Regular Savings Accounts: The Best Currently Available List!

someone

t1redmonkey said:

Yes that's what I'm hoping; more Regular Savers increase their rates to recognise the narrowing of the gaps between other options savers have.

Depends on how you look at the rates. If a bank is prepared to sink a fixed amount in "marketing/loss leading" per customer then when rates was around 1% they could afford to uplift the rate much more dramatically than they can at higher rates.

The reverse is true for ISAs. During low rates the overheads of ISA administration was impacting the rates as the banks typically recover their costs via a lower rate (and assuming you might still be better off due to the tax situation). At higher rates to "recover" the same amount to cover those ISA overheads they only need to reduce the rate very slightly.

dealyboy

ForumUser7 said:

Nationwide has chosen not to increase RS rates 🙁
https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/smd694-21-june-23_wcag.pdf?rev=2f0b79f59f59488baf84a1c0986cd29f 
https://www.nationwide.co.uk/news-and-stories/bank-of-england-increases-base-rate/

Of interest though is this article https://www.msn.com/en-gb/money/other/nationwide-building-society-increases-interest-rates-on-popular-savings-accounts/ar-AA1cPvZV?ocid=msedgntp&cvid=4d39e9fb44b547f58f5340c57b6b2481&ei=6 which claims ‘ At the same time we are also increasing the enduring credit interest rate on FlexDirect, which will benefit those who maintain an in-credit balance’ - unsure if this will affect existing customers though, or what the new rate will be.

Edit, never mind - nothing special -  https://www.nationwidemediacentre.co.uk/news/nationwide-increase-rates 

FlexDirect continues to offer a market-leading5 introductory in-credit interest of 5.00% AER6 on balances up to £1,500 for the first 12 months. From 1 July, the revert rate, the rate payable after 12 months when the introductory offer ends, will increase from 0.25% AER to 1.00% AER

From 1 July, the revert rate, the rate payable after 12 months when the introductory offer ends, will increase from 0.25% AER to 1.00% AER

Thanks @ForumUser7 ... whew what a relief! my FlexDirect introductory offer ends in October and (I've just worked it out) that's a 300% increase  maybe with my luck if I keep £1,500 in the account for a year I will get a £100 bonus. 

TomJ

Special_Saver2 said:

9. Best Feeder Accounts
[...]
Chase Saver Account

Paying 3.1% AER (3.06% gross) variable - this rate first noted by me on 1st May 2023. MSE Forum user Wheres_My_Cashback reports the interest rate will increase to 3.3% from 22nd May. MSE forum members report you can pay standing orders and direct debits from this account, and that standing orders work over the weekend. 

This is actually at 3.3% AER for now.

allegro120

pokemaster said:

allegro120 said:

pokemaster said:

ForumUser7 said:

pokemaster said:

ForumUser7 said:

Is anyone lacking the YBS debit card deposit option for RSs? I’ve seen they have a new online platform, and mines disappeared

Have you put in the max for this month? I've only put in £10 and can still see the option to use debit card

I did - glad the option hasn’t gone 😅

Yeah me too as I like to deposit the £1.01 every other day

Is this for Natwest/RBS double roundups?  I use NS&I saver for this, they don't seem to mind how many £1.01 deposits per day you make.  The rate is rubbish (2.85%) but withdrawals are unlimited so no need to keep much cash in this account.

Yeah it is... I have a few different places per Nw and RBS to deposit, I don't like to do too much at one place with risk of losing access, but surely as a regular saver, depositing every other day just £1.01 they can't complain as its regular, right?

I also try not to withdraw the money, which maybe a silly thing as like you say the rate is quite low compared to other places like 3.85% YBS rainyday saver (2 withdraws a year) (that takes debit card deposits) but just think if money keeps going in and out of a savings account that will trigger something too, think there something in some of the T&Cs (might not be NS&I but others) saying don't use savings accounts like a current account. With money going in and out all the time.

Also with NS&I, I don't want them to start cracking down and risk losing the premium bonds I have with them as its a bit of fun and something to look forward to at the beginning of the month. (But to be fair I do deposit 2x £1.01 from RBS and 2x £1.01 from NW when I do get on every few days or so, and have not had any back lash yet

I also go steady on these, about 2 or 3 per account every other day. I read in this forum some people do much more than that, but I just don't have enough patience .  When NS&I balance gets to about £40 I make a withdrawal of what's currently available.  It's not the most efficient strategy, but works for me, I can't be bothered to chase every penny I can get.

I don't use YSB rainy for this. It's already full and for the sum I'm using for this recycling is too small to make a substantial difference between 2.85% and 3.35%. I'm waiting for the next YSB's interest raise announcement and if they don't come up with a substantial increase for rainyday I will go down to £1.  May be then it will make more sense using it for NW/RBS roundups.

lithosyork

Yeah me too as I like to deposit the £1.01 every other day

Is this for Natwest/RBS double roundups?  I use NS&I saver for this, they don't seem to mind how many £1.01 deposits per day you make.  The rate is rubbish (2.85%) but withdrawals are unlimited so no need to keep much cash in this account.    

Are you doing this manually (via the ns&i website i guess) for each payment ie logging  in each day and doing multiple debit card transactions, or is there a way to automate this like a standing order or direct debit ? 

 Cheers

allegro120

lithosyork said:

Yeah me too as I like to deposit the £1.01 every other day

Is this for Natwest/RBS double roundups?  I use NS&I saver for this, they don't seem to mind how many £1.01 deposits per day you make.  The rate is rubbish (2.85%) but withdrawals are unlimited so no need to keep much cash in this account.    

Are you doing this manually (via the ns&i website i guess) for each payment ie logging  in each day and doing multiple debit card transactions, or is there a way to automate this like a standing order or direct debit ? 

 Cheers

No, you can't automate debit card transactions. Doing it manually is the only way. It takes me 6 minutes for 6 transactions (incl. login). It would've been more time efficient to do 100 transactions per session but I lack of stamina.

pokemaster

At least its quicker than topping up a gift card, when I top up the ASDA Christmas gift card I have to keep putting my address in as well as the card information, then that declines me after 3 transactions a week, so I've set it up to auto deposit NW £1.01 to one Christmas gift card and RBS £1.01 to another Christmas gift card..... Luckily Amazon lets you auto deposit £1.01 daily.

Of course only do this if you use these places as it is spending your money, unlike when depositing to NS&I and its just being transferred to another of your accounts. You can't get it back from ASDA or Amazon and have to spend it in their establishments

Zaul22

Other things that work for creating NatWest/Chase round-ups:

Using your own Monzo.me/Starling Settle up link. (Then just send it back again and it costs nothing)
Adding Battle.net balance and buying timecards instead of subscribing. (presumably works with other games too). 

pokemaster

I use the Monzo.me for my Halifax Rewards (and they only have a limit of £1,000 a month), I don't have Starling is the settle up link the same as Monzo.me?

crumpet_man

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