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Regular Savings Accounts: The Best Currently Available List!

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  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper

    Natwest (like RBS/Ulster) accounts take ages to set up when you are completely new to them. Once set up, they are plain sailing.

    Payments to new payees can be authenticated with the app.

    As has been discussed on here before, for their digital regular saver, you have to set up an SO from a Natwest current account as part of the application for the RS, but you can immediately cancel it, you never have to use it. As soon as you have completed the application for the RS, you have the sort code and account number for it and you can instantly transfer your first £150, either by internal transfer or by FP from a non-Natwest accounts. Any subsequent regular monthly £150 deposits can again be done by manual deposit/transfer or by an SO, from a Natwest or a non-Natwest account.

    For completeness, I should mention that you don't have to deposit anything at all each month, and you can make as many deposits as you like up to the £150 limit per month. On top of those monthly £150, you can also make an unlimited number of deposits from Round-Ups/Double Round-Ups created from your Natwest debit card spending. I don't bother with round-ups myself but if it floats your boat, you can add extra to your RS balance.

    You can also do the exact same thing again with RBS. Sadly not at Ulster Bank though.

  • Nick_C
    Nick_C Posts: 7,604 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!

    I have biometric authentication in the app, but I'm limited to £1k, and that has been blocked by the fraud team.

    It is just so archaic compared to most banks, particularly the challenger banks, where you can open an account and use it instantly.

  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    edited 3 May 2023 at 9:34AM

    It seems clear that Natwest, and therefore RBS, is not for you.

    I, on the other hand, think they are brilliant for newbies because you can start with a switch bonus, and the RS is really nice. They also have a Reward credit card which pays 1% cashback on all supermarket shopping (and 0.25% on everything else) and is free for Reward account holders. All in all, a lot more than some other banks are offering. What's more, having a Natwest/RBS account doesn't stop you from also having accounts at any number of other banks 😎

  • I've just looked at my Natwest DRS and at the interest paid for this month (£8.68) to see that is lower than the interest paid last month (£9.07). I've paid the £150 in monthly ever since the increase allowed this so I'm confused.

    Any thoughts as to why this would be?

  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper

    Interest is paid based on the number of days in the month. March = 31, April =30.

  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 3 May 2023 at 10:32AM

    29 days / 33 days = 87.88%
    (The first day of May was a bank holiday and added to April, but the first two days of April were a weekend and added to March.)

    The balance increase from March to April would have needed to be more than 13.79% (33/29) to surpass the interest earned from the extra days of the previous interest period.

  • Nick_C
    Nick_C Posts: 7,604 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!

    OK. Trying to withdraw £1000 of the £1250 that I paid in resulted in my account being blocked. That prevented me from linking Paypal and Currensea.

    The Fraud Team have lifted the block on the account, and I have now been able to link Paypal and Currensea.

  • refluxer
    refluxer Posts: 3,187 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper

    The Leek BS Regular Saver 3 account will be increasing from 4.00% to 4.30% on 12th May.

    If you live in a qualifying (CW/SK, DE, TF or ST/WS15) postcode, it's an up-to-£500/month RS with no maturity date and £50k maximum balance.

    Full details for the account can be found in my quote above and at the link below.

    https://www.leekbs.co.uk/savings/1saver3/

  • ForumUser7
    ForumUser7 Posts: 2,465 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper

    I would advise against the £1.01 transactions to monzo.me that I used to do, it flagged up Monzo's AML systems and they asked me some multi-choice questions. It appears my account is still active, but I'm not really sure what'll happen now.

    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
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