Regular Savings Accounts: The Best Currently Available List!

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.

Descrabled

Coventry FHS1 NLA

JamesRobinson48 said:

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

I run all my current accounts with NIL balances to maximise my interest income. All my SO and DD are paid using arranged overdrafts. A £1k payment risks non payment so I pay manually.

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.