Regular Savings Accounts: The Best Currently Available List!

subjecttocontract

Just heard about a new Principality reg saver.....Maturity Winter Regular Saver Bond available to those with a maturing regular saver. £125 pcm max @ 6.25%

Kim_13

subjecttocontract said:

Just heard about a new Principality reg saver.....Maturity Winter Regular Saver Bond available to those with a maturing regular saver. £125 pcm max @ 6.25%

Closed mine (Christmas Regular Saver) in order to put the funds in the 5.9% NatWest ISA in the Summer. Would have left the min balance in had it been allowed, but it was access by closure only.

Time will tell if there is any kind of offering to new customers (I believe it was mid-November last year.)

trickydicky14

Kim_13 said:

subjecttocontract said:

Just heard about a new Principality reg saver.....Maturity Winter Regular Saver Bond available to those with a maturing regular saver. £125 pcm max @ 6.25%

Closed mine (Christmas Regular Saver) in order to put the funds in the 5.9% NatWest ISA in the Summer. Would have left the min balance in had it been allowed, but it was access by closure only.

Time will tell if there is any kind of offering to new customers (I believe it was mid-November last year.)

Same, closed mine two months ago to fund a fixed term account.

Kazza242

According to Moneyfacts, Cambridge Building Society will be launching issue 3 of their Reward Regular Saver, which will pay 5.00% w.e.f. 24/10/2023. 

This will replace issue 2, which pays 4.00%.

The account is available to existing members (who have held a mortgage or savings account with Cambridge BS for at least 12 months).

What's interesting about this, is that The Cambridge are offering members (of 3 years or more) with a maturing 'Extra Reward Regular Saver' the chance to open a new ERRS, which also pays 5.00%. 

I'm wondering if they will now launch a new issue of the ERRS at a better rate than 5.00% to properly reward long-term members.  My ERRS account is about to mature and be rolled over, so I'll ask them.  

subjecttocontract

I don't understand how any regular saver paying 5% can be attractive when there are others paying more.

trickydicky14

subjecttocontract said:

I don't understand how any regular saver paying 5% can be attractive when there are others paying more.

Agree, RS paying more and easy access. For me its RS 6% and above and fixes if you have the ready cash.

Bigwheels1111

subjecttocontract said:

I don't understand how any regular saver paying 5% can be attractive when there are others paying more.

If a regular saver does not beat easy access it’s not worth having.
I have 8%, 7.5%, 7%, 7% and 6%.
Nationwide, Skipton, First Direct, YBS and TSB.
Work great as emergency funds as can be accessed quickly.

TheWoodler

IMHO Cambridge have been missing a trick for a while. One of the advantages of their easy access Your Saver account was to act as a feeder for their 1-year Reward Regular Saver at 3%, which was competitive in 2020 to early 2022.

When I became eligible for the RRS it was still competitive. They then nudged up the YS  and it became pointless paying into the RRS when I was getting more in the YS, and I wasn’t going to put in ‘new money’ that could be paid into more competitive products elsewhere. 

They then issued a new RRS at 4%, but unlike Saffron in neighbouring territory, wouldn’t convert to the new issue during the life of the product. (I know Saffron have since made their RS variable, before anyone says, but it said a lot about Saffron’s customer service.)

The differential between the YS, currently at 4.65%, and the new RRS at 5%, isn’t enough to make me want to apply (I’ve kept a token amount in the YS in case they become competitive again) and in the current climate isn’t a ‘Reward’. Perhaps by the time I become eligible for an Extra RRS, things might have changed. 

It feels like the Cambridge RS is an afterthought in their savings portfolio, as it ought surely to be properly benchmarked against their own products as well as the market. 

subjecttocontract

It seems to me that the Cambridge BS are just a small provincial BS who are only looking to retain existing local savers and are not looking to attract new money. Their regular saver offerings are so far down the list they hardly warrant a mention......especially on a money saving website.

Section62

Bigwheels1111 said:

subjecttocontract said:

I don't understand how any regular saver paying 5% can be attractive when there are others paying more.

If a regular saver does not beat easy access it’s not worth having.
I have 8%, 7.5%, 7%, 7% and 6%.
Nationwide, Skipton, First Direct, YBS and TSB.
Work great as emergency funds as can be accessed quickly.

For people with instant access accounts paying more than 5% then it probably isn't worth funding. 

But that doesn't necessarily mean a RS account paying 5% isn't worth having, particularly where the rate is fixed and there is no minimum monthly funding requirement.