Regular Savings Accounts Article Discussion

badger09

Gers said:

I'm very pleased to see that the First Direct RS is still at 2.75%  My 5% one matures today, it did the vanishing trick yesterday so I was able to open a new one just now (well, it'll show in three business days).

Mine matures 11th August. Keeping everything crossed!

bubieyehyeh

RG2015 said:

schiff said:

If you're happy with 1% for a RS you can use Royal Bank of Scotland's Savings Builder in a similar way. 

Unlike all other regular savers, you can deposit £10,000 immediately and earn 1%.

With a bit of manipulation you can comply with the requirement to grow the balance by £50 on one specific day each month and continue to earn 1% on up to £10,000.

I have the NatWest savings builder which is the same as the RBS one. It is very useful for sweeping short team excess cash from my current account to earn 1%. You can also set up future transfers to the current account to cover SO and DD requirements.

Could you explain the manipulation?

RG2015

bubieyehyeh said:

RG2015 said:

schiff said:

If you're happy with 1% for a RS you can use Royal Bank of Scotland's Savings Builder in a similar way. 

Unlike all other regular savers, you can deposit £10,000 immediately and earn 1%.

With a bit of manipulation you can comply with the requirement to grow the balance by £50 on one specific day each month and continue to earn 1% on up to £10,000.

I have the NatWest savings builder which is the same as the RBS one. It is very useful for sweeping short team excess cash from my current account to earn 1%. You can also set up future transfers to the current account to cover SO and DD requirements.

Could you explain the manipulation?

https://personal.natwest.com/personal/savings/savings-builder.html

"To earn interest each month, your balance must grow by at least £50. Our monthly interest cycle runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month."

You can withdraw and deposit whenever you like and you will earn interest as long as you satisfy this requirement.

The post below is from 2018 when the interest was 1.5%, the balance had to grow by £100 and the top rate was only paid on up to £5,000. However the method remains valid.

https://forums.moneysavingexpert.com/discussion/comment/73932905#Comment_73932905

surreysaver

And when BoS and Club Lloyds interest goes down in October, my Savings Builder may be being brought back into use! 

Every_Penny_Counts

Re Furness BS 3 year RS

How does their calandar work please?  If I open an account today with the full £250, can I still add another £250 on the 1st of next month?

Thanks in advance

EPC

Every_Penny_Counts

Excellent, thank you for the detailed reply. 

cageyr

pafpcg said:

coyrls said:

It doesn't matter what the terms of the 1st edition are, if the terms of the 2nd say you can't have more than one edition, you can't open the 2nd if you already have the 1st.  Coventry may not be taking any action but it's pretty clear that opening a 2nd edition when you already have the first is against the terms and conditions of the 2nd edition.

If CoventryBS were to close the errant account then that at least would resolve the situation.  The nightmare scenario is that when the account reaches the maturity date, all that is paid back is the principal with no interest - twelve months of saving and no returns! What would be the grounds for complaint if the account was opened in violation of the T&Cs? 

I've got issue 1, 2 and 3 of Coventry's RS. (Issue 3 also has the 'no more than one edition' in the T&Cs.) I'm pretty relaxed about it as a) all accounts are showing online with the correct associated rates b) it's surely their job to block applications for multiple issues c) I spoke to them about issue 1 maturing shortly and nothing was said about issue 2, 3.

Oasis1

Just recieved this from Nationwide and wondered if worth adding for comparison to MSE's webpage:

https://www.nationwide.co.uk/products/savings/start-to-save/features-and-benefits?et_cid=24904364&et_rid=6009016307

Your chance to win...

Simply increase your balance by between £50 and no more than £100 in each of the three months leading up to a prize draw and you’ll automatically be entered to win £100. Terms and conditions apply*.

There are still four prize draws taking place, and the next one you can enter will be on 23 Ap‌ril 20‌21. To be in with a chance of winning, you need to increase your balance by at least £50 in January, February and March.

Start to Save at a glance:

Open your account with just 1p 1.00% AER/gross per year (variable) 2 year fixed term account Access your money if you really need it (but you may need to pay all or some of it back in to qualify for the prize draw).

If you’d like to find out more about how the prize draw works, check out our handy Start to Save guide.

couriervanman

Far to complicated its a no from me

1. The prize for each winner will be £100. And the number of winners depends on how many £100 prizes can be made up from the prize fund.
2. The prize fund is equal to 1% of the total increase in the balances of all accounts that qualify for the draw across the three Calendar Months leading up to the month of that prize draw.
3. If your account qualifies for a particular prize draw, your chance of winning is between 1/34 and 1/67.

      Anyone  care to work it out

Oasis1

couriervanman said:

Far to complicated its a no from me

1. The prize for each winner will be £100. And the number of winners depends on how many £100 prizes can be made up from the prize fund.
2. The prize fund is equal to 1% of the total increase in the balances of all accounts that qualify for the draw across the three Calendar Months leading up to the month of that prize draw.
3. If your account qualifies for a particular prize draw, your chance of winning is between 1/34 and 1/67.

      Anyone  care to work it out

I think it's a regular saving account with interest of 1% for monthly deposits up to £100, but with a little bonus of a prize draw every 3 months for £100, which you'll have a 1.5-3% chance of winning.

I've opened one as already have a Nationwide current account with money sitting in it for bills, so easy to set up the standing order of £100 each month. 1% interest is better than nothing and the punt on winning a prize is just a bit of fun!