Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

pecunianonolet said:

chris_the_bee said:

pecunianonolet said:

Cashminder with Coop opened yesterday, email received account is approved yesterday evening. Applied for the reg saver after lunch today, received an email 1h later that application is declined because I don't have an eligible account. 

Guess I'll have to wait until next week or risk it now to wait until early March so interest drops into 25/26. Let's hope the account is on the market for a bit longer and not just 5 days like the switch offer.

How do I open and manage my account?

Open an account

To open an account you must:

• Be a UK resident
• Be aged 16 or over.
• Have either a Co-operative Bank Current Account, Current Account Plus, Privilege current account, Privilege Premier current account, Student current account, Cashminder account, Everyday Extra current account or any other account we specify in the future.

What's the purpose of your post, please?

Again, Coop approved my cashminder account application yesterday but today is saying I don't have an eligible account and therefore they can't open the regular saver I applied for today after the approved cashminder account application from yesterday.

In essence, you've got to wait until their IT has had enough time to sync everything and that I've got to wait until next week if I am desperate or play the waiting game hoping they not withdraw the account again in a few days allowing me to open in March, fund in April and bank interest in 25/26 instead of 24/25 if opened now.  

Your original post didn't explain why it was declined or what the resolution was.

allegro120

AmityNeon said:

nomorekids said:

AmityNeon said:

myth123 said:

Stargunner said:

Bridlington1 said:

Co-op Regular Saver has been launched at 7% as advertised:
https://www.co-operativebank.co.uk/products/savings/regular-saver/

• Have the account for a 12 month term – the 12 months will start from the date we accept your first deposit

This could be useful for some that want to delay the end date, as you have up to 30 days from account  opening to make your first deposit.

This is good to know, ideally I want to push the end date into the next tax year.

7th March at the earliest, or 8th March if you want to be safe (which would also align with interest being paid on Monday 7th April 2025, the first day that interest can be received in the new tax year).

Confused. Please can you explain because this scenario would make it a 13 month account?, I also would like to push the interest into 25/26

The 12-month term starts from the date of the first deposit. You want to delay interest until the 25/26 tax year, but you should open the account as soon as possible to avoid the product/rate being withdrawn.

8th March 2024: Open the account
7th April 2024 (30 days later): First deposit
7th April 2025: Interest is paid (covering 7th April 2024 to 6th April 2025)

This will work if they don't pull this product before that date. It is unusual for high street banks to discontinue their offerings soon after launch, but I don't think Co-op has an indicative record of offering competitive saving products.

allegro120

simonsmithsays said:

Bridlington1 said:

OneUser1 said:

What’s the general feeling regarding existing Nationwide Start to Save Issue 2 accounts now the prize draw is presumably finished. Are people closing theirs? Reducing the balance to the minimum but keeping it alive? Or did everyone other than me get in so early their two years are already up?

I'm keeping mine alive and fully funded for now since the interest rate is still high enough for me to warrant funding it. I will probably give the account the chop in April though.

This isn't specific to this account though, I'm finishing Uni this year so the era of me not having to worry about being taxed on savings interest looks as though it could come to an end soon (depending on how things pan out with getting a job after uni and how much I have left over from a likely property purchase this year) so this will likely inflict some serious damage to my regular saver collection as I will be wanting to ensure a decent chunk of my interest from regular savers is paid this tax year, particularly for the lower paying accounts and ones that are due to mature fairly early on in the next tax year anyway.

Please ensure you get a job that fits around how helpful you are on here.

It's appreciated 👍

Obviously good luck in the search - you're clearly very capable so won't struggle.

I second this. @Bridlington1 contribution to this forum is invaluable.

MrsCautious

Middle_of_the_Road said:

Yes, they do tend to multiply, and I was feeling the same. Currently have around 16 having just opened the latest YBS loyalty reg,saver. It's hard to refuse opportunities to have high interest accounts for little extra effort.

I'm at 9 (including YBS Xmas saver which isn't great is it) but really need to seriously weigh up paying more into my pension at my age instead as well as taking advice on whether to put more back into a much-depleted S&S ISA.  But at the moment the rates are poor on these and my attitude to risk has changed. I am checking out Santander(variable rate) and Co-op but don't know if I will consider this worthwhile. 

10_66

Speculator said:

castle96 said:

Has the Skipton 7% fixed gone ?

Might be worth closing existing 7.5% and open the 7% regular

I'm trying to work out if it's beneficial for me to close the 7.50% early in order to secure the 7% for a further 12 months.  My 7.50% matures in June, I've made 9 payments into it.  I'm not sure if I'm doing this correctly, but using MSE's regular saver calculator it looks like I might lose around £43 over the 12 month period (June to June) if I close early (taking into account that I'd start to earn 7% for the remainder).  Does this look right, please?

allegro120

10_66 said:

Speculator said:

castle96 said:

Has the Skipton 7% fixed gone ?

Might be worth closing existing 7.5% and open the 7% regular

I'm trying to work out if it's beneficial for me to close the 7.50% early in order to secure the 7% for a further 12 months.  My 7.50% matures in June, I've made 9 payments into it.  I'm not sure if I'm doing this correctly, but using MSE's regular saver calculator it looks like I might lose around £43 over the 12 month period (June to June) if I close early (taking into account that I'd start to earn 7% for the remainder).  Does this look right, please?

It will depend on the interest rate of your feeder account.  Also bare in mind that by closing your existing account you will have to start from scratch, the money you have deposited so far (except your first deposit into new account) will go back to earning interest of your feeder account.  In addition, you never know what your feeder account's interest will be in the coming months.  You can't calculate your gains unless you have a crystal ball.  

where_are_we

Skipton 7.5% - I`m sticking with it, 3 payments to go, but as others have said you need a crystal ball to know if the Sipton 7% will still be around in a few months time.

AmityNeon

10_66 said:

Speculator said:

castle96 said:

Middle_of_the_Road said:

castle96 said:

Has the Skipton 7% fixed gone ?

I still see it available in the app.

I have this 7.5% on PC for some months. Still cant find 7%! Can you have both?

Might be worth closing existing 7.5% and open the 7% regular

I'm trying to work out if it's beneficial for me to close the 7.50% early in order to secure the 7% for a further 12 months. My 7.50% matures in June, I've made 9 payments into it. I'm not sure if I'm doing this correctly, but using MSE's regular saver calculator it looks like I might lose around £43 over the 12 month period (June to June) if I close early (taking into account that I'd start to earn 7% for the remainder). Does this look right, please?

You'll lose about £14 if your standard rate is 5%. This assumes you close the 7.5% account now, open the 7% account with £250, continue depositing £250 at the beginning of each month, whilst the remaining £2,000 (excess from the old account) earns 5% until 1st June.

Formula for (whole month) approximations:

(m / 24) * (n − 12) * ((n − 13) * x + (2 * n * y))

m = monthly contribution
n = number of months/deposits of current RS
x = new RS interest rate minus current RS interest rate
y = current RS interest rate minus standard interest rate

m = 250
n = 9
x = 7.00% - 7.50% = -0.005
y = 7.50% - 5.00% = 0.025

happybagger

Bridlington1 said:

Not top regular savers by any strech of the imagination but may be of interest to those who have them sat with minimum balances:
Darlington BS Regular Monthly Saver will reduce from 4.6% to 4.2% from 4/3/24. Source: Letter
Green RS and Special Occasion Saver (both NLA) will also reduce from 4.6% to 4.2% on 4/3/24

I have the Special Occasions (balance over £100) and haven't received any letter (or email) yet.

10_66

happybagger said:

Bridlington1 said:

Not top regular savers by any strech of the imagination but may be of interest to those who have them sat with minimum balances:
Darlington BS Regular Monthly Saver will reduce from 4.6% to 4.2% from 4/3/24. Source: Letter
Green RS and Special Occasion Saver (both NLA) will also reduce from 4.6% to 4.2% on 4/3/24

I have the Special Occasions (balance over £100) and haven't received any letter (or email) yet.

They must be staggering the letters, I had one letter for the Regular Monthly one day, and then a few days later I got them for the Special Occasions.