Regular Saver Thread **New and Restarted**

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Chorley BS Santa Saver accounts withdrawn and removed from the list on page 1

- Tipton and Coseley BS account maturity date updated to 31st January 2021 for accounts opened now

- Mansfield BS Young Regular Saver (2nd issue) interest rate dropped from 2.75% to 2.6%

- Progressive BS Children's Clockwork Regular Saver interest rate dropped from 2.65% to 2.5%

- Buckinghamshire BS Regular Saver removed from the list as the interest rate dropped to below 2% as expected

- Nottingham BS Special Regular Saver (Issue 8) and Seasonal Saver withdrawn and removed from list

- Santander 123 current account (feeder account section) updated to show that the interest rate will drop from 1.5% to 1% from 5th May

- Tesco Bank current account (feeder account section) no longer available for new applicants, removed from the list on page 1

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page

progressive_uk

vermania wrote: »

I got the dreaded Coventry BS letter today, always know if it's in a Coventry envelope that it bears bad news. For those who have the 10 year old ex-Stroud and Swindon Regular Saver the interest rate is reducing again to 2.20%.

And just with rumours of a base rate decrease going around, after which they'd slap the rate down again. Apparently mortgage rates are too competitive to keep the interest as it is. Yes, there is still little better out there right now, but it seems it won't be long before the deposits in these long-held accounts might be better off in a fixed term account. Or making the most of the low mortgage rates and buying property. Or just anywhere but a savings account!

My letter came a bit later in the week. Rates have been in long term decline on this account, but it has always been above new products on the market, so I've stuck with it. It has take a bit more of a tumble recently, and you're right to be concerned it may soon not be worth hanging onto. I went through my letters; this is the interest rate history:


2010: 4.5%
June 2013: 3.5%
Sept 2016: 3.1%
Aug 2017: 2.75%
Dec 2017: 3.00%
March 2018: 2.8%
Aug 2019: 2.55%
Feb 2020: 2.20%

schiff

I've had the expected letter from M&S Bank about the maturity of my RS on January 30. A brief indication of how I can open a new one but surprisingly no comment about the change in interest rate.

Nuggy96

Hi peeps,

The answer is probably some where on this thread but I just opened the Coventry BS on Saturday 18th January. I was wondering whether I can put another £500 in 1st Feb or is it now I can only put in on 18th of every month, so 18th Feb? Just setting up my standing orders, so would be v helpful

Thanks in advance

schiff

Nuggy96 wrote: »

Hi peeps,

The answer is probably some where on this thread but I just opened the Coventry BS on Saturday 18th January. I was wondering whether I can put another £500 in 1st Feb or is it now I can only put in on 18th of every month, so 18th Feb? Just setting up my standing orders, so would be v helpful

Thanks in advance

A deposit on 1st Feb is OK and the 1st of following months if you wish.

YorkshireBoy

Nuggy96 wrote: »

The answer is probably some where on this thread...

The answer is in the summary box of the product you just opened...

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/regular_saver/regular-saver-2.html

Dark blue section entitled "How to put money in your account"...

Each month you can pay in as many times as you like, up to a maximum of £500. Your month starts on the day you opened the account. For example, if you opened the account on 25 January you’d have from 25 January to 24 February to pay in your first month’s allowance. Your second month would start on 25 February.

tomh1993

Hi all,

I'm looking to open a regular savings account with Coventry Building Society. I currently have an easy access cash isa with them that is paying interest at 1.4%. As I don't think it's possible to drip feed the regular savings account via the isa, should I withdraw the £500 pm from this isa to my bank account to then deposit it into the savings account or leave it in the isa?

TIA

polymaff

tomh1993 wrote: »

Hi all,

I'm looking to open a regular savings account with Coventry Building Society. I currently have an easy access cash isa with them that is paying interest at 1.4%. As I don't think it's possible to drip feed the regular savings account via the isa, should I withdraw the £500 pm from this isa to my bank account to then deposit it into the savings account or leave it in the isa?

TIA

Call the Coventry - get the answer from the horse's mouth...;)


It is an 0800 call, too...:rotfl:

tomh1993

Ok will give them a call later. But I was more thinking about the tax status as Martin always suggests to transfer money that's already in an ISA rather than withdraw it and re-deposit it

pafpcg

tomh1993 wrote: »

But I was more thinking about the tax status as Martin always suggests to transfer money that's already in an ISA rather than withdraw it and re-deposit it

The Coventry Regular Saver is NOT an ISA, so any money transferred from your current Coventry ISA to the regular saver will lose its ISA status.