Chorley BS increase regular saver rate - 7.75%

Kazza242

MiserlyMartin wrote: »

Thanks. I think I'll pass on this one. I am wanting my finances to be less time consuming at the moment. This is because I feel drained after my two bank account transfer experiences. Not smooth at all. Theres money saving and obsessing!!

I can understand that. I opened mine mainly in case of a merger bonus to be honest. I may start cutting down on the number of regular savers I open as the margins between those rates and those of an easy access account are not as substantial as before.

MiserlyMartin wrote: »

Any news on Yorkshires regular saver moving rates?

It looks like YBS have done a U-turn there and decided not to raise their regular saver rate. Many of their other rates have only risen by 0.15%. Still 7% is still an excellent rate for a regular saver which allows savers to continue saving up to £20K.

Afahmaep

Kazza242 wrote: »

I can understand that. I opened mine mainly in case of a merger bonus to be honest. I may start cutting down on the number of regular savers I open as the margins between those rates and those of an easy access account are not as substantial as before.

I normally spend about half an hour on the first of every month checking all my Regular Saver payments have gone through (29 this month).
This evening I have just spent an hour and a half checking rates etc (approximately 13 have risen) and I agree that the rates are not as beneficial as they once were but still think it is worth the effort.
My current balance across all my Regular Savers is just over £70,000 with a GROSS combined rate of 6.92% which compares favourably with the best Bond at the moment which I think is the 6.36% e-Bond from West Bromwich BS.

Kazza242

Afahmaep wrote: »

I normally spend about half an hour on the first of every month checking all my Regular Saver payments have gone through (29 this month).

This evening I have just spent an hour and a half checking rates etc (approximately 13 have risen) and I agree that the rates are not as beneficial as they once were but still think it is worth the effort. My current balance across all my Regular Savers is just over £70,000 with a GROSS combined rate of 6.92% which compares favourably with the best Bond at the moment which I think is the 6.36% e-Bond from West Bromwich BS.

I'll probably still open 1 year term regular savers paying 7% or more - as well as Principality BS offerings because the payments arrive same day courtesy of Barclays being their clearing bank. I'll also aim to open longer term regular savers paying a minimum 6.50%, but I doubt I'll open any that pay lower rates than that. Though I am tempted by Newbury's 6.35% 3 year monthly saver.

My regular savers are mainly fed by my Coventry First account which is now paying 6.10%. I'll be getting the introductory rate until the autumn. I don't think it would make sense to feed the money into a 1 year regular saver paying less than 6.50%. The time the money is "in transit" has be taken into account when working out if using a particular regular saver is worth it. Of course the possibility of a merger may influence my decision to open a regular saver or not.

Afahmaep

Kazza242 wrote: »

I'll probably still open 1 year term regular savers paying 7% or more.

A no-brainer. Keeping ahead of the field is the name of the game.

Kazza242 wrote: »

As well as Principality BS offerings because the payments arrive same day courtesy of Barclays being their clearing bank.

The 6.75% Bond a couple of years ago which was 2% above Base Rate got me hooked on the Principality BS.

Kazza242 wrote: »

I'll also aim to open longer term regular savers paying a minimum 6.50%, but I doubt I'll open any that pay lower rates than that. .

'Getting on board' is the key.

Kazza242 wrote: »

Though I am tempted by Newbury's 6.35% 3 year monthly saver..

Unfortunately I live outside the catchment areas, but a very good 'long term bet'.

Kazza242 wrote: »

My regular savers are mainly fed by my Coventry First account which is now paying 6.10%. I'll be getting the introductory rate until the autumn. .

Good choice. The ability to split funds into the Current and Savings Account with cards for each allowing you to withdraw 2 x £250 per day is an asset.

Kazza242 wrote: »

I don't think it would make sense to feed the money into a 1 year regular saver paying less than 6.50%. The time the money is "in transit" has be taken into account when working out if using a particular regular saver is worth it. Of course the possibility of a merger may influence my decision to open a regular saver or not.

The main reason why I started on Regular Savers in the first place.

ED

Even better than that...Coventry Building Society allow daily withdrawal limit up to £500 from each suitable account (eg Coventry First, NetSave Instant).

Kazza - what ideas do you have ready for the autumn when your Coventry First account first anniversary occurs (0.85% AER bonus expires)? Perhaps you can help those of us for whom the account now pays only 5.13% gross (£1 to £10,000 balance).

For me, it hardly seems worth the bother of setting up all the Standing Orders to come, instead, from Coventry's NetSave Instant account, as its rate of 5.25% -v- Coventry First rate of 5.13% would make minimal difference. So, alternatively, I'm looking for ideas of sources other than Coventry Bdg Soc for efficient, 3-day (eg out Monday, arriving Wednesday) Standing Orders that the customer can quickly arrange (+ later adjust) online.

Afahmaep

ED wrote: »

Even better than that...Coventry Building Society allow daily withdrawal limit up to £500 from each suitable account (eg Coventry First, NetSave Instant).

Thanks for that ED. I thought all current and savings accounts had daily combined HITW withdrawals of £250 maximum or in some cases £300 (due to loss or fraud and cash dispenser limitations).

ED

Coventry BS apparently have various methods against fraud + theft, some of them highly innovative.

Lloyds TSB normally limit to £200 per day ATM withdrawals from current accounts (eg Classic, and Classic Plus). However, upon my enquiry they state the daily limit can be raised for customers with suitably funded accounts (possible examples: £1,000+ deposited monthly, never overdrawn). I was told this would involve a branch visit for face-to-face arrangement, and then the limit would be in place until further notice.

shokadelika

Kazza242 wrote: »

Yes, it does only last 12 months. Though there is the option to start another one after maturity.

Phoned today account closed to new business last month apparently

moneylover

shokadelika wrote: »

Phoned today account closed to new business last month apparently

Yes, the account is now showing in the 'closed rates' accounts although it still seemed available over the weekend. Chorley seemed such a good rate that I was tempted after Kazza posted about the rate increase and planned to open an account this week. I have (I thought) most of the good, generally available, not too many strings attached regular savers but not this one. This leads me on to another question, which maybe should be a separate post - what sources do people use to find good accounts? Chorley doesnt appear in Moneysupermarket's list of regular savers so far as I can see. I see e-moneyfacts at work where we have a sub and that has never shown it either although you cant search so well for regular savers there. I know that some of the money websites only include banks and building societies that pay in some way eg for listing or click throughs - would be interested to know what other comparison tables are available. https://www.interest-rates.org.uk has been mentioned by a colleague of mine as being independent. I have looked at it but it isnt very sophisticated at present - I emailed and got a very polite quick reply saying that they are working on improving the site, I think its fairly new.
Am disappointed about Chorley - how did anyone find out about it in the first place is what I would love to know!
Also, to end this rather rambling post, I would just like to say a big thank you to everyone whose postings on MSE about regular savings accounts over the last year or so have dramatically improved my savings strategies.

ED

moneylover - One method is to periodically visit savings interest 'at a glance' pages of each building society + bank known to have offered a good rate in the past year. Maybe add those specific pages to your Favourites, for speedy downloading on your next visit - especially around the time of a rate-change taking effect (eg 3 weeks after Bank of England announcement).

May be worth monitoring future savings account availability of the following known to me to offer above 6.50% gross interest (some now 'closed issue') - maybe the list will help others, also :

Abbey - FR 7% Monthly Saver (Issue 6)
Alliance + Leicester - FR 12% Premier Regular Saver
Barclays - 10% / 12% Regular Saver - CLOSED ISSUE
Bath BS - 6.50% Regular Saver (rate update due mid-June)
Britannia BS - FR 7.50% 1 Yr FR Regular Saver - CLOSED ISSUE
Chorley BS - 7.75% Rovers Premiership Regular Savings - CLOSED ISSUE
Halifax bank - FR 7% Regular Saver
HSBC - 8% Regular Saver
Ipswich BS - 6.90% Target Saver 3
Leeds BS - sometimes offer competitive rates - not currently
Leek United BS - FR 7.50% 1 Yr Regular Savings
Lloyds TSB - FR 8% Monthly Saver
Loughborough - 8% Regular Savers PLUS
+ Monmouthshire BS - 6.50% Saver Plus (allows up to £1,000 p m)
Norwich + Peterborough BS - sometimes offer competitive rates
Principality BS - now borderline competitive rates for reg saving
Scarborough BS - 6.55% My Savings
Skipton BS - 7.30% (pro rata) Christmas Saver
Stroud & Swindon BS - sometimes competitive rates but poor service IME
Yorkshire BS - 7% Regular Saver

Many building society websites invite sign-up to receive email announcements about accounts+ when launched.