The Top Regular Savers Discussion Thread

roked

schiff said:

If I set a FP on a Saturday or Sunday from my Santander Edge account to the various building societies and banks that accept payments to their regular savers on non-working days, are the FPs sent and debited on those same Saturdays and Sundays from Santander?
I currently fund my RSs on the first working day but reviewing whether it's beneficial to me to change.
 

I think you might need to explain what you mean by setting up a FP. If you either manually send or manually schedule a payment on a non working day, it gets sent and debited on those days. If you do any kind of recurring payment, it will go out on the next working day

masonic

Section62 said:

wmb194 said:

ToastLady said:

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

BoS monthly saver can be closed, but you cannot open a new one until a year after you opened the account.
https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html (Info under section How do I Open and Manage Account).

In my experience the 'renewal' trick works the same with BoS as it does with Lloyds and Halifax and those terms are not enforced.

For some months I've been getting an error message when I try to renew my BoS RS. I've not felt inclined to take up the suggestion of phoning them for further assistance though, I'll just let it run to the end.  It started the same day I renewed my Lloyds and Halifax RS accounts without a hitch.

Check you are using the same login profile you used to open the account. This caught me out in the past.

schiff

roked said:

schiff said:

If I set a FP on a Saturday or Sunday from my Santander Edge account to the various building societies and banks that accept payments to their regular savers on non-working days, are the FPs sent and debited on those same Saturdays and Sundays from Santander?
I currently fund my RSs on the first working day but reviewing whether it's beneficial to me to change.
 

I think you might need to explain what you mean by setting up a FP. If you either manually send or manually schedule a payment on a non working day, it gets sent and debited on those days. If you do any kind of recurring payment, it will go out on the next working day

That's helpful thank you. For my own reasons I don't use standing orders for my regular savers and I'm currently scheduling the FPs in advance for the first WD OTM. With the latter being on the 3rd it makes sense to fix them for the 1st in cases where it's accepted. I'll give it a trial.

ChewyyBacca

Does the payment in Coventry Loyalty Seasonal Reg Saver has to be from nominated account or can it be from any other acct in your own name?

flaneurs_lobster

ChewyyBacca said:

Does the payment in Coventry Loyalty Seasonal Reg Saver has to be from nominated account or can it be from any other acct in your own name?

For paying in? Any account at all. Withdrawals have to be to a nominated "named" account.

allegro120

schiff said:

roked said:

schiff said:

If I set a FP on a Saturday or Sunday from my Santander Edge account to the various building societies and banks that accept payments to their regular savers on non-working days, are the FPs sent and debited on those same Saturdays and Sundays from Santander?
I currently fund my RSs on the first working day but reviewing whether it's beneficial to me to change.
 

I think you might need to explain what you mean by setting up a FP. If you either manually send or manually schedule a payment on a non working day, it gets sent and debited on those days. If you do any kind of recurring payment, it will go out on the next working day

That's helpful thank you. For my own reasons I don't use standing orders for my regular savers and I'm currently scheduling the FPs in advance for the first WD OTM. With the latter being on the 3rd it makes sense to fix them for the 1st in cases where it's accepted. I'll give it a trial.

I schedule some of my RS deposits from different banks (incl. Santander) and those scheduled for weekends always come out at weekends.  When the 1st of the month falls on a weekend I delay some of my deposits to the next WD, I colour-coded not crediting at weekends RSs on my spreadsheet so it's very easy to manage. 

AndyTh_2

Principality BS First Home Steps

Seems they are going to convert previous issues to the issue 5 on 6th March (I just got an email about it for my issue 3).
I have both the i3 and i5 as I'd opened the latter after seeing it didn't disallow having issues of the same account, so then have the problem of two of the same issue. (edit: I'll just close the new issue to prevent problems)

Anyway, so this in effect is moving the i3 to i5 terms:
* save up to £50,000
* deposit up to £1,000 a month
* no fixed end date
* .. and i5's interest rate at the time

"If you pay over £1,000 per month by standing order, you'll need to adjust the amount to £1,000 or less."

I assume this is also happening for other issues of the account?

gt94sss2

You’ll automatically be switching to our First Home Steps Account Issue 5 on the 6 March 2025.

We’re making changes to the account features to bring you a savings account shaped by Member feedback. Here’s what’s new:

save up to £50,000
deposit up to £1,000 a month
no fixed end date

What happens if you have multiple accounts?

As you have multiple savings accounts affected by this change, we'll combine them into a single First Home Steps Account Issue 5, using your oldest account number ********. Please ensure to update or cancel any standing orders accordingly.

Yes, they are doing this to all the old issues.

My questions are what happens if your existing account balances combined would already exceed £50,000 and if you have already opened an issue 5 can you have two running at once (as that account is not mentioned in their email)?

Also to note, for those who worry about such things, the extra interest payment may impact your personal savings allowance.

AndyTh_2

gt94sss2 said:

You’ll automatically be switching to our First Home Steps Account Issue 5 on the 6 March 2025.

We’re making changes to the account features to bring you a savings account shaped by Member feedback. Here’s what’s new:

save up to £50,000
deposit up to £1,000 a month
no fixed end date

What happens if you have multiple accounts?

As you have multiple savings accounts affected by this change, we'll combine them into a single First Home Steps Account Issue 5, using your oldest account number ********. Please ensure to update or cancel any standing orders accordingly.

Yes, they are doing this to all the old issues.

My questions are what happens if your existing account balances combined would already exceed £50,000 and if you have already opened an issue 5 can you have two running at once (as that account is not mentioned in their email)?

Also to note, for those who worry about such things, the extra interest payment may impact your personal savings allowance.

Ah, I sent a close request for my new issue 5, maybe I should have kept it (they didn't mention about multiple accounts in my email)

I assume they would merge all the other issues into the existing issue 5, but don't know what they'd do if merged > £50k

Cobbler_tone

Current regular savers I use, what am I missing as a new customer that is worth the while?

Zopa: 7.5% AER £300 PM
Nationwide: 6.5% £200 PM
Santander: 5% £200 PM
Nat West: 6.17% AER £150 PM

The rest in Gatehouse 4.65% AER