Regular Savings Accounts: The Best Currently Available List!

SJMALBA

Pkman said:

Bazzalona13295 said:

Bridlington1 said:

YBS Christmas 2024 regular saver:

• Will be launched on 17/1/24
• 6% variable
• Max deposit £150/mth
• Allows 1 penalty free withdrawal/yr
• Matures 31/10/24

Source: branch

The rate is no surprise but the low maximum deposit is.

Agree, what was last year? I still open it as already customer. But it's fair from perfect with it being 10 months too. 

£300/month.

Middle_of_the_Road

Pkman said:

Bazzalona13295 said:

Bridlington1 said:

YBS Christmas 2024 regular saver:

• Will be launched on 17/1/24
• 6% variable
• Max deposit £150/mth
• Allows 1 penalty free withdrawal/yr
• Matures 31/10/24

Source: branch

The rate is no surprise but the low maximum deposit is.

Agree, what was last year? I still open it as already customer. But it's fair from perfect with it being 10 months too. 

Last year ended up at 5.75%, max. £300pm, and made ~£70 interest. Think I'll give this years a miss.

Kim_13

I’ll open it, but don’t expect to use it much (I have the 7% Loyalty running until September, so there’ll only be a month when it is my only YBS Regular Saver (in the absence of any replacement Loyalty offering.)) 

Nick_C

Just looked at the forum and saw 50 new posts on this thread.  5 of them contained useful information.

Can we keep postings relevant please?

Malchester

What is relevant? And relevant to whom?

Angelica123

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

friolento

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

Angelica123

friolento said:

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

I wasn't necessarily offering any recommendations but just commenting on my own situation where it suddenly makes sense to move away from regular savers and max out my ISA (despite my ISA rate being a lower interest rate). I guess in the situation you describe the choice would be between a guaranteed interest in the highest interest rate account (and accept taxations) or the uncertain return (but tax free) of premium bonds. 

RosieRooBear

@Bridlington1, I definitely find your posts helpful and informative, and you’re usually the first one to let us all know about new accounts. I’m a lot older then you and have a mix of fixed saving accounts and around 10 RS’s (mainly the ones that you have pointed out).

I commend your excellent work in making your money work hard and it’s a massive credit to someone so young to do so. I’ve taught my two daughters to do the same; save, spend wisely and not get into debt (just a few years older than you), and it’s to be applauded.

Please keep your updates coming, thank you 😊 

surreysaver

friolento said:

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

It doesn't really matter if you've bust the PSA, you should just get the highest rate you can. If you haven't bust the PSA, you'd need a rate of 1.66666 for higher rate tax payers, or 1.25 for basic, of a non-ISA account to match an ISA. So a normal savings account paying 7%, would be equivalent to an ISA paying 4.2% for a higher rate tax payer