Regular Savings Accounts: The Best Currently Available List!

gt94sss2

Hattie627 said:

Furness Building Society Christmas RS

I'm wondering if this particular account cannot be viewed online

You can definitely view the account online - I can see mine which was opened on the 11th (I was already registered for online access with them)

Bridlington1

Hattie627 said:

Furness Building Society Christmas RS

(apologies if boring/irrelevant to any of the 700 million or so potential worldwide English language readers who may be looking at this forum, but please you have my permission, if you really feel you need anyone's permission!, to just skip to next post, but at least I've given a clue what the post is about)

I've opened this account by post with £500 by cheque (apologies, again, if anyone happens to interpret this as me boasting about the size of some part of my body, believe me I wish every part of my body was smaller after Christmas overindulgence) and received the passbook, which records my account as open on 12 January with said opening deposit. I have registered for online access with Furness (involves receiving username by email) but, on logging in, it says that I have no accounts to view by the online portal. I'm wondering if this particular account cannot be viewed online or if the system just hasn't caught up.

Has anyone any experience with Furness' online system?

Apologies again.

I can view mine online but was already an existing account holder. Having said that there was a delay between my account first showing online and my initial deposit appearing on the account so am wondering if a similar delay is occurring in your case, particularly since 12th was a Friday so things could've been delayed by the weekend.

I received an email telling me to fund my account on 10th, logged into online banking and the account was showing with a nil balance, my cheque deposit then appeared at some point on 11th dated 11th. I am yet to receive my passbook though.

Emily_Joy

surreysaver said:

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 

As many of higher rate accounts are often available only to those who have been members for a year or existing members, I am going to use the list provided by @Bridlington1 to join BS I am not a member of at the moment in case something comes up via easy savers. With mortgage to pay I like to be a bit careful to see that the interest I get on savings after tax, if any, still exceeds mortgage interest.

Bridlington1

Emily_Joy said:

surreysaver said:

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 

As many of higher rate accounts are often available only to those who have been members for a year or existing members, I am going to use the list provided by @Bridlington1 to join BS I am not a member of at the moment in case something comes up via easy savers. With mortgage to pay I like to be a bit careful to see that the interest I get on savings after tax, if any, still exceeds mortgage interest.

There are a few banks/building societies that have previously offered loyalty products that do not feature on my list, be they regular savers or EA accounts. For a slightly more complete list the following to my knowledge have offered "loyalty" products previously and/or restricted their accounts to existing members (not always regular savers though):

Bath BS

Cambridge BS

Chorley BS

Coventry BS

Darlington BS

ESBS

HEBS

Leek BS

Mansfield BS

Market Harborough BS

Monmouthshire BS
Nationwide

Newbury BS

Penrith BS

Principality BS

Saffron BS

Skipton BS

YBS

Bobblehat

Just to add a little to the Furness BS Christmas RS discussion ....

I opened it in one of the branches on 10th (existing member, no ID needed) and used a cash withdrawal from Furness's 3 Access Saver as the deposit for the RS. It did cause a little muttering behind the counter, as the T&C's say ... "Funds cannot be transferred from an existing Furness savings account."

As a cash deposit, I guess they accepted it, as it may not have been regarded as a "transfer"! The RS account was visible online (including the deposit) later the same evening. Passbook received on 12th.

I believe I can make my next deposit on 1st February, which will be a SO from one of my CA's.

Full marks to Furness BS.

where_are_we

Furness Xmas RS - I am an existing customer who disinvested from their RS in 2023 . Cheque deposit for Xmas RS showed up online on Friday, although not yet taken from my current account. Presumably this will happen tomorrow or the next day. I hope this RS remains competitive in 2024, not like their RS`s in 2023. But who knows? Best to have as many "cards in one`s hand".

Special_Saver2

Hi Everybody,

I have updated the first page of this thread.

- Mansfield BS Kick Start Regular Savings (Issue 7) withdrawn and removed from the list

- Mansfield BS Bonus Regular Savings (Issue 8) added paying 6.1% gross p.a. variable on up to £250 per month for 12 months, if you make a 3rd withdrawal in a calendar year (including account closure after the two free withdrawals) then you will pay a penalty equivalent to 90 days' interest, only available for people who live in Nottinghamshire, Derbyshire or South Yorkshire or existing members who have a minimum of 1 years continuous membership

- Furness BS Christmas Regular Saver (Issue 1) added paying 6% gross p.a. variable on up to £500 per month for 12 months

- Skipton BS Member Regular Saver (Issue 3) replaces issue 2, paying 7% gross p.a. fixed on up to £250 per month, no withdrawals except for account closure, you need to hold a continuous membership with Skipton Building Society (a Savings Share account or a Mortgage) starting on or before 11th January 2024 with a minimum balance of £1. Any unused monthly allowances can be rolled over to future months, up to a maximum of £3,000 over the 12-month term. Joint accounts are not allowed. You can only hold one Member Regular Saver account (either a Member Regular Saver or a Branch Member Regular Saver) in your name at any one time.

I will do the next update in the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

janusd

Special_Saver2 said:

Hi Everybody,

I have updated the first page of this thread.

is the Hanley Economic BS Online Regular Saver (first product listed on page 1) now NLA ? the link just goes to their generic savings page and I can't see the online option listed.

brucefan_2

Bridlington1 said:

Emily_Joy said:

surreysaver said:

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 

As many of higher rate accounts are often available only to those who have been members for a year or existing members, I am going to use the list provided by @Bridlington1 to join BS I am not a member of at the moment in case something comes up via easy savers. With mortgage to pay I like to be a bit careful to see that the interest I get on savings after tax, if any, still exceeds mortgage interest.

There are a few banks/building societies that have previously offered loyalty products that do not feature on my list, be they regular savers or EA accounts. For a slightly more complete list the following to my knowledge have offered "loyalty" products previously and/or restricted their accounts to existing members (not always regular savers though):

Bath BS

Cambridge BS

Chorley BS

Coventry BS

Darlington BS

ESBS

HEBS

Leek BS

Mansfield BS

Market Harborough BS

Monmouthshire BS
Nationwide

Newbury BS

Penrith BS

Principality BS

Saffron BS

Skipton BS

YBS

@Bridlington1

Thank you for all of your varied contributions here. The information you (and others) have provided has been of immense help and has enabled me to be 'quick off the mark' with various products I was unaware of, all of which has been of direct benefit in enabling me to maximise the funds I have available.

Thank you (and also @Special_Saver2) for being so generous with your time and making the effort. It is very much appreciated.

allegro120

janusdesign said:

Special_Saver2 said:

Hi Everybody,

I have updated the first page of this thread.

is the Hanley Economic BS Online Regular Saver (first product listed on page 1) now NLA ? the link just goes to their generic savings page and I can't see the online option listed.

Yes, it must be NLA if it's not on the list.  Accounts like this don't hang around for too long. The rate isn't that great, but no end date and up to 5 penalty-free withdrawals per tax year is an advantage.  Available to everyone to open online probably delivered the custom HEBS needed very quickly (they are a relatively small BS).