Regular Savings Accounts Article Discussion

veryintrigued

All legacy Mansfield BS RS are having their interest rates cut on 1/6/20.

The latest (issue 4) is reduced to 2% or 1% excluding the 1% 12month introductory bonus.

Molly4

Good Morning,
I am looking to open one or even two savings accounts and looking for advice on which accounts are suitable and will attract the highest interest return for me.

I have been fortunate to get a PPI refund amounting to a few thousand pounds and I have also been able to reclaim some of the tax paid on the PPI refund. As I never had access to this money previously I am not going to miss having access for the next year. My financial circumstances are due to change drastically soon but I still hope not to have to rely on this money if I can help it. If it is locked into a savings account I won't be able to access it without losing the interest gained and possibly incurring costs.

My own bank, the Halifax is offering a Regular Saver account with 1.5% interest in the first year. You can pay in between £25 and £250 per month. You have to pay in from your current account and I am not allowed to deposit the above PPI amount as well.

I notice on this forum there are better "open-to-all accounts" which pay higher interest rates. I would like to open an account that will let me deposit my PPI refund, tax refund and pay in a regular monthly amount and gain the highest interest possible over the next year.

Does such an account exist? If not then I would like to open an account and deposit my PPI refund and tax refund into it and gain the highest interest possible. Then open a second account and pay in a regular amount each month and again gain the highest interest possible.

I am currently being "shielded" so therefore cannot visit a bank or building society branch to deposit my cheques so will need an account that I can manage online.

Hope you can help.
Regards
molly57. 

schiff

"My financial circumstances are due to change drastically soon but I still hope not to have to rely on this money if I can help it."
That's the crux of the matter. With most regular savers once you start one it is equivalent to having to have up to £3000 say (12 x £250) committed and untouchable.

Gers

molly57. said:

My own bank, the Halifax is offering a Regular Saver account with 1.5% interest in the first year. You can pay in between £25 and £250 per month. You have to pay in from your current account and I am not allowed to deposit the above PPI amount as well.

I am currently being "shielded" so therefore cannot visit a bank or building society branch to deposit my cheques so will need an account that I can manage online.

Hope you can help.
Regards
molly57. 

If you have the Halifax app on your phone or tablet then you can deposit your cheque on it - doing this involves using your device to photograph both sides of the cheque using the app.

Molly4

schiff said:

"My financial circumstances are due to change drastically soon but I still hope not to have to rely on this money if I can help it."
That's the crux of the matter. With most regular savers once you start one it is equivalent to having to have up to £3000 say (12 x £250) committed and untouchable.

Yes you are committed but in this instance I shall commit to the lower end £25 per month or whatever the lowest amount is that can be paid in to a regular saver account. 

Molly4

Gers said:

molly57. said:

My own bank, the Halifax is offering a Regular Saver account with 1.5% interest in the first year. You can pay in between £25 and £250 per month. You have to pay in from your current account and I am not allowed to deposit the above PPI amount as well.

I am currently being "shielded" so therefore cannot visit a bank or building society branch to deposit my cheques so will need an account that I can manage online.

Hope you can help.
Regards
molly57. 

If you have the Halifax app on your phone or tablet then you can deposit your cheque on it - doing this involves using your device to photograph both sides of the cheque using the app.

I have the Halifax app but this does not allow you to pay in individual cheques over £2000. As previously stated the Halifax will not let me deposit my cheque into their Regular Saver account and that is why I am looking for another savings account that will allow me to pay this cheque and gain as much interest as possible. 

colsten

I am afraid, you won't find any Regular Saver that takes £2,000 in one go, or deposits by cheques. 

You also won't find any mobile app which lets you deposit cheques for more than £1,000.

Your only option is to post your cheques to your bank, to pay them into your current account. Make sure you note your sort code and account number on the back, use a pay-in slip if you have one, and take a photo of front and back of cheque.

colsten

molly57. said:

 I would like to open an account that will let me deposit my PPI refund, tax refund and pay in a regular monthly amount and gain the highest interest possible over the next year.

Full list of savings accounts https://moneyfacts.co.uk/

Note that most of the highest %age accounts are fixed rate / fixed term savers which have limited deposit windows.

Not all Regular Saver accounts allow withdrawals without penalty before maturity.

Molly4

colsten said:

molly57. said:

 I would like to open an account that will let me deposit my PPI refund, tax refund and pay in a regular monthly amount and gain the highest interest possible over the next year.

Full list of savings accounts https://moneyfacts.co.uk/

Note that most of the highest %age accounts are fixed rate / fixed term savers which have limited deposit windows.

Not all Regular Saver accounts allow withdrawals without penalty before maturity.

Thank you for your helpful answer.

Molly4

colsten said:

I am afraid, you won't find any Regular Saver that takes £2,000 in one go, or deposits by cheques. 

You also won't find any mobile app which lets you deposit cheques for more than £1,000.

Your only option is to post your cheques to your bank, to pay them into your current account. Make sure you note your sort code and account number on the back, use a pay-in slip if you have one, and take a photo of front and back of cheque.

Thank you. If I can't find a savings account that will take a larger deposit then yes I will pay the cheque into my own current account and then commit to making monthly payments from my current to a savings account that pays me the highest interest rate possible in these difficult times for everyone. 
So as originally asked I am still looking for advice and guidance on the best regular saver accounts that pay the best interest.