Regular Savings Accounts: The Best Currently Available List!

subjecttocontract

Well done, it's good to see someone run their life as they want to and maximising interest to this extent is commendable. I'm not going to get drawn into a discussion about obsessive behaviour of wether this is over the top. People are entitled to operate their accounts totally differently to everyone else if they wish, however strange this may seem.

Bridlington1

It's manual transfers and a spreadsheet for me, the only exceptions being HSBC's regular saver and the Ecology regular saver (DD). I paid manually into 27 regular savers yesterday afternoon, and will be paying into another regular saver later in the month by manual transfer.

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed. I would also rather avoid having money sat in a current account earning no interest overnight as I do not have anywhere near a big enough OD limit to cover all the regular savers.

Plus if I am unfortunate enough to end up with a payment from my EA account held up for whatever reason I do not want to find myself having to take money out of the regular savers I've just paid into to avoid paying 40% on an arranged OD. At least with manual transfers if an EA payment is held up by a few days the worst that'll happen is I'll be paying into my regular savers a few days late, with SOs it could become a real pain as some will take me into unarranged ODs, others will bounce etc

OceanSound

Bridlington1 said:

It's manual transfers and a spreadsheet for me, the only exceptions being HSBC's regular saver and the Ecology regular saver (DD). I paid manually into 27 regular savers yesterday afternoon, and will be paying into another regular saver later in the month by manual transfer.

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed. I would also rather avoid having money sat in a current account earning no interest overnight as I do not have anywhere near a big enough OD limit to cover all the regular savers.

Plus if I am unfortunate enough to end up with a payment from my EA account held up for whatever reason I do not want to find myself having to take money out of the regular savers I've just paid into to avoid paying 40% on an arranged OD. At least with manual transfers if an EA payment is held up by a few days the worst that'll happen is I'll be paying into my regular savers a few days late, with SOs it could become a real pain as some will take me into unarranged ODs, others will bounce etc

How do you mean (the bit highlighted above)? The two parts seem to contradict each other. 

Not all current accounts earn no interest. Club Lloyd's is a case in point.

flaneurs_lobster

OceanSound said:

Bridlington1 said:

It's manual transfers and a spreadsheet for me, the only exceptions being HSBC's regular saver and the Ecology regular saver (DD). I paid manually into 27 regular savers yesterday afternoon, and will be paying into another regular saver later in the month by manual transfer.

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed. I would also rather avoid having money sat in a current account earning no interest overnight as I do not have anywhere near a big enough OD limit to cover all the regular savers.

Plus if I am unfortunate enough to end up with a payment from my EA account held up for whatever reason I do not want to find myself having to take money out of the regular savers I've just paid into to avoid paying 40% on an arranged OD. At least with manual transfers if an EA payment is held up by a few days the worst that'll happen is I'll be paying into my regular savers a few days late, with SOs it could become a real pain as some will take me into unarranged ODs, others will bounce etc

How do you mean (the bit highlighted above)? The two parts seem to contradict each other. 

Not all current accounts earn no interest. Club Lloyd's is a case in point.

Better to have the funds in a "feeder" account earning (say) 3.4% before moving to a CA for onward distribution to RSs rather than funding a zero or low interest rate CA the day before SOs are due.

I also found that I was spending just as much time checking that a SO chain had worked OK as I would have done doing it manually. 

OceanSound

flaneurs_lobster said:

OceanSound said:

Bridlington1 said:

It's manual transfers and a spreadsheet for me, the only exceptions being HSBC's regular saver and the Ecology regular saver (DD). I paid manually into 27 regular savers yesterday afternoon, and will be paying into another regular saver later in the month by manual transfer.

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed. I would also rather avoid having money sat in a current account earning no interest overnight as I do not have anywhere near a big enough OD limit to cover all the regular savers.

Plus if I am unfortunate enough to end up with a payment from my EA account held up for whatever reason I do not want to find myself having to take money out of the regular savers I've just paid into to avoid paying 40% on an arranged OD. At least with manual transfers if an EA payment is held up by a few days the worst that'll happen is I'll be paying into my regular savers a few days late, with SOs it could become a real pain as some will take me into unarranged ODs, others will bounce etc

How do you mean (the bit highlighted above)? The two parts seem to contradict each other. 

Not all current accounts earn no interest. Club Lloyd's is a case in point.

Better to have the funds in a "feeder" account earning (say) 3.4% before moving to a CA for onward distribution to RSs rather than funding a zero or low interest rate CA the day before SOs are due.

I also found that I was spending just as much time checking that a SO chain had worked OK as I would have done doing it manually. 

On second thoughts the club lloyds CA dosent' seem attractive anymore for keeping £5000 (pretty sure it was at one point). I just calculated the interest earned per month if £5000 was in a 3.20% Easy Access saver and the latter is miles more profitable.

I'm gonno be moving the £5000 or most part of it elsewhere (probably atom bank easy access saver or such like for for more profitability).

Yes, I'm not a fan of using SO's for feeding RS's either. Remember having a discussion about this some time ago with a forumite, and he had a chain of SO's even accounting for bank holidays and such so the SO's would deduct a few days before the 'due date' even during normal months (months without bank holidays). Used to swear by his system and seemed he had everything down to a T (apart from a bit of interest lost due to SO's deducting earlier than usual - here it would depend on the sums involved and number of RS's).  I guess it's what works best for you. 

Wheres_My_Cashback

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!

But in reality those figures are not the gain/loss as there is no account of the difference between what rates those funds are earning in their feeder accounts and here. So in reality it's probably more in the region of....

2p / 8p / 20p and annually approx  14p / 35p / 1.40

Bridlington1

OceanSound said:

Bridlington1 said:

It's manual transfers and a spreadsheet for me, the only exceptions being HSBC's regular saver and the Ecology regular saver (DD). I paid manually into 27 regular savers yesterday afternoon, and will be paying into another regular saver later in the month by manual transfer.

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed. I would also rather avoid having money sat in a current account earning no interest overnight as I do not have anywhere near a big enough OD limit to cover all the regular savers.

Plus if I am unfortunate enough to end up with a payment from my EA account held up for whatever reason I do not want to find myself having to take money out of the regular savers I've just paid into to avoid paying 40% on an arranged OD. At least with manual transfers if an EA payment is held up by a few days the worst that'll happen is I'll be paying into my regular savers a few days late, with SOs it could become a real pain as some will take me into unarranged ODs, others will bounce etc

How do you mean (the bit highlighted above)? The two parts seem to contradict each other. 

Not all current accounts earn no interest. Club Lloyd's is a case in point.

Yesterday I deposited a total of £9685 into 27 of my regular savers. I do not have anywhere near a high enough OD limit across all of my accounts to cover that amount.

I can't open a Chase current account as the app isn't compatible with my smartphone, VM only pays 2% on up to £1k and I gave up on opening Kroo as I couldn't get them to recognise my passport (I gave up after 3 dozen attempts). LBG only pay the interest on up to £5k and even then you need to have 2 DDs on the account to get the interest and those DDs could be better redeployed elsewhere.

Even by using a feeder account such as Santander's NLA limited edition e-saver (3.25%) I would still suffer a small loss of interest versus doing everything manually so it doesn't seem worth the hassle IMHO.

Plus doing everything manually only took me around 20 mins yesterday and like @flaneurs_lobster I would probably spend just as much time checking on my SOs each month as I currently spend making my deposits manually so there doesn't seem much point to me. 

Wheres_My_Cashback

OceanSound said:

Yes, I'm not a fan of using SO's for feeding RS's either. Remember having a discussion about this some time ago with a forumite, and he had a chain of SO's even accounting for bank holidays and such so the SO's would deduct a few days before the 'due date' even during normal months (months without bank holidays). Used to swear by his system and seemed he had everything down to a T (apart from a bit of interest lost due to SO's deducting earlier than usual - here it would depend on the sums involved and number of RS's).  I guess it's what works best for you. 

S/O will never deduct before the due date, though DDs can and will do that with some.

Nick_C

Chase and Kroo are excellent feeder accounts, paying 3.1%  (from tomorrow) or 3.33% respectively. 

Nick_C

Bridlington1 said:

I personally would rather do things manually myself largely because I do not want to have to faff around with setting up SOs then needing to cancel them when the regular savers mature/get closed.

You can set the number of payments or final payment date when setting up a SO.  The only additional maintenance is if you close an account early, but cancelling a SO is quick and simple.