The Top Regular Savers Discussion Thread

MisterMotivated

A faster payment once a month isn't a lot of work in my opinion. If you don't think it's worth it then, (like others have said) don't bother.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81971844#Comment_81971844

But multiple accounts would mean multiple amounts of work

NebulaNova

Thanks for the advice. Although somewhat patronising (which I don't really see the need for), it's food for thought. Thanks.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81971853#Comment_81971853

Depends, of course, if you consider it work or if you have the time.

My "work" servicing my collection of RS accounts takes around 2-3 hours/mth (I do it all manually), mostly at month start.

Last tax year my interest earnings were a smidge over £4k.

Worthwhile? I think so, others might think "waste of time".

mon3ysav3r

Some regular savers have fixed AER for the duration (often 1 year, but sometimes 6 months or 2 years), such as: Santander, Lloyds, HSBC, First Direct, TSB, Bank of Scotland, Halifax, Virgin Money, West Brom, Principality, Suffolk BS, Ford Money.

Some regular savers track above the base rate.

So I opened (what ended up being over 60) regular savers when the base rate started it's downturn in 2024 as it provided a way to maintain higher returns for longer.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81971871#Comment_81971871

https://forums.moneysavingexpert.com/discussion/comment/81971844#Comment_81971844

The responses might seem patronising, but we see the regular saver subject so oftenly misunderstood on here.

It can be frustrating continually having to respond with explanations of what should be an obvious concept of.... you only get interest on funds when they have been credited into the account, and only for the amount of time the money is actually there.

You then said you understand the process... which you clearly did not, then declare it too much work. What do you expect… this is a money saving forum?

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81971900#Comment_81971900

A bit harsher than I would've gone with. At the end of the day we were all novices at some point and it's a common mistake many people make, including one mathematics lecturer I knew so it's a very easy mistake to make.

So far as I'm concerned I'm happy for such questions to be asked here, for one of the core purposes of this thread is to cater to those who are new to regular savers, such people deserve to be treated with some patience and I wouldn't want to lose sight of that.

Pickledonionlover

Saw the huge amount of new responses and hoped for a super, duper new product.

Instead it's, mostly, just a pile on.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

First Direct if you don’t already have a current account with them, maybe. You’ll find posters here who decide only to open Regular Savers with banks they already have the requisite current account with; those offered by building societies that don’t require another account; those that can be opened and operated online, etc. A Regular Saver funds itself for a year if you set up a Standing Order and don’t need to vary the amount/date.

It’s personal choice how much work you consider worth it, but for me it is better than an Easy Access not just in the rate but also because it means I don’t have to regularly move five figures when an Easy Access account is no longer worth it (which is more likely to get held up for AML checking.) I regularly check Skipton for a worthwhile Easy Access account as my Member Bonus Saver is my holding account and the rate drops in June and previously they’ve had base rate trackers which are good for a leave until it matures, but other than that I can ignore the Easy Access market.

There may be a switcher offer in the future which then changes the equation on whether it’s worth opening a current account to access their regular saver, as you get the bonus + interest.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81971925#Comment_81971925

Good point about us all starting out as novices. Not so long ago I hadn't realised that you could fund (most) accounts on the 1st of each month, irrespective of when you opened the account…. so I had money sitting around in current accounts earning no interest while waiting for the standing order date. Now I've got everything running smoothly and money is circulating between several multiple savers.

For me, the extra interest is worth the effort, but others might not feel the same.