Regular Savings Accounts: The Best Currently Available List!

Nevergonnaretire

I opened a TSB monthly saver a couple of days ago and set up the standing order from my TSB current account.

I notice lots of people feed their regular savers from an easy access savings account. I assume this works well if you have a lump you are earning interest on but don't have 'new' money to save every month?

I have money in Zopa for instance but given I have a set amount of my salary I save every month, I cant see the difference in me just paying some into my monthly saver and some into my easy access? Or have I (as always) completely missed the point?

flaneurs_lobster

Nevergonnaretire said:

I opened a TSB monthly saver a couple of days ago and set up the standing order from my TSB current account.

I notice lots of people feed their regular savers from an easy access savings account. I assume this works well if you have a lump you are earning interest on but don't have 'new' money to save every month?

I have money in Zopa for instance but given I have a set amount of my salary I save every month, I cant see the difference in me just paying some into my monthly saver and some into my easy access? Or have I (as always) completely missed the point?

No, you are exactly right. The people feeding regular savers have "excess" savings in an easy-access account that's there to feed the regular savers monthly.

SanguineOnSaturn

With multiple regular saver accounts (the most I saw someone comment was 17) you could be moving the money sat in zopa also into higher paying accounts. If you can be bothered of course. I've only got 5 on the go so a relative noob I imagine.

Nevergonnaretire

Cheers yes that makes sense then (unusual for me )

Bridlington1

SanguineOnSaturn said:

With mutliple regular saver accounts (the most I saw someone comment was 17) you could be moving the money sat in zopa also into higher paying accounts. If you can be bothered of course. I've only got 5 on the go so a relative noob I imagine.

I can beat that straight away, I'm now on a nice round 2 dozen if my maths serves me correctly (though some are sat at minimal balances to be fair), with a combined maximum monthly pay in of over £8k.

One thing to note is that it is perfectly possible to reach the point where you have all of your easy access savings in regular savers. In this case since many regular savers are either easy access or allow penalty free withdrawals/early closure, you can always feed the higher paying regular savers with the funds you currently have in the lower paying regular savers, which still pay more than the top easy access account.

SanguineOnSaturn

The most I've seen someone comment is now 24! Kudos I think my brain would explode with circular reference overflow errors eventually!

flaneurs_lobster

SanguineOnSaturn said:

The most I've seen someone comment is now 24! Kudos I think my brain would explode with circular reference overflow errors eventually!

Isn't Kudos a new challenger bank?

SanguineOnSaturn

Qudos is a bank but it's in Australia. Not sure if they have locaility restrictions though.

Patrington

SanguineOnSaturn said:

The most I've seen someone comment is now 24! Kudos I think my brain would explode with circular reference overflow errors eventually!

In excess of 50 here.

However some I just pay the minimum.

Not difficult to collect over the years when places like YBS have had four concurrent decent ones, Mansfield, Monmouthshire and Cambridge three concurrent ones etc etc.

Used to have more when Principality, Virgin and Notts BS had multiple issues at competitive rates.

Standing orders equate to around 12k per month.

gwapenut

Stafford Railway RegSav Issue 1 is up to 4.15% from 1st Feb (these are currently only local accounts for local people though, or people who already hold them).

https://srbs.co.uk/savings/detail/regular-saver-issue-1