Regular Savings Accounts: The Best Currently Available List!

Zaul22

Starling says:

Are there any limits that apply when paying someone using the Settle Up website?

Some limits do apply. If you’re a fully verified customer, you can receive up to £250 per day into your account via a UK Debit card payment, which can be from a friend paying you back via your Settle Up web page, or by adding money to your own account using a debit card in app. The minimum amount you can request and pay with Settle Up is £1.

(I wouldn't actually expect them to anticipate people paying themselves with this but they have!)

pokemaster

crumpet_man said:

What's the interest rate on the savings account where these round ups are deposited?

I believe chase is 5% and the RBS/Newest Digital Regular Savers are 6.17% / 6.00% AER/Gross p.a. (variable)

ForumUser7

pokemaster said:

crumpet_man said:

What's the interest rate on the savings account where these round ups are deposited?

I believe chase is 5% and the RBS/Newest Digital Regular Savers are 6.17% / 6.00% AER/Gross p.a. (variable)

You’re right. Also chase empties out after 1 year since the round up pot was made by them and restart, whereas NW/RBS do not empty it

pokemaster

oh yeah did I also read you can't take the money out of that pot too? or am I thinking of something else?

crumpet_man

pokemaster said:

crumpet_man said:

What's the interest rate on the savings account where these round ups are deposited?

I believe chase is 5% and the RBS/Newest Digital Regular Savers are 6.17% / 6.00% AER/Gross p.a. (variable)

I must be missing something.  4% is available with an easy access saver from Chip.  

By using the double round up method you are getting 2% extra interest on that amount compared to depositing it with Chip.

Is that about 4p per round up?  

pokemaster

I'm not quite sure how it works with Chase, but with Natwest and RBS.... you spend/use debit card to deposit say £1.50 and they round that up to £2 (so the round up is 50p... then if you have double round ups on its £1 (double 50p)) when the card payment clears that £1 is sent to the Regular saver** (as N & RBS reg savs only allow £150 per month direct deposit (through standing order or moving the money in yourself)

** You have to set up the destination with N or RBS to send the round ups to your chosen account (most do regular saver as it adds to it when you have deposited the max £150 for that month)

RG2015

t1redmonkey said:

RG2015 said:

t1redmonkey said:

Anyone else feel like the Regular Saver market has really stagnated in the last few months?  The only real decent new options we've had of late have been the Principality 5.5% and the Monmouthshire 5.6%.  Lots of increases in other categories like fixed rate bonds and easy access accounts, but very little to talk about regular saver wise.

In the last few months we have had First Direct 7%, Saffron 9%. Skipton 7.5%, Club Lloyds 6.25% and NatWest/RBS 6% (6.12% aer).

I recognise that these are for existing customers, and pre-existing customers in the case of Saffron and Skipton. However these significant increases don’t indicate any degree of stagnation.

First Direct and Natwest/RBS were all last year weren't they?  The Club Lloyds has been that rate for quite a while too, can't remember when they increased it but seems like it was months ago.

I'm mainly talking about the last 2/3 months where very little has changed/been introduced when a lot of other categories of savings accounts have changed a lot.

You memory is better then mine, although I under estimated and you possibly overestimated the time since most recent increases.

First Direct was Dec 2022, NatWest/RBS was Feb 2023 and Club Lloyds Mar 2023.

crumpet_man

pokemaster said:

I'm not quite sure how it works with Chase, but with Natwest and RBS.... you spend/use debit card to deposit say £1.50 and they round that up to £2 (so the round up is 50p... then if you have double round ups on its £1 (double 50p)) when the card payment clears that £1 is sent to the Regular saver** (as N & RBS reg savs only allow £150 per month direct deposit (through standing order or moving the money in yourself)

** You have to set up the destination with N or RBS to send the round ups to your chosen account (most do regular saver as it adds to it when you have deposited the max £150 for that month)

That makes sense.

I don't understand why people are trying to maximise the round ups by paying £1.01 into Monzo/Starling etc.  Each of those transactions will earn at most 4p per year more than if the money had been paid into a 4% interest savings account.

How long would it take to get to £5k?  Is that about 2500 transactions?  If  you did it like a 9-5 job it must take many days for about £100 a year in extra interest?

If  you use a notice or fixed rate account (instead of 4% easy access) then the extra interest earned using round ups is even less.

pokemaster

I guess its because Monzo/Starling its still your money and you can (if you want and have the time) send it back to N/RBS to do it all over again.

I saw someone on facebook had managed to get the max £5k in around a month and half.

£5k in RBS - £25 interest per month (£300 a year)

£5k in Natwest - £25 interest per month (£300 a year)

and technically if you only used the depositing into your own accounts (limited to Monzo/Starling and a few others) you wouldn't have to spend a penny to earn that

pecunianonolet

crumpet_man said:

pokemaster said:

I'm not quite sure how it works with Chase, but with Natwest and RBS.... you spend/use debit card to deposit say £1.50 and they round that up to £2 (so the round up is 50p... then if you have double round ups on its £1 (double 50p)) when the card payment clears that £1 is sent to the Regular saver** (as N & RBS reg savs only allow £150 per month direct deposit (through standing order or moving the money in yourself)

** You have to set up the destination with N or RBS to send the round ups to your chosen account (most do regular saver as it adds to it when you have deposited the max £150 for that month)

That makes sense.

I don't understand why people are trying to maximise the round ups by paying £1.01 into Monzo/Starling etc.  Each of those transactions will earn at most 4p per year more than if the money had been paid into a 4% interest savings account.

How long would it take to get to £5k?  Is that about 2500 transactions?  If  you did it like a 9-5 job it must take many days for about £100 a year in extra interest?

If  you use a notice or fixed rate account (instead of 4% easy access) then the extra interest earned using round ups is even less.

I did the 5k for RBS and Natwest in just over 4 weeks, it was winter so not much else to do during pointless phone conference calls while wfh. Technically, you can do it 25 days but I didn't manage to do all 198 transaction every day. it only stayed there for ca 3 months, as rates were rising so had to move into an ISA. OH was bit less diciplined and took almost 10 weeks (3 weeks holiday inbetween). We used Paypal to fabricate 198 x 0.01 payments. Many warn about it, getting blocked or in trouble but we both had no issues. Mine was a long standing and often used Paypal account, OH account was new and specifically registered for that purpose.