Regular Savings Accounts: The Best Currently Available List!

grumbler

Malchester said:

Just looked at Hanley account. It seems that it doesn't accept direct transfer from nominated account, only by debit card. Is that correct? Thanks 

I don't know, but what does "by Standing Order, Bank Transfer" mean then?

Kim_13

ForumUser7 said:

One.time said:

ForumUser7 said:

Kim_13 said:

Would open if the minimum monthly deposit was lower, as I’d like a competitive Hanley BS account that isn’t a closed issue, but while I can save £300 per month at 7.5%+ fixed, this account doesn’t make any sense. I maintain SRBS despite it not being as competitive as it once was as I am a fan of open ended accounts.

SRBS seems worth maintaining too, as the monthly min pay in is 10% of Hanley's. Shame Hanley didn't opt for a lower monthly pay in and minimum balance.

Is that the 5.15%??? Why is it so worth considering??? 

The rate has sometimes been competitive and they sometimes put restrictions on new applications so it is Staffordshire residents only. Means it is worth holding imo in case that restriction comes back, and the rate becomes more competitive, or drops at a slower rate than others when the base rate inevitably falls.

Much the same reasons, I opened it in August 2022 and it was the best rate available at that time. I do not satisfy their occasional postcode restrictions, which were reinstated after I opened the account but have since been dropped again. I had wanted to add an open ended RS to my collection and it was the first such account I had the opportunity to open (as such accounts seem to have disappeared in the last 10+ years.) Should I choose to simplify my affairs in the future, it might be just the sort of account I’d use on a regular basis (limited access but no notice required.)

Maybe it will be another SRBS product that is competitive, and if the requirements are to live in the area or be an existing member, I will qualify. 

allegro120

Pkman said:

5.5% is the borderline whether it is 'worth it'. 

That was my first thought.  Few months ago I've decided not to open any new RSs paying below 6%, but now in view of interest rates are likely to be reduced in future across the board it's probably the time to rethink this position.  The fact that this account has no end date and the money is accessible via withdrawals/closure at any time, and today 5.5% is a good rate, inclines me towards opening this account.  Also it is quite likely that this account will soon become NLA so anyone who thinks this account is suitable for their needs will be better off grabbing it now.

RosieRooBear

I’ve just opened it today for the same reason as @allegro120, just got to wait for my userid in the post before I can fund it as chose not to fund it immediately by debit card.

allegro120

RosieRooBear said:

I’ve just opened it today for the same reason as @allegro120, just got to wait for my userid in the post before I can fund it as chose not to fund it immediately by debit card.

Ditto. There's no rush funding it @5.5% rate, the main goal is to open the account before it becomes NLA. I assume that funding it by debit card will result in small loss of interest, so not the best option for me. When I receive the letter with user ID I will deposit £1k as required, but after that will limit my monthly contributions to minimum £250 and schedule them towards the end of the month for the time being. 

brucefan_2

As with @Kim_13 and @allegro120 I also took advantage earlier this year of the postcode restrictions being dropped as I wanted an open-ended RS in my armoury for the future. And also to be an existing member should there be a competitive account come available.

I still harbour the hope (probably in vain)  of eventually living back in their postcode area at some point - my wife and daughters think otherwise.

charlie12525

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:

Calculate interest on a sum withdrawn up to (but not including) the day before you

make the withdrawal;

So a couple of days lost interest on withdrawal. Think I will leave it.

Malchester

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:

Calculate interest on a sum withdrawn up to (but not including) the day before you

make the withdrawal;

So a couple of days lost interest on withdrawal. Think I will leave it.

Thanks. I'm not a great lover of regular savers because of the marginal increase in interest they generate. I have opened this one because of its open ended nature and the high monthly allowance. But I am undecided as to whether to fund it. Waiting for the user ID 

soulsaver

HEBS
I opened it on the basis that the rate is 'OK', terms not onerous and, in an environment of falling rates, who knows which account will work out best.

friolento

Malchester said:

Thanks. I'm not a great lover of regular savers because of the marginal increase in interest they generate.

A lot depends on your circumstances. If you have £100k that you can afford to stuff into a Fixed Term account, you might not want to get involved with Regular Savers. But if you don't have the ready cash in one go, and/or if you want more flexibility and granularity, Regular Savers can provide you with a lot more than just a marginal increase in interest. Albeit not all available for new applicants, I have quite a few which generate more than a marginal increase over and above what I could get elsewhere. Cambridge BS, FS, Club Lloyds, Mmth BS (x 2), Natwest, RBS, Nationwide, Principality BS, Saffron BS, Skipton, Tipton all have Regular Savers paying 6% and above. I am shifting £2,725 a month in there from regular income that I don't need immediately but I want access within a year. I get a several hundred pounds more from the RSs, compared with what I would get if I kept the money in a 5.2% account. To me, several hundred on 12 x £2,725 is more than marginal. I fully appreciate it might be marginal to you.