Regular Savings Accounts: The Best Currently Available List!

Notepad_Phil

movingon said:

I don't know if this might help anyone vis a vis feeder accounts. 
Yesterday I was contemplating my newly opened RCI Freedom account as the interest rate is reducing after five minutes from 1.20% to 1.01%. However, it turns out that you can schedule future dated regular withdrawals. As this makes life a bit easier for me, rather than manually withdrawing bits through the month for my regular savers, I have decided to keep it.. You can have as much on deposit as you like, rather than the limits earning similar interest on some current accounts.

I'd give you a thanks but the relevant button seems to have gone missing! Does it allow multiple future dated withdrawals to be setup, or can you only do one at a time?

colsten

Notepad_Phil said:

movingon said:

I don't know if this might help anyone vis a vis feeder accounts. 
Yesterday I was contemplating my newly opened RCI Freedom account as the interest rate is reducing after five minutes from 1.20% to 1.01%. However, it turns out that you can schedule future dated regular withdrawals. As this makes life a bit easier for me, rather than manually withdrawing bits through the month for my regular savers, I have decided to keep it.. You can have as much on deposit as you like, rather than the limits earning similar interest on some current accounts.

I'd give you a thanks but the relevant button seems to have gone missing! Does it allow multiple future dated withdrawals to be setup, or can you only do one at a time?

Multiple.

You can even set up weekly or monthly SO - like payments.

Shame about the terrible interest rate, but if you are stuck with 1%, it's 15:Love to RCI, over Marcus

movingon

Beat me to it Colsten!. The only thing is that you cannot specify an end date for each regular withdrawal so you will have to remember when your savers come to an end.

colsten

@Special_Saver2, 

I know you have seen that Al Rayan no longer allows SOs to be set up, so is no longer of use as an automatic feeder account and the feeder account post should be updated accordingly.

Fingerbobs

colsten said:

There are still several RSs which pay 2% and upwards, fixed rate, taking some £1,950 a month between them. For the vast majority of people, that's more than they can put to one side each month. Some (incl myself) can obviously afford more. Nice problem to have, given the current circumstances.

By staggering the maturity dates, you can work up to that level over the course of a year quite easily, and then just cycle the same lump sum around. Arrange for an account to mature each month such that it funds all the others for the month. 

hgt

movingon said:

I don't know if this might help anyone vis a vis feeder accounts. 
Yesterday I was contemplating my newly opened RCI Freedom account as the interest rate is reducing after five minutes from 1.20% to 1.01%. However, it turns out that you can schedule future dated regular withdrawals. As this makes life a bit easier for me, rather than manually withdrawing bits through the month for my regular savers, I have decided to keep it.. You can have as much on deposit as you like, rather than the limits earning similar interest on some current accounts.

The only problem with the regular withdrawals from RCI (and any other banks who also use the Newcastle Strategic Solutions platform) is that you can only withdraw to your 'linked' account - you can only have one linked account at any time. The idea being that your linked account would be your main current account, as if you try to pay into RCI from any account other than your linked account, they will bounce the payment. 

So in theory you could change your linked account at RCI to the sort code / account number of the Regular Saver account you wish to feed, but bear in mind you'd need to change it back if you then later wanted to deposit money into your RCI account. 

margaretx9

dcs34 said:

colsten said:

There are still several RSs which pay 2% and upwards, fixed rate, taking some £1,950 a month between them. For the vast majority of people, that's more than they can put to one side each month. Some (incl myself) can obviously afford more. Nice problem to have, given the current circumstances.

Closer to £3,000 personally, or is the £1,950 only those accounts which are still available today at fixed rates above 2%?

I get £1700 in total monthly for regular savers still paying 2% or more for NEW account openings and all bar Halifax require a current account?

First direct £300
HSBC £250
M and S £250
Halifax £250
BoS £250
Lloyds club £400

You could also add in Swansea BS if you live in Wales for another £500.

Have I missed any others?

kamkop

margaretx9 said:

dcs34 said:

colsten said:

There are still several RSs which pay 2% and upwards, fixed rate, taking some £1,950 a month between them. For the vast majority of people, that's more than they can put to one side each month. Some (incl myself) can obviously afford more. Nice problem to have, given the current circumstances.

Closer to £3,000 personally, or is the £1,950 only those accounts which are still available today at fixed rates above 2%?

I get £1700 in total monthly for regular savers still paying 2% or more for NEW account openings and all bar Halifax require a current account?

First direct £300
HSBC £250
M and S £250
Halifax £250
BoS £250
Lloyds club £400

You could also add in Swansea BS if you live in Wales for another £500.

Have I missed any others?

Lloyds Monthly Saver £250 (2%)

colsten

margaretx9 said:

I get £1700 in total monthly for regular savers still paying 2% or more for NEW account openings and all bar Halifax require a current account?

First direct £300
HSBC £250
M and S £250
Halifax £250
BoS £250
Lloyds club £400

You could also add in Swansea BS if you live in Wales for another £500.

Have I missed any others?

Yes, the normal Lloyds monthly saver, 2%, £250/mth.

There might also be some other regional 2%+ fixed rate ones - I didn't include them as they are not accessible to all. I also didn't include any kids accounts. They are all listed in the first few posts of this thread, though.

JamesRobinson48

Earl Shilton BS is cutting the rate on its RS product again, now from 1.85% to 1.40%, effective 1st June.
I feel this is still quite competitive among the few RS accounts with an indefinite term, most of which have cut deeper (e.g. Monmouthshire BS, Ecology BS, Buckinghamshire BS, Stafford BS, Newbury BS). Loughborough BS is the clear outlier. I'll remain invested in Earl Shilton but reduce my monthly payment to a nominal amount.