Regular Savings Accounts: The Best Currently Available List!

Middle_of_the_Road

francoghezzi said:

A new Loyalty Regular Saver is due to be announced in the next few days by Coventry and it will be open to everyone with an account with the building society since January 2022

That might be quite a nice account. I won't be eligible, as not been with them long enough.
Any guesses on rate or monthly deposits, I'm thinking it could be 6% 7% and 500pcm?

francoghezzi

Middle_of_the_Road said:

francoghezzi said:

A new Loyalty Regular Saver is due to be announced in the next few days by Coventry and it will be open to everyone with an account with the building society since January 2022

That might be quite a nice account. I won't be eligible, as not been with them long enough.
Any guesses on rate or monthly deposits, I'm thinking it could be 6% 7% and 500pcm?

No idea about the rate, 7% and 500pcm would be nice but I don't believe in miracles 😁

Middle_of_the_Road

francoghezzi said:

Middle_of_the_Road said:

francoghezzi said:

A new Loyalty Regular Saver is due to be announced in the next few days by Coventry and it will be open to everyone with an account with the building society since January 2022

That might be quite a nice account. I won't be eligible, as not been with them long enough.
Any guesses on rate or monthly deposits, I'm thinking it could be 6% 7% and 500pcm?

No idea about the rate, 7% and 500pcm would be nice but I don't believe in miracles 😁

It has to be markedly better than their existing regular saver, which is 500 per anniversary month at 5.5% though, if it's going to be a loyalty product. 

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.