The Top Regular Savers Discussion Thread

Middle_of_the_Road

shirley999 said:

allegro120 said:

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

I’m about to hit the £5k imminently.  You say unlimited instant access.  Are you suggesting you can eg, spend £4k and replace it two months later?

No, but some have done so within in the same month. No guarantees though.

Andystriker

flaneurs_lobster said:

flaneurs_lobster said:

Dudley Loyalty Regular Saver

flaneurs_lobster said:

RosieRooBear said:

Dudley Loyalty Regular Saver
Have just spoken to Customer Services at Dudley BS as I opened my account last night but funds didn’t get credited until this morning. She has confirmed that as long as the account was opened on or before 17th July whether funded or not then you are eligible for the Loyalty RS.

checkly said:

Just rang CS and was told that it had to be funded by 17th July so no point them sending me an application form!  Oh well!

Mine's opened 17th, showing funded next day. One of those CS agents is correct, I've filled the form out so might as well spend the postage to find out which.

My Dudley Loyalty Regular Saver now showing in my online account. That was impressively quick, only posted the application yesterday.

Has anyone else who applied for Dudley BS accounts in the last week received any correspondence from them? I now have 2 accounts (albeit the RS doesn't seem to be accepting deposits yet) and have yet to receive any communication from them, not even an acknowledgement of account opening. 

Not exactly typical.

Dudley

I posted my application on Friday 18th July and the account was opened on 21st July. I enclosed a cheque payable to my own full name.

I got the passbook through the post yesterday, with the usual letter thanking me.

I'm impressed with the speed of the turnaround.

Andystriker

chris_the_bee said:

mon3ysav3r said:

I phoned Suffolk BS for the first time today, it was answered quickly and they were really helpful (my account got locked as I wasn't receiving 2FA text messages to complete the login) - While I was on the phone they confirmed you can open multiple online 1 Yr Fixed Rate Regular Savers as long as they are different "issues", those with different end dates, so I did!

You can also open multiple postal 1 Yr Fixed Rate Regular Savers as long as they are different "issues" as well.

Suffolk.

I opened the online version yesterday 22nd July and funded it with the £250. 

I also rang them yesterday to ask if I can open the postal version as well, and they said I could.  They said they would send me an application form, which came today.  I have filled this in and today I sent them a cheque for  £500 payable to my full name.  They sent me a pre paid envelope.

I am impressed with their speed as well.

flaneurs_lobster

Middle_of_the_Road said:

shirley999 said:

allegro120 said:

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

I’m about to hit the £5k imminently.  You say unlimited instant access.  Are you suggesting you can eg, spend £4k and replace it two months later?

No, but some have done so within in the same month. No guarantees though.

Hope so, I've borrowed £2k from mine this month (and paid it back).

TheBanker

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

Natwest
For those who haven't noticed, my Natwest app now gives me the option to switch on 5x Round Ups. So I assume a £1.01 purchase would sent £4.95 to my savings account. If you use the debit card for day to day spend you'd need to be careful as your current account could rapidly become empty, but this would be a good way of building your savings balance. Not sure if this is for everyone but the option is there in my app. 

mebu60

friolento said:

mebu60 said:

flaneurs_lobster said:

Kim_13 said:

The FP may have been sent on the day the account appeared on the online portal, so COP would be unlikely to work as it seems to involve overnight processing. 

Exactly this, CoP unable to CP so £10 sent rather than full funds.

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'. I just wait overnight now which isn't always as convenient as doing straightaway. Similarly I now have a raft of payees called 'mebu60' which isn't helpful but forcing through a payee as the institution name thereby failing CoP was either blocked or resulted in a phone call. At least the latter gave me an opportunity to moan about their high level payee list not including reference field or even better allowing the use of a nickname. The price of progress!  

The Santander app lets you ignore the 'account not found' warning. It also allows you to change the payee name to something meaningful to you. I do it all the time, and they never called me about it. I now have well over 500 payees, with nearly all of them using an account name that enables me to identify the receiving bank and account. The nomenclature I use is FL - Bank - last 4 digits of account number / reference number. For Dudley, it reads "FL Dudley RS 1234".

The website used to too. Hopefully they'll leave you in peace on the app. 

s71hj

TheBanker said:

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

Natwest
For those who haven't noticed, my Natwest app now gives me the option to switch on 5x Round Ups. So I assume a £1.01 purchase would sent £4.95 to my savings account. If you use the debit card for day to day spend you'd need to be careful as your current account could rapidly become empty, but this would be a good way of building your savings balance. Not sure if this is for everyone but the option is there in my app. 

Yep. I'm doing it by £1.01 debit card payments into my Paypal, Cambridge BS and multiple other accounts in my own name and the RS balance is going up by hundreds a week. It's a mindless task so can be done whilst watching tv. 

s71hj

flaneurs_lobster said:

Middle_of_the_Road said:

shirley999 said:

allegro120 said:

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

I’m about to hit the £5k imminently.  You say unlimited instant access.  Are you suggesting you can eg, spend £4k and replace it two months later?

No, but some have done so within in the same month. No guarantees though.

Hope so, I've borrowed £2k from mine this month (and paid it back).

I did it with no problem but my wife's bounced back so good luck! 

gambleruk

I did it with no problem but my wife's bounced back so good luck! 

I have been doing this for the past few months with various amounts with no problem at all, I did read that the RBS saver had problems depositing back in but like I said Natwest has been fine.

clairec666

flaneurs_lobster said:

Middle_of_the_Road said:

shirley999 said:

allegro120 said:

s71hj said:

TheBanker said:

ForumUser7 said:

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 can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

I’m about to hit the £5k imminently.  You say unlimited instant access.  Are you suggesting you can eg, spend £4k and replace it two months later?

No, but some have done so within in the same month. No guarantees though.

Hope so, I've borrowed £2k from mine this month (and paid it back).

I've borrowed £1500 and have paid most of it back, £150 at a time. So far, NatWest haven't rejected any of it for breaching the "£150 a month" limit. So it works a bit like a flexible ISA, only on a monthly cycle rather than yearly (and no tax benefits obviously!)