Regular savings

allegro120

TheQuaker said:

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!

That's the thing!  Quite a few providers don't enforce (or randomly enforce) some of their own rules.  It's always worth trying.  

Kim_13

allegro120 said:

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.

I agree. While it may require funds to be held occasionally (if her pension was paid on the 2nd and an RS opened on that day, she wouldn't be able to pay in all of the payment on the 30th and a part of it would need to wait until the next day or 2) it is no reason to compromise on rate. Many of us cannot fill an RS / can't afford to fund them until later in the month but we simply do the best we can with the funds we have and the accounts on offer. 

It's no different to an RS which doesn't credit at weekends really. That the 1st lands on a weekend occasionally is not cause to boycott that provider.

I have had a 4 weekly SO with Halifax and Chase before, but that's unlikely to be the best approach here given there may only be £79 of allowance left when some payments land.

steven141

If you just want it in a current account rather than savings then Kroo pay 2.90% APR.

Nationwide Flex Direct pay 5% APR for the first year

Other accounts like Lloyds and Bank of Scotland pay up to 1.5% APR depending on the account type and meeting a criteria.

Regular savings are better. Otherwise you could open up a Santander Edge Current account and then be eligible for a 6% APR Edge Saver account up to £4000. 

There are various threads on here explaining these ir you can ask on here.

judexx

Bobblehat said:

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.

I did the same  - the only reason it's 'unusual' is they don't advertise that it's a possibility  but over (hopefully) a number of years the extra interest would add up 🤗