Regular Savings Accounts: The Best Currently Available List!

pookey

Bridlington1 said:

pookey said:

Bridlington1 said:

pookey said:

flaneurs_lobster said:

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. 

That's a very good idea thanks

Whilst we're on the topic of spreadsheets I have one sheet of my spreadsheet in which I list all my regular savers, with minimum/max monthly deposit limits and day of month that they need to be deposited.

I copy this list at the start of each month and highlight in red the ones I am only paying the minimum deposits into. Once that has been done I highlight in green each monthly saver that I am paying the full amount into as and highlight in orange those that I've paid the minimum amount into. 

Hi 
Just wondering why you have so many and pay the minium in some please? 
Is it because your income varies from month to month? Sorry I'm just wondering as I thought it would be better/ easier to have less and pay the full amount 😊

A lot of regular savers have a variable rate of interest and/or have minimum monthly deposit limits. As a result a regular saver that offered a competitive rate of interest when I opened it may not have a competitive rate of interest now, but as it is variable it could become competitive again in the future.

E.g. I opened a regular saver with Stafford Railway BS last year at 2.5%. At the time it paid more than my EA accounts so I paid the full amount into it. The interest rate remained at 2.5% so when my EA savings accounts were paying more than 2.5% I reduced the balance to the minimum and went to paying in the minimum deposit. A few months later the rate was increased to 3.75% before rising again to 4.15% so I began paying the maximum deposit in again.

For Ecology as @ForumUser7 correctly mentioned I pay into it by DD so it is currently sat on one of my donor accounts (for getting bank switching bonuses).

My income doesn't vary from month to month but I do have a fair amount of EA savings which I drip-feed into my regular savers as they pay more interest than my EA accounts. I have recently paid pretty much all of my EA saving into regular savers so from next month I will be emptying lower paying regular savers into higher paying ones so as a result some of my lower paying regular savers will be made redundant.

Thanks for explaining, that's a brilliant way to do it. I only have one RS at the moment but I'm going to open up some more soon so I'll try to apply your method. 

One bad habbit I have is leaving money in my Halifax account which pays no interest, I wait for it to build up a bit before moving it to my EA  when I should do more consistently. Since interest rates dropped I've gotten lazy with it all and need to get back on it 😅

chris_the_bee

pookey said:

Bridlington1 said:

pookey said:

flaneurs_lobster said:

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. 

That's a very good idea thanks

Whilst we're on the topic of spreadsheets I have one sheet of my spreadsheet in which I list all my regular savers, with minimum/max monthly deposit limits and day of month that they need to be deposited.

I copy this list at the start of each month and highlight in red the ones I am only paying the minimum deposits into. Once that has been done I highlight in green each monthly saver that I am paying the full amount into as and highlight in orange those that I've paid the minimum amount into. 

Hi 
Just wondering why you have so many and pay the minium in some please? 
Is it because your income varies from month to month? Sorry I'm just wondering as I thought it would be better/ easier to have less and pay the full amount 😊

I have several accounts where I pay the minimum, but for different reasons:-

• Where I want to stop paying but don't want to receive the interest until the following tax year.
• To keep the account open in case they improve the interest rate.

ForumUser7

Kazza242 said:

According to Moneyfacts, Melton Building Society are launching a new account, Regular Saver (issue 3), paying 5.00%.

The minimum opening amount is £10.  Pay in up to £200 per month.  The maximum investment is £3,000.

The account matures on 31/05/2024.  It is available to locals residing in Leicestershire, Lincolnshire, Nottinghamshire or Rutland only.

It is available to open in branch only, but once opened it can be managed via branch or post.  

Moneyfacts states that unlimited withdrawals are permitted.

Once it has launched, it should appear on the Melton BS website: 

https://www.themelton.co.uk/our_savings/regular-savings/

Interesting, their webpage summary says no withdrawals in fixed rate period, but the brochure says easy access:

surreysaver

chris_the_bee 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

Surprised you still have an Ecology RS. At 2.85% it must be nearly rock bottom and is easily surpassed by most other BS regulars and a number of short dated bonds.and even EA accounts.

As others have said, its a direct debit. It was also a little bit of a faff to open and set up, so its already in existence should its rate increase 

ForumUser7

surreysaver said:

chris_the_bee 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

Surprised you still have an Ecology RS. At 2.85% it must be nearly rock bottom and is easily surpassed by most other BS regulars and a number of short dated bonds.and even EA accounts.

As others have said, its a direct debit. It was also a little bit of a faff to open and set up, so its already in existence should its rate increase 

I suppose also there is the fact that if we close it, we cannot open another for 12 months (and its rate may increase in that timeframe)

surreysaver

ForumUser7 said:

surreysaver said:

chris_the_bee 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

Surprised you still have an Ecology RS. At 2.85% it must be nearly rock bottom and is easily surpassed by most other BS regulars and a number of short dated bonds.and even EA accounts.

As others have said, its a direct debit. It was also a little bit of a faff to open and set up, so its already in existence should its rate increase 

I suppose also there is the fact that if we close it, we cannot open another for 12 months (and its rate may increase in that timeframe)

Indeed. You can also pay into it with a SO/FP to save faffing with the direct debit. I just withdraw money from it twice a year (the maximum allowed) to keep the balance low (the direct debit is set at the minimum of £25)

Kazza242

ForumUser7 said:

Kazza242 said:

According to Moneyfacts, Melton Building Society are launching a new account, Regular Saver (issue 3), paying 5.00%.

The minimum opening amount is £10.  Pay in up to £200 per month.  The maximum investment is £3,000.

The account matures on 31/05/2024.  It is available to locals residing in Leicestershire, Lincolnshire, Nottinghamshire or Rutland only.

It is available to open in branch only, but once opened it can be managed via branch or post.  

Moneyfacts states that unlimited withdrawals are permitted.

Once it has launched, it should appear on the Melton BS website: 

https://www.themelton.co.uk/our_savings/regular-savings/

Interesting, their webpage summary says no withdrawals in fixed rate period, but the brochure says easy access:

Yes, there is contradictory information.  In the Melton brochure for the account, it states:

"Easy access - you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by forwarding your passbook with written instructions to us. You can also transfer funds from your account to a nominated bank/building society account."

However, the product table on the webpage states: "Withdrawals not permitted during fixed period".  

If someone in their operating area is opening the account, then perhaps they could clarify this with Melton BS.  

t1redmonkey

This is a new one I believe, 4.2% Regular Saver from Leeds BS: https://www.leedsbuildingsociety.co.uk/savings/regular-saver/regular-saver/

Band7

Mentioned in this thread a while ago, and already reflected on page 1. But thanks for the reminder.

t1redmonkey

Band7 said:

Mentioned in this thread a while ago, and already reflected on page 1. But thanks for the reminder.

Rubbish forum search fails me again    Searched for 'Leeds Regular Saver' before posting that, sorted by most recent, and nothing came up since February.