Regular Savings Accounts Article Discussion

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. 

colsten

Well, there are plenty of savings accounts that take huge sums of money, up to a million or two. You were asking about Regular Saver accounts, which are a specific kind of accounts. They don't generally take more than an absolute maximum of £1,000, and more likely around £250 max, per month. They also generally have a fixed duration of 12 months.

So if you are looking for a savings account into which you can deposit more than £2,000 in one go, you are not looking at Regular Savers, but an instant access account or a fixed term bond, or may be even a current account, as some of those also pay interest. You have a choice from a huge list of savings accounts, see the link I posted earlier.

Current accounts presently paying interest include Club Lloyds, TSB Plus and Virgin. Though they might be not suited to your requirements.

Whichever account(s) you choose, make sure you have read the T&Cs, and that these are acceptable for your needs.

Molly4

colsten said:

Well, there are plenty of savings accounts that take huge sums of money, up to a million or two. You were asking about Regular Saver accounts, which are a specific kind of accounts. They don't generally take more than an absolute maximum of £1,000, and more likely around £250 max, per month. They also generally have a fixed duration of 12 months.

So if you are looking for a savings account into which you can deposit more than £2,000 in one go, you are not looking at Regular Savers, but an instant access account or a fixed term bond, or may be even a current account, as some of those also pay interest. You have a choice from a huge list of savings accounts, see the link I posted earlier.

Current accounts presently paying interest include Club Lloyds, TSB Plus and Virgin. Though they might be not suited to your requirements.

Whichever account(s) you choose, make sure you have read the T&Cs, and that these are acceptable for your needs.

Apologies for my misuse of terminology and phrasing but I have never been in this position before. I thought I explained correctly in my original post but i appear to have misled.  

bm109

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

dcs34

bm109 said:

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

I managed it, so let's hope you can too Like you I scoured the T&Cs and couldn't find anything in there to dissuade me from trying it.

vernall

dcs34 said:

bm109 said:

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

I managed it, so let's hope you can too Like you I scoured the T&Cs and couldn't find anything in there to dissuade me from trying it.

I have both as well, only difference I think is the  reg saver 2 can only be funded on the same date every month as you opened it. Where as the first reg saver can be funded on 1st of the month no matter when you open it. I found this out this month when I sent £500 to both of the regular savers on 1st June, only to have the reg saver 2 return the £500 to me a few hours later. I also received a letter through the post telling
me of my mistake.

uptdale

dcs34 said:

bm109 said:

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

I managed it, so let's hope you can too Like you I scoured the T&Cs and couldn't find anything in there to dissuade me from trying it.

I don't think you can.  Para 1.3 of the Ts&Cs says "You can only be named on one Regular Saver (including any subsequent issues) at any one time."

coyrls

uptdale said:

dcs34 said:

bm109 said:

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

I managed it, so let's hope you can too Like you I scoured the T&Cs and couldn't find anything in there to dissuade me from trying it.

I don't think you can.  Para 1.3 of the Ts&Cs says "You can only be named on one Regular Saver (including any subsequent issues) at any one time."

Where did you find the T&Cs specific to the Regular Saver?  I can find the General Savings T&Cs but not the Regular Saver T&Cs.