Regular Savings Accounts: The Best Currently Available List!

Catplan

adindas said:

YBS make me A Saver, it has changed to become Internet Saver Plus since Feb 1, 2023.

One of the advantage to have make me A Saver is to be included in the £10 monthly Prize. But because it has changed to become Internet Saver Plus, there is no more benefit to hold this account as it is only paying 2.85%. have I missed something here ??

I am aware you could pay by debit-card but I already have two Internet Saver Plus ACs

Account has matured, you should have some correspondence regarding what and when this was going to happen. 

adindas

I have seen there are a few people having problem opening a new TSB MS. Just want to share my experience opening TSB MS following maturity of the existing one. Apply within my internet banking. Just took me less than five minutes from my online banking to open it and it is already running.

35har1old

PloughmansLunch said:

Qyburn said:

Band7 said:

Qyburn said:

On TSB Internet banking it said "Sorry, but you are not eligible for Monthly Saver" BUT down the bottom of the screen there was the button to apply anyway. So that's what I did, the account opened OK and no hassle funding it with a transfer from Lloyds.

Was that in the app or online?

I opened the account online, from the TSB online banking web site.

I'm still a little dubious because the terms and conditions clearly say that deposits can only be made by Standing Order from a TSB current account. I guess we'll see what happens but if they end up bouncing my deposit I hope they do so in time for me to set up the Standing Order in February.

I deffo transferred in the first payment directly from another account. As mentioned above - it's really dim on TSB's part but the savings account isn't automatically linked with the current account, as it is for (I think) every other high street bank regular saver. Dunno why there's no joined-up thinking there. I set up the saver as a new payee on the app for the March standing order - it's treated as a separate entity and you'll get a new payee confirmation texted through too. 

LLOYDS   BOS   RBS  Nationwide    Barclays can be funded from any bank account

LLoyds

How to pay into this account

You can save £25 - £400 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month.

You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £400. The amount that you save each month can vary but needs to stay between the £25 to £400 monthly limit.

BOS

• You can save £25 - £250 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £250. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.

 

RBS Setup SO for £1 transfer in rest from any bank
Extra money can come from a current or savings account in your name held with us or held with another bank (online, by telephone or on the mobile app) as long as it doesn't exceed the £150 monthly limit.

Nationwide

Paying money into your account You can only pay money into your account by electronic transfer. You can’t increase the amount of money in your account (the balance) by more than £50 at any time during a Calendar Month. For example, if your balance is £100 at the beginning of a Calendar Month, you can’t increase it to more than £150 during that Calendar Month. The following payments don’t count towards this limit: • The interest calculated on your account balance and added to the account. • The £250 prize we pay into your account if you’re a winner in our prize draw (see below). If you take money out of your account during a Calendar Month, you can pay it back in as long as you do this in the same Calendar Month.

Barclays

Payments in and out • You can open the account with just £1, after which you can make deposits at any time. • You can take money out whenever you wish without giving notice. • You can’t set up direct debits or standing orders from a Rainy Day Saver account.

PloughmansLunch

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

Band7

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

PloughmansLunch

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

You’re right - FD doesn’t either. I checked HSBC and it did so I made an assumption that they would have both the same set up. 

TSB isn’t really a problem as such, just was mildly annoying as you need to have the saver details to hand elsewhere or memorised (I used a screenshot) to add as a payee, then confirmation of payee failed as TSB also use my middle name, so had to go back a screen to check and all details get reset. 

adindas

PloughmansLunch said:

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

You’re right - FD doesn’t either. I checked HSBC and it did so I made an assumption that they would have both the same set up. 

TSB isn’t really a problem as such, just was mildly annoying as you need to have the saver details to hand elsewhere or memorised (I used a screenshot) to add as a payee, then confirmation of payee failed as TSB also use my middle name, so had to go back a screen to check and all details get reset. 

Both FD and HSBC, or M&S in the past have the same set up. They will automatically setup the SOs for you and it will need to come from their accounts.

Hoopra

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

One small problem with SOs is that payments due for the 1st of the month get delayed if a weekend and/or bank holiday is involved. The only obvious solution to this is to do a manual FP instead but that involves significant effort, particularly if you have multiple RS accounts to feed.

Generally I prefer to make initial deposits by FP because they can be done and are credited the same day as account opening. If you do it by SO, the earliest available date for the initial deposit is "tomorrow"

For TSB in particular, the account conditions clearly state that payment must be made by SO from a TSB current account. Whether they check/enforce this condition now or have done in the past is one thing, but there is always the chance they could start doing so at any point, however likely that might be.

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

Band7

There are 4 months in 2023 where the 1st doesn’t fall on a working day, so any SO for the 1st of a month will be delayed by most banks (sending and/or receiving one) . To go out of your way to ‘correct’ this with manual deposits seems overkill.  Besides, your HSBC and FD SO dates are rarely on a first. And even Faster Payments made on a weekend into an RS might only start getting interest from the next working day obwards. Getting exercised about it is really pointless, even for hardcore money savers like myself

Hoopra

Band7 said:

There are 4 months in 2023 where the 1st doesn’t fall on a working day, so any SO for the 1st of a month will be delayed by most banks (sending and/or receiving one) . To go out of your way to ‘correct’ this with manual deposits seems overkill.  Besides, your HSBC and FD SO dates are rarely on a first. And even Faster Payments made on a weekend into an RS might only start getting interest from the next working day obwards. Getting exercised about it is really pointless, even for hardcore money savers like myself

Completely true, and I wasn't necessarily advocating doing anything about it, simply pointing out the fact (I did refer to it as a "small" problem).