Regular Savings Accounts: The Best Currently Available List!

Wheres_My_Cashback

Bazzalona13295 said:

Aidanmc said:

flaneurs_lobster said:

allegro120 said:

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

We'll have to see when the product is released, but usually it is 1 year of continuous membership.

From email received yesterday Coming soon We're rewarding loyalty again - keep a look out on our website during next week for the launch of our Loyalty Regular Saver*, which is our fourth and final loyalty product of the year.

*To be able to open this account, you'll need to have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 01 January 2022 or earlier.

I wonder if its only eligible customers that received the email.

I didn't receive one. I'm not sure if i actually had any accounts with Coventry continuously since Jan 22.

I've had one account or another with them for over 20 years, I've not heard anything.

That's irrelevant though, what's important is no breaks between accounts from 01/01/22. I would qualify, but have heard nothing, however I always decline any marketing from all organisations

chris_the_bee

Bazzalona13295 said:

Aidanmc said:

flaneurs_lobster said:

allegro120 said:

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

We'll have to see when the product is released, but usually it is 1 year of continuous membership.

From email received yesterday Coming soon We're rewarding loyalty again - keep a look out on our website during next week for the launch of our Loyalty Regular Saver*, which is our fourth and final loyalty product of the year.

*To be able to open this account, you'll need to have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 01 January 2022 or earlier.

I wonder if its only eligible customers that received the email.

I didn't receive one. I'm not sure if i actually had any accounts with Coventry continuously since Jan 22.

I've had one account or another with them for over 20 years, I've not heard anything.

It wasn't a tailored specific email. It was part of their marketing newsletter. Maybe you declined their offer of receiving marketing material on original sign up?

georged123

francoghezzi said:

surreysaver said:

OneUser1 said:

Bridlington1 said:

Bobblehat 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

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

You can have both. Also some further details to add in addition to my original post:
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 so no 13th payment is possible on this occasion. I have now added these details to my original post.

Speaking as someone who likes to worry, that’s a worry. Open the account 28/11 and then set up a standing order for 28/12? Right at the end of December with weekends and Bank Holidays on the way! Not ideal timing. 

Option to wait until 1/12 to open the account but then could it be withdrawn? The recent Monmouthshire 7% went pretty quick as I recall.

Its based on an account month, so you'll have until 28th January to make December's payment. Plus the Coventry takes ages to open an account, so the earliest you'll have the account details will probably be 7-10 days after the launch anyway 

7-10 days?? I've been with Coventry for years and always opened any account in a matter of minutes

When I first opened an account with them it took nearly 10 days.

allegro120

Bridlington1 said:

OneUser1 said:

Bridlington1 said:

Bobblehat 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

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

You can have both. Also some further details to add in addition to my original post:
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 so no 13th payment is possible on this occasion. I have now added these details to my original post.

Speaking as someone who likes to worry, that’s a worry. Open the account 28/11 and then set up a standing order for 28/12? Right at the end of December with weekends and Bank Holidays on the way! Not ideal timing. 

Option to wait until 1/12 to open the account but then could it be withdrawn? The recent Monmouthshire 7% went pretty quick as I recall.

28/12/23 is a Thursday and not a bank holiday to my knowledge so if I'm not mistaken SOs should still go out on 28/12/23. The other option is to forgo the SO and just make your deposits manually.

There are four 28th falling on weekends during the term. In case of SO this will result in five days loss of interest on £250. Not a great loss - 24p in my calculation.
As yourself, I prefer manual RS distribution.  Don't loose pennies that add up if you have a large collection of RSs, and it's not difficult to diarise (most of them are allowed to do on the 1st) and depositing is very quick on the app.

allegro120

Snapdragon said:

Aidanmc said:

flaneurs_lobster said:

allegro120 said:

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

We'll have to see when the product is released, but usually it is 1 year of continuous membership.

From email received yesterday Coming soon We're rewarding loyalty again - keep a look out on our website during next week for the launch of our Loyalty Regular Saver*, which is our fourth and final loyalty product of the year.

*To be able to open this account, you'll need to have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 01 January 2022 or earlier.

I wonder if its only eligible customers that received the email.

I didn't receive one. I'm not sure if i actually had any accounts with Coventry continuously since Jan 22.

Think that is more likely related to notification settings with Coventry. I've definitely had continuous Coventry accounts since 2020 but didn't receive the email. However I tend to opt out of marketing notifications, perhaps they would be useful after all.

I have continuous membership since 2010.  Received the e-mail at 13:24 today, much later than many others on here.
I found it useful to tick marketing notifications as long as they don't include third parties.  

allegro120

Kim_13 said:

surreysaver said:

OneUser1 said:

Bridlington1 said:

Bobblehat 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

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

You can have both. Also some further details to add in addition to my original post:
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 so no 13th payment is possible on this occasion. I have now added these details to my original post.

Speaking as someone who likes to worry, that’s a worry. Open the account 28/11 and then set up a standing order for 28/12? Right at the end of December with weekends and Bank Holidays on the way! Not ideal timing. 

Option to wait until 1/12 to open the account but then could it be withdrawn? The recent Monmouthshire 7% went pretty quick as I recall.

Its based on an account month, so you'll have until 28th January to make December's payment. Plus the Coventry takes ages to open an account, so the earliest you'll have the account details will probably be 7-10 days after the launch anyway 

They’re quicker for existing customers - my Four Access ISA details were emailed to me and a transfer in completed within a few days.

In my experience every Coventry account I've opened in the past couple of years was immediate and i could fund it straight away.

Aidanmc

What is the consequence of failing to fund the HSBC regular saver or cancelling the SO?

Section62

Aidanmc said:

What is the consequence of failing to fund the HSBC regular saver or cancelling the SO?

It would be a breach of the T&C's.  It isn't clear what HSBC would do (if anything) as a result as the T&C's don't specifically cover that scenario.  They could close the account and pay interest at the RS rate up to that point, which I suspect would be the only option that accords with the T&C's.

However, in the same situation I opted to reduce my SO to the minimum amount on the basis HSBC can be 'funny' with customers and whereas in the past I'd be inclined to push the limits, if HSBC decided it didn't want me as a customer any more then that would be a real PITB.

The loss of interest on £25/month for the time the RS had left to run (vs interest in the best savings account) simply didn't make it worthwhile for me running the risk of HSBC getting huffy over what would have been a clear T&C breach.

soulsaver

"...close your account before the end of the 12 month term however you will receive interest up to the date of closure at our Flexible Saver rate."

Bridlington1

Aidanmc said:

What is the consequence of failing to fund the HSBC regular saver or cancelling the SO?

I'm in a similar position. I reduced my SO to £25 several months ago and changed the date to a few days before the end of the regular saver account month to minimise any interest loss. 

Whilst many have cancelled a HSBC regular saver SO without suffering any consequences I'm somewhat cautious of breaking banks's Ts&Cs, particularly since I received a lifetime ban from Barclays which appears to have been because I held both a Barclays student account and a TSB student account for about 30 mins on the day I opened the Barclays account. I do not want to earn myself yet another lifetime ban for similar reasons, particularly since a ban from the HSBC group would result in me losing access to First Direct as well so I'd say it's best not to cancel the SO and instead let the account run with £25/mth till maturity.