Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Everybody,

Here is this weekend's update to this thread. I cannot find anything that has changed.

I will do the next update next weekend.

SS2

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

veryintrigued

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread. I cannot find anything that has changed.

I will do the next update next weekend.

SS2

---

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

Thanks for your continued work SS2 and having the patience to wade through some of the guff on here.

JamesRobinson48

Loughborough BS is finally starting to cut its RS rates, based on a letter I received today. The legacy Monthly Saver 4 account (2.00% interest) converts on 10th September to a Flexible Monthly Saver account (1.10% interest).  Related T&C changes include an increase in the monthly max, from £250 to £500, and an increase in the cumulative account max from £12k to £85k. Guess I'll cut my monthly payment to the minimum, given that NS&I offers slightly higher interest.  I've heard nothing from the Loughborough yet about my Save To Buy account which still pays 3.00%.

happybagger

Same for the old Monthly Saver (no issue number, original issue) going from 1.75 to 1.1
Looks like all these accounts are being transferred to the FMS account.

At least they're transferring the full balance over. Could be worse: could have done a Progressive and just closed the account and sent a cheque I guess

JamesRobinson48

happybagger said:

Same for the old Monthly Saver (no issue number, original issue) going from 1.75 to 1.1
Looks like all these accounts are being transferred to the FMS account.

Loughborough BS: It's unclear to me if accrued interest on the old Monthly Saver will be rolled up and credited to the new FMS account on 10 Sep, which would then become the anniversary date for everyone's 'account year'.  Or alternatively, will the next interest not be credited until the individual's original anniversary date. I guess I'll make a note to phone them on 11 Sep.

happybagger

My letter was clear: "On 10th September 2020, the balance in your current monthly saver account plus the interest accrued up to 9th September 2020, will become the starting balance of your Flexible Monthly Saver."

So it is added and the new account year starts then.

kaMelo

Received a letter from Cumberland BS stating they are cutting the interest rates in half on their regular saver and first home saver accounts. From 2% down to 1% starting on September 1st.  

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread. I have removed my entry on Cumberland BS because the interest rate is going down to 1% variable from 1st September on an account that only lasts 12 months so it no longer meets the criteria for inclusion on this list.

I will do the next update next weekend.

SS2

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

adindas

happybagger said:

My letter was clear: "On 10th September 2020, the balance in your current monthly saver account plus the interest accrued up to 9th September 2020, will become the starting balance of your Flexible Monthly Saver."

So it is added and the new account year starts then.

Loughborogh BS FMS  1.1% interest with no condition attached is still attractive in this current climate. As it becomes FMS I understand you could withdraw it anytime without losing interest. Does anyone know how easy it is to withdraw your money, could you do it online or you will need to do it by post by sending your passbook ?? Thanks

JamesRobinson48

adindas said:

Loughborgh BS FMS with 1.1% with no condition attached is still attractive in this current climate. As it becomes FMS I understand you coudl withdraw it anytime without losing interest. Does anyone know how easy it is to withdraw your money, could you do it online or you will need to do it by post by sending your passbook ?? 

The latter: Loughborough BS has no online functionality for Regular Saver accounts, unless I've missed a trick!  Similarly for Nottingham, Leek United, Dudley, Tipton & Coseley, Stafford Railway and Scottish BS.