Regular Savings Accounts: The Best Currently Available List!

Archi_Bald

Understanding the difference between calendar month and statement month can be the difference between getting some or no interest.

Halogen_2

I have Issue 1 with over 20k . I have recently been paying 1k a month. The new account does not meet my needs ( obviously not enough interest) but I do not want regular access to the money. I do want the facility to withdraw once a year if I need to. I want to carry on saving regularly.
I am furious that they are treating me like this after being a loyal customer for over 10 years.

patientperson

Halogen wrote: »

I have Issue 1 with over 20k . I have recently been paying 1k a month. The new account does not meet my needs ( obviously not enough interest) but I do not want regular access to the money. I do want the facility to withdraw once a year if I need to. I want to carry on saving regularly.
I am furious that they are treating me like this after being a loyal customer for over 10 years.

Well understood Halogen. If you are inclined you can add your angry comments: http://www.dailymail.co.uk/money/saving/article-2928030/Leeds-BS-chops-3-05-rate-regular-savings-account-just-0-85-blocks-customers-moving-better-deal.html?

Special_Saver2

Hi Everybody,

I cannot find anything that has changed for this weekend's update.

I will quickly respond to a comment (see below).

Special_Saver2 wrote: »

Interestingly, with respect to the Leeds BS issue 1 and 2 accounts, Coventry BS seem to have a completely opposite tactic. I have an old regular savings account with Coventry BS that is no longer available. Coventry BS wrote to me last month to let me know that the interest rate would remain at 3.5% and that the £20,000 cap on the account is being removed so I can continue saving for even longer at an interest rate that is better than the Leeds BS account!

apt wrote: »

What you say about the Coventry BS regular saver is true, Special Saver2, but they have changed the terms to make the 3.5% rate totally variable. So in the short term we should be happy, but they may slash the rate in future.

It looked like Coventry BS were combining several different old regular saver accounts into the same type of account with a single set of terms and conditions according to the leaflet they sent me. It looks like you and I had different accounts - mine has always been a variable rate regular saver account. Mine was initially a Stroud and Swindon BS 4.5% account and when they were taken over by Coventry BS, the interest rate was kept at 4.5% for a while. Coventry BS later dropped the interest rate to 3.5%, which I was okay with because I could see interest rates everywhere were dropping a lot at this time and I was happier to have a sustainable 3.5% interest rate rather than continue with the fear that the account would be closed (as is happening with Leeds BS accounts now).

It is curious that Yorkshire BS and Coventry BS can maintain their old regular savings accounts with interest rates of 3.75% and 3.5% respectively whilst Leeds BS is turning away money at a lower interest rate.

I agree completely with what mary wrote...

mary wrote: »

As you say good while it lasts. I've got currently £15K+ tucked away. Like any other account, when the rate falls, you simply go elsewhere. So just make the most of it.

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

redux

Special_Saver2 wrote: »

It is curious that Yorkshire BS and Coventry BS can maintain their old regular savings accounts with interest rates of 3.75% and 3.5% respectively whilst Leeds BS is turning away money at a lower interest rate.

But it is unfortunate that these seem to be closed to new entrants, and that previous versions of regular saver accounts there were fixed term and then converted to different accounts.

Or are the ones you mention also fixed term?

apt

The Coventry Regular Saver is not fixed term and now the only limit is £250 per month. The Yorkshire BS has a max balance of £20,000. Yes no longer available to new customers, but the same is true of the Leeds regular savers issue 1 & 2.

Frogletina

Special_Saver2 wrote: »

It is curious that Yorkshire BS and Coventry BS can maintain their old regular savings accounts with interest rates of 3.75% and 3.5% respectively whilst Leeds BS is turning away money at a lower interest rate.

My first regular savers were with the Coventry - it just goes to show that you should try to keep as many regular savers going as possible even if only with the minimum amount going in which is possible if they are ones where you can vary the amount. Unfortunately I didn't have this one even though this building society is where my income is paid into which is why my first regular savers were here.

However, I do wonder how many people have this 3.5% regular saver and the Yorkshire BS 3.75% one. This Yorkshire BS Regular Saver has an interest rate of 0.25% and the rest is paid as a bonus for not making more than one withdrawal if I remember correctly. It started out with a much higher interest rate. However, these two accounts are still rewarding loyalty, if only to a small number of people, which is rare these days.

When Santander kept bringing out new monthly savers I opened each issue with £10 a month until the one paying the highest interest rate closed, at which time I paid more into the next highest issue. But in the end they did not bring out any new ones and their final saver accounts were paying less than their current account.

frogletina

redux

apt wrote: »

The Coventry Regular Saver is not fixed term and now the only limit is £250 per month. The Yorkshire BS has a max balance of £20,000. Yes no longer available to new customers, but the same is true of the Leeds regular savers issue 1 & 2.

Thanks. It sounds like I should have recycled a couple of older accounts a few years ago, rather than only picking them up again about a month ago.

I went in the Leeds in December and asked to close the issue 1 and open an issue 3. He said actually you might keep this one going, advice that has been superseded now of course.

premierfella

Frogletina wrote: »

However, I do wonder how many people have this 3.5% regular saver and the Yorkshire BS 3.75% one.
frogletina

A few of us on this thread I suspect. I closed a number of lower rate ones, but have two Coventry (ex Stroud and Swindon) 3.5% and the issue 1 Yorkshire.

gallygirl

FD Reg Sav matured yesterday. Thinks - "is it really worth it for £96.14 with another 20% to come off? I might as well just leave it in one account at 1.35%. That would be...... oh......... right, best open another one then ". Very easy to do online (once you find the stupid secure key you put somewhere safe ).