Small amounts in Regular/Monthy savers

[Deleted User]

Kim_13 said:

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.

I opened the RBS one a week or so ago. I assume  the Natwest one would be identical?
I was just looking at the PBS healthy habits and Saffron earlier.
Thank you for the reply.

Bridlington1

[Deleted User] 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.

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

Multiple regular savers can comfortably allow you to deposit £3k/month (I've paid more than £9k into regular savers in a single month on a few occasions). You can just start emptying regular savers to feed funds into other regular savers (where the terms allow). If you've not come across it already moneyfacts is very useful for finding regular savers (remember to vary the deposit amount from time to time though).

[Deleted User] said:

Kim_13 said:

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.

I opened the RBS one a week or so ago. I assume  the Natwest one would be identical?
I was just looking at the PBS healthy habits and Saffron earlier.
Thank you for the reply.

NatWest is essentially a carbon copy of RBS in my experience.

One thing to note as well is that some building societies offer loyalty regular savers so it could be worth opening some building society accounts with £1 to gain access to these accounts.

[Deleted User]

Good to know.
Thank you.

ThePirates

Bridlington1 said:

[Deleted User] 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.

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

Multiple regular savers can comfortably allow you to deposit £3k/month (I've paid more than £9k into regular savers in a single month on a few occasions). You can just start emptying regular savers to feed funds into other regular savers (where the terms allow). If you've not come across it already moneyfacts is very useful for finding regular savers (remember to vary the deposit amount from time to time though).

[Deleted User] said:

Kim_13 said:

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.

I opened the RBS one a week or so ago. I assume  the Natwest one would be identical?
I was just looking at the PBS healthy habits and Saffron earlier.
Thank you for the reply.

NatWest is essentially a carbon copy of RBS in my experience.

One thing to note as well is that some building societies offer loyalty regular savers so it could be worth opening some building society accounts with £1 to gain access to these accounts.

"remember to vary the deposit amount from time to time though" why?

Bridlington1

ThePirates said:

Bridlington1 said:

[Deleted User] 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.

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

Multiple regular savers can comfortably allow you to deposit £3k/month (I've paid more than £9k into regular savers in a single month on a few occasions). You can just start emptying regular savers to feed funds into other regular savers (where the terms allow). If you've not come across it already moneyfacts is very useful for finding regular savers (remember to vary the deposit amount from time to time though).

[Deleted User] said:

Kim_13 said:

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.

I opened the RBS one a week or so ago. I assume  the Natwest one would be identical?
I was just looking at the PBS healthy habits and Saffron earlier.
Thank you for the reply.

NatWest is essentially a carbon copy of RBS in my experience.

One thing to note as well is that some building societies offer loyalty regular savers so it could be worth opening some building society accounts with £1 to gain access to these accounts.

"remember to vary the deposit amount from time to time though" why?

Moneyfacts only shows accounts if you can deposit the exact amount you're searching for in the first month so not all accounts will appear at the same time.

E.g. if the deposit amount is set to £100, the Leeds BS RS at 5.25% will be visible but the Saffron Small Saver at 5.75% & Principality 2YHH RS at 6% will not show as you can't deposit more than £50 into each of them in a single month. But if you set the deposit amount to £50, the Saffron Small Saver at 5.75% & Principality 2YHH RS at 6% will appear but the Leeds RS won't as it requires £100 min to open it.

Essentially I recommend varying the deposit amount when searching on moneyfacts so that you're less likely to miss any accounts. Whilst you're at it go to ``full search" and select yes to ``Show existing customer accounts" from time to time as this will allow you to see the postcode restricted/loyalty accounts.

CrickJon

[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?

I think it is worth it.

I'm 50 and most of my spare cash is paid into my pension these days to keep me out of the 40% tax bracket but we do still manage to save around £450 a month, so nothing significant.

Myself and the wife have maxed out one of Santander Edge's 7% saver account (£4k) and are currently paying in £200 a month to max out the other. The interest each month gets moved to our Barclays Rainy Day saver 5.12%.
We pay the maximum £150 into NatWest's Digital Saver 6.17% account every month.
£100 a month goes into a Stocks & Shares ISA.
I even shove a tiny £10 a month into a Wealthify general investment account at the maximum risk level, 'adventurous' just to amuse myself and see how it does. Currently >10% return!

We both have ISA's and also a Coventry Triple Access Online (2) saver at 5.15% with £11k in to shortly pay off our mortgage. I keep an eye on all the interest we're earning and move it into our ISAs whenever we get near thresholds.

Sarahspangles

[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?

A ‘low effort’ approach is to look for a bank or building society with web/app access whose accounts offer decent rates of interest in the best buy tables, plus loyalty accounts - even if you don’t qualify initially.

Examples would be Yorkshire and Skipton BSs. Formerly Nationwide. Once you have a regular saver with these providers, then each time you need to make a decision - say you get a tax rebate or a saver matures - see what they offer. You may get a loyalty offer that you wouldn’t otherwise.

Maybe I’ll get slated for suggesting an option where you're not getting a top-table interest rate. But for smallish amounts, when I work through the best buys, I’m skipping any provider where I have to go into a branch, or post something, or ring anyone!

Kim_13

Launched today and may be of interest as it allows 3 withdrawals per year: 

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-year-triple-access-regular-saver

6% variable and £50 per month maximum. 

It's possible to hold this account in addition to the fixed 6% offering if you managed to get one of those opened before it went NLA today.

[Deleted User]

CrickJon said:

[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?

I think it is worth it.

I'm 50 and most of my spare cash is paid into my pension these days to keep me out of the 40% tax bracket but we do still manage to save around £450 a month, so nothing significant.

Myself and the wife have maxed out one of Santander Edge's 7% saver account (£4k) and are currently paying in £200 a month to max out the other. The interest each month gets moved to our Barclays Rainy Day saver 5.12%.
We pay the maximum £150 into NatWest's Digital Saver 6.17% account every month.
£100 a month goes into a Stocks & Shares ISA.
I even shove a tiny £10 a month into a Wealthify general investment account at the maximum risk level, 'adventurous' just to amuse myself and see how it does. Currently >10% return!

We both have ISA's and also a Coventry Triple Access Online (2) saver at 5.15% with £11k in to shortly pay off our mortgage. I keep an eye on all the interest we're earning and move it into our ISAs whenever we get near thresholds.

I'm  in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

Sarahspangles

[Deleted User] said:

I'm  in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

There are lots of people saving those type of amounts.

It’s inevitable on this forum that you’ll get people who’ve elevated maximisation of interest to a high art! But we all started somewhere….