Regular Savings Accounts: The Best Currently Available List!

ColdIron

7% is better than 4% so the regular saver wins

jaypers

huw01 said:

Ok, can someone answer this for me please. £20k in a 4% easy access savings account
From my current account am I better transferring £300 per month to a FD regular saver at 7% starting with a nil balance for the regular saver or to the easy access account with a £20k balance at 4% 
Better as in what would give me the better interest on the £3600 at the end of the 12 month period
Thank you

Hoping this isn’t a wind up, but here goes. Put the £20k in an Easy Access and drip feed the £300 per month into the RS. The £3600 in the EA would earn you £144. Drip fed and reducing by £300 a month that portion will still earn you c£72 over the year plus the additional £126 from the RS giving a total return of c£198. You’re therefore £54 better off over the year drip feeding.

redux

huw01 said:

Ok, can someone answer this for me please. £20k in a 4% easy access savings account
From my current account am I better transferring £300 per month to a FD regular saver at 7% starting with a nil balance for the regular saver or to the easy access account with a £20k balance at 4% 
Better as in what would give me the better interest on the £3600 at the end of the 12 month period
Thank you

Find more than one regular saver

huw01

Thanks for the replies. However, the £300 per month would come from my current account, left over from wages. So the £20k is already in an easy access account, am I better off increasing the easy access balance to £20,300, £20,600 etc each month for a year at the 4% or starting from scratch with a regular saver from zero, £300, £600 etc each month at 7%. 
Thank you

ColdIron

Yes we understand you but 7% is still better than 4% so the regular saver still wins

jaypers

huw01 said:

Thanks for the replies. However, the £300 per month would come from my current account, left over from wages. So the £20k is already in an easy access account, am I better off increasing the easy access balance to £20,300, £20,600 etc each month for a year at the 4% or starting from scratch with a regular saver from zero, £300, £600 etc each month at 7%. 
Thank you

Keep all spare cash in an Easy Access account as a minimum and move money in/out of your current account as needed. Drip Feed the Easy Access accounts. 

SanguineOnSaturn

If you pay 300 ino a 4% account it starts earning 4% from the day you pay it in. if you pay 300 into a 7% account it starts earning 7% from the day you pay it in. 7>4

redux

Best is to get more money into accounts with more interest

That's why I said look for more than one regular saver. Several of them, though not all, allow withdrawal or early closure if you later find you need access to the money

pookey

pokemaster said:

Yes you can open a current account with Natwest and RBS and then open One Digital Regular Saver with each bank. (new customer or old customers)

Both Natwest and RBS (currently) have switching deals, if you happen to have a space current account you don't use and switch to either Natwest or RBS (and follow a few more easy steps) they will give you  £200 in to your account

JUST REMEMBER: Don't deposit more than £150 a month.... I tend to do £50 via the standing order they want and then the extra £125 by transfer..... If you deposit more each month it will go through but will be sent back and if you do it multiple times they could close your saver. (as stated in their T&Cs)

(That's where round ups come in, if you were gonna use round ups/double round ups you have to turn it on in the settings and also select which account you want them to be sent to in this case to the Digital Regular Saver.)

If you are going to say do the £1.01 deposit to a Building Society like Skipton via debit card, you would need the £1.01 in the current account (for Skipton) and the £1.98 that will be transferred through round ups when the card transaction clears (within around 2 working days) Which they do automatically.

It has been known in VERY rare conditions someone has managed to get the full £5k through round ups in just over a month... but thats not recommended

This is really great info, thank you for taking the time to explain it so well.
I actually have 2 tsb accounts I don't really use that I could probably do the switches with. 
Do switches effect credit rating? I don't really need a good rate for anything in particular but I'm not classed at working at the moment so I don't want to mess around with it to much. Also I wanted to do the first direct monthly saver as the rate is very good too. Would I need to have the current account for a certain amount of time before I can switch? 

pookey

huw01 said:

Ok, can someone answer this for me please. £20k in a 4% easy access savings account
From my current account am I better transferring £300 per month to a FD regular saver at 7% starting with a nil balance for the regular saver or to the easy access account with a £20k balance at 4% 
Better as in what would give me the better interest on the £3600 at the end of the 12 month period
Thank you

Use this calculator to help you see the extra you can gain using regular savers
https://www.moneysavingexpert.com/savings/regular-savings-calculator/

As mentioned, if you find more monthly Savers to fund with a higher rate then
 4% you will earn more interest, you can use the calculator to see the difference