Regular Savings Accounts: The Best Currently Available List!

ForumUser7

New West Brom BS RS:

TheBanker

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.

Personally I don't manufacture £x.01 transactions to generate round ups. However, if I am making a payment on my debit card and have the opportunity I will make it end in £0.01. For example when I pay into my S&S ISA I will pay in £100.01 instead of £100. 

Yes, the £1.98 roundup will only generate about 1p extra interest per month, but it's in the Digital Saver for ever so it helps to full the account quicker, given roundups are in addition to the maximum £150 per month standing order contribution.

I normally add about another £10 - £15 per month through roundups, with no extra effort and no 'unnecessary' transactions. For me it's worth doing. For me, it's not worth making £1.01 transactions to a Monzo account or Amazon or anything like that, but for people who have more time on their hands, then why not?

OneUser1

The new West Brom regular saver is now on their site. It’s 5% and a maximum of £250 per month. However it can only be opened in branch which will limit the appeal for many.

wiseonesomeofthetime

OneUser1 said:

The new West Brom regular saver is now on their site. It’s 5% and a maximum of £250 per month. However it can only be opened in branch which will limit the appeal for many.

It is too low a rate for my RS portfolio.

My minimum rate is 5.50% for new ones, and I have Halifax as an option there, if I had any spare money to filter through new RS atm.

I remember when West Bromwich BS Adult RS was market-leading, for a while, at 2% AER

redux

TheBanker said:

Personally I don't manufacture £x.01 transactions to generate round ups. However, if I am making a payment on my debit card and have the opportunity I will make it end in £0.01. For example when I pay into my S&S ISA I will pay in £100.01 instead of £100. 

Yes, the £1.98 roundup will only generate about 1p extra interest per month, but it's in the Digital Saver for ever so it helps to full the account quicker, given roundups are in addition to the maximum £150 per month standing order contribution.

I normally add about another £10 - £15 per month through roundups, with no extra effort and no 'unnecessary' transactions. For me it's worth doing. For me, it's not worth making £1.01 transactions to a Monzo account or Amazon or anything like that, but for people who have more time on their hands, then why not?

I don't understand it much either

On a certain investment platform, I could add £1.01 at a time, maybe several times a day

But one investment I might favour on there at the moment is a pooled corporate bond vehicle with a yield of slightly over 9%. If that's worth doing maybe I should send the whole £3

ForumUser7

Base rate is now 5%! Hopefully regular savers begin to increase

Wheres_My_Cashback

ForumUser7 said:

Base rate is now 5%! Hopefully regular savers begin to increase

If I was a betting man you wouldn't have got very good odds for being the first to post this here 

Hopefully it will move the chatter on from round-ups with some interesting rate increases and maybe some new products to discuss soon.

ForumUser7

https://www.esbs.co.uk/new-interest-rates-01-07-2023/

Effective 1st July
ESBS RS to 4.10%

Qualifies under favourable conditions, but by no means TOTP

'I am only including accounts where the interest rate is 4.5% or better, or 4% if the account has favourable conditions (e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years).'

ForumUser7

Coventry increasing all their variable rates, so increases on FHS 1 and 2, and RS 5 (among others). Amount TBC



Similar message at YBS

Bridlington1

This has appeared on the FD website:


It's been a while since First Direct upped their regular saver rate to 7% (November 2022 if my memory serves me well). I wonder if they could be about to do something intriguing in the near future.