Regular Savings Accounts: The Best Currently Available List!

glider3560

My First Direct 5% matured a few days ago, so I called to get the balance transferred on the maturity day.  They said it could take up to 14 days for me to be able to open a new one at 2.75% online (since the old account isn't actually closed yet).

Without having to trawl through 90 pages of posts, does anyone have an actual experience of how long this process takes?

10_66

glider3560 said:

My First Direct 5% matured a few days ago, so I called to get the balance transferred on the maturity day.  They said it could take up to 14 days for me to be able to open a new one at 2.75% online (since the old account isn't actually closed yet).

Without having to trawl through 90 pages of posts, does anyone have an actual experience of how long this process takes?

I applied online for a new one the day after mine matured.  The application appeared to go through, however, when nothing appeared within a day or so I contacted them and they said the application hadn't been recognised so I made a further application online and that one went through.  I guess all that took around 5 or 6 days from maturity date.

xxxxxxxx

I suppose Covid19 is the reason the savings list appears out of date? I have not managed my savings for years.  
I notice CLUB LLOYDS MONTHLY SAVER is offering me 2% fixed for 1 year, because I am already with Lloyds online, I think I should open one at £400 per month.  Is it straight forward to open online in the "My Accounts Home page" ?
£400 a month is £4800 for the entire year. 
I have £21,000 in Lloyds Standard saver currently 0.6% going down to 0.1% in July  that would leave me with £16,000 to put somewhere else.  
Me and my partner currently have 3 x Club Current Accounts with £5000 in each.  The Monthly saver blurb says I can have one monthly saver for myself or joint club accounts it's a bit vague .. Can we have one for each of our Club current accounts = 3 or can we only have 1 each =  2 ? 

veryintrigued

xxxxxxxx said:

I suppose Covid19 is the reason the savings list appears out of date? I have not managed my savings for years.  

Or maybe it was up to date when SS did their fantastic research and their weekly update last weekend and things have moved on?

You realise that they spend untold and unpaid hours updating this out of pure kindness?

Thanks as always SS

unwina

xxxxxxxx said:

I suppose Covid19 is the reason the savings list appears out of date? I have not managed my savings for years.  
I notice CLUB LLOYDS MONTHLY SAVER is offering me 2% fixed for 1 year, because I am already with Lloyds online, I think I should open one at £400 per month.  Is it straight forward to open online in the "My Accounts Home page" ?
£400 a month is £4800 for the entire year. 
I have £21,000 in Lloyds Standard saver currently 0.6% going down to 0.1% in July  that would leave me with £16,000 to put somewhere else.  
Me and my partner currently have 3 x Club Current Accounts with £5000 in each.  The Monthly saver blurb says I can have one monthly saver for myself or joint club accounts it's a bit vague .. Can we have one for each of our Club current accounts = 3 or can we only have 1 each =  2 ? 

I think you may find that you can only have 1 each, we did one each but we had long since changed most clubbed accounts back to normal ones leaving only our joint account clubbed. Despite only having a single clubbed joint account we were able to create 2 personals regsavers. I think its the person that is flagged as having at least a club account (There are other accounts that trigger it too). We are financing this all through our single joint account . One really frustrating thing is that the new accounts always seem to go to the bottom and as each of us has a number of older accounts its not possible to see the new savers on same page as the feeder account. Unless anyone knows a way or reordering the accounts manually to suit us.

xxxxxxxx

veryintrigued said:  

Or maybe it was up to date when SS did their fantastic research and their weekly update last weekend and things have moved on?

You realise that they spend untold and unpaid hours updating this out of pure kindness?

Thanks as always SS

It was an innocent comment.  I was talking about this page*: (from the "Banking and Savings" link at the top of every page)
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/  
*I'm not sure if you are talking of the same page or a list on this board/thread somewhere.
It doesn't show the Lloyds regular saver, hence why I thought due to covid it had not been maintained.

On going back to the page, I just saw that there is a small text link to Regular Savers,
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
Seems strange to list those specifically on a separate page from all other savings accounts that is easily missed. On that other page, I see Lloyds 2% is listed. so it is up to date.  

No, I did not realise it was maintained by forum members, it infers at the top of the page it is maintained monthly by Martin Lewis or his team.  My knowing whoever maintains it would not have changed my question, as there is no "date last updated" given and I would still have been confused as to why the Regular Saver from Lloyds was not showing on the first page. 

I will put this on the suggestions board.

xxxxxxxx

unwina said:
I think you may find that you can only have 1 each, 

I appreciate your helpful reply, thank you.  I'm not aware of any method to re-order the accounts.

veryintrigued

xxxxxxxx said:

veryintrigued said:  

Or maybe it was up to date when SS did their fantastic research and their weekly update last weekend and things have moved on?

You realise that they spend untold and unpaid hours updating this out of pure kindness?

Thanks as always SS

It was an innocent comment.  I was talking about this page*:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/  
*I'm not sure if you are talking of the same page or a list on this board/thread somewhere.
It doesn't show the Lloyds regular saver, hence why I thought due to covid it had not been maintained.

On going back to the page, I just saw that there is a small text link to Regular Savers,
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
Seems strange to list those specifically on a separate page from all other savings accounts that is easily missed. On that other page, I see Lloyds 2% is listed. so it is up to date.  

No, I did not realise it was maintained by forum members, it infers at the top of the page it is maintained by Martin Lewis (or his team).  My knowing whoever maintains it would not have changed my question, as there is no "date last updated" given. I will put this on the suggestions board.

Can I direct you to the first few posts on this thread. It's these that I, and probably most others, assumed you were referencing.

This thread is far more accurate than the MSE maintained one your referring to.

Apologies if it's misunderstanding has caused any further misunderstanding

colsten

xxxxxxxx said:

veryintrigued said:  

Or maybe it was up to date when SS did their fantastic research and their weekly update last weekend and things have moved on?

You realise that they spend untold and unpaid hours updating this out of pure kindness?

Thanks as always SS

No, I did not realise it was maintained by forum members, it infers at the top of the page it is maintained by Martin Lewis (or his team).  My knowing whoever maintains it would not have changed my question, as there is no "date last updated" given. I will put this on the suggestions board.

What you refer to is indeed maintained by the official MSE team (very, very, very unlikely by ML himself).

What others referred to are the first few posts in this thread. These are way more comprehensive and get updated on a very regular, usually weekly, basis by a dedicated volunteer who doesn't work for MSE or hasn't been appointed by MSE.

Neither of these two information sources will always be up-to-date, corona times or other times. Neither of them claim to be, either. Same also applies to what is probably the most comprehensive collection of interest rates that you can find anywhere.

xxxxxxxx

Wondering who is best of current account/regular saver combo.  
Lloyds I know, gives 1.2% on £5000 in the current account.  This can be increased to 1.2% on £15,000 for having 2 accounts and a joint account. And this can be facilitated by standing order transfers between the accounts with your monthly wages to keep them all qualifying. They also require 2 DD per account to waive the £3 monthly fee.
  
Lloyds apparently allows 1 Reg Saver per person, so that is 2 for a couple, maximum interest is 2% on £400 per month.
£400 a month is £4,800 a year.   Assuming £400 paid in every month on time there will be an expected amount of interest.  I confess to be lacking the knowledge of how to calculate the expected total interest by the account's anniversary.  

Assuming no changes -
Expected annual current account interest on 3 accounts @ £15,000 = £180  

Can anyone calculate the expected interest on a maxxed Lloyds Regular saver please? 

Can anyone offer insight (as above) into the other 3 banks offers on current accounts and linked Reg Savers from HSBC, First Direct & M&S Bank ?   *They obviously have  higher rate of 2.75% and lower max limits on the Reg Saver and don't allow the flexibility of Lloyds.

My sincere thanks to anyone who can do this...