Regular Savings Accounts: The Best Currently Available List!

bigadaj

Solicitor certified document for me a few weeks ago for a tenner.

Special_Saver2

Hi Everybody,

Here is this weekend's update to this thread.

- Halifax Regular Saver account interest rate dropped from 1.5% fixed to 1% fixed for new accounts
- Lloyds Bank Club Lloyds Regular Saver interest rate dropped from 2% fixed to 1.5% fixed for new accounts

- Lloyds Bank and Bank of Scotland Regular Saver interest rate dropped from 1.5% fixed to 1% fixed for new accounts
- Lloyds Bank Club Lloyds Current Account and Bank of Scotland Current Account with Vantage option (feeder account section) interest rate dropping from 1st October, will pay 1.5% on £4,000 to £5,000 and 0.6% on less than £4,000

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

eddie7612

What have those who have had Saffron RSs mature recently done? Mine is coming up to maturity, thinking is it worth putting £1 in their maturity easy access account to remain a customer and hopefully they'll do RSs again in the future, or is it best to just close it?

Notepad_Phil

eddie7612 said:

What have those who have had Saffron RSs mature recently done? Mine is coming up to maturity, thinking is it worth putting £1 in their maturity easy access account to remain a customer and hopefully they'll do RSs again in the future, or is it best to just close it?

I've certainly kept a pound in an account there for that very reason - I seem to remember that online opening of the RS was only possible if you already had an account with them.

adindas

eddie7612 said:

What have those who have had Saffron RSs mature recently done? Mine is coming up to maturity, thinking is it worth putting £1 in their maturity easy access account to remain a customer and hopefully they'll do RSs again in the future, or is it best to just close it?

If my memory serves well, in the past the Saffron's definition of a member when applying for a new RSA product exclusively for member is the person who has been holding £100+ for at least a year.

it might change in the future, who knows. But what I am pretty sure is that put £1 in the account is not a big deal. So that is also what I am intending to do. At least by doing this you could maintain access to their online banking so when there is a new product you do not need to register for online banking again.

typistretired

They are reducing their rates from 19th August 2020

adindas

redagila said:

Scottish BS RS. Can anyone tell me if they have used the PO to verify their IDs? I phoned them today & was told the IDs have to be certified although I can't see why the PO would do this & how valuable can that be? Any advice would be good, thanks.

A few years ago, I used to RSA with Scottish BS but I closed it due to personal need. I tried to open a new one about two years ago they still asked me the certified copies. I asked my colleague who is working as a teacher to certify them, they did nott accept it. They said they only except Banks or Solicitors. Post office is probably considered as the bank due to connection to Bank of Ireland

Needles to say, I abandoned my application. It does not really make sense when so tiny interest to be made. They kept sending me  a few letters I keep ignoring them.

How valuable can that be?  Well £500 a month with 1.35% will only earn you £43.79. Taking out £12.75 for post verificaiton will mean you will only get £31.04 a year. Valuable? well it depends on the person but for many people I believe it is not  at all. Also take into account the time and cost you need to go to the post office an then queing and return.

Sometimes, it is astonhing me the way the Bank IDs verification work considering the maount of money involved and in my case I used to have RSA with them and my address have not changed since then. Also, since then I have applied more than ten RSAs, a few current ACs and Credit cards none of them ever ask me the certified copy of ID. In fact, I do not even remember ever send the hard copy of proofs of IDs, address. How come you get verified online and while the other could not? The only plausible explanation is that, there are still a bunch of incompetent, lazy people working in this industry.

JamesRobinson48

adindas said:

A few years ago, I used to RSA with Scottish BS but I closed it due to personal need. I tried to open a new one about two years ago they still asked me the certified copies.
...............
The only plausible explanation is that, there are still a bunch of incompetent, lazy people working in this industry.

IMHO, it's more likely that Scottish BS is passively discouraging RS applicants who don't live within reach of a branch, but without directly saying so. As you know, several banks and building societies offer an RS in branch only.  By encouraging a branch visit, they have a better chance of cross selling more profitable products. 

surreysaver

adindas said:

eddie7612 said:

What have those who have had Saffron RSs mature recently done? Mine is coming up to maturity, thinking is it worth putting £1 in their maturity easy access account to remain a customer and hopefully they'll do RSs again in the future, or is it best to just close it?

If my memory serves well, in the past the Saffron's definition of a member when applying for a new RSA product exclusively for member is the person who has been holding £100+ for at least a year.

it might change in the future, who knows. But what I am pretty sure is that put £1 in the account is not a big deal. So that is also what I am intending to do. At least by doing this you could maintain access to their online banking so when there is a new product you do not need to register for online banking again.

I've kept £10 in a Saffron ESaver in order to keep online banking and membership with them.  I am sure to open the Regular Saver last year the only requirement was to have an account with them, which is when I opened the ESaver.

surreysaver

typistretired said:

They are reducing their rates from 19th August 2020

Who are?  I know I received an email from Kent Reliance during the week saying their easy access interest rates are going down again.
I opened up another Kent Reliance Regular Saver a week ago after my previous one matured last month.  Went into branch, only to be given an application form to fill in and post!