Regular Savings Accounts: The Best Currently Available List!

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.

JamesRobinson48

Virgin Money has just released a new Regular E-Saver (18th issue).  This pays 1.00% fixed, and looks much the same as the 17th issue, other than dates being pushed back two months.

liamcov

JamesRobinson48 said:

Virgin Money has just released a new Regular E-Saver (18th issue).  This pays 1.00% fixed, and looks much the same as the 17th issue, other than dates being pushed back two months.

Has anyone been tempted by these 1% offerings?

1882

Sort of yes. I've opened one and until such time 1% guaranteed is worth a significant investment will put in a tenner each month. The way rates are plummeting it may not be long!

JamesRobinson48

liamcov said:

JamesRobinson48 said:

Virgin Money has just released a new Regular E-Saver (18th issue).  This pays 1.00% fixed, and looks much the same as the 17th issue, other than dates being pushed back two months.

Has anyone been tempted by these 1% offerings?

Yes, I go for a 1% RS fix, online for one year, with a reputable name like VM that also permits penalty-free withdrawals.  I know NS&I pays more at present and is fully guaranteed by the UK government. But I already have large amounts in multiple NS&I products.  And with gilts of up to 5 years tenor currently priced on yields below 0%, I imagine that NS&I might cut its variable rates in due course. If and when that happens, I anticipate that wider retail savings rates may quickly decrease further. So personally, I'd rather diversify between numerous providers, and lock in 1% while I still can. But of course, I don't expect everyone to agree with me.

colsten

liamcov said:

JamesRobinson48 said:

Virgin Money has just released a new Regular E-Saver (18th issue).  This pays 1.00% fixed, and looks much the same as the 17th issue, other than dates being pushed back two months.

Has anyone been tempted by these 1% offerings?

Nope, not me.

Not as long as I can get 2.75%, 1.85%, 1.5% and 1.2% in regular savers. Or 2% in Virgin Money current accounts, 1.5% in TSB current accounts, or an effective 1.2% in Halifax current accounts, or 1.15% in NS&I [and in my trusty Al Rayan], or 1.21% fixed for a year..........

mary

On a slightly technical issue.    I've not been on the forum for quite a long time and since it changed.     How do you find Old Threads you previously had been following.