Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

AmityNeon said:

silvercar said:

Bridlington1 said:

Bigwheels1111 said:

Please no more regular savers. I’m getting addicted to them.
I'm up to 8 now or is it nine.

If you think you're getting addicted to regular savers, how would you describe me? I'm currently on 42 and am looking forward to adding YBS's Christmas RS to my collection, taking my total to 43 or possibly higher if I open another RS in the meantime.

Wow! How much do you think you gain, in percentage terms, over putting all your savings in a fixed rate account?

Based on a weighted average—balance of specific RS account divided by total amount of RS cash, multiplied by specific RS interest rate—my RS cash is currently earning interest at a rate of 6.27%. The figure obviously fluctuates as balances change.

Does that allow for rate you receive(d) in instant access account prior to feeding funds into RS(s) being as post you replied to made reference to comparing with putting funds into fixed rate account.

schiff

Bridlington1 said:

Skipton BS Member Regular Saver Issue 3 has been launched at 7% fixed, replacing issue 2 at 7.5%.

• Max deposit £250/mth
• Available to existing Skipton members, who joined on or before 11/01/24
  
• No withdrawals permitted except early closure
• You can not hold both issue 2 and 3 simultaneously

I've got four payments to go (Feb 1st, March, April, May) before my issue 1 matures.
I'm thinking of closing it and sacrificing the additional 0.5% interest for the five and a half months.
Opening Issue 3 and the fixed 7.00% is secured for the extra six months over a period when rates are expected to fall. 

castle96

me too........

Kim_13

schiff said:

Bridlington1 said:

Skipton BS Member Regular Saver Issue 3 has been launched at 7% fixed, replacing issue 2 at 7.5%.

• Max deposit £250/mth
• Available to existing Skipton members, who joined on or before 11/01/24
  
• No withdrawals permitted except early closure
• You can not hold both issue 2 and 3 simultaneously

I've got four payments to go (Feb 1st, March, April, May) before my issue 1 matures.
I'm thinking of closing it and sacrificing the additional 0.5% interest for the five and a half months.
Opening Issue 3 and the fixed 7.00% is secured for the extra six months over a period when rates are expected to fall. 

I think this is Issue 2. With £2,000 currently in the account, having to redeposit £1,750 somewhere seems like a bigger issue (my Cash ISA is fixed, so under the rules that apply this year, I can’t use any more of my allowance to pay into a Cash ISA) than sacrificing 0.5% for 4 months. I will run mine to maturity and hope that there is still a competitive offering then, whether it is a maturity product, this Issue 3 or Issue 4. I would never have expected Issue 2 to be on sale for over 7 months when it launched.

Early closure will mean the interest being taxed in 23/24 rather than in 24/25, which may be important to some posters in deciding whether or not to do this.

AmityNeon

bristolleedsfan said:

AmityNeon said:

silvercar said:

Bridlington1 said:

Bigwheels1111 said:

Please no more regular savers. I’m getting addicted to them.
I'm up to 8 now or is it nine.

If you think you're getting addicted to regular savers, how would you describe me? I'm currently on 42 and am looking forward to adding YBS's Christmas RS to my collection, taking my total to 43 or possibly higher if I open another RS in the meantime.

Wow! How much do you think you gain, in percentage terms, over putting all your savings in a fixed rate account?

Based on a weighted average—balance of specific RS account divided by total amount of RS cash, multiplied by specific RS interest rate—my RS cash is currently earning interest at a rate of 6.27%. The figure obviously fluctuates as balances change.

Does that allow for rate you receive(d) in instant access account prior to feeding funds into RS(s) being as post you replied to made reference to comparing with putting funds into fixed rate account.

No, the RS accounts are mostly self-funding as they mature/renew along with regular monthly income. As it stands now, it makes no sense to withdraw all my RS cash and deposit into a fix, because the rates are lower and I lose access. It's not the same position as starting from scratch with a lump sum and no RS accounts.

I would also never deposit all my easy access cash into a fix anyway, and numerous RS accounts are easy access, so the scenarios are not comparable.

surreysaver

Wheres_My_Cashback said:

Bridlington1 said:

Bigwheels1111 said:

Please no more regular savers. I’m getting addicted to them.
I'm up to 8 now or is it nine.

If you think you're getting addicted to regular savers, how would you describe me? I'm currently on 42 and am looking forward to adding YBS's Christmas RS to my collection, taking my total to 43 or possibly higher if I open another RS in the meantime.

Ditto, however I'm only actively paying maximums into 36, the other 6 are minimums/zero which are only kept on the portfolio for future use should needs arise. As EA rates are suspected to fall further in the coming months these other 6 may be of use again, but only time will tell. If not, nothing lost and it's kept relationships with some BS that I may not otherwise have. To me anything =>5.25% is worth funding to the max. Everyone obviously has their own threshold depending on cash flow/disposable cash/EA to RS gap etc
Cash flow at this time of the year is more problematic though as there are far less RS accounts opened/maturing in the 1st half of the year, compared to 2nd so recycling becomes harder/more restricted.

Same with me with cashflow. I've always tried to arrange one or two Regular Savers maturing each month, which then fund the following month's deposits. But I seem to have accrued loads of Regular Savers which are now going to mature next autumn, with only a handful before then

subjecttocontract

My 'collection' of regular saver accounts are due to produce £2849 in interest over the year......about 8% of my total savings  income.

subjecttocontract

JamesRobinson48 said:

subjecttocontract said:

My 'collection' of regular saver accounts are due to produce £2849 in interest over the year......about 8% of my total savings  income.

In my case those £ and % figures are almost identical - and I suspect it means I'm spending far too much time  administering RS accounts given their somewhat immaterial effect on my financial position! 

But as we are all struggling to get much more than 5% anywhere at the moment the reg savers offering 6-8% look attractive. Most dont take much effort to open and paying in by standing order means there is virtually no admin required. However, I do draw the line at opening the YBS Xmas reg saver @ 6% to receive, at best, £37 in interest !

HHUK

Bridlington1 said:

Skipton BS Member Regular Saver Issue 3 has been launched at 7% fixed, replacing issue 2 at 7.5%.

• Max deposit £250/mth
• Available to existing Skipton members, who joined on or before 11/01/24
  
• No withdrawals permitted except early closure
• You can not hold both issue 2 and 3 simultaneously

Many thanks for the heads up. Seems like a good deal to me, with no penalty for early closure and the flexible paying in options, and I had no hesitation in opening this account.

Pkman

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.