Regular Savings Accounts: The Best Currently Available List!

redpete

NorthYorkie said:

Wheres_My_Cashback said:

NorthYorkie said:

Before getting carried away with the headline rates being quoted, just remember to halve the rate to find the approximate effective rate for the year.
Your first monthly deposit will get, say, 5% for the full year, but the second deposit will only get it for 11 months i.e. 4.58%, the third deposit for 10 months i.e. 4.16%, and so on. The twelfth will only get 1 months interest, 0.41%. 

As you and the majority of people already know the effective rate on all funds in the account is what's advertised so in your  example it's 5%.

A better way to put it would be that assuming a credit payment on the 1st each month you get 5% for 365 days for the first credit, 5% for 334 days on the next credit, 5% for 304 days on the next credit etc 

Don't think this click bait needs any further discussion here

Perhaps you had better tell this to Martin Lewis - see point 5 of this; https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Martin's article expresses that bullet point correctly: "You'll earn what looks like half the headline interest rate"

but then spoils it by saying: "On regular savings, the interest you get will be about half the interest rate of the account" (factually correct but relies on people understanding the difference between "interest" and "interest rate")

and recovers by adding: "This has caused confusion and disappointment in the past, with some complaining that they've received less interest than they thought they would. Yet that's because they expected the wrong amount...".

Grizebeck

Section62 said:

Bridlington1 said:

According to moneyfacts Nottingham BS will be launching a branch only Summer Regular Saver at 4.5%.

Being still locked into the previous Summer Regular Saver @1.35% until the end of this month I don't feel inclined to rush to my nearest branch to open the new account (although it is always nice to see the staff there).

Notts haven't responded particularly well as interest rates generally went up elsewhere.  And whilst they weren't under any obligation to increase the interest rate on the Summer RS, it has been a bit galling to be earning 1.35% on a current RS account whilst in the same timeframe the easy access account from another long-matured Notts regular saver has gone from 0.05% to a heady 2.2%.

Given some of the loyalty products offered by other building societies, 4.5% from Notts feels rather lame.  I could put the equivalent balance in a 9-month fixed rate account and get 4.75% without moving from my chair... so why would I go to a branch to open the Notts offering? (aside from saying hello to the friendly staff).

I have never been impressed by any of their products

redux

TheBanker said:

I do the same - I haven't gone to town with RS accounts. I just have three, and the money that is paid in is my surplus income for the month (two by Standing Order for the max amount, and the third by manual transfer using whatever extra money I want to save within its monthly allowance). I think this how RS accounts are designed to be used... but I also think we are unusual on this thread in using them this way?

It's probably not unusual, but given that a fair proportion of them are pretty flexible, for instance some allowing part withdrawals, or not compulsory to add each month, and also that they tend to have slightly better rate than other types of account, possibilities may arise that fit other circumstances

If someone has a lump sum of say about £3000 to £6000, it might conventionally be suggested to start a monthly saver and gradually transfer from an ordinary instant access savings account, but it might actually work out slightly better to open several monthly savers and only make the first monthly payment to each, optionally adding later if more money becomes available.

If someone's financial position varies during the year, for instance a tax bill, or credit card interest free period ending, putting money in some versions of these at some times and withdrawing at others will probably see better rates overall than most ordinary instant access

Nick_C

Can anyone tell me when NatWest take the monthly fee for the Reward Current account?  Opened it 2nd May, 1st statement 2nd June, no fee taken yet.  Searched their web site, can't find the answer.

Posting here as it is a qualifying account for the Digital Regular Saver.

Bridlington1

Nick_C said:

Can anyone tell me when NatWest take the monthly fee for the Reward Current account?  Opened it 2nd May, 1st statement 2nd June, no fee taken yet.  Searched their web site, can't find the answer.

Posting here as it is a qualifying account for the Digital Regular Saver.

It varies depending on when you open the account. If you send them a message in online banking they will be able to tell you the exact date your first fee will be taken. It will then be about the same date each month from then on (doesn't get taken on non-working days). It should be around the monthaversary of the account upgrade.

RG2015

Nick_C said:

Can anyone tell me when NatWest take the monthly fee for the Reward Current account?  Opened it 2nd May, 1st statement 2nd June, no fee taken yet.  Searched their web site, can't find the answer.

Posting here as it is a qualifying account for the Digital Regular Saver.

My NatWest Rewards account monthly fee is taken 21 days after the previous monthly statement date. From your statement date that will be Friday 23rd June.

This does however vary by a day or two if either of these two dates is a non working day.

Strangely though, my equivalent RBS Reward account has the £2 fee taken 16 days after the statement date. I don't know if this is down to the date the account was opened or just what RBS do.  

allegro120

Nick_C said:

Can anyone tell me when NatWest take the monthly fee for the Reward Current account?  Opened it 2nd May, 1st statement 2nd June, no fee taken yet.  Searched their web site, can't find the answer.

Posting here as it is a qualifying account for the Digital Regular Saver.

Here are the dates for the last 3 of mine 19th May, 18th Apr, 21 March... fees are taken for the previous month with the ref 28th.  The account was opened 28th Sept 2020.  So my guess is your fee for May will be taken at some point this month. I always keep my NW/RBS balances at minimum £2.

Emily_Joy

@Special_Saver2 there is a typo on the first page in the description of the Saffron BS Loyalty Regular Saver - monthly deposit is limited to £50, not £250.

PowerSavingMode

Emily_Joy said:

@Special_Saver2 there is a typo on the first page in the description of the Saffron BS Loyalty Regular Saver - monthly deposit is limited to £50, not £250.

No, not a typo; I have the issue 7 of the same and that is a measly £50 max pcm.

Bridlington1

DJDools said:

Emily_Joy said:

@Special_Saver2 there is a typo on the first page in the description of the Saffron BS Loyalty Regular Saver - monthly deposit is limited to £50, not £250.

No, not a typo; I have the issue 7 of the same and that is a measly £50 max pcm.

There is a typo. The Saffron members month loyalty saver lets you deposit £50/mth not £250. See:
https://www.saffronbs.co.uk/savings/regular-savings-accounts/members-month-loyalty-saver