Regular Savings Accounts: The Best Currently Available List!

PowerSavingMode

pw23 said:

Before I open and commit to my first regular saver account, are there any better rates  for a fixed regular  Saver than 8%?

As is a variable rate, how long do you expect this competitive 8% to last?

  

The MSE size says that it is variable for one year, does that mean it will be fixed after one year? If so, what rates?

I want to save £600-700 per month In a regular saver account  But it seems that 250 is The maximum monthly allowance for a regular saver account 
Do any any other banks, allow more for a regular favour?

If you are referring to the 'NationWide Flex Regular Saver Issue 2', I'd say no, there are no better 'fixed' rates at the moment. I can't see any coming on to the market soon, either. Might be wrong. 

The NationWide reg saver is variable for a year, meaning it can go up or down (with notice), and then after a year it closes. 

The good thing about this saver, IMHO, is that, while the maximum you can put away in any one month is £250, you don't have to put in anything, and also you can withdraw your funds at any time: “Make up to 3 withdrawals during the 12 month account term without impacting your interest rate. After 4 withdrawals the interest rate reduces to 2.15% AER/gross a year (variable) for the rest of the term.”

Kim_13

pw23 said:

Before I open and commit to my first regular saver account, are there any better rates  for a fixed regular  Saver than 8#?

As is a variable rate, how long do you expect this competitive 8% to last?

  

The MSE size says that it is variable for one year, does that mean it will be fixed after one year? If so, what rates?

I want to save £600 per month by seems that 250 is The maximum monthly allowance for a regular saver account

There are no fixed 8% Regular Savers available, Nationwide are currently the only provider offering 8% and as you say, it’s variable. £200 per month maximum in that case. Nationwide have never paid below base rate on a variable rate regular saver, so I would expect them to remain competitive. For a couple of years they offered a 5% product when the base rate was 0.25% or 0.5% and even when they withdrew it for new applications, they maintained the rate for existing account holders until maturity. As to whether it will be 8% for the term, nobody knows, but it allows several penalty free withdrawals, so you can withdraw your money should the rate drop if you wish.

The highest fixed rate account I’m aware of is 7.5% with Skipton, but that’s contingent upon having been a member on 31st May this year. £250 per month.

There are accounts that will take up to £1,000 per month (Stafford Railway) but £500 is more common (Hinckley and Rugby, Coventry Regular Saver (5.) Be aware that passbooks are required for the first two, 4 withdrawals a year max with SRBS, a 30 day notice period on withdrawals with H&R and a 30 day interest penalty with Coventry. None of the three are the highest rates available but Stafford Railway is an open ended product. 

Which Building Societies are you a member of, and for how long? (Holding a mortgage, savings or current account with them.) The best accounts have been Loyalty products of late. Yorkshire’s Loyalty Regular Saver has a £500 limit at 7% variable with a penalty free withdrawal and closure allowed.

To get the best rates on £600 per month you would need to open several accounts.

Bigwheels1111

Does anyone know if these regular savers allow a 13th payment.
I have these and to my knowledge,
First Direct,           No
Coventry,              No
TSB,                     No
YBS,                    ?        

Skipton,               ?

Nationwide,         ?

Bridlington1

Bigwheels1111 said:

Does anyone know if these regular savers allow a 13th payment.
I have these and to my knowledge,
First Direct,           No
Coventry,              No
TSB,                     No
YBS,                    ?        

Skipton,               ?

Nationwide,         ?

YBS-No
Skipton-No
Nationwide-Yes

EDIT: Coventry FHS allows a 37th deposit over the 36 month term but RS Issue 5 and 7% Loyalty Regular Saver do not.

Bigwheels1111

Bridlington1 said:

Bigwheels1111 said:

Does anyone know if these regular savers allow a 13th payment.
I have these and to my knowledge,
First Direct,           No
Coventry,              No
TSB,                     No
YBS,                    ?        

Skipton,               ?

Nationwide,         ?

YBS-No
Skipton-No
Nationwide-Yes

EDIT: Coventry FHS allows a 37th deposit over the 36 month term but RS Issue 5 and 7% Loyalty Regular Saver do not.

Many thanks Bridlington1.

Kim_13

Bridlington1 said:

Bigwheels1111 said:

Does anyone know if these regular savers allow a 13th payment.
I have these and to my knowledge,
First Direct,           No
Coventry,              No
TSB,                     No
YBS,                    ?        

Skipton,               ?

Nationwide,         ?

YBS-No
Skipton-No
Nationwide-Yes

EDIT: Coventry FHS allows a 37th deposit over the 36 month term but RS Issue 5 and 7% Loyalty Regular Saver do not.

Skipton and YBS state maximum balances so would presumably allow a 13th subject to having the headroom within that.

Skipton however allow the carry forward of unused monthly allowances, so one would presumably pay in as soon as the funds were available rather than waiting for the 13th month.

Bigwheels1111

Kim_13 said:

Bridlington1 said:

Bigwheels1111 said:

Does anyone know if these regular savers allow a 13th payment.
I have these and to my knowledge,
First Direct,           No
Coventry,              No
TSB,                     No
YBS,                    ?        

Skipton,               ?

Nationwide,         ?

YBS-No
Skipton-No
Nationwide-Yes

EDIT: Coventry FHS allows a 37th deposit over the 36 month term but RS Issue 5 and 7% Loyalty Regular Saver do not.

Skipton and YBS state maximum balances so would presumably allow a 13th subject to having the headroom within that.

Skipton however allow the carry forward of unused monthly allowances, so one would presumably pay in as soon as the funds were available rather than waiting for the 13th month.

I open every one of them and make payment there and then.
Those that allow a payment on the first of the month I then fully fund them.
Even if it is the next day. To maximise my return.
FD and Coventry fix the date to the first payment date.
The six I have going should return around £780 I think I worked out.
Plus the funding account pay 5.2% on the residual funds.
£1750 a month 21k a year going round and round 😜
Only issue is I don’t have 21k spare.
If I worked the dates out correctly one or two will mature just before I run out of funding sources.

pokemaster

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

gt94sss2

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

https://www.gatehousebank.com/personal/savings/regular-saver/our-regular-saver-account

ForumUser7

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

gt94sss2 said:

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

https://www.gatehousebank.com/personal/savings/regular-saver/our-regular-saver-account

Thanks both.

If I open this account, it’d be my first one with a Sharia bank

Anything to be aware of with this, or gatehouse in general? Seen they were issued a fine by the FCA for poor anti money laundering checks https://www.fca.org.uk/news/press-releases/fca-fines-gatehouse-bank-1.5m-poor-anti-money-laundering-checks