Regular Savings Advice

aj23_2

Currently have:

Halifax Reward Current Account (£3 p/m plus received £125 for switching see below)
Santander Help to Buy ISA: 4% (Maxed)
Skipton BS Lifetime ISA: 0:75% (Maxed, yet to make 2018/19 deposit, see below)
Leeds BS Regular Saver Issue 4: 2.55% (Maxed)
Nottingham BS Regular Saver Issue 2: 2% (Maxed)

Looking to buy a house in Summer 2020 through Help to Buy

Until October 2016 I had a Santander 123, but I switched to Nationwide Flex Direct because of the 123 rate cut. At the end of the Flex Direct 5% 12 month period, I switched to Halifax Reward in October 2017 (details above). As I want to buy a house in two years or so, I do not want to switch again as because my credit file is showing instability as a result of switching multiple times and I don't want to give prospective lenders any reason to decline applications.

I am closing my Nottingham RS next week, which will fully fund this years Skipton LISA contribution and give me money left over (cash float and a one off pension contribution). The perk of the RS was that there is no balance limit, so I could deposit £250 p/m for the rest of my life, but the rate is low and it's not paying out much compared to what I can get by putting most of it into the LISA for example (£1000 bonus).

Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.

Opened both Nottingham and Leeds BS's in September 2016, and have deposited £250 p/m since.

I do not want to increase pension contributions yet as that is long term and I'm only 26. I'm more concerned, right now, with a house deposit.

So, I have £500 to invest in new Regular Savers. My question which one, or two, should I go for? I was thinking Virgin Money Regular e-Saver and Saffron BS Regular Saver (many branches around me) VM is 14 months and Saffron is a higher rate for lower deposit, so my money doesn't have to work so hard (I'd get about the same interest on both, considering VM's higher deposit and balance limits) Also open to Yorkshire BS as that is a longer term.

Again, I do not want to switch for reasons cited above, so please no comments about Switching to First Direct to get their Regular Saver please. I already know what those linked accounts offer.

System

aj23 wrote: »

Currently have:

Halifax Reward Current Account (£3 p/m plus received £125 for switching see below)
Santander Help to Buy ISA: 4% (Maxed)
Skipton BS Lifetime ISA: 0:75% (Maxed, yet to make 2018/19 deposit, see below)
Leeds BS Regular Saver Issue 4: 2.55% (Maxed)
Nottingham BS Regular Saver Issue 2: 2% (Maxed)

Looking to buy a house in Summer 2020 through Help to Buy

Until October 2016 I had a Santander 123, but I switched to Nationwide Flex Direct because of the 123 rate cut. At the end of the Flex Direct 5% 12 month period, I switched to Halifax Reward in October 2017 (details above). As I want to buy a house in two years or so, I do not want to switch again as because my credit file is showing instability as a result of switching multiple times and I don't want to give prospective lenders any reason to decline applications.

I am closing my Nottingham RS next week, which will fully fund this years Skipton LISA contribution and give me money left over (cash float and a one off pension contribution). The perk of the RS was that there is no balance limit, so I could deposit £250 p/m for the rest of my life, but the rate is low and it's not paying out much compared to what I can get by putting most of it into the LISA for example (£1000 bonus).

Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.

Opened both Nottingham and Leeds BS's in September 2016, and have deposited £250 p/m since.

I do not want to increase pension contributions yet as that is long term and I'm only 26. I'm more concerned, right now, with a house deposit.

So, I have £500 to invest in new Regular Savers. My question which one, or two, should I go for? I was thinking Virgin Money Regular e-Saver and Saffron BS Regular Saver (many branches around me) VM is 14 months and Saffron is a higher rate for lower deposit, so my money doesn't have to work so hard (I'd get about the same interest on both, considering VM's higher deposit and balance limits) Also open to Yorkshire BS as that is a longer term.

Again, I do not want to switch for reasons cited above, so please no comments about Switching to First Direct to get their Regular Saver please. I already know what those linked accounts offer.

Heya hey. I am a big fan of Regular Savers so I'll tell you what I have and you can have a look. I have the Leeds Building Society (2.55%), I also have the Virgin Money Regular E-Saver (I would personally say you go for this as that's an option you're interested in, and I'm biased), I have Principality (2.00%), Virgin Money Double take ( limited access, 1.30%), Chorley Building Society (2.50%), Halifax Regular Saver, and Lloyds Monthly Saver (both 2.50%), and like you I also have a Lifetime ISA.


After reading your post, I had a look at the Yorkshire Building Society one, and it looks good, when you say long-term you are speaking about the 2 year one? This one? https://www.ybs.co.uk/savings/product.html?id=TRIACCSAV


Thank to you, I will now be opening this too, I like the look of it a lot, and like that it is for a longer-term

AimHigh

Check out the links at the top for the best paying savings account/current accounts etc. First Direct do a 5% regular saver on up to £300pm.

Vortigern

aj23 wrote: »

Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.

You can withdraw £600 from issue 4 before the anniversary, then continue to pay in £50 per month for another year. Some say they won't allow this but I haven't seen anything in the terms to prohibit this.

You could also open the currently available issue of Leeds Regular Saver. Your issue 4 does not bar you from holding this account, but later issues, from 5 onwards do have this restriction.

soulsaver

Halifax RS

Santander 123 lite + RS

karlie88

I have no idea why you wrote all that blurb at the start when you could have said:

'I have an extra £500/month that I would like to pay into regular savers. I already have accounts x,y and z. Due to a future house purchase, I don't want to open regular savers that are linked to current account applications. Which 1 or 2 accounts would you recommend?'

But thanks for the detailed background information.

The answer to your question can be found here within the first few posts:

https://forums.moneysavingexpert.com/discussion/5776240/regular-saver-thread-new-and-restarted

I'm pretty sure you're aware of that thread as you've commented on it in the past. If you can't be bothered to read the first few posts then I would go for the current Leeds BS Reg Saver paying 2.55%, a Halifax Monthly Saver paying 2.5% and/or the Saffron Reg Saver you mentioned.

Good luck.

aj23_2

Sweetcake wrote: »

Heya hey. I am a big fan of Regular Savers so I'll tell you what I have and you can have a look. I have the Leeds Building Society (2.55%), I also have the Virgin Money Regular E-Saver (I would personally say you go for this as that's an option you're interested in, and I'm biased), I have Principality (2.00%), Virgin Money Double take ( limited access, 1.30%), Chorley Building Society (2.50%), Halifax Regular Saver, and Lloyds Monthly Saver (both 2.50%), and like you I also have a Lifetime ISA.


After reading your post, I had a look at the Yorkshire Building Society one, and it looks good, when you say long-term you are speaking about the 2 year one? This one? https://www.ybs.co.uk/savings/product.html?id=TRIACCSAV


Thank to you, I will now be opening this too, I like the look of it a lot, and like that it is for a longer-term

Thank you.

I don't think I can open Principality or Chorley as I'm not resident of their postcodes or near a branch. VM Double Take I want something better than 1.30%. I do bank with Halifax, but 3.5% 200pm at Saffron BS slightly beats 2.5% 250pm Halifax RS in terms of interest accrued, saving me £600 over the year as such, as my money at Saffron wouldn't be working as hard.

Chelsea BS, owned by Yorkshire BS, also offered the 2 year RS until a few months ago, same with N+P until it was taken over by YBS.

aj23_2

AimHigh wrote: »

Check out the links at the top for the best paying savings account/current accounts etc. First Direct do a 5% regular saver on up to £300pm.

Yes thanks but I don't think you read what I said about this in my OP.

aj23_2

Vortigern wrote: »

You can withdraw £600 from issue 4 before the anniversary, then continue to pay in £50 per month for another year. Some say they won't allow this but I haven't seen anything in the terms to prohibit this.

You could also open the currently available issue of Leeds Regular Saver. Your issue 4 does not bar you from holding this account, but later issues, from 5 onwards do have this restriction.

Yep I know about that quirk. Hence why I said £500 a month (from closing Nottingham and no longer depositing to Leeds). Thanks.

aj23_2

soulsaver wrote: »

Halifax RS

Santander 123 lite + RS

I'm not doing Santander 123 + RS per what I said in my OP.

aj23_2

karlie88 wrote: »

I have no idea why you wrote all that blurb at the start when you could have said:

'I have an extra £500/month that I would like to pay into regular savers. I already have accounts x,y and z. Due to a future house purchase, I don't want to open regular savers that are linked to current account applications. Which 1 or 2 accounts would you recommend?'

But thanks for the detailed background information.

The answer to your question can be found here within the first few posts:

https://forums.moneysavingexpert.com/discussion/5776240/regular-saver-thread-new-and-restarted

I'm pretty sure you're aware of that thread as you've commented on it in the past. If you can't be bothered to read the first few posts then I would go for the current Leeds BS Reg Saver paying 2.55%, a Halifax Monthly Saver paying 2.5% and/or the Saffron Reg Saver you mentioned.

Good luck.

I was giving info on the savings accounts I already have save someone suggesting something I already have, and my current account so people know I'm not with a provider who offers 5% RS, which I explained after why I don't want to switch.

Thanks. I'm thinking Virgin e-Saver as I can open it online (nearest branch is 18 miles away) and Saffron as I have 2 within a few months of few.

I looked at that thread and it needs updating. Virgin ones still say about maturing in Feb 2019 (older issues) and I think the Leeds one needs updating. One I can't remember had been taken off sale when I clicked the link.