Regular Savings Accounts: The Best Currently Available List!

ForumUser7

RG2015 said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

First Direct, HSBC and also Coventry as previously noted.

I have just checked my Santander RS’s and they were 1st of month, but maybe I opened them all in the 1st.

Re Santander:

Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.

RG2015

ForumUser7 said:

RG2015 said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

First Direct, HSBC and also Coventry as previously noted.

I have just checked my Santander RS’s and they were 1st of month, but maybe I opened them all in the 1st.

Re Santander:

Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.

Thanks, and I remember now what happened to my last three.

The first must have been from the 1st of the month and the next two were opened automatically by Santander upon maturity of the earlier one.

surreysaver

Middle_of_the_Road said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

Coventry month is from account opening date. I have to wait until the 23rd to pay in. I did it earlier the first time, and the payment was returned.

Also, the Coventry saver has to be funded from an external account.

Except the First Home Buyer Regular Saver. That is calendar month just to keep it complicated 

AmityNeon

RG2015 said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

First Direct, HSBC and also Coventry as previously noted.

I have just checked my Santander RS’s and they were 1st of month, but maybe I opened them all in the 1st.

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

Middle_of_the_Road

surreysaver said:

Middle_of_the_Road said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

Coventry month is from account opening date. I have to wait until the 23rd to pay in. I did it earlier the first time, and the payment was returned.

Also, the Coventry saver has to be funded from an external account.

Except the First Home Buyer Regular Saver. That is calendar month just to keep it complicated 

Exactly, and can be funded via internal transfer.

AmityNeon

Bridlington1 said:

AmityNeon said:

RG2015 said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

First Direct, HSBC and also Coventry as previously noted.

I have just checked my Santander RS’s and they were 1st of month, but maybe I opened them all in the 1st.

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

Moreover I discovered during lockdown that the maximum monthly deposit didn't seem to apply having accidentally set up 2 SOs for the HSBC monthly saver, resulting in me surpassing £3k quite comfortably. I don't know if it still works now though as it was a while back.

Did you receive interest above £3000?

AmityNeon

Bridlington1 said:

AmityNeon said:

Bridlington1 said:

AmityNeon said:

RG2015 said:

refluxer said:

I think all of my Regular Savers are PCM - are there many that work on an account month ?

First Direct, HSBC and also Coventry as previously noted.

I have just checked my Santander RS’s and they were 1st of month, but maybe I opened them all in the 1st.

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

Moreover I discovered during lockdown that the maximum monthly deposit didn't seem to apply having accidentally set up 2 SOs for the HSBC monthly saver, resulting in me surpassing £3k quite comfortably. I don't know if it still works now though as it was a while back.

Did you receive interest above £3000?

I did yes.

A fortunate technical oversight, though not one I would choose to exploit even if it were still possible today.

Chaykin

AmityNeon said:

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

So can you change the dates of SOs on HSBC's and FD's Regular Savers to 1st of the month? Even though it's not technically allowed by the accounts T&Cs?

ForumUser7

MoneyFacts is showing a Monmouthshire BS ‘Coronation’ Regular Saver, branch application only.

Pays 5.6%, and appears to be £300 max per month and MoneyFacts shows unlimited withdrawals.

Hopefully it will show on the Mon BS website with information from tomorrow. It appears after the Christmas RS issues they had, they won’t open this up to online and post applications.

Section62

Chaykin said:

AmityNeon said:

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

So can you change the dates of SOs on HSBC's and FD's Regular Savers to 1st of the month? Even though it's not technically allowed by the accounts T&Cs?

I don't know exactly how they handle it now, but a while back HSBC would allow the SO to be changed to the first of the month, but they would only pay a nominal (not full) rate of interest on the deposit until the anniversary date arrived (i.e. when the SO would have gone through if not changed).

That HSBC's systems were sufficiently sophisticated to only pay this nominal rate on early SO's in the past makes me doubt there would be any significant advantage to paying in more than the monthly amount on the due date now.

...unless anyone has done the interest calculations to show what they got was the full interest rate paid on each pound for every day it was in the account.