in the transaction details of future-dated entries, including 04 Apr 2022, effective 03 Apr 2022, which was a Sunday.

Perhaps it's only Sundays for Nationwide.

Bridlington1

I wish they'd just get rid of non-banking days, it would simplify things enormously.

ForumUser7

ESBS Regular Saver and some other account types I checked now state:

“Please note that this Savings account may only be opened by existing members or by people living within the post code areas of LE, CV9-13 inclusive and DE11-15 inclusive. Existing accounts can be operated as usual.”

happybagger

I assume that's been there for some time though as it's included in SS2's account requirements on P1. It does vary with them as they try to adjust inflows

ForumUser7

happybagger said:

I assume that's been there for some time though as it's included in SS2's account requirements on P1. It does vary with them as they try to adjust inflows

I don't believe it was there around the 26th December - I was looking at the RS then but decided against it.

phillw

silvercar said:
Being pedantic, how can someone be a member of your family if they don't exist?

You could be saving to buy a house for a child you plan to have.

happybagger

Swansea BS goes to 3.75% from 1 Feb 2023

Still existing members or new members resident in Wales.

source

MiserlyMartin

Nick_C said:

7sefton said:

Coventry First Home saver has been withdrawn and is now a closed issue 

Reported on this thread on 19/12 

I was lucky to have got that then on the 16th. I suspect that people were opening that en mass such is the internet...