Regular Savings Accounts: The Best Currently Available List!

Bridlington1

Nick_C said:

You can pay money into LBG accounts on Sat 1st but they are credited as being paid in on Monday 3rd.

Same with Natwest/RBS too.

ForumUser7

@nickc LBG said this to me, when I asked re 1st Jan.

Interest is calculated daily including Bank Holidays and weekends.  If the money was deposited on the 1st Jan it would be calculated from the 1st.

Statement transactions only list on working days, the next working day is 3rd January 2023 which is how any transaction made between 31st December and 2nd January will show.  

The transaction detail will show that the deposit was made on 1st January.  You will be able to access the detail by clicking on the transaction when it appears on your statement.

As long as the funds were paid in on the 1st then interest will be calculated from that date.

AmityNeon

Bridlington1 said:

Nick_C said:

You can pay money into LBG accounts on Sat 1st but they are credited as being paid in on Monday 3rd.

Same with Natwest/RBS too.

LBG accounts pay interest from the date money is credited to the account (as per the value date listed in the transaction details). Most other providers operate in this manner.

NatWest/RBS pay interest from the date the transaction is fully posted (not when money is credited). Transactions made today (Sat 01 Apr) and checked today (online/mobile) will show “Date posted: 01 April 2023” with no additional information except the transaction type. On 03 Apr, the “Date posted” will change to “03 April 2023”, “Status: Posted” will be added, along with “More information” containing full payment references as well as the date money was actually credited to the account (01 Apr) if different to the (new/changed) posted date (03 Apr).

Descrabled

RBS/NatWest

The gain or loss over 2 days of £150 at 6% = 5p.

Club Lloyds

The interest over 2 days of £400 at 6.25% = 14p

Coventry FHS1

The interest over 2 days of £1k at 5% = 27p > Now that's worth the effort!

pookey

flaneurs_lobster said:

ForumUser7 said:

liamcov said:

Re regular savers like Lloyds, BOS, NatWest, RBS - do you have a SO set up for 1st of the month (which when it falls on a weekend doesn’t transfer until the Monday) or is it possible to do a manual transfer into them so you know the money goes in on the 1st?

I hold the Lloyds MS, BoS MS, NatWest DRS and RBS DRS (among others). I pay into all manually with no SOs set up. IIRC, I had to cancel the NatWest and RBS SOs as these were automatically set up

I've got a dozen regular savings a/cs, plus some reward accounts that need funds flushed through them. Tried for a couple of months to get SOs in place to auto fund them all. 

All went to ratpoop over xmas/new year. Given up and now do everything manually, took about an hour this morning. Quite cathartic. 

Wow, that's very good dedication. I need to be more stricter and get in on this method 😊

OceanSound

Descrabled said:

RBS/NatWest

The gain or loss over 2 days of £150 at 6% = 5p.

Club Lloyds

The interest over 2 days of £400 at 6.25% = 14p

Coventry FHS1

The interest over 2 days of £1k at 5% = 27p > Now that's worth the effort!

I presume FHS1 is 'First Home Saver1'?

 If it is, I cannot see a FHS1 on Coventry website. Only a FHS2 offering 4.0% interest (increasing to 4.15% on 4 April):

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Edit: I don't suppose the MSE site or forum has a glossary webpage explaining what these acronyms stand for? Some of them are less than obvious!

Descrabled

Coventry FHS1 NLA

Sorry, my error in not properly identifying that this First Home Saver was the original offering from Coventry that was such a good deal. I inadvertently used the identity that I use in my spreadsheet and in my bank transfer. It is the only regular saver in my portfolio that is too large, at £1k, for a standing order.

The present FHS2 is not such a great account. Once again, my apologies.

trickydicky14

JamesRobinson48 said:

Descrabled said:

Coventry FHS1 NLA

Sorry, my error in not properly identifying that this First Home Saver was the original offering from Coventry that was such a good deal. I inadvertently used the identity that I use in my spreadsheet and in my bank transfer. It is the only regular saver in my portfolio that is too large, at £1k, for a standing order.

Please, why is £1k 'too large' for a standing order?

I manage to to send £1k via SO to this account from my BOS current account without issue.

flaneurs_lobster

pookey said:

flaneurs_lobster said:

ForumUser7 said:

liamcov said:

Re regular savers like Lloyds, BOS, NatWest, RBS - do you have a SO set up for 1st of the month (which when it falls on a weekend doesn’t transfer until the Monday) or is it possible to do a manual transfer into them so you know the money goes in on the 1st?

I hold the Lloyds MS, BoS MS, NatWest DRS and RBS DRS (among others). I pay into all manually with no SOs set up. IIRC, I had to cancel the NatWest and RBS SOs as these were automatically set up

I've got a dozen regular savings a/cs, plus some reward accounts that need funds flushed through them. Tried for a couple of months to get SOs in place to auto fund them all. 

All went to ratpoop over xmas/new year. Given up and now do everything manually, took about an hour this morning. Quite cathartic. 

Wow, that's very good dedication. I need to be more stricter and get in on this method 😊

A spreadsheet is definitely your friend. 

where_are_we

We have so many RS SO`s set for 1st of month (although they will go out on 3rd this month) because it is convenient. I will transfer a five figure amount (there are two of us) into our joint "hub" account today. If there is an actual loss of interest compared to a manual transfer on the 1st, the figures quoted above do not take into account the interest earned for 2 days in a top EA account eg 3.4%.

Setting up monthly SO`s for the 1st of the month from our "hub" has changed from a few years ago. I remember not being able to set it up to start or end on a non banking day and having to change to 2nd or 3rd. This is no longer the case.