Regular Savings Accounts Article Discussion

sully1311

Putting money bit by bit into a higher earning account will gain more interest. It explains this in the same article in which the calculator sits.

The last bit about just keeping it in the savings account is wrong though. I'm not sure why MSE haven't fixed this as it's been wrong for ages/ever?

Watermarc

EachPenny wrote: »

In a word, 'yes'.

There are some regular savers that are on-offs, but with the 5% ones you mention you can open a new one as soon as the old one has matured (and the bank's system has updated itself).

Thanks EachPenny,


Can't believe I've been furiously opening new current accounts each year just to get the regular savers! Doh!


Oh well, now I can save twice as much at 5% each year!


...well I could if I earned enough :-/

llyndu

Sorry I didn’t reply to you, yes it was the error in the tool that I was trying to highlight

Very odd

webjaved

EachPenny wrote: »

In a word, 'yes'.

There are some regular savers that are on-offs, but with the 5% ones you mention you can open a new one as soon as the old one has matured (and the bank's system has updated itself).

That's awesome to know. I've just opened up a 5% current account with Nationwide. :money:

OceanSound

I started off by paying-in £300 in to First Direct Regular saver. However, after 3 months (starting the 4th month) I started paying £25. Continuing that up to now (for 6 months I've paid 25 pounds each month). Now, I'd like to make up the shortfall (carry my allowance over and pay more in later months).

How do I go about this? I take it it cannot be done via a direct payment, as the pay-in is done via Standing Order (SO)?

veryintrigued

OceanSound wrote: »

I started off by paying-in £300 in to First Direct Regular saver. However, after 3 months (starting the 4th month) I started paying £25. Continuing that up to now (for 6 months I've paid 25 pounds each month). Now, I'd like to make up the shortfall (carry my allowance over and pay more in later months).

How do I go about this? I take it it cannot be done via a direct payment, as the pay-in is done via Standing Order (SO)?

Read the T&C's about the maximum you can deposit each month and things will become clearer.

ColdIron

You can certainly do it and I would imagine you would just increase your standing order(s)

• if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

They are really a telephone bank that pride themselves on customer service so I'd just give them a bell and make them earn that reputation

OceanSound

veryintrigued wrote: »

Read the T&C's about the maximum you can deposit each month and things will become clearer.

There is no t&c for this account as such. Perhaps it will be more useful, if you check and post a link (that's if a link exist)

IanManc

OceanSound wrote: »

There is no t&c for this account as such. Perhaps it will be more useful, if you check and post a link (that's if a link exist)

https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/#key-product-info

OceanSound

ColdIron wrote: »

You can certainly do it and I would imagine you would just increase your standing order(s)

• if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

They are really a telephone bank that pride themselves on customer service so I'd just give them a bell and make them earn that reputation

Already seen the webpage you are going on about:
https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/
This says we can 'catch-up'. I doubt we can 'catch-up' if we just pay the maximum in the future months. (it will need to be over and above the maximum)

I am aware of their prestigious telephone support line. I thought this forum could offer slightly more useful personal experiences. If not, there is nothing to be ashamed of to say 'we don't know'.