Regular Savings Accounts: The Best Currently Available List!

Previn

verybigchris wrote: »

I've just tried to open a Club Lloyds Monthly Saver and it's showing at 3%, rather than 4%. Have they cut the rate, or am I missing something?

Looks like its changed as of today according to the interest rate history. Now advertised as 3% for the reg saver, although still 4% for the current account.
It does say fixed for 12 months, so if anyone has an existing saver they wont lose out.

eskbanker

verybigchris wrote: »

I've just tried to open a Club Lloyds Monthly Saver and it's showing at 3%, rather than 4%. Have they cut the rate, or am I missing something?

Looks like they've just reduced the rate from 4% to 3% as from today, according to http://www.lloydsbank.com/rates/savings/club-lloyds-monthly-saver.asp

B_G_B

Previn wrote: »

Looks like its changed as of today according to the interest rate history. Now advertised as 3% for the reg saver, although still 4% for the current account.
It does say fixed for 12 months, so if anyone has an existing saver they wont lose out.

Agreed. I’ve just checked paperwork on Regular Saver that I opened ~2 months ago and can confirm that it is fixed (4%) for the 12 month duration.

fun4everyone

Well noticed on the Club LLoyds regular saver thanks. Glad I got in there before the change.


Guess as a loss leader it was costing too much. I suppose 3% is still ok if you have oodles of cash and have filled every other better option.

veryintrigued

adindas wrote: »

In this league, I thinks, Leeds BS regular saver has a better option as it is 3% (including bonus) You could only put £250 but it is for indefinite period (not just 1 year) and they allow people to make one withdrawal a year without loosing the bonus.

For clarity - the Leeds one is 3.05%

Also if you're making comparisons the Club Lloyds you can deposit £400 (rather than £250) a month.

And also you can make as many withdrawals as you like from the Club Lloyds into the Club Lloyds C/A.

Oh and the non bonus interest part of the Leeds one is variable too.

I know which one of these I think is the best (if I had to choose)

adindas

veryintrigued wrote: »

For clarity - the Leeds one is 3.05%

Also if you're making comparisons the Club Lloyds you can deposit £400 (rather than £250) a month.

And also you can make as many withdrawals as you like from the Club Lloyds into the Club LLoyds C/A.

Oh and the Leeds one is variable too.

I know which one of these I think is the best (if I had to choose)

Yes it is 3.05% as you see I have corrected it before your posting.

It depends on people circumstances and how much money they want to save. Also you might underestimate the value of indefinite 3.05% . If you keep saving £250 in three years you will have £9,000 earning 3.05% and this will keep adding. With Club Lloyd after one year you will start from £400 again.

Keep in mind knowledgeable people here at MSE who are aiming RSA at 3% interest (not 4%) must have swapped out all of the best high interest account first paying 3%+ RSA before moving into the next best. So there are always be more than enough cash available instantly in the current AC when they need it.

One penalty free withdrawal a year with LBS is good for exit strategy when you need the money which is predictable and more than available on your current account such as for house deposit, etc

veryintrigued

adindas wrote: »

Yes it is 3.05% as you see I have corrected it before your posting.

It depends on people circumstances. Also you might underestimate the value of indefinite 3.05%. If you keep saving £250 in three years you will have £9000 earning 3.05%.

Keep in mind the people who are aiming RSA at 3% interest (not 4%) has swapped out all of the best high interest account first + 3%+ RSA before looking into the next best. So there are always be a lot cash available instantly when they need it instantly.

One penalty free withdrawal a year with LBS is good for exit strategy when you need the money which is predictable and more than available on your current account such as for house deposit, etc

I think you need to look up the definition of 'variable interest rate' and your (made up) association of indefinite on the Leeds.

I think most people would prefer multiple withdrawals (as per the Lloyds) rather than the one (for the Leeds).

So - guaranteed (for that year) interest rate, ability to save more (and therefore more interest) and more withdrawals allowed.

Are you on the LBS board?

P.S. I have both BTW. The (now sadly closed for new accounts) N&P Family Regular Saver (at 3.35%) is the same sort of thing as the LBS one.

fun4everyone

nevermind.

veryintrigued

fun4everyone wrote: »

I think you might be misunderstanding the way the leeds one works, although I could be wrong.


I have a regular savings account at a local building society which pays 3.5% and allows one withdrawal per year, it also keeps going indefinitely like you describe.


However once a year passes only money added in the last 12 months qualifies for that years bonus interest payment, taking the rate up from 0.5% to 3.5%. The rest gets only 0.5%. I find it highly unlikely this leeds lot have an account that allows huge balances to build up paying 3.05% on the whole lot. I suggest you clarify it with them

You're wrong

adindas

I understand indefinite mean until it is stated otherwise.

I think you underestimate the value of indefinite 3.05% instead of only for one year.

Scottish Building Society used to have the same product paying 4% regular bonus saver where you could pay £500 a month for indefinite period and I have used it for about 3 years before I withdraw about £18,000 at once when I need it for house deposit. £18,00 at that time earning 4%, well nice hard to beat ...

Well I am not associated with LBS.
You name every best paying current account, every best RSA paying 3%+ interest it is highly likely I already have it.

veryintrigued wrote: »

I think you need to look up the definition of 'variable interest rate' and your (made up) association of indefinite on the Leeds.

I think most people would prefer multiple withdrawals (as per the Lloyds) rather than the one (for the Leeds).

So - guaranteed (for that year) interest rate, ability to save more (and therefore more interest) and more withdrawals allowed.

Are you on the LBS board?

P.S. I have both BTW. The (now sadly closed for new accounts) N&P Family Regular Saver (at 3.35%) is the same sort of thing as the LBS one.