Regular Savings Accounts: The Best Currently Available List!

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.

Kazza242

subjecttocontract said:

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

subjecttocontract said:
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.

I think you have misunderstood my earlier post.  I was not posting to highlight the Cambridge BS 5.00% Reward Regular Saver, but rather pointing out that the 'Extra Reward Regular Saver' has up to now paid 1.00% more interest than the 'Reward Regular Saver'.

As the Reward Regular Saver new issue (open to members of 1 year) will be paying 5.00% when it becomes available from 24/10/2023.  In my earlier post, I was wondering whether the Extra Reward Regular Saver (open to members of 3 years or more) will be paying 6.00%.  It didn't make sense for both accounts to be paying the same rate.

I have now heard back from The Cambridge, they are indeed launching a new Extra Reward Regular Saver (issue 2) on 24/10/2023 and it will be paying 6.00%. 

The monthly deposit limit will be increased to £300 per month (earlier issues of this account only permitted £250 per month).  The maximum investment will be £3,600.

They have told me that the new 6.00% RS account details will be uploaded to the Cambridge BS website once it launches. 

pecunianonolet

Kazza242 said:

subjecttocontract said:

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

subjecttocontract said:
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.

I think you have misunderstood my earlier post.  I was not posting to highlight the Cambridge BS 5.00% Reward Regular Saver, but rather pointing out that the 'Extra Reward Regular Saver' has up to now paid 1.00% more interest than the 'Reward Regular Saver'.

As the Reward Regular Saver new issue (open to members of 1 year) will be paying 5.00% when it becomes available from 24/10/2023.  In my earlier post, I was wondering whether the Extra Reward Regular Saver (open to members of 3 years or more) will be paying 6.00%.  It didn't make sense for both accounts to be paying the same rate.

I have now heard back from The Cambridge, they are indeed launching a new Extra Reward Regular Saver (issue 2) on 24/10/2023 and it will be paying 6.00%. 

The monthly deposit limit will be increased to £300 per month (earlier issues of this account only permitted £250 per month).  The maximum investment will be £3,600.

They have told me that the new 6.00% RS account details will be uploaded to the Cambridge BS website once it launches. 

Is this new reg saver for members only or will it be open to all?

PRAISETHESUN

pecunianonolet said:

Kazza242 said:

subjecttocontract said:

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

subjecttocontract said:
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.

I think you have misunderstood my earlier post.  I was not posting to highlight the Cambridge BS 5.00% Reward Regular Saver, but rather pointing out that the 'Extra Reward Regular Saver' has up to now paid 1.00% more interest than the 'Reward Regular Saver'.

As the Reward Regular Saver new issue (open to members of 1 year) will be paying 5.00% when it becomes available from 24/10/2023.  In my earlier post, I was wondering whether the Extra Reward Regular Saver (open to members of 3 years or more) will be paying 6.00%.  It didn't make sense for both accounts to be paying the same rate.

I have now heard back from The Cambridge, they are indeed launching a new Extra Reward Regular Saver (issue 2) on 24/10/2023 and it will be paying 6.00%. 

The monthly deposit limit will be increased to £300 per month (earlier issues of this account only permitted £250 per month).  The maximum investment will be £3,600.

They have told me that the new 6.00% RS account details will be uploaded to the Cambridge BS website once it launches. 

Is this new reg saver for members only or will it be open to all?

Cambs BS

The base RS requires 12 months continuous membership and the extra RS requires 3 years continuous membership. It's nice if you are eligible, but it doesn't appear particularly competitive to me, especially when you factor in the withdrawal restrictions (no withdrawals allowed and early closure is subject to a 90 day interest penalty).

Growingold

Just want to say how impressed I am with Cambridge Building Society.  Ok no access to Regular Saver during the term but maturity spot on.  My RS with them matured today money was already in the account designated with them by the time I logged on early this morning.  Set up withdrawal which happened today and now proceeds of the Regular Saver received into current account and moved outward to different accounts.  Another thing I like about the Cambridge is that is one of the few building societies that shows interest earned to date when you log into your account.  So TOP marks to Cambridge.