Regular savings

Walterskyler

Hi. I am looking for an account where my wife can pay in her state pension (£921)every month and not withdraw for at least 1 year. Everything I've looked at so far the max is £300 per month for the best rate. Any help would be appreciated thank you

wmb194

Walterskyler said:

Hi. I am looking for an account where my wife can pay in her state pension (£921)every month and not withdraw for at least 1 year. Everything I've looked at so far the max is £300 per month for the best rate. Any help would be appreciated thank you

The solution is to open multiple RS' with multiple institutions.

Newly_retired

Check out the Regular Saver thread.

Kim_13

Walterskyler said:

Hi. I am looking for an account where my wife can pay in her state pension (£921)every month and not withdraw for at least 1 year. Everything I've looked at so far the max is £300 per month for the best rate. Any help would be appreciated thank you

Monmouthsire App Exclusive is the best offer at the moment, paying 7% variable on £1,000, but the account is only open to those who were a member of the society before 20/08/2025. If not, there will be a cost in terms of the interest rate to have only one account, to something starting with a 4: https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=2&account-types=16&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2

If not a qualifying member, there is a 6% version accepting £500 which will help to get the best rate available while also limiting the number of accounts required.

VXman

Walterskyler said:

Hi. I am looking for an account where my wife can pay in her state pension (£921)every month and not withdraw for at least 1 year. Everything I've looked at so far the max is £300 per month for the best rate. Any help would be appreciated thank you

Both you and your wife could open separate regular savers. 2 each (different banks) and then you have £1200 per month covered. If you only want it in your wife's name she can open 3 or 4 with different banks. 

We currently save £2000 per month in regular savers.

eskbanker

Walterskyler said:

I am looking for an account where my wife can pay in her state pension (£921)every month

Just to make the usual observation on this subject, state pension isn't paid monthly, so the four-weekly cycle doesn't really sit very well with regular savers where the interest is maximised by paying at the same time each month.

enthusiasticsaver

As said above the state pension is paid 4 weekly so a RS is not suitable for that.  I would open up an account just to receive the pension and then do standing orders to multiple regular savers if that is your  preferred option.  Has she thought about deferring the pension if she does not need it and seeing how that would increase if she then claimed in a year or so time? 

saajan_12

Just open a current account to receive the pension. Then set up standing orders on a fixed day each month to 3 different regular savers. Since the pension is received 4 weekly, it'll be just before the monthly standing order, so you're never in the negative, and the regular savers get the right amount. The gap will shift by a few days each month, but hopefully in time she'll get used to not dipping into that money. 

TheQuaker

Kim_13 said:

Walterskyler said:

Hi. I am looking for an account where my wife can pay in her state pension (£921)every month and not withdraw for at least 1 year. Everything I've looked at so far the max is £300 per month for the best rate. Any help would be appreciated thank you

Monmouthsire App Exclusive is the best offer at the moment, paying 7% variable on £1,000, but the account is only open to those who were a member of the society before 20/08/2025. If not, there will be a cost in terms of the interest rate to have only one account, to something starting with a 4: https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=2&account-types=16&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2

If not a qualifying member, there is a 6% version accepting £500 which will help to get the best rate available while also limiting the number of accounts required.

Even, though it was after the 20th deadline, at the weekend I successfully opened a 6% version, which then enabled me to open another existing customer 7% account. Now populated with £1500 between them. Happy days!

Bobblehat

eskbanker said:

Walterskyler said:

I am looking for an account where my wife can pay in her state pension (£921)every month

Just to make the usual observation on this subject, state pension isn't paid monthly, so the four-weekly cycle doesn't really sit very well with regular savers where the interest is maximised by paying at the same time each month.

I asked for my SP to paid weekly when I got near to SP age, thinking that it's better in my bank asap than in the Gov's. Whether it would make any difference to the OP's situation or not, I'm not sure, but the 5th payment in some months make me feel like I've hit the jackpot. Please don't dispel my false sense of elation 

DWP seem to suggest such requests are unusual, but the reality is you can request weekly, fortnightly or 4 weekly payments, and I haven't heard of any actual refusals of these requests. I have grown used to the regular weekly topping up of my CA and haven't yet sensed a downside.

allegro120

enthusiasticsaver said:

As said above the state pension is paid 4 weekly so a RS is not suitable for that.  I would open up an account just to receive the pension and then do standing orders to multiple regular savers if that is your  preferred option.  Has she thought about deferring the pension if she does not need it and seeing how that would increase if she then claimed in a year or so time? 

It is suitable and the most profitable option.  You don't have to deposit on the same day every month.  Depending on the pension pay day you might have to miss one month, but most RSs allow missed payments or require only a minimum monthly contribution.

Standing order won't be convenient if OP wants to get funds to work immediately... or may be it's possible to set a four-weekly SOs?  I've never tried that.