The Top Regular Savers Discussion Thread

Anagran

https://forums.moneysavingexpert.com/discussion/comment/82104597#Comment_82104597

Yes, the Earl Shilton Regular Saver allows multiple payments in per month, so I have done exactly as you are suggesting. I have set up a standing order for £1 on the 1st of the month. I can then add more manually. I am unlikely to put any more in until into next year when I have more money available and some regular savers maturing in clusters. It should be useful then and the min £1 SO will ensure I dont forget and end up having it closed.

JamesRobinson48

https://forums.moneysavingexpert.com/discussion/comment/82104644#Comment_82104644

5% AER variable on RS vs EA:

Not disagreeing with the direct comparison you've made. Nevertheless, I think most users of this thread know that there are both RS and EA accounts available on the market, and that distinct MSE threads provide excellent lists of each. As to what is "a better alternative", one person considering a sub-5% RS may already be full up on all the available 5% EAs. Another might opt for a sub-5% RS, as the best means of keeping alive their online access to a particular BS that may have great offers in future. So personally, I am one of those who prefer to keep this thread on point; so I only mention RS, and not other competing products such as EAs, Cash ISAs, STMMFs or short-dated gilts.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82104849#Comment_82104849

Apologies, it was me who introduced talk of the Spring 5% in this thread. It was in response to a poster who was unable to open a 5% RS account for some reason, so I thought it might be helpful to alert them to an alternative, and perhaps more suitable for them, account.

I agree entirely that this thread should be reserved for Regular Savers, but I think if pages of green shirt posts etc are tolerated, the occasional mention of a potential alternative to a 5% RS should also be allowed. FWIW, I don't use a 5% RS account myself when I can stick a full 12 times the monthly RS amount straight into a 5% easy access account, especially if I can do so several times over, currently. But enough said now about this…… 😎

Bridlington1

One thing to bear in mind when considering 5% RSs though is that the rates are quite often variable, as are the EA accounts. If the RS allows penalty-free withdrawals and/or early closure then I would be inclined to prioritise funding the RS over the EA account as if the rate of the EA account ends up higher than the RS, you can empty the RS into the EA account quite easily, on the other hand if the RS ends up higher than the EA account, you're limited with how much you can put in the RS.

Funding the 5% RS instead of the EA account then becomes a way to hedge your bets. As others have mentioned though, if you've filled the 5% EA accounts then sub-5% RSs become a more attractive proposition.

For the purposes of setting the thresholds for this thread I consider the EA landscape more widely, and base them largely on the rates of the top EA accounts that have a very high/no max balance that everyone over 18 can open (i.e. not restricted to new customers only).

friolento

https://forums.moneysavingexpert.com/discussion/comment/82104892#Comment_82104892

For someone who has the liquidity to fully fund one or several 5% RS accounts, where would you recommend they park their funds for these 5% RS accounts?

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82104901#Comment_82104901

From p1 of this thread:

For those with a lump sum they wish to drip-feed into regular savers, please see the the MSE list of the best current accounts that pay interest . Alternatively you could place a lump sum in an easy access account and move money across to regular savers. See @soulsaver 's existing Top Easy Access acs Ranked: Top of The Pots - **No Chat** thread for a regularly updated list of the top easy access accounts.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82104979#Comment_82104979

so we're back to the 5%, or even 5%+, easy access savings accounts - - but as they can't be mentioned here, I shan't comment further

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82105157#Comment_82105157

For the 18 years that I have been reading this forum, the Regular Saver thread has had the first page (the lists of worthwhile RSs) updated at least weekly, frequently more often, and since Bridlington1 took over, a separate No Chat thread has provided just the changes, no need to wade through all the "I've opened the account", "I'm waiting for login-details/account number/a letter/verification", "Is a 13th payment possible?","The real interest rate is only half the headline rate" and the colour of magic shirts type posts, as well as useful notifications of new RS accounts and easy access accounts that beat most RSs.

jaypers

Lloyds Regular Saver

So I’ve finally migrated my Halifax app to Lloyds. Hold a Halifax RS. Was going to take the plunge and apply for a Lloyds one as well. Wording in T&Cs says the following…..

“You can only have either one Monthly Saver or Club Lloyds Monthly Saver account, held either in your sole name or jointly but not both.”

I’ve now paused but know many have successfully got both (in some cases 3 with BOS). Am I overthinking this?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82105596#Comment_82105596

If the existing saver is still badged "Halifax" can't see why a Lloyds RS in addition would be a problem.