Regular Savings Accounts: The Best Currently Available List!

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

PRAISETHESUN

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 error being referred to is on page 1 of this thread, where the account is detailed as being as having a monthly deposit limit of £250/month. As you quite rightly point out, the correct deposit limit is £50/month.