Regular Savings Accounts: The Best Currently Available List!

adindas

crumpet_man said:

I would argue that an account with a £1k limit is not a good feeder account.  It will be getting emptied often and as this is the highest rate available on a current account you will be topping it up immediately from another account so may as well have that other account as the feeder.
But I see that it has been added to the list of feeder accounts and I apologise for all my off topic posts and finger pointing.

I think it will depend on how you are using it. Certainly, you should not rely on one feeder account nowadays. One of this account might feed 2-4 RSAs (depending on the amount). And you will need to choose the RSA that will have a similar feeding date (e.g. first day each month) to avoid wasting time adjusting it, losing interest and avoid going overdrawn. Good also if you apply an overdraft just for buffer (just in case something go unexpected). I have been using my TSB AC in this manner for some times.

The good thing about transfer money using VM is that the FPI and FPO is reliable.

Since Santander 123, Clloyds, BOS are reducing their interest it seems there is not any competing alternative, is it ?

People who have a better way of doing that, please free to share your ideas.

SuperHans1

adindas said:

I think it will depend on how you are using it. Certainly, you should not rely on one feeder account nowadays. One of this account might feed 2-4 RSAs (depending on the amount). And you will need to choose the RSA that will have a similar feeding date (e.g. first day each month) to avoid wasting time adjusting it, losing interest and avoid going overdrawn. Good also if you apply an overdraft just for buffer (just in case something go unexpected). I have been using my TSB AC in this manner for some times.

The good thing about transfer money using VM is that the FPI and FPO is reliable.

Since Santander 123, Clloyds, BOS are reducing their interest it seems there is not any competing alternative, is it ?

People who have a better way of doing that, please share your ideas.

I face an awful lot of issues with HSBC blocking payments almost every time that I set up standing orders and faster payments to feed a new RSA. Often wonder if I should use a different current account.

schiff

SuperHans1 said:

adindas said:

I think it will depend on how you are using it. Certainly, you should not rely on one feeder account nowadays. One of this account might feed 2-4 RSAs (depending on the amount). And you will need to choose the RSA that will have a similar feeding date (e.g. first day each month) to avoid wasting time adjusting it, losing interest and avoid going overdrawn. Good also if you apply an overdraft just for buffer (just in case something go unexpected). I have been using my TSB AC in this manner for some times.

The good thing about transfer money using VM is that the FPI and FPO is reliable.

Since Santander 123, Clloyds, BOS are reducing their interest it seems there is not any competing alternative, is it ?

People who have a better way of doing that, please share your ideas.

I face an awful lot of issues with HSBC blocking payments almost every time that I set up standing orders and faster payments to feed a new RSA. Often wonder if I should use a different current account.

Me too. They wouldn't recognise either Halifax Bank nor Bank of Scotland, nor the (correct) sort codes related to them. Gave up.

Fingerbobs

adindas said:

SuperHans1 said:

adindas said:

I think it will depend on how you are using it. Certainly, you should not rely on one feeder account nowadays. One of this account might feed 2-4 RSAs (depending on the amount). And you will need to choose the RSA that will have a similar feeding date (e.g. first day each month) to avoid wasting time adjusting it, losing interest and avoid going overdrawn. Good also if you apply an overdraft just for buffer (just in case something go unexpected). I have been using my TSB AC in this manner for some times.

The good thing about transfer money using VM is that the FPI and FPO is reliable.

Since Santander 123, Clloyds, BOS are reducing their interest it seems there is not any competing alternative, is it ?

People who have a better way of doing that, please share your ideas.

I face an awful lot of issues with HSBC blocking payments almost every time that I set up standing orders and faster payments to feed a new RSA. Often wonder if I should use a different current account.

Sorry to hear your experience SuperHans1. But my experience with HSBC with FPI/FPO to high street banks has been superb sofar. In fact, it is a matter of a few seconds for the money lower than £10.000. But I always use the secure key to log in.

The only thing I dislike about HSBC is that you can't see the account number and sort code on an existing Standing Order once it's been set up, and the only field you can edit on an existing SO is the amount. 

surreysaver

crumpet_man said:

I would argue that an account with a £1k limit is not a good feeder account.  It will be getting emptied often and as this is the highest rate available on a current account you will be topping it up immediately from another account so may as well have that other account as the feeder.
But I see that it has been added to the list of feeder accounts and I apologise for all my off topic posts and finger pointing.

Not on its own it isn't, but might be useful to assist.  I use a Club Lloyds and a Bank of Scotland as two feeder accounts, but the £10k between them isn't quite enough, so I also use TSB with its £1.5k as well.  The £1k from Virgin could come in handy.
The feeder accounts get topped up during the month when various Regular Savers mature, and then get emptied on the 1st of the following month!
I did have two other BoS accounts which were used as feeders, but they've been closed with a couple of switching offers since the interest rate went down on them.

typistretired

Does it not bother you that your £10,000 is only earning 1.20%

surreysaver

typistretired said:

Does it not bother you that your £10,000 is only earning 1.20%

The £10k isn't in there for the whole month.  I have an Easy Saver with Kent Reliance that pays 1.3% that tends to hold amounts as they accumulate.  I do like to keep £5K in one of the accounts however, just so its immediately accessible (the only reason I keep it at £5k is to avoid only earning 1%), as the Kent money isn't immediately accessible.  Where else would you suggest I keep it?

adindas

typistretired said:

Does it not bother you that your £10,000 is only earning 1.20%

The idea here is the £10,000 (or whatever amount) to be dripped fed (recycled) from a lesser Easy Access saving to higher interest paying RSA spread over a period of a year. Doing this you might have a RSA maturing each month. Moreoever some regular saver are instant acces where you could access it anytime you want to. These money is to be kept as an emergency fund that you could access it anytime when you need it.

However, if you could effort to keep that money for medium to long term it is probaly better to put thah money into S&S ISA, pension, overpaying your mortgage (in case the interest is higher than saving) or even buy a property. All of these things are currently at a discounted price, that will add the attractiveness of investing rather than saving. The combination of easy access and RSA, if planned well will become a powerful tool to leverage the interest while you will still have the comfort of having an easy access to money (to some extends).

Newly_retired

With the recent rate drop many have closed the Coventry RS. What is your experience? 

I closed mine online yesterday. It vanished from sight, and 24 hours later that money is nowhere to be seen, not in any of my Coventry accounts nor in my nominated account. Any thoughts please?

typistretired

Check after 2pm their payments are sent next day and usually in afternoon