Regular Savings Accounts Article Discussion

schiff

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

RG2015

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.

Gers

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).

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

IanManc

Every_Penny_Counts said:

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

You can open the account by posting a form accessible from the website, or you can call them and get them to post the form to you and you post it back, or you can open the account in a branch or agency - all of which have closed for the weekend by this time of day on a Friday. So you can't open it today.

If you can download the form from the internet, complete it, post it and it gets to Barrow in time for them to open it this month then you will be able to make another payment at any time in October.

Every_Penny_Counts

Excellent, thank you for the detailed reply.