Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

allegro120 said:

DJDools said:

surreysaver said:

HSBC Regular Saver matured overnight. Never disappeared from online banking like it has done previously. It has turned into a Pref Reg Sav paying 2%, but I cannot seem to withdraw from it yet

Odd, I managed to withdraw from it (well, transfer to the HSBC bank a/c) on the 1st no problem. Was I premature to do that? The interest had already been paid...

I don't think it is premature if the interest had been paid.  My HSBC is to mature next Wednesday and I will withdraw as soon as the interest is paid.  Not opening a new one, 5% is too low for RS.

Yes, in my opinion, without any doubt whatsoever at present, a 5% annual interest rate is definitely too low for a Regular Saver, even one from a bank as large, well-used and generally very traditional as HSBC is. Why do I say this? Two main reasons: 

(1) 5% is currently below both the Bank of England base rate at 5.25% and crucially the currently available leading easy access savings rates of c. 5.10% to 5.22% AER. What is the point of saving via regular monthly min. £25 and max. £250 contributions by standing order, as one has to do for the HSBC Regular Saver, when you can save as much or as little as you like, at times of your own choosing, at a higher interest rate in a standard easy access savings account?!!

(2) 5% is also currently quite some way below the interest rates available on leading 1 year fixed rate savings accounts, c. 5.50% to 5.80% AER, despite these 1 year fixed rates having decreased by c. 0.40% during the last two months. Even HSBC's current 1 year fixed rate of 5% is clearly no worse than, in fact exactly the same as, the present interest rate for the Regular Saver. As saving let's say £3000 over a one year period in a regular savings account requires notably more effort on the part of the saver compared to saving a £3000 lump sum in a fixed rate savings account, for that reason alone if nothing else, a Regular Saver lasting exactly 1 year should always in my opinion pay a higher interest rate than a 1 year fixed rate savings account, no matter which bank or building society we are talking about!

Also, it is only right to highlight that a 1 year regular savings account with say £3000 saved in it at the end of the 12 month period will only be paying a total amount of interest equivalent to one year's interest on c. £1625 (assuming regular monthly £250 contributions) whereas a 1 year fixed rate savings account with £3000 deposited from the very beginning will be paying annual or monthly interest on the entire £3000, 1.846 times as much interest in total! So a one year Regular Saver will usually cost a bank or building society considerably less in total interest paid out compared to a one year fixed rate savings account, unless the same bank or building society have a suitable, currently available easy access savings account paying a leading easy access savings interest rate, which can be used as a feeder account from which to make the regular contributions to the Regular Saver. HSBC do not currently have and indeed have never, as far as I know, had such a feeder account available so there really is no excuse whatsoever for their comparatively stingy current regular savings interest rate!

Pkman

Just to confirm, no one found an easy way to open aib rs for new customer???

alibean121

I'm not sure if I'm misremembering my membership history but I've just opened a Coventry Loyalty RS. I was definitely a member in Jan 22 and I am a member now but had felt I had a period of months in 2022 with no active accounts. It would only ever have been petty balance £5 savings accounts so I didn't keep particular records. In any case, I will enjoy my account.

I'm debating whether to open Gatehouse and also whether to renew my FD RS when it's done later in the month. As a higher rate taxpayer, if interest was taxed it would be worse than my EA ISA so I'll need to check my sums - it must be getting close. Wild world where 7% isn't seeming worthwhile. I'm already pretty clear that I'm going to empty out my Natwest and RBS savers before the end of the tax year unless the rate is addressed although I'll leave them for now as the interest is monthly so falling into this year where I do have some room.

francoghezzi

Just about to send funds to Gatehouse RS (I was thinking of dripfeeding from RBS 6.17% where I have exactly £3600 needed). I have already Nationwide 8%, Fd 7% and Coventry 7% so the Gatehouse RS looks a good match, but I must say I have never heard of this bank and so am in need of a review from someone who had experience with them. Any positive or negative thoughts before I give the green light with my first deposit? Many thanks for your help

Stargunner

francoghezzi said:

Just about to send funds to Gatehouse RS (I was thinking of dripfeeding from RBS 6.17% where I have exactly £3600 needed). I have already Nationwide 8%, Fd 7% and Coventry 7% so the Gatehouse RS looks a good match, but I must say I have never heard of this bank and so am in need of a review from someone who had experience with them. Any positive or negative thoughts before I give the green light with my first deposit? Many thanks for your help

You have FSCS protection so there is nothing to be concerned about.

poshrule_uk

Speculator said:

PRAISETHESUN said:

Bigwheels1111 said:

Wheres_My_Cashback said:

janusdesign said:

wiseonesomeofthetime said:

Wheres_My_Cashback said:

allegro120 said:

janusdesign said:

allegro120 said:

flaneurs_lobster said:

Bridlington1 said:

trickydicky14 said:

Bridlington1 said:

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

Worth noting that although the rate is variable, no withdrawals/closure are allowed until the end of the term, unless the rate is reduced. 

I see you can carry over payments and miss payments plus min pay in is a £1 so I think it's worth a punt.

You can't carry over payments from previous months. From the terms:

I'd agree though that with a £1 minimum deposit and the ability to skip months it is worth opening, though £1 is all they're getting from me for the next few months at least due to my circumstances.

Will it be possible to open and fund before end of November? 

Yes, I just did it. Funded from GH easy access.  Although it says it can take up to 3 days, funds appeared in new RS account immediately.

many thanks for posting about the speed of EA payments - I was on that exact page of the application when you posted, dithering about whether to fund from nominated account or GH EA... as you say, EA transfer was instant... it seems you can make manual transfers from EA to RS too, so although the t&c says that deposits are only accepted from the nominated account, it looks like internal transfers might be acceptable too for future deposits.

I've just looked on the app and the option to transfer from EA to RS is there, so i think you are right.  I'll definitely try it for my 2nd payment on Friday.   

Only need to do it once as you can set up an internal recurring transaction to move the funds monthly on whatever date you stipulate.

I set up a scheduled transfer from EA to RS, via the app, for 1st December, but didn't notice a recurring option. Will take another look now, thanks 👍

I couldn't see a scheduled option in the Android app, though it is there when I log into the online banking site - personally, i'll do it manually each month on the 1st as I have others to do on the same day.

while i'm here, my First Direct RS gets it's 12th payment on Saturday (or soon after) - should I manually remove the standing order afterwards, or will FD do that automatically after maturity on 2nd Jan ?

When FD set it up they do it for 12 payments so it will automatically cancel after the 12th payment has gone.

FD works great apart form taking upto 5 days to pay funds, close account and DD.

As soon as they do I start a new Regular saver with them.

For FD, if you open a generic savings account before maturity (or have one left over from a previously matured RS), then the process is quicker. Also in a pinch you can call them and get them to manually transfer the maturing funds to your current account if you need the money sooner

My FD regular mature today and the interest has been added. Still says "Regular Saver" but rate is now 2%. Is there anything stopping me from transferring money to my Santander 5.2% instant access or do I need to wait 5 working days for it to "mature".

Nebulous2 said:

Speculator said:

PRAISETHESUN said:

Bigwheels1111 said:

Wheres_My_Cashback said:

janusdesign said:

wiseonesomeofthetime said:

Wheres_My_Cashback said:

allegro120 said:

janusdesign said:

allegro120 said:

flaneurs_lobster said:

Bridlington1 said:

trickydicky14 said:

Bridlington1 said:

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

Worth noting that although the rate is variable, no withdrawals/closure are allowed until the end of the term, unless the rate is reduced. 

I see you can carry over payments and miss payments plus min pay in is a £1 so I think it's worth a punt.

You can't carry over payments from previous months. From the terms:

I'd agree though that with a £1 minimum deposit and the ability to skip months it is worth opening, though £1 is all they're getting from me for the next few months at least due to my circumstances.

Will it be possible to open and fund before end of November? 

Yes, I just did it. Funded from GH easy access.  Although it says it can take up to 3 days, funds appeared in new RS account immediately.

many thanks for posting about the speed of EA payments - I was on that exact page of the application when you posted, dithering about whether to fund from nominated account or GH EA... as you say, EA transfer was instant... it seems you can make manual transfers from EA to RS too, so although the t&c says that deposits are only accepted from the nominated account, it looks like internal transfers might be acceptable too for future deposits.

I've just looked on the app and the option to transfer from EA to RS is there, so i think you are right.  I'll definitely try it for my 2nd payment on Friday.   

Only need to do it once as you can set up an internal recurring transaction to move the funds monthly on whatever date you stipulate.

I set up a scheduled transfer from EA to RS, via the app, for 1st December, but didn't notice a recurring option. Will take another look now, thanks 👍

I couldn't see a scheduled option in the Android app, though it is there when I log into the online banking site - personally, i'll do it manually each month on the 1st as I have others to do on the same day.

while i'm here, my First Direct RS gets it's 12th payment on Saturday (or soon after) - should I manually remove the standing order afterwards, or will FD do that automatically after maturity on 2nd Jan ?

When FD set it up they do it for 12 payments so it will automatically cancel after the 12th payment has gone.

FD works great apart form taking upto 5 days to pay funds, close account and DD.

As soon as they do I start a new Regular saver with them.

For FD, if you open a generic savings account before maturity (or have one left over from a previously matured RS), then the process is quicker. Also in a pinch you can call them and get them to manually transfer the maturing funds to your current account if you need the money sooner

My FD regular mature today and the interest has been added. Still says "Regular Saver" but rate is now 2%. Is there anything stopping me from transferring money to my Santander 5.2% instant access or do I need to wait 5 working days for it to "mature".

I'm exactly the same - with the same destination in mind, but its my first regular saver with FD so I'm just going to wait and let the process take its course. 

My FD has just matured and I spoke to there chat service and 10 minutes later I had the money.

brucefan_2

francoghezzi said:

Just about to send funds to Gatehouse RS (I was thinking of dripfeeding from RBS 6.17% where I have exactly £3600 needed). I have already Nationwide 8%, Fd 7% and Coventry 7% so the Gatehouse RS looks a good match, but I must say I have never heard of this bank and so am in need of a review from someone who had experience with them. Any positive or negative thoughts before I give the green light with my first deposit? Many thanks for your help

I have limited experience of Gatehouse but all good so far.

Opening an RS as an existing customer was very quick and efficient.

Deposits can take a while to show up in app but I've not encountered any difficulties with them so far. Notifications of deposits are solid.

Full FSCS is in place anyway

Thumbs_Up

I'm on record with comments about not being a fanboy for regular saver accounts, although i do have the First Direct RS, Coventry HS, NatWest DS. I think i might yield and come Monday open up the Gatehouse RS.  

SJMALBA

francoghezzi said:

Just about to send funds to Gatehouse RS (I was thinking of dripfeeding from RBS 6.17% where I have exactly £3600 needed). I have already Nationwide 8%, Fd 7% and Coventry 7% so the Gatehouse RS looks a good match, but I must say I have never heard of this bank and so am in need of a review from someone who had experience with them. Any positive or negative thoughts before I give the green light with my first deposit? Many thanks for your help

FWIW, I've had a number of accounts with Gatehouse for just over a year, and they've been excellent... touch wood!

(usual disclaimer: no connection, other than being (thus far) a satisfied customer)

Speculator

poshrule_uk said:

Speculator said:

PRAISETHESUN said:

Bigwheels1111 said:

Wheres_My_Cashback said:

janusdesign said:

wiseonesomeofthetime said:

Wheres_My_Cashback said:

allegro120 said:

janusdesign said:

allegro120 said:

flaneurs_lobster said:

Bridlington1 said:

trickydicky14 said:

Bridlington1 said:

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

Worth noting that although the rate is variable, no withdrawals/closure are allowed until the end of the term, unless the rate is reduced. 

I see you can carry over payments and miss payments plus min pay in is a £1 so I think it's worth a punt.

You can't carry over payments from previous months. From the terms:

I'd agree though that with a £1 minimum deposit and the ability to skip months it is worth opening, though £1 is all they're getting from me for the next few months at least due to my circumstances.

Will it be possible to open and fund before end of November? 

Yes, I just did it. Funded from GH easy access.  Although it says it can take up to 3 days, funds appeared in new RS account immediately.

many thanks for posting about the speed of EA payments - I was on that exact page of the application when you posted, dithering about whether to fund from nominated account or GH EA... as you say, EA transfer was instant... it seems you can make manual transfers from EA to RS too, so although the t&c says that deposits are only accepted from the nominated account, it looks like internal transfers might be acceptable too for future deposits.

I've just looked on the app and the option to transfer from EA to RS is there, so i think you are right.  I'll definitely try it for my 2nd payment on Friday.   

Only need to do it once as you can set up an internal recurring transaction to move the funds monthly on whatever date you stipulate.

I set up a scheduled transfer from EA to RS, via the app, for 1st December, but didn't notice a recurring option. Will take another look now, thanks 👍

I couldn't see a scheduled option in the Android app, though it is there when I log into the online banking site - personally, i'll do it manually each month on the 1st as I have others to do on the same day.

while i'm here, my First Direct RS gets it's 12th payment on Saturday (or soon after) - should I manually remove the standing order afterwards, or will FD do that automatically after maturity on 2nd Jan ?

When FD set it up they do it for 12 payments so it will automatically cancel after the 12th payment has gone.

FD works great apart form taking upto 5 days to pay funds, close account and DD.

As soon as they do I start a new Regular saver with them.

For FD, if you open a generic savings account before maturity (or have one left over from a previously matured RS), then the process is quicker. Also in a pinch you can call them and get them to manually transfer the maturing funds to your current account if you need the money sooner

My FD regular mature today and the interest has been added. Still says "Regular Saver" but rate is now 2%. Is there anything stopping me from transferring money to my Santander 5.2% instant access or do I need to wait 5 working days for it to "mature".

Nebulous2 said:

Speculator said:

PRAISETHESUN said:

Bigwheels1111 said:

Wheres_My_Cashback said:

janusdesign said:

wiseonesomeofthetime said:

Wheres_My_Cashback said:

allegro120 said:

janusdesign said:

allegro120 said:

flaneurs_lobster said:

Bridlington1 said:

trickydicky14 said:

Bridlington1 said:

pokemaster said:

Gatehouse Bank Regular Saver 7% (paid at maturity)

£300 Max Per Month pay in

Source: Money Facts

Worth noting that although the rate is variable, no withdrawals/closure are allowed until the end of the term, unless the rate is reduced. 

I see you can carry over payments and miss payments plus min pay in is a £1 so I think it's worth a punt.

You can't carry over payments from previous months. From the terms:

I'd agree though that with a £1 minimum deposit and the ability to skip months it is worth opening, though £1 is all they're getting from me for the next few months at least due to my circumstances.

Will it be possible to open and fund before end of November? 

Yes, I just did it. Funded from GH easy access.  Although it says it can take up to 3 days, funds appeared in new RS account immediately.

many thanks for posting about the speed of EA payments - I was on that exact page of the application when you posted, dithering about whether to fund from nominated account or GH EA... as you say, EA transfer was instant... it seems you can make manual transfers from EA to RS too, so although the t&c says that deposits are only accepted from the nominated account, it looks like internal transfers might be acceptable too for future deposits.

I've just looked on the app and the option to transfer from EA to RS is there, so i think you are right.  I'll definitely try it for my 2nd payment on Friday.   

Only need to do it once as you can set up an internal recurring transaction to move the funds monthly on whatever date you stipulate.

I set up a scheduled transfer from EA to RS, via the app, for 1st December, but didn't notice a recurring option. Will take another look now, thanks 👍

I couldn't see a scheduled option in the Android app, though it is there when I log into the online banking site - personally, i'll do it manually each month on the 1st as I have others to do on the same day.

while i'm here, my First Direct RS gets it's 12th payment on Saturday (or soon after) - should I manually remove the standing order afterwards, or will FD do that automatically after maturity on 2nd Jan ?

When FD set it up they do it for 12 payments so it will automatically cancel after the 12th payment has gone.

FD works great apart form taking upto 5 days to pay funds, close account and DD.

As soon as they do I start a new Regular saver with them.

For FD, if you open a generic savings account before maturity (or have one left over from a previously matured RS), then the process is quicker. Also in a pinch you can call them and get them to manually transfer the maturing funds to your current account if you need the money sooner

My FD regular mature today and the interest has been added. Still says "Regular Saver" but rate is now 2%. Is there anything stopping me from transferring money to my Santander 5.2% instant access or do I need to wait 5 working days for it to "mature".

I'm exactly the same - with the same destination in mind, but its my first regular saver with FD so I'm just going to wait and let the process take its course. 

My FD has just matured and I spoke to there chat service and 10 minutes later I had the money.

Thanks. Did the same and money instantly transferred to my current a/c. Regular saver converted to an instant access account.