Regular Savings Accounts: The Best Currently Available List!

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.

FB13

friolento said:

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?

He was speaking about renewing and opening a new account. 

Across the 12 month period, you get more interest opening the account at the end of a month and then making the 2nd deposit on the first of the following month. The number of days out of the 365 where the account only has a £400 balance is minimised. 

PloughmansLunch

Bridlington1 said:

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.

That's good news to avoid yet another hard search, I've got more than enough frowny faces on my CRA reports as it is

schiff

friolento said:

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?

Maybe could have worded it better. The 'further' deposit was into the new account

The Feb 1st deposit brought my balance on the old account to the £4800 maximum; couldn't add more in February.
I could have done the switch earlier but I decided not to. It gets me the interest on £4800 for the period 1/2 to 20/2 earlier than 20/2/25. £16.

Bridlington1

Kent Reliance One Year Regular Savings Account - Issue 12 has been launched at 5.1% (replaces issue 11 at 5%). £500/mth max. Branch only

allegro120

schiff said:

friolento said:

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?

Maybe could have worded it better. The 'further' deposit was into the new account

The Feb 1st deposit brought my balance on the old account to the £4800 maximum; couldn't add more in February.
I could have done the switch earlier but I decided not to. It gets me the interest on £4800 for the period 1/2 to 20/2 earlier than 20/2/25. £16.

Are you sure that there's £4800 limit?  If my memory is not failing me I could always make 13 payments.  Also I can't see any limits stated in t&c, just £400 per calendar month.

Bridlington1

YBS Christmas 2024 Regular (e)Saver has now disappeared from moneyfacts suggesting it will soon go NLA. 


YBS Loyalty Regular Saver/eSaver to be launched at 5.75% (£250/mth max). Available to existing customers with 12 months membership. 1 withdrawal max/yr excluding closure