Regular Savings Accounts: The Best Currently Available List!

pecunianonolet

Bridlington1 said:

Middle_of_the_Road said:

Aidanmc said:

Did someone mention about a Co-op regular saver coming soon?

Yes, someone mentioned it would be released on the 22nd of this month.

ETA- link
Co Op Switch offer (seen 15th January 2024) - Page 53 — MoneySavingExpert Forum

I've just spoken to someone from Co-op over the phone. They have given me the following details about the account

• Account will be launched on 22/2/24
• Available to current account customers only
• Account pays 7% variable for 12 months
• Decreases of the interest rate are subject to 2 months notice
• Min opening balance of £1 which must be deposited within 30 days
• Max deposit £250 per calendar month
• You can skip months if you wish
• Unlimited withdrawals permitted
• Deposits can be made by transfer from an external current account if you wished

Will be interesting to see if Cashminder accounts be eligible too. 

Middle_of_the_Road

Bridlington1 said:

Middle_of_the_Road said:

Aidanmc said:

Did someone mention about a Co-op regular saver coming soon?

Yes, someone mentioned it would be released on the 22nd of this month.

ETA- link
Co Op Switch offer (seen 15th January 2024) - Page 53 — MoneySavingExpert Forum

I've just spoken to someone from Co-op over the phone. They have given me the following details about the account

• Account will be launched on 22/2/24
• Available to current account customers only
• Account pays 7% variable for 12 months
• Decreases of the interest rate are subject to 2 months notice
• Min opening balance of £1 which must be deposited within 30 days
• Max deposit £250 per calendar month
• You can skip months if you wish
• Unlimited withdrawals permitted
• Deposits can be made by transfer from an external current account if you wished

Thanks for following up, and confirming this. This is one I'll be opening, much better than the recent Yorkshire BS Christmas saver, which unusually didn't interest me. (No pun intended)

allegro120

dcs34 said:

Is there any basis (rumours / gossip) for people thinking the Club Lloyds Monthly Saver might have its rate reduced?

Mine matures in 11 days so very tempted to 'renew' it now to lock the 6.25% for another year.

It is understandable that people are panicking because many saving products either disappearing or reducing their rates.  Many EAs, NAs, fixed bonds were affected by BoE holding the rate.  However, this had very little impact on RS products. In fact, since the BoE rate stopped rising there were numerous new offers at 6%+.  I think the reason is that RS products are not designed for making profit directly, but as a promotional feature to gain and keep the custom.  My crystal ball is telling me that CLMS is not going to drop its current rate in near future, at least until the basic rate start reducing.  Also Lloyds are unlikely to change the rate before their switching offer expires.  My CLRS matures on 5th March and I'm not going to 'renew' it before that date.  

schiff

The benefit for me, having deposited my final £400 on February 1st, was to be able to deposit another £400 today, with another on March 1st.

allegro120

schiff said:

The benefit for me, having deposited my final £400 on February 1st, was to be able to deposit another £400 today, with another on March 1st.

Interesting. I didn't know you can double your monthly deposit.

friolento

ColdIron said:

The Club Lloyds Monthly Saver interest rate is fixed at 6.25%

• Earn 6.25% gross/AER fixed interest. This is paid after 12 months.

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

It is also paid immediately if you “renew” your CL Monthly Saver

friolento

schiff said:

The benefit for me, having deposited my final £400 on February 1st, was to be able to deposit another £400 today, with another on March 1st.

If the final deposit was on Feb 1, and if you could make further deposits in the same month , why did you wait until the 20st? Why not make the deposit on the 2nd? 

What is the purpose of the deposit on March 1st?

FishInGlass

Personally I am unlikely to look at new regular savers paying under 6.25% ATM. With the new cash ISA rules allowing you to pay into multiple ISAs next year and rates currently between 5 and 5.25% for easy access and 1 yr fixed (Virgin) I will concentrate my efforts there. I closed my Club Lloyds regular saver 2 weeks early to switch the account to Nat West for their new switching offer. Once this has completed I plan to move my TSB spend and save back to Lloyds as I qualify for their cashback as well. I will probably open a new Club Lloyds RS but just pay in the minimum every month unless rates elsewhere drop significantly.

I do plan however to open the Co-op RS when it becomes available.

I am a standard rate taxpayer and unlikely to be able to put 20k away into an ISA in a year so it seems the best approach for me. Other people have different savings criteria so YMMV

bristolleedsfan

Bridlington1 said:

Middle_of_the_Road said:

Aidanmc said:

Did someone mention about a Co-op regular saver coming soon?

Yes, someone mentioned it would be released on the 22nd of this month.

ETA- link
Co Op Switch offer (seen 15th January 2024) - Page 53 — MoneySavingExpert Forum

I've just spoken to someone from Co-op over the phone. They have given me the following details about the account

• 
  
• Min opening balance of £1 which must be deposited within 30 days
• 
  

Would 12 month term start from date of first deposit, ideally I would like to delay start date and defer maturity to 25/26 tax year

Bridlington1

pecunianonolet said:

Bridlington1 said:

Middle_of_the_Road said:

Aidanmc said:

Did someone mention about a Co-op regular saver coming soon?

Yes, someone mentioned it would be released on the 22nd of this month.

ETA- link
Co Op Switch offer (seen 15th January 2024) - Page 53 — MoneySavingExpert Forum

I've just spoken to someone from Co-op over the phone. They have given me the following details about the account

• Account will be launched on 22/2/24
• Available to current account customers only
• Account pays 7% variable for 12 months
• Decreases of the interest rate are subject to 2 months notice
• Min opening balance of £1 which must be deposited within 30 days
• Max deposit £250 per calendar month
• You can skip months if you wish
• Unlimited withdrawals permitted
• Deposits can be made by transfer from an external current account if you wished

Will be interesting to see if Cashminder accounts be eligible too. 

I've just spoken to them again. Cashminder accounts are eligible.

bristolleedsfan said:

Bridlington1 said:

Middle_of_the_Road said:

Aidanmc said:

Did someone mention about a Co-op regular saver coming soon?

Yes, someone mentioned it would be released on the 22nd of this month.

ETA- link
Co Op Switch offer (seen 15th January 2024) - Page 53 — MoneySavingExpert Forum

I've just spoken to someone from Co-op over the phone. They have given me the following details about the account

• 
  
• Min opening balance of £1 which must be deposited within 30 days
• 
  

Would 12 month term start from date of first deposit, ideally I would like to delay start date and defer maturity to 25/26 tax year

12 months would start from the day you open the account, not when you make the deposit.

EDIT: 12 months would indeed start from the day of your first deposit, it seems the person I spoke to gave me some incorrect information.