Regular Savings Accounts: The Best Currently Available List!

typistretired

My first direct regular saver disappeared from my list of accounts today matures tomorrow and the system allowed me to open another

soulsaver

j.p said:

JamesRobinson48 said:

Earl Shilton BS is cutting the rate on its RS product again, now from 1.85% to 1.40%, effective 1st June.
I feel this is still quite competitive among the few RS accounts with an indefinite term, most of which have cut deeper (e.g. Monmouthshire BS, Ecology BS, Buckinghamshire BS, Stafford BS, Newbury BS). Loughborough BS is the clear outlier. I'll remain invested in Earl Shilton but reduce my monthly payment to a nominal amount.

As of yesterday, The Loughborough still the outlier paying 1.75% on the Monthly Saver 3 and 2% on the Monthly Saver 4.
https://www.theloughborough.co.uk/help-and-guides/current-and-previous-savings-rates
Note that the account(s) might have an indefinite term, but you might be prevented from adding anything more to the balance once it reaches £12k.

Currently available? 

schiff

Closed issue accounts – No longer available. All interest rates are variable and annual unless stated.

Special_Saver2

Hi Everybody,

Here is this weekend's update to this thread.

- Saffron BS Small Saver withdrawn and removed from the list on page 1
- Young Regular Saver (2nd issue) interest rate reduced from 2.6% to 1.75%
- Principality BS Dylan Regular Saver Bond issue 7 paying 3% replaced with issue 8 paying 2.5%
- Chorley BS Children's Regular Save interest rate reduced from 2.25% to 1.75%
- Halifax Kids' Monthly Saver interest rate reduced from 4.5% to 4% fixed for new applicants

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

ernie-money

Special_Saver2 said:

2. No Time Limit / Account maturity date

Mansfield BS Young Regular Saver (2nd Issue)

Interest rate: 1.75% gross p.a. variable (interest rate reduction to 1.75% noted by me on 12th July 2020)
Monthly payment: £1-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, two withdrawals per calendar year (1st January to 31st December)
Age of applicant: Up to and including 17 years old
How to open account: Post or branch
Special conditions: Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year. The account can be opened by anyone prior to their 18th birthday and, once opened, may be operated into adulthood. If younger than 13 years old the application form must be signed on behalf of the child by a parent, grandparent or guardian.

I requested and received an application form by post a couple of months ago, but didn’t send it off, as I thought I’d wait & see what happened to the interest rate. I now just had a look on their website & it states that you have to live in the neighbouring counties, or have been a member for at least a year to open the account. Not sure if this is a new condition & whether they observe it or not. Has anyone had any experience of this please?

veryintrigued

ernie-money said:

Special_Saver2 said:

2. No Time Limit / Account maturity date

Mansfield BS Young Regular Saver (2nd Issue)

Interest rate: 1.75% gross p.a. variable (interest rate reduction to 1.75% noted by me on 12th July 2020)
Monthly payment: £1-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, two withdrawals per calendar year (1st January to 31st December)
Age of applicant: Up to and including 17 years old
How to open account: Post or branch
Special conditions: Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year. The account can be opened by anyone prior to their 18th birthday and, once opened, may be operated into adulthood. If younger than 13 years old the application form must be signed on behalf of the child by a parent, grandparent or guardian.

I requested and received an application form by post a couple of months ago, but didn’t send it off, as I thought I’d wait & see what happened to the interest rate. I now just had a look on their website & it states that you have to live in the neighbouring counties, or have been a member for at least a year to open the account. Not sure if this is a new condition & whether they observe it or not. Has anyone had any experience of this please?

The locality restriction has been there for at least a year.

margaretx9

veryintrigued said:

ernie-money said:

Special_Saver2 said:

2. No Time Limit / Account maturity date

Mansfield BS Young Regular Saver (2nd Issue)

Interest rate: 1.75% gross p.a. variable (interest rate reduction to 1.75% noted by me on 12th July 2020)
Monthly payment: £1-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, two withdrawals per calendar year (1st January to 31st December)
Age of applicant: Up to and including 17 years old
How to open account: Post or branch
Special conditions: Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year. The account can be opened by anyone prior to their 18th birthday and, once opened, may be operated into adulthood. If younger than 13 years old the application form must be signed on behalf of the child by a parent, grandparent or guardian.

I requested and received an application form by post a couple of months ago, but didn’t send it off, as I thought I’d wait & see what happened to the interest rate. I now just had a look on their website & it states that you have to live in the neighbouring counties, or have been a member for at least a year to open the account. Not sure if this is a new condition & whether they observe it or not. Has anyone had any experience of this please?

The locality restriction has been there for at least a year.

Mansfield used to have an adult regular saver until recently - that is gone now just like Saffron and many others like NW and YBS.  Indeed relatively few building societies now offer regular savers. They should really be a staple of mutuals to encourage regular saving but no more it seems.
Its mostly banks which offer them now.

happybagger

What they used to say, a sprat to catch a mackerel.
Get them through your door with a savings product to get 25 years profit from a mortgage.

ernie-money

veryintrigued said

The locality restriction has been there for at least a year.

I'm just surprised that they sent me an application form if that's the case, seems like a complete waste of postage and the application pack!

soulsaver

ernie-money said:

veryintrigued said

The locality restriction has been there for at least a year.

I'm just surprised that they sent me an application form if that's the case, seems like a complete waste of postage and the application pack!

They probably don't know where the applicant lives until they get the filled out application form.