Regular Savings Accounts: The Best Currently Available List!

pookey

Foxhouse said:

I'm a Member of the Meaningful Money Community Facebook group. 

It's amazing to me that folk on there, who you'd think would be more clued up than your average person, effectively arguing that regular savers aren't worth it because you "only get half the advertised rate" or words to that effect.

Latest one is someone from Santander 5.2% wanting to drip feed a Nationwide 8%, and he's being told not to bother as the 'real' rate of interest is only 4.1ish%, as opposed to the 5.2% he'd get in Santander.

Amazing logic fails.

Maybe you can add the link to the calculator on mse so they can see the difference 

Foxhouse

pookey said:

Foxhouse said:

I'm a Member of the Meaningful Money Community Facebook group. 

It's amazing to me that folk on there, who you'd think would be more clued up than your average person, effectively arguing that regular savers aren't worth it because you "only get half the advertised rate" or words to that effect.

Latest one is someone from Santander 5.2% wanting to drip feed a Nationwide 8%, and he's being told not to bother as the 'real' rate of interest is only 4.1ish%, as opposed to the 5.2% he'd get in Santander.

Amazing logic fails.

Maybe you can add the link to the calculator on mse so they can see the difference 

I did indeed add the link. A couple of folk who'd got it wrong were pleased with the input I think, and are now regular saver converts. 

tg99

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

Barkin

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

I think it's worth it. The difference in return on £100 between the Your Saver at 4.65% and a top rate EA account is less than £1 a year.

OneUser1

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

Cambridge have a 4% Reward regular saver on offer. That’s a special rate for those with at least 12 months membership! They also offer the easy access Your Saver offering 4.65% on £100. 

I am hopeful they will offer a better Regular Saver soon. But have no inside knowledge beyond they have offered them for a few years.

wmb194

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

There is one but it's only 4%, the "Reward Regular Saver." Unless something changes this might be a maturity option. IIRC Cambridge usually makes contact about a week before the maturity date.

https://www.cambridgebs.co.uk/savings/regular-savings/reward-regular-saver

SFindlay

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

They do a 'Reward RS ' at 4% which is obviously less than their Easy Access account which I'm afraid sums up their lack of increases in line with base rate rises. I stopped funding the 3% Reward RS last November as easy access rates surpassed them. Nearly a year later and they've still not increased much and there are no penalty free withdrawals/ closure so I don't forsee a market leading product from them any time soon so closing my account and not bothering to keep an account for membership purposes. 

tg99

OneUser1 said:

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

Cambridge have a 4% Reward regular saver on offer. That’s a special rate for those with at least 12 months membership! They also offer the easy access Your Saver offering 4.65% on £100. 

I am hopeful they will offer a better Regular Saver soon. But have no inside knowledge beyond they have offered them for a few years.

Thks yep sorry I did see the 4% reg saver on their website but it was so unmemorable that I obviously quickly forgot it existed! May just do the £100 easy access option.

Kim_13

tg99 said:

Cambridge regular saver due to mature shortly. Cannot see any current reg saver offered but is it worth opening an easy access to maintain membership and thus qualify for any potential future member only offers? Looks like have to have min £100 in easy access though.

That’s correct - have had £100 sat in an Easy Access since mine matured in December 2022, and interest set to pay to my current account. 

I’m unsure whether you can leave the entire proceeds to be converted into an Easy Access and then withdraw all but £100, which might be easier - the same account number would have been open for a year then. Their method of giving instructions left something to be desired - secure message only, despite receiving notification from them that I could do it online; they set it up but you have no confirmation to tell you where the payment will go and when (and they had mine all set up to a closed (not CASS’d as rejected by Tesco) account, luckily I found this out via messaging to check what had been scheduled and they then corrected it to the account I had asked for in my original message.)

The last time they had a full selection of Regular Savers on offer, the Regular Saver was open to all, the Reward required 1 year membership and the Extra Reward was 3.

Growingold

My Cambridge Extra Reward Regular saver is due to mature this week.  I was sent an email showing this.

More for Members benefitsAs a member with a maturing Instant Access Account we're giving you exclusive access to reinvest your savings into our Extra Reward Regular Saver Maturity Account at a rate of 5.00% Gross p.a/AER. Terms and conditions and interest rates for this account can be found here.