Small amounts in Regular/Monthy savers

slacko2

Cheers, must of thought of everything else

wmb194

[Deleted User] said:

Hello,
Is it worth the effort to open a Regular saver  account if you are not going for the max limit it allows?
I'm not awash with savings but like the concept  of these accounts but are they worth applying  for?

If we're only talking small amounts, less than £4k in total, then you could have a look at Santander's instant access, 7% for one year Edge Saver. You'll need an Edge current account but as long as you don't add two DDs you won't be charged a fee for it.

https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

eskbanker

friolento said:

eskbanker said:

friolento said:
This list....

Where's that sourced from?  I quite like the format....

I cannibalised the list @Bridlington1 posted here a few weeks ago and put it into a spreadsheet that sits on a Google Drive. I haven't maintained it though

Feel free to pull a copy: https://docs.google.com/spreadsheets/d/18WWQg2nuAFdyDRIBykjr6vNJPH7zFHTDRGpaIAkrU5A/edit?usp=sharing

Thanks - I wasn't actually looking for an account right now as such, so I don't have any need for it, but just wondered if there was a comparison site that displayed (an up to date listing of) accounts in that sort of layout, for future reference!

Bigwheels1111

I don't think it matters how much you have to save as such, you have what you have.

Now make the most of it.

I fund 12 Regular Savers with 3k a month.

The money sits in my Santander easy access at 5.20% I think it is, this is going down to 4. ? %.

As I run out of cash on the 1st of May its not an issue.

3 Reg savers payout in May, so will store the 10.5k cash in CHIP, 5.1% ISA, easy access.

I do not get charged an overdraft fee if I refund the account before 23.45pm.

So will pay the Reg savers and then move cash over same day.

This maximises the interest I get.

As a low earner I can get up to £14,500 of interest tax free per year.

friolento

Bigwheels1111 said:

I don't think it matters how much you have to save as such, you have what you have.

Now make the most of it.

I fund 12 Regular Savers with 3k a month.

The money sits in my Santander easy access at 5.20% I think it is, this is going down to 4. ? %.

As I run out of cash on the 1st of May its not an issue.

3 Reg savers payout in May, so will store the 10.5k cash in CHIP, 5.1% ISA, easy access.

I do not get charged an overdraft fee if I refund the account before 23.45pm.

So will pay the Reg savers and then move cash over same day.

This maximises the interest I get.

As a low earner I can get up to £14,500 of interest tax free per year.

Which current account are you using to fund your Regular Savers from? Seems a really useful one if it counts deposits until 23:45 for the same day.

Bigwheels1111

friolento said:

Bigwheels1111 said:

I don't think it matters how much you have to save as such, you have what you have.

Now make the most of it.

I fund 12 Regular Savers with 3k a month.

The money sits in my Santander easy access at 5.20% I think it is, this is going down to 4. ? %.

As I run out of cash on the 1st of May its not an issue.

3 Reg savers payout in May, so will store the 10.5k cash in CHIP, 5.1% ISA, easy access.

I do not get charged an overdraft fee if I refund the account before 23.45pm.

So will pay the Reg savers and then move cash over same day.

This maximises the interest I get.

As a low earner I can get up to £14,500 of interest tax free per year.

Which current account are you using to fund your Regular Savers from? Seems a really useful one if it counts deposits until 23:45 for the same day.

First Direct

Kim_13

Saffron’s Small Saver has a maximum of £50 per month, if being able to reach the maximum is important to you. There’s also the NatWest/RBS Digital Regular Saver at £150 per month. Rates are variable but withdrawals are allowed and the Digital Regular Savers can also be added to via roundups or double roundups with the debit card. 

Principality’s Healthy Habits Saver Bond is still available at 6% fixed for 2 years on up to £50 per month, but funds can only be accessed by early closure.

Perhaps the Principality and one other would suit, so that withdrawals can then be taken from the product allowing them.

[Deleted User]

ColdIron said:

That depends on the terms of the specific RS. Most do, some will have penalties, some will require the account to be closed

OK, l wasn't aware they varied  so much.

[Deleted User]

ColdIron said:

That depends on the terms of the specific RS. Most do, some will have penalties, some will require the account to be closed

I wasn't aware they  varied so much. All the ones l found looked pretty samey 

[Deleted User]

Bigwheels1111 said:

I don't think it matters how much you have to save as such, you have what you have.

Now make the most of it.

I fund 12 Regular Savers with 3k a month.

The money sits in my Santander easy access at 5.20% I think it is, this is going down to 4. ? %.

As I run out of cash on the 1st of May its not an issue.

3 Reg savers payout in May, so will store the 10.5k cash in CHIP, 5.1% ISA, easy access.

I do not get charged an overdraft fee if I refund the account before 23.45pm.

So will pay the Reg savers and then move cash over same day.

This maximises the interest I get.

As a low earner I can get up to £14,500 of interest tax free per year.

I'm thinking a lot smaller. 3k a month lucky you.:)