Regular Savings Accounts: The Best Currently Available List!

Foxhouse

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.

flaneurs_lobster

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.

Since that Facebook group is run for and by a Chartered Financial Planner I'd hope that he would correct their flawed logic. 

allegro120

Growingold said:

How strict do you think Mansfield are with their criteria for opening - Mansfield BS Kick Start Regular Savings (Issue 7).  I don't live in the local area and have been with them for less than their stipulated 12 months but I received an email from them about the product.  Is it worth a try to open?

Probably not. You are not qualified, so you are most likely to waste money on postage. Instead you can wait for your anniversary and apply then. It is possible that this product will be offered for some time because the rate is not at top of the table and the account is not opened to all.

I'm about 20 miles away from the branch, but can't be bothered.  I'm avoiding opening accounts that I can't operate online or on app and for me £250 at 6.1% RS is not worth trips to Mansfield or sending letters.

subjecttocontract

Where is Mansfield ? I've never heard of it. I better look on my map.......oh, I found it......it's in Easy Ayrshire, near Kilmarnock, Scotland. No, Essex is to far away.

Rich2808

subjecttocontract said:

Where is Mansfield ? I've never heard of it. I better look on my map.......oh, I found it......it's in Easy Ayrshire, near Kilmarnock, Scotland. No, Essex is to far away.

Mansfield - the HQ of Mansfield BS - is a large town of over 100,000 people about 15 miles north of Nottingham. Mansfield, East Ayrshire is a tiny village in south Scotland - and is 250 miles from Mansfield BS Mansfield.

I wouldn't be going to either just to open a building society regular saver unless I lived very locally - not that you would find any bank/BS branches or much at all in Mansfield Ayrshire!

subjecttocontract

Yes that's to far from my part of Essex. Never, ever heard of Mansfield BSoc, they must be quite small. I've been to Nottingham before but didn't see a Mansfield BSoc when I was there. 

Growingold

subjecttocontract said:

Well if you get an account I will want one as well. I'm not to far away.....I'm only in Essex and can complain about fairness as well as anyone else.

What makes you think that you should get an account and the rest of us shouldn't ?

I can't understand people who want to bend the rules......perhaps you can explain your reasoning ?

I'm not trying to bend the rules.  I just wonder why I was sent the email if it didn't apply to me.  They know where I live and how long I've been a member.  I just asked how strict they were with their criteria because of this.

castle96

Go for it ! Rules were made to be broken

Rich2808

subjecttocontract said:

Yes that's to far from my part of Essex. Never, ever heard of Mansfield BSoc, they must be quite small. I've been to Nottingham before but didn't see a Mansfield BSoc when I was there. 

They only have five branches - none in the city of Nottingham.

Your local societies in Essex will be the Saffron (Walden), Suffolk (far north of Essex) or the Cambridge (M11 side) - depending on where you live. They all do regular savers - but you don't normally need to visit a branch to open them.

https://www.suffolkbuildingsociety.co.uk/savings/regular-savings-accounts/

https://www.saffronbs.co.uk/Savings/Regular-Savings-Accounts

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

Bazzalona13295

pookey said:

My ybs loyalty regular esaver is maturing, it says the money will go into the 6 access esaver, is it possible to have it paid into another account please? My saver 13 has a better rate or would i need to wait for it to go into this and then transfer it again please? 


Also to anyone that has had it, can you roughly let me know how much interest you get, its had multiple interest rate increases so I'm not sure how much to expect. I put in £500 each month

I've had 2 YBS accounts mature these last few months, one I think I got around £150 interest, the other around £175.