The Top Regular Savers Discussion Thread

UndergroundSaxClub

Slinky said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

Can you look at Chase? I've got a boosted easy access pot earning 4.55%

Apologies I missed this the 1st time around. This looks good for my existing lump sum(s). Do Chase ever offer switch incentives or should I just apply anytime?

friolento

UndergroundSaxClub said:

Bridlington1 said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

I typically pay into whichever accounts give me the highest rate of interest for my money, if I pay the maximum into the top regular saver and still have money leftover I fill up the second best regular saver, then the third best one etc. You'll likely find many on this forum have a few dozen or more regular savers on the go at any one time (my peak was over 60 regular savers).

Thanks again. I think I'll follow your method. New to regular savers, but not regular saving. Seems a bit odd to wait almost 3 years to hit the currently advertised interest rate, or am I misunderstanding? 150x33months for 5.5% seems rough.

You always do get the advertised interest rate for a given account, from day 1. Obviously variable rates can get adjusted over time, and you do not get interest on money which is not in the account.  Therefore your return will not be your final balance multiplied by the interest rate. Interest is calculated on a daily basis, based on the balance in the account at the time, and using the advertised AER.

You can use the MSE Regular Saver calculator to model the return on your savings, using the drip feed method.

Bridlington1

UndergroundSaxClub said:

Bridlington1 said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

I typically pay into whichever accounts give me the highest rate of interest for my money, if I pay the maximum into the top regular saver and still have money leftover I fill up the second best regular saver, then the third best one etc. You'll likely find many on this forum have a few dozen or more regular savers on the go at any one time (my peak was over 60 regular savers).

Thanks again. I think I'll follow your method. New to regular savers, but not regular saving. Seems a bit odd to wait almost 3 years to hit the currently advertised interest rate, or am I misunderstanding? 150x33months for 5.5% seems rough.

I think a lot of people have a tendency to overcomplicate regular savers a bit. A regular saver does pay its advertised rate, e.g. a regular saver that pays 7% still pays 7%, so you would earn more interest paying £300/mth into a regular saver paying 7% than you would if you paid £300/mth into an easy access account paying 5%.

It's essentially like any other savings account but with a restriction on how much you can pay in each month.

What a lot of people do is put a lump sum in the top easy access account they can find, then drip-feed this money from the easy access account into whichever regular savers pay a higher rate of interest than the easy access account, this is essentially slowly moving money from one account into another at a higher rate of interest.

For an up to date list of the top easy access accounts that you could put your lump sum in to start with, see the thread maintained by @soulsaver below:
https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat/p1

Slinky

UndergroundSaxClub said:

Slinky said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

Can you look at Chase? I've got a boosted easy access pot earning 4.55%

Apologies I missed this the 1st time around. This looks good for my existing lump sum(s). Do Chase ever offer switch incentives or should I just apply anytime?

Sorry, can't help on any switch incentives. I've never seen any (haven't been looking); I opened the Chase account when the good interest rates and cashback was the main draw.

MarkFromCornwall

UndergroundSaxClub said:

Do Chase ever offer switch incentives or should I just apply anytime?

Sometimes, yes.  They sent me this offer recently, valid until 10th August.  I'm not sure if it's open to anyone or just people they are targeting...

"Switching to Chase is easy with the Current Account Switch Service. What's even better is that, for a limited time, it's more rewarding because we'll give you a £50 Amazon.co.uk Gift Card1 for making the switch."

allegro120

J63320 said:

Kim_13 said:

Anyone get an email from Coventry reminding them to pay in by the end of July to qualify for the last Sunny Day Saver draw in August? I don’t know why they send it to me as I paid in on the 1st and now wonder whether paying in too early in the month has meant being erroneously left out. At least when you didn’t win with Nationwide you got an email confirming that you had been entered.

I think some banks and building societies aren’t very clever with their emails. I opened a Club Lloyds Monthly Saver last week and transferred the maximum monthly payment of £400 into it on the same day. The following day I got an email from Lloyds saying that in order to make the most of my new account I should pay some money into it as soon as possible!

Yes, I always get these from Lloyds group and some other providers after I have already funded the account.  The same for this Coventry e-mail - it's just a generic e-mail to to all holders of the Sunny Day account.

PRAISETHESUN

MarkFromCornwall said:

UndergroundSaxClub said:

Do Chase ever offer switch incentives or should I just apply anytime?

Sometimes, yes.  They sent me this offer recently, valid until 10th August.  I'm not sure if it's open to anyone or just people they are targeting...

"Switching to Chase is easy with the Current Account Switch Service. What's even better is that, for a limited time, it's more rewarding because we'll give you a £50 Amazon.co.uk Gift Card1 for making the switch."

Seems to be an offer for select existing customers, who should have had an email/app notification in the past few days:

https://becleverwithyourcash.com/chase-bank-switch-offer/

allegro120

clairec666 said:

francoghezzi said:

Kim_13 said:

Anyone get an email from Coventry reminding them to pay in by the end of July to qualify for the last Sunny Day Saver draw in August? I don’t know why they send it to me as I paid in on the 1st and now wonder whether paying in too early in the month has meant being erroneously left out. At least when you didn’t win with Nationwide you got an email confirming that you had been entered.

I do think that the e mail is just a generic reminder, nothing to do with your personal balance on that account and has been obviously sent to everybody. I deposited money well after the first week in July and received it today as well

I haven't had a reminder. Then again, I can't find any email correspondence from Coventry, even when I opened accounts, so maybe I didn't supply them with an email address.

You probably did, they won't let you open an online account without e-mail.  Could it be that you need to select e-mail in preferences how you want Coventry to contact you? 

Speculator

Kim_13 said:

Anyone get an email from Coventry reminding them to pay in by the end of July to qualify for the last Sunny Day Saver draw in August? I don’t know why they send it to me as I paid in on the 1st and now wonder whether paying in too early in the month has meant being erroneously left out. At least when you didn’t win with Nationwide you got an email confirming that you had been entered.

Yes I got the email and already paid in on the 1st. My wife didn't get the email and she also paid in on the 1st.

jameseonline

IanManc said:

MarkFromCornwall said:

IanManc said:

You keep saying that but it isn't true - Chetwood Bank doesn't have an app and Wrexham is in Wales. 

Although, to be fair, this is a discussion of regular savers and I don't think Chetwood offer one.

jameseonline said:

MarkFromCornwall said:

IanManc said:

You keep saying that but it isn't true - Chetwood Bank doesn't have an app and Wrexham is in Wales. 

Although, to be fair, this is a discussion of regular savers and I don't think Chetwood offer one.

And also to be fair I was thinking of main banks, building societies etc & I didn't know Chetwood existed

@MarkfromCornwall It was also posted in the "savings app thread" too. It was wrong when it was posted there as well, as I said.

@jamesonline You're only "thinking of main banks" yet Swansea who you mention have total assets under management of about £620 million while Chetwood have a total AUM figure of around £4billion.

Chetwood is the second biggest bank or building society based in Wales. 

I can only go by my own knowledge & contributions from others, I added Chetwood to my savings apps thread now, my original list was based on building societies then other banks etc were added to it based on contributions from forum members