Regular Savings Accounts: The Best Currently Available List!

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.

Bobblehat

Thanks all for your comments.

Bridlington1 ... I bow to you extensive knowledge on all things related to Regular Savers  .... I only have 4 Ha! Ha!

Nick_C ... good idea about just delaying the SO date. Yes! I'll keep a daily eye on announcements from Coventry and make my decision according to what they offer.

subjecttocontract

Nick_C said:

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.  

What sort of hassle with HMRC are you expecting ? I've had way over the PSA limit for years and never had any hassle, ever with HMRC.

AndrewSteele888

I think if you hit 10K taxable you have to fill the self assessment form which I believe its what been referred to

subjecttocontract

AndrewSteele888 said:

I think if you hit 10K taxable you have to fill the self assessment form which I believe its what been referred to

I don't think so. I think they want keep below £1000 as they perceive above it results in hassle with HMRC.

SFindlay

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.

Coventry position has NEVER been to allow one of each issue, for some time their IT systems did not identify those of us who held multiple issues however a year or two ago the issue was highlighted to them resulting in everyone's accounts being looked at. Those of us who held multiple issues of their Regular Savers had letters sent detailing which ONE account would remain open and the rest were given an early maturity date and full interest paid up at that date. It was made clear at that time in future only one account of ANY issue would be allowed. I suspect as the new account is going to be a Loyalty RS it will be allowed in addition to the standard RS. 

Nick_C

subjecttocontract said:

Nick_C said:

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.  

What sort of hassle with HMRC are you expecting ? I've had way over the PSA limit for years and never had any hassle, ever with HMRC.

The hassle of checking to see if they have correctly calculated the tax due on interest from 30 or so savings accounts, and checking to see if my adjusted tax code is correct.  The hassle of spending half an hour on the phone, and knowing which options to select to avoid being cut off, in order to speak to a human being instead of their Artificial Stupidity chatbots.

friolento

SFindlay 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.

Coventry position has NEVER been to allow one of each issue, for some time their IT systems did not identify those of us who held multiple issues however a year or two ago the issue was highlighted to them resulting in everyone's accounts being looked at. Those of us who held multiple issues of their Regular Savers had letters sent detailing which ONE account would remain open and the rest were given an early maturity date and full interest paid up at that date. It was made clear at that time in future only one account of ANY issue would be allowed. I suspect as the new account is going to be a Loyalty RS it will be allowed in addition to the standard RS. 

They do permit a normal regular saver and a First Home regular saver, so I am quite confident that they will also permit the Loyalty RS. 

In December 2022, I opened a second First Home Saver by mistake. Both are the same issue, the original one that pays 5.6%. They are both still open, though I am only using one of them, in order not to fall foul of their rules.

So their systems are not enforcing the T&Cs.