Regular Savings Accounts: The Best Currently Available List!

soulsaver

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Bridlington1

JamesRobinson48 said:

Bridlington1 said:

liamcov said:

Does the Coventry 6.75% (and the normal regular saver at 5%) not allow deposits on the 1st? Ie. if opened today you could only deposit again on 15 April?

Do both accounts allow for a 13th payment?

Both accounts go by calendar month so if you opened and fully funded the accounts today, you wouldn't be able to deposit again until 15th April, so in other words you can't get a 13th month in. 

Did you by chance mean account month?

Now corrected, I've typed calendar month so often I must've gone on auto pilot. Thanks for pointing this out.

adw1977

There seems to be a significant catch to this new Coventry Loyalty Regular Saver.
The interest rate is variable but if you want to withdraw your money then you lose 30 days interest.  There's no option to give notice to avoid the penalty and there doesn't seem to be any exemption for Coventry BS reducing the interest rate. 
So it may in fact be impossible to actually earn 6.75% on your money because if the rate goes down you either accept whatever rate they impose for the rest of the account term or lose some of your interest in the 30 day penalty.

Frogletina

soulsaver said:

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

That is very strange - I've now checked the additional information as well, and that have also been changed since this morning

Additional information

We pay your interest gross. The gross rate is the interest payable before the deduction of tax. This is a limited issue account and you can only be named on one version of a Loyalty Regular Saver at a time, this includes previous or subsequent versions.

 

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

SnowMan

adw1977 said:

There seems to be a significant catch to this new Coventry Loyalty Regular Saver.
The interest rate is variable but if you want to withdraw your money then you lose 30 days interest.  There's no option to give notice to avoid the penalty and there doesn't seem to be any exemption for Coventry BS reducing the interest rate. 
So it may in fact be impossible to actually earn 6.75% on your money because if the rate goes down you either accept whatever rate they impose for the rest of the account term or lose some of your interest in the 30 day penalty.

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/saving-accounts-terms-and-conditions.pdf

If you’re not happy about a change

With many of our accounts, you can close or switch your account whenever you like. However, if there are normally restrictions on your account you can close your account without notice, charge or loss of interest in these situations:

It appears this includes changes to interest rates but it's not 100% clear, and others may read that differently

soulsaver

Frogletina said:

soulsaver said:

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

That is very strange - I've now checked the additional information as well, and that have also been changed since this morning

Additional information

We pay your interest gross. The gross rate is the interest payable before the deduction of tax. This is a limited issue account and you can only be named on one version of a Loyalty Regular Saver at a time, this includes previous or subsequent versions.

 

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Yep - If I clear cache it'll probably read as the new version.  CBA - just livid at the incompetence.

Why isn't CS briefed?
Why 10 minutes of unnecessarily taking you through security followed by 'checking with a colleague' ?
Why not 'Yes. Sorry, it was mistake that we've now fixed'
Bye.

MarkFromCornwall

tg99 said:

My TSB Monthly Saver matured and changed to Easy Access account in early hours of today (Wed). Trying now to open another and says sorry not eligible. I meet all the criteria so does it take a certain time - 24-48 hours? - before system properly updates and recognises previous one now matured?

TSB won't have closed the Monthly Saver, so unless you've closed it the account remains open and you can continue to pay in for another year.

EDIT / CORRECTION / APOLOGY

Sorry, please ignore my post: I was mixing up TSB and Halifax.

jameseonline

Coventry still doing the weird monthly payment thing then?, it's the only one that seems to do it for me.

As for a 30 day interest penalty they did that when I had their standard regular Saver ages ago, wasn't that bothered about it as at least I got some interest plus what I put in

jameseonline

MarkFromCornwall said:

tg99 said:

My TSB Monthly Saver matured and changed to Easy Access account in early hours of today (Wed). Trying now to open another and says sorry not eligible. I meet all the criteria so does it take a certain time - 24-48 hours? - before system properly updates and recognises previous one now matured?

TSB won't have closed the Monthly Saver, so unless you've closed it the account remains open and you can continue to pay in for another year.

TSB Monthly Saver is only available for a year to my knowledge, so not sure what you mean by pay in for another year.

Poster said it changed to an Easy Access because of maturity. 

Easy Access you can pay in whenever you want, take out whenever you want with no limits (in theory)

I'm reading that the poster wants to open a new Monthly Saver account in which case it can take a day or so for the system to let you apply for a new version but shouldn't take any longer, if you have any issues after that all you can really do is contact TSB.

friolento

jameseonline said:

Coventry still doing the weird monthly payment thing then?, it's the only one that seems to do it for me.

First Direct is the same. Most others go by calendar month.