Regular Savers - are they worth it?

surreysaver

I'll only open new ones paying 6% or more. For those paying less, I just pay the minimum to adhere to the T&Cs.
But then I haven't fully subscribed to this year's cash ISA. Once I've done that I'll open up lesser paying Regular Savers

mooneysaver

With Kroo easy access now at 5.8% I'm no longer bothering with the faff of regular savers

friolento

mooneysaver said:

With Kroo easy access now at 5.8% I'm no longer bothering with the faff of regular savers

Do you mean 4.35%?

simonsmithsays

lcooper said:

simonsmithsays said:

gt94sss2 said:

simonsmithsays said:

Bridlington1 said:.

 even after I've closed Santander 

I can't see the option to perform this closure on the app.

Can you please advise?

You use the Santander in-app chat bot to close the account.

Santander Regular Saver Closure 

I've done this and they've responded that closure is only possible by attending a branch, writing to them or calling them

That's odd, I could close mine. If you cannot close yours, you can still withdraw your balance, without penalty. In this case, your interest will be paid at maturity.

Thanks for this

I recontacted them this afternoon and a different advisor started the closure process

A really worry when staff are inconsistent in their advice

Thanks for you and @gt94sss2

apt

I have an old easy access Newcastle Building society tracker account paying base rate, so very few regular saver accounts are worth it currently. Will probably end up with just the Skipton loyalty, Club Lloyd and NatWest Direct saver regular savers. Have been times when I've had a dozen or more regular savers.

SJMALBA

Fewer customers opting for regular savings deals despite interest up to 8%

https://www.thisismoney.co.uk/money/saving/article-12570103/Fewer-customers-opting-regular-savings-deals-despite-8.html

'... But the maximum a saver could earn from the Nationwide deal is £104 - meaning an underlying rate closer to 4.25 per cent, rather than 8 per cent.

The reason is the unique way interest is worked out on regular savers, where savers only get the headline rate for one month of the year, and get a fraction of it for the remaining 11.'

No wonder some people don't understand how regular savers work! 🤦🏻

eskbanker

I know some defend the relative quality of their financial pages, but ultimately that is a Daily Mail site, so the accuracy of its content should be regarded with huge caution!

trickydicky14

I read that as well, what a load of poo. It misses out so much detail and information, reading it on face value if I was new to RS I would not set one up.

SeanLucas

I haven't seen it mentioned elsewhere wut if the account allows it (Nationwide and Beehive do), if you open and fund the account at the end of the month and then start the regular saving on the 1st of the next month you can maximise the interest received.  Effectively double the monthly allowance in the first month and 13x the monthly allowance in the final month.

Albermarle

SeanLucas said:

I haven't seen it mentioned elsewhere wut if the account allows it (Nationwide and Beehive do), if you open and fund the account at the end of the month and then start the regular saving on the 1st of the next month you can maximise the interest received.  Effectively double the monthly allowance in the first month and 13x the monthly allowance in the final month.

8% Nationwide Regular Saver - 13 payments? — MoneySavingExpert Forum