Regular Savings Accounts: The Best Currently Available List!

ForumUser7

joebob said:

ranciduk said:

Today TSB upped their monthly saver to 5%

How much interest would that work out at if you paid maximum in ?

As per the website;

flaneurs_lobster

joebob said:

ranciduk said:

Today TSB upped their monthly saver to 5%

How much interest would that work out at if you paid maximum in ?

TSB have done that sum (showing workings) for you here https://www.tsb.co.uk/savings/monthly-saver/

happybagger

ForumUser7 said:

I'm baffled by their policy on this, but again, Loughborough BS has increased their rates and not increased the Regular Saver Issue 1. Seems to be a new rate sheet every couple of weeks!

https://www.theloughborough.co.uk/wp-content/uploads/2020/10/Interest-Rate-Poster-23-January-2023.pdf

And now, 2 days later, yet another replacement Interest Rates leaflet. Still no change to the open or closed RS accounts.
Must be spending a fortune on leaflet & poster reprinting for branches.

This time it appears to be that they have simply introduced a 120 day notice ISA. Amazing that they didn't know about this 2 days ago.

source

ForumUser7

happybagger said:

ForumUser7 said:

I'm baffled by their policy on this, but again, Loughborough BS has increased their rates and not increased the Regular Saver Issue 1. Seems to be a new rate sheet every couple of weeks!

https://www.theloughborough.co.uk/wp-content/uploads/2020/10/Interest-Rate-Poster-23-January-2023.pdf

And now, 2 days later, yet another replacement Interest Rates leaflet. Still no change to the open or closed RS accounts.
Must be spending a fortune on leaflet & poster reprinting for branches.

This time it appears to be that they have simply introduced a 120 day notice ISA. Amazing that they didn't know about this 2 days ago.

source

Perhaps due to the frequent printing costs, they cannot afford to increase rates? 😂

jaypers

Wasn’t going to bother with another TSB RS but with current one maturing on 6/2 and the increase to 5% might as well go all in again. 

AmityNeon

joebob said:

ranciduk said:

Today TSB upped their monthly saver to 5%

How much interest would that work out at if you paid maximum in ?

£81.25 on average if you start with an opening deposit and make additional deposits on the same day each month. The same return as HSBC but with withdrawal flexibility. The TSB illustration opens the account on the 1st March but doesn't make a deposit until the 25th, hence the lower interest.

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

RG2015

joebob said:

ranciduk said:

Today TSB upped their monthly saver to 5%

How much interest would that work out at if you paid maximum in ?

If £250 was paid in on the first of every month, the interest would be approximately £81.25.

Quick calculation is £250 x 5% x 6.5 = £81.25

I have calculated a more precise figure starting on 1st Feb 2023 and this comes out at £81.82

If you start on 1st March 2023 the interest will be £81.23

Patrington

Re Loughborough (but is relevant to any RS)

My monthly contribution is currently just set at the minimum - due to poor rates.

At the end of each month (my contributions to my many RS go out at the beginning of the month) I check the rates of the various RS I pay into compared to the best Instant Access I hold.

If the RS rate is lower I:

Reduce to minimum / stop payment (where possible)

Withdraw balance (again where rules of account allow).

In these dynamic rate times it's a little more effort than the previous few years but still worthwhile I feel.

ForumUser7

Patrington said:

Re Loughborough (but is relevant to any RS)

My monthly contribution is currently just set at the minimum - due to poor rates.

At the end of each month (my contributions to my many RS go out at the beginning of the month) I check the rates of the various RS I pay into compared to the best Instant Access I hold.

If the RS rate is lower I:

Reduce to minimum / stop payment (where possible)

Withdraw balance (again where rules of account allow).

In these dynamic rate times it's a little more effort than the previous few years but still worthwhile I feel.

@patrington re loughborough BS, when I asked, they said you can skip monthly payments whenever you wish, so you could probably stop your monthly contribution if you wanted to

Patrington

ForumUser7 said:

Patrington said:

Re Loughborough (but is relevant to any RS)

My monthly contribution is currently just set at the minimum - due to poor rates.

At the end of each month (my contributions to my many RS go out at the beginning of the month) I check the rates of the various RS I pay into compared to the best Instant Access I hold.

If the RS rate is lower I:

Reduce to minimum / stop payment (where possible)

Withdraw balance (again where rules of account allow).

In these dynamic rate times it's a little more effort than the previous few years but still worthwhile I feel.

@patrington re loughborough BS, when I asked, they said you can skip monthly payments whenever you wish, so you could probably stop your monthly contribution if you wanted to

Thanks - I had £10.- £1000 as my contribution min and max on my records for my Flex Monthly Saver.