The Top Regular Savers Discussion Thread

surreysaver

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?

Unlimited access means you can access the money. Not necessarily put it back 

surreysaver

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. 

It changed quite a while ago (maybe a year?)

jameseonline

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Bridlington1

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

It's worth noting with Monmouthshire that they class the account opening as the date of first deposit rather than date of application and IIRC you've 30 days to fund so even if you applied tomorrow you could push the start date of the account well into August.

I plan to apply tomorrow, if they can get it opened before the end of the month I'll fund at the end of the month, if they don't open it till August I'll hold out till the end of that month before funding.

clairec666

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Same here, I'm struggling to fund all of my regular savers at the moment, and none are maturing until mid-September. Hopefully this one will be on offer for a while.

Bridlington1

clairec666 said:

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Same here, I'm struggling to fund all of my regular savers at the moment, and none are maturing until mid-September. Hopefully this one will be on offer for a while.

There's a chance it'll go quite quickly I should imagine. Monmouthshire BS is the one that launched a 7% RS that was open to all in 2023 but then pulled it within 24 hours.

Section62

ForumUser7 said:

Aidanmc said:

checkly said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Fixed or variable?  Is there a link?

Doesnt specifically say fixed or variable.

In additional info it says restricted to those living in England, Scotland and Wales

Good to see it’s an online application one too - less hassle than posting stuff off

Up to now Monmouthshire's "online" means completing an application online, followed by them posting forms to you for signing and returning in the post, before they then post your passbook out.

I would be pleasantly surprised if "online" now means everything is done online and the account is up and running the same day.

Because we are approaching the end of the month, enclosing a cheque with the signed form has previously been a good way of getting the first deposit into the account before the start of the new month.  Although with a weekend in the way, getting the account funded by 31st July will be a challenge this time round (unless it is now a fully online process)

clairec666

Bridlington1 said:

clairec666 said:

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Same here, I'm struggling to fund all of my regular savers at the moment, and none are maturing until mid-September. Hopefully this one will be on offer for a while.

There's a chance it'll go quite quickly I should imagine. Monmouthshire BS is the one that launched a 7% RS that was open to all in 2023 but then pulled it within 24 hours.

Thanks for the tip. Definitely worth grabbing this one while it's open, £500 a month makes it appealing.

I've not had an account with Monmouthshire before - what are people's experiences with them? I saw on another thread about deposits being slow.

chris_the_bee

clairec666 said:

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Same here, I'm struggling to fund all of my regular savers at the moment, and none are maturing until mid-September. Hopefully this one will be on offer for a while.

If it allows multiple deposits per month, open it and fund with £1 (unless they set some other minimum). Then it doesn't matter if they pull it quickly.

Bridlington1

clairec666 said:

Bridlington1 said:

clairec666 said:

jameseonline said:

Kim_13 said:

Looking at Moneyfacts, Monmouthshire appear to be launching a Regular Saver Issue 8 tomorrow paying 6%, £500 per month and unlimited withdrawals.

I cannot see an equivalent Exclusive account.

Interesting, not sure if I've got the funds to start one though🤣

Maybe in September if it's still going🤔

Same here, I'm struggling to fund all of my regular savers at the moment, and none are maturing until mid-September. Hopefully this one will be on offer for a while.

There's a chance it'll go quite quickly I should imagine. Monmouthshire BS is the one that launched a 7% RS that was open to all in 2023 but then pulled it within 24 hours.

Thanks for the tip. Definitely worth grabbing this one while it's open, £500 a month makes it appealing.

I've not had an account with Monmouthshire before - what are people's experiences with them? I saw on another thread about deposits being slow.

They're slow and shall likely get swamped with applications tomorrow but they get there in the end so you may need to exercise a bit of patience with them.

Online banking is rather basic but you can still make withdrawals etc from them without issues, just remember to set up a nominated account.

They have been known to do some rather nice loyalty accounts for existing members (they launched an 8% loyalty RS alongside the 7% one I mentioned) so I'd definitely be inclined to get a foot in the door with them so to speak, particularly if it's a 6% one.