Regular Savings Accounts: The Best Currently Available List!

Bobblehat

But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?

Bigwheels1111

No, please no more regular savers.
I have 18k tied up in 5 so far.

Rudyson

Bobblehat said:

But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?

Coventry's usual policy is that you can only have one a/c of each issue. As this would be a new issue, it shouldn't disqualify anyone who already has one or more Reg savers with them.

Bobblehat

Rudyson said:

Bobblehat said:

But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?

Coventry's usual policy is that you can only have one a/c of each issue. As this would be a new issue, it shouldn't disqualify anyone who already has one or more Reg savers with them.

That would be great if true. I wonder if they should clarify that in their T&C's ... which for the latest 5.5% RS states .....

"1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time. "

Fingers crossed!

Bridlington1

Bigwheels1111 said:

No, please no more regular savers.
I have 18k tied up in 5 so far.

Why ever not?

I have over 3 times as much spread across 29 regular savers (plus nearly a dozen other regular savers with minimal balances on standby). If I was eligible for the new Coventry regular saver and it allowed penalty free withdrawals/early closure at a decent enough rate I'd open it myself and and add it to my collection.

Bigwheels1111

Bridlington1 said:

Bigwheels1111 said:

No, please no more regular savers.
I have 18k tied up in 5 so far.

Why ever not?

I have over 3 times as much spread across 29 regular savers (plus nearly a dozen other regular savers with minimal balances on standby). If I was eligible for the new Coventry regular saver and it allowed penalty free withdrawals/early closure at a decent enough rate I'd open it myself and and add it to my collection.

Running out of cash 😁.

Bridlington1

Bobblehat said:

Rudyson said:

Bobblehat said:

But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?

Coventry's usual policy is that you can only have one a/c of each issue. As this would be a new issue, it shouldn't disqualify anyone who already has one or more Reg savers with them.

That would be great if true. I wonder if they should clarify that in their T&C's ... which for the latest 5.5% RS states .....

"1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time. "

Fingers crossed!

I suspect those with the 5.5% regular saver should be able to get it. The 5.5% regular saver is called  "Regular Saver (5)", the new one will be called "Loyalty Regular Saver". If you have a "Regular Saver (5)" and then open the new "Loyalty Regular Saver" you won't have more than one "regular saver", you'll have a "Regular Saver" and a "Loyalty Regular Saver", which are 2 different products. Indeed I currently hold both the First Home Saver Issue 1 and the Regular Saver (5) and have done so for months now.

It's like when YBS launched their 4.5% regular saver in June, you could only have one "regular saver" but could still have a regular saver, a Christmas 2023 regular saver and a loyalty regular saver simultaneously.

Nick_C

One reason why I would think three times about opening another Regular Saver is that I want to keep my interest below £1000 a year, to avoid the hassle of dealing with HMRC.  I have a YBS ISA that currently pays 5.2%, so I'm only losing if accounts pay more than 6.5%

Bobblehat

I'm wondering whether to cancel my SO on 1st December for the 2nd deposit into the current (latest) Coventry RS ... as a hedge-my-bets policy? If I can't apply for the new one, I'll just pay in to the old as a one-off faster payment at the beginning of December and set up a new SO for January.

If I can apply for the new one, it would depend on the rate whether to take the hit on closing the old one and opening the new!

It might all depend on whether you can have both open at the same time, or not?

Any thoughts?

Nick_C

@Bobblehat
Instead of cancelling your SO, you may be able to amend the next payment date?

I think we are likely to have the details of the Coventry account before the end of the month.