The Top Regular Savers Discussion Thread

happybagger

Bridlington1 said:

As a slight aside some may be worried to learn I'm planning to launch yet another spreadsheet.

Provider name; Account name; Number of posts (i) 'my payment hasn't shown yet'; (ii) encouraging breaking t+c's; (iii) complaining the provider hasn't opened their account yet

where_are_we

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

friolento

happybagger said:

Bridlington1 said:

As a slight aside some may be worried to learn I'm planning to launch yet another spreadsheet.

Provider name; Account name; Number of posts (i) 'my payment hasn't shown yet'; (ii) encouraging breaking t+c's; (iii) complaining the provider hasn't opened their account yet

Plus number of posts questioning why anyone would open the account, and number of posts calling the account a scam because 'it only pays half the interest'

clairec666

allegro120 said:

clairec666 said:

SFCooper said:

Bridlington1 said:

SFCooper said:

I’ve opened the Lloyds RS @ 6.25% and maxed deposits each month. I’ve got another £200 available to save - can anyone suggest the next best option?

I'd need a bit more information before I can answer that. Which other regular savers have you got at present?

Thanks for getting back to me.

The only other RS is the Lloyds one. I have also maxed out my Cash LISA and Cash ISA.

I hold First Direct, Santander and Lloyds current accounts.

Since you've already got their current accounts, Santander and First Direct also have regular savers, 5% and 7% respectively, both fixed, no withdrawals.

If you don't mind opening another current account elsewhere (you don't even have to use it), there's Nationwide, Cooperative, Virgin, to name a few of the higher rate ones. (EDIT: and Zopa, if you don't mind app-only accounts)

And Principality you don't even have to have an account with them, you can just jump straight in to regular saver land.

You can withdraw from Santander, no restrictions, but the rate is only 5%.

You can't withdraw from First Direct, but you can close the account early if you are happy to loose most of interest.  Not recommended if you might need to withdraw in the next 12 months.

Thanks - I don't have the Santander one myself and recalled wrongly that you can't withdraw. And technically you can get your money out of First Direct if you really want, but you'd only do it if you'd exhausted all other options.

SFCooper

flaneurs_lobster said:

SFCooper said:

flaneurs_lobster said:

SFCooper said:

I’ve opened the Lloyds RS @ 6.25% and maxed deposits each month. I’ve got another £200 available to save - can anyone suggest the next best option?

I believe I may have seen mention somewhere of something called the Principality Building Society 6 Month Regular Saver (Issue 4) ......

That lasts only 6 months?

Given the name that would be my best guess. You have other requirements?

I was asking for advice and you’re delivering sarcastic responses.

 Thank you.

Bobblehat

I'm glad my simple "League Table" has not generated as much microscopic analysis that Principality has on here! It's probably the result of inadvertently starting the table with no rules to criticise, other than the "how many have you got" rule? 

In itself, the no rules could be a target for criticism, but I think the contributors have entered into the spirit of the table with great positivity .... an element of fun amongst the money making! And it seems to have encouraged quite a few to boost their RS efforts, or even set out on the start of the journey 

Not only do the debates on this thread show what a diverse lot RS enthusiasts are, but the 67 contributors (so far) to the "League Table" thread demonstrate that diversity from some holding zero RS's to 76 RS's.

I look forward to Bridlington1's new spreadsheet, I don't doubt it'll be useful 

SFCooper

where_are_we said:

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

Appreciate the advice. So, presumedly, Principality will offer me the greatest returns for my £200 investment each month?

masonic

SFCooper said:

where_are_we said:

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

Appreciate the advice. So, presumedly, Principality will offer me the greatest returns for my £200 investment each month?

As discussed earlier in the thread, it might be worth checking the start of the thread for options over 12 months (or longer) paying 6.5%+, as these would return more over their term than successive 6 month accounts at 7.5%.

poolboy

Principality 7.5% fix is the best, get it while you can

Dizzycap

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!