Regular Savings Accounts: The Best Currently Available List!

Bridlington1

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

EDIT:
Also the account will be launched on Tuesday 28/11/23.
The account runs on an account month basis so if you opened it on 28/11/23 and deposited the maximum amount, you couldn't deposit further funds until 28/12/23.

subjecttocontract

Sounds good, I'll have one.
My HSBC reg saver (5%) ends next month, won't renew.
I'm trying to cut down on my regular savers paying lower interest rates. I'm down to 17 currently costing £4000 a month.
Another 2 are due to end before Christmas.

flaneurs_lobster

subjecttocontract said:

I'm trying to cut down on my regular savers paying lower interest rates. I'm down to 17 currently costing £4000 a month.

19 costing £5.2K a month, all paying 5.5% or above.

Probably about the limit for what's a sensible* number, both in terms of effort to fund/maintain manually and funds to have available.

* Not a pop at @Bridlington1 's somewhat exceptional savings regime. 

allegro120

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 had two Coventry regular savers running simultaneously.  It's fine as long as they are different issues.

allegro120

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Sounds great! I'm in

SonOfPearl

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Personally, the condition in bold puts me off completely so I won't be opening this Coventry regular saver, just as I haven't opened previous Coventry regular savers with this condition. But each to their own of course. 

OneUser1

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

The fact it’s a variable rate is the potential issue. But I suspect I will apply for it anyway.

Bobblehat

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Sounds good ..... did you happen to ask if you could run this one and still run the 5.5% RS as well?

Kim_13

SonOfPearl said:

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Personally, the condition in bold puts me off completely so I won't be opening this Coventry regular saver, just as I haven't opened previous Coventry regular savers with this condition. But each to their own of course. 

I did open one with it in January 2020, but at that time I could only save £200 elsewhere at the rate they were paying. My Yorkshire Loyalty RS isn’t maxed out and pays the same with a penalty free withdrawal allowed, so I’ll pass on this one. 

I would reconsider if it were still available by the time I had more funds available than RS capacities with more attractive terms, and if it’s still available at such a time, great, I’ll have spread out my maturity dates. I wouldn’t be gutted if I missed it, so won’t open with £1 as I did with YBS.

In 2020 the terms were such that if the rate did reduce, you had a window in which you could withdraw without penalty. I didn’t use this as the reduced rate was still the best on offer at the time, so can’t comment on if it would be easily done or likely to encounter staff or system gremlins that still thought a penalty would be due - but it’ll be interesting to see if this is still in the terms.

As a Loyalty product this isn’t that attractive - half their usual deposit limit and still the usual terms of variable and 30 day penalty. A fixed portion with a variable top up rate would have been better.

allegro120

OneUser1 said:

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

The fact it’s a variable rate is the potential issue. But I suspect I will apply for it anyway.

Should be able to close it without penalty,  https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/saving-accounts-terms-and-conditions.pdf (section 4)