Regular Savings Accounts: The Best Currently Available List!

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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... 

Gers

xxxxxxxx said:

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... 

YOU can do it - everything is on the site.

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/#calculator

adindas

xxxxxxxx said:

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 lower max limits on the Reg Saver and don't allow the flexibility of Lloyds.

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

Unless you are using your Club Loyds for saving account  only, e.g. the balance stays @£5000, 1.2% interest rate is not a good assumption yes you will only get that rate if the money is £5000 each day. Most of your money up to £4000 will earn interest of1.0% so it is more reasonable to use this rate for the assumption.

But if you are using it a feeder account 1.2% will not be possible, as the balance is constantly changing each day, unless you want to invest time to replenish your LLoyds current account each day for such a very tiny gain.

colsten

Club Lloyds does not require 2 DDs to waive the monthly fee. Your fee is only waived if you pay in at least £1,500 a month.They do, however, require the DDs for eligibility for interest. 

You can use the MSE Regular Saver calculator to work out your expected amount of interest.

Your feeder account for your Regular Save can be at any bank, though the actual payment may have to go via the respective bank's current account. 

All this information, and more, is available on the banks' websites or on MSE/the MSE Forum. I think you have lots more reading to do.

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adindas said: Unless you are using your Club Loyds for saving account  only, e.g. the balance stays @£5000, 1.2% interest rate is not a good assumption yes you will only get that rate if the money is £5000 each day. 

My Club Lloyds are always at £5000+   

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Gers said:
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/#calculator

A useful tool thanks.  
Each maxxed Lloyds Reg saver is expected to be £51.84 per year 
Now for the others ... 
@ £300/m  = £53.40 interest and you have £1147 leftover to play with
@ £250/m = £44.50 interest and you have ~ £1750 leftover to play with
 
Anyone who knows off the top of their head for the other current accounts could help me out here.  

adindas

Speculator said:

colsten said:

db3745 said:

 Probably time to ditch most or all savings in ISAs with a widening gap in rates on offer compared with non - ISA accounts. 

You shouldn't be driven solely by the interest gap between ISAs and non-ISA accounts. If your interest income remains below your personal savings allowance, not just now, but also in the years to come, then by all means, ditch the ISA. Also, if the personal savings allowance vanishes, you might regret taking your money out of its ISA wrapper

My wife is a non-taxpayer so she will be closing her ISAs and depositing it into her RCI 1.90% 5 yr Bond. Best Clydesdale could offer her was 1.15% ISA fixed for 3 years for her maturing ISA. Big drop from the 2.7% she was getting.
Back to regular savings, good to see my Coventry Regular savings account (formerly Stroud & Swindon) is still paying 2.05%.

Even if you are a taxpayer, as long as you have not exceeded the taxable interest threshold, you might still get a similar or even better return by combining the flexible ISA and savings AC with more flexible term. There are still few regular savers, paying interest higher than 1.95% with more flexible term especially if you have not exhausted all of them. Using both fllexible ISA with flexible savings you take the best of both worlds.

Another thing here is that to tie up the money for five years term is such a long time. With this term it is probably better to put it into investments. Index funds is very low risk ans almost gurateed to beat 1.95% interest rate. Also 1.95% currently beats the inflation rate, but it might not be in the next five years. It might also be much better if you are using a flex ISA as a temporary container and allocate them regularly to S&S ISA. With the recent market crash in March 28, 2020 many stocks /funds are much lower than they were a year ago.

lhsecons

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 ? 

Can I begin by saying that this thread maintained by SS is the most comprehensive on the forum. The work that goes into the first page, which is normally updated on a Saturday is phenomenal. So a personal thanks from me for that.
In response to the OP’s question, do you realise that you can have Lloyds regular monthly savers in addition to the Club Lloyds ones. These have a lower maximum pay in of £250 and a lower rate of 1.5%, but are a way of using some of the extra funds.

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lhsecons said: 

In response to the OP’s question, do you realise that you can have Lloyds regular monthly savers in addition to the Club Lloyds ones. These have a lower maximum pay in of £250 and a lower rate of 1.5%, but are a way of using some of the extra funds.

Thanks, I didn't  think of that.  Can you have more than 1 of the regular regular ones?
Can I have 3 normal Lloyds regular savers and 1 Lloyds Club regular saver?  

I realise it may be better to just put everything into a single account such as NS&I 1.16% 

surreysaver

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 ? 

The list is updated every weekend. Any changes will be in subsequent posts as spotted by forum members, and SS will include those changes in the following weekend's update, as well as their own research. Because of the current situation, things are changing rapidly, and people are finding that accounts are being withdrawn, or interest rates altered, with no notice