The Top Regular Savers Discussion Thread

flaneurs_lobster

clairec666 said:

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!)

I wodged the £2k back to my RBS saver in a oner after 10 days or so, it's still there so can I assume it's OK or might some month-end process say "BAD"?

moi

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

trickydicky14

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

What do you do if you are a new member as it states you need to send copies of ID with your form.

Kim_13

trickydicky14 said:

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

What do you do if you are a new member as it states you need to send copies of ID with your form.

I sent photocopies for an ISA with them (not certified) which were accepted.

moi

trickydicky14 said:

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

What do you do if you are a new member as it states you need to send copies of ID with your form.

With my first application (that was a while ago), I emailed photos of my driving licence & a pdf of a bank statement/bill (since most of them come electronically now anyway.)

soulsaver

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

They don't require the declaration signed/wet signed? Whilst all the other areas allow it, it didn't allow input in the declaration area on the download for me?

I printed it, signed it, scanned the 4 pages and my driving licence, and sent it all in one pdf.

allegro120

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, I merely suggested that you can access your funds if you need to. 

moi

soulsaver said:

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

They don't require it wet signed? 

I just signed & wrote the date with the trackpad. I don't mean I typed e.g. "D. Smith" in a different font. I've done 3 branch/post accounts now.

BestSeagull

soulsaver said:

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

They don't require it wet signed?
I printed it, signed it, scanned the 4 pages and my driving licence, and sent it all in one pdf.

Both Suffolk (postal RS) and Dudley told me they were happy with email but they did both say they required the form to be physically signed.
  I'd make sure they had one, as even if they opened the account without one, I wouldn't want the lack of a signature on file to hold up any withdrawals when the time comes.

ForumUser7

BestSeagull said:

soulsaver said:

moi said:

Andystriker said:

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.

You can also download a PDF application from the Suffolk BS's site, fill it in it on the computer, and just email it to them. I realise people some people would prefer paper/post, but personally typing details on a pdf and emailing is so much quicker than writing & posting for their branch/postal accounts.

They don't require it wet signed?
I printed it, signed it, scanned the 4 pages and my driving licence, and sent it all in one pdf.

Both Suffolk (postal RS) and Dudley told me they were happy with email but they did both say they required the form to be physically signed.
  I'd make sure they had one, as even if they opened the account without one, I wouldn't want the lack of a signature on file to hold up any withdrawals when the time comes.

Ah, wish I knew about Dudley. Good to know for the future though