Regular Savings Accounts: The Best Currently Available List!

JamesRobinson48

Bridlington1 said:

Mansfield's new rates shall be revealed by 22/8/23, let's hope they do something spectacular with their regular saver:

What an odd remark from Mansfield:  "As interest rates continue to rise across the UK".  Almost like a weather report. True, lately they've been rising almost everywhere except seemingly the Mansfield area.

Wheres_My_Cashback

Bridlington1 said:

Tipton & Cosley BS regular saver to 31/7/24 (NLA) will rise from 5.5% to 5.75% on Saturday. Source: Facebook chat:

Confirmed on online account/app page.

StayinAlive

I have a Skipton RS, opened (and first-funded) on 11th August. I have just noticed under "When can I pay into the account again?" the answer "Your £250 allowance refreshes on the 1st of each month.".

I assume they mean calendar month and therefore I don't have to wait till 11th September to make payment no. 2 but make it on 1st September.

As an aside, and out of curiosity, if you pay in more than your "allowance" in one month, what happens. Do they return it or just not give you interest on it until the next "month"?

refluxer

StayinAlive said:

I have a Skipton RS, opened (and first-funded) on 11th August. I have just noticed under "When can I pay into the account again?" the answer "Your £250 allowance refreshes on the 1st of each month.".

I assume they mean calendar month and therefore I don't have to wait till 11th September to make payment no. 2 but make it on 1st September.

Yes, that's right... and the first of each month going forwards if you want to maximise the amount of interest earned. This can sometimes be used to squeeze in a 13th payment on a 12 month regular saver, although many banks have wised up to this and now cap the account at 12 x the maximum monthly contribution.

StayinAlive said:

As an aside, and out of curiosity, if you pay in more than your "allowance" in one month, what happens. Do they return it or just not give you interest on it until the next "month"?

They will most-likely return it. It often tells you what happens in the event of an over-payment in the account Summary Box / T&Cs.

chris_the_bee

StayinAlive said:

I have a Skipton RS, opened (and first-funded) on 11th August. I have just noticed under "When can I pay into the account again?" the answer "Your £250 allowance refreshes on the 1st of each month.".

I assume they mean calendar month and therefore I don't have to wait till 11th September to make payment no. 2 but make it on 1st September.

As an aside, and out of curiosity, if you pay in more than your "allowance" in one month, what happens. Do they return it or just not give you interest on it until the next "month"?

Calendar month or not, the 1st of each month is the same. You have used your August allowance. Your September allowance begins on 1st September until 30th September. 

Most Building Societies will return the whole of the offending payment. From their T's&C's:-
3.0 Savings account limits
      3.1 Electronic payments which don’t comply with the minimum and maximum limits will be returned to their source automatically.

Kazza242

Stafford Railway Building Society have increased their Regular Saver (issue 1) monthly deposit limit.

They now allow holders of this account to pay in up to £1,000 per month (this has recently increased from £500 per month). 

Hopefully, Stafford Railway BS will increase the interest rate on their regular saver, which is currently paying 4.90% (as they have yet to respond to the latest BOE base rate increase).  

See the account details page, here.

Zopa_Trooper

Question: If you have a regular saver alongside a current account and then switch out of that account, what happens to the saver and the interest already earned?

Barkin

Zopa_Trooper said:

Question: If you have a regular saver alongside a current account and then switch out of that account, what happens to the saver and the interest already earned?

That'll depend on the particular account. Do you have a specific one in mind? 

Zopa_Trooper

HSBC. Its only 5% and its been running for 4 months.

Barkin

Well, according to the web page a current account is required, and if the regular saver is closed early the interest is paid at a lower rate...