Regular Savings Accounts: The Best Currently Available List!

jameseonline

crumpet_man said:

ForumUser7 said:

Shame Coventry doesn’t allow us to open accounts in app. Just went on there to try and open the loyalty RS and there was no option.

On the plus side, once logged in to online banking the application for regular saver is one of the quickest I have seen.  No need to input information and just a couple of tick boxes and it's done.  Must have taken less than one minute to open and fund the account.

Yea crazy quick, account instantly showing on website & app, and payment instantly showing on app

Nick_C

SnowMan said:

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

Seems perfectly clear to me.

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/loyalty-regular-saver-2.html says

"The interest rate is variable, so it can go up or down at any time.  For more details about why we may change the rate, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions booklet (section 4)."

And the booklet says:-

"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:

Situation - We’re making a change to the interest rate which is a disadvantage to you.

When you can close - Anytime within the 30 days after we notify you about the change."

ChewyyBacca

Been with Coventry since Feb 2023, darn it!

And yes i tried, but the system is designed to check eligibility too. Well, I tried!

jameseonline

ChewyyBacca said:

Been with Coventry since Feb 2023, darn it!

And yes i tried, but the system is designed to check eligibility too. Well, I tried!

Well at least you tried Chewyy, here's the thing though maybe once you with them a bit longer you'll be eligible for the same kind of savings account, just keep at least 1 account going, even if it's 1 you just have £1 in😉

allegro120

MarkFromCornwall said:

jameseonline said:

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

I based my comment on this line in my Halifax Regular Saver maturity letter:  "Your Regular Saver will reach its anniversary on 13th March 2024...  Your Regular Saver will automatically renew for another year and you can continue to make monthly payments into it."

jameseonline said:

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

Or perhaps the Regular Saver remained open and an additional Instant Saver account was opened and the funds from the Regular Saver's first year were moved into this Instant Saver account.

TSB and Halifax Monthly'Regular Savers are different products with different terms and conditions.  Halifax will automatically renew your account for another year, TSB won't so you have open a new one.

pecunianonolet

allegro120 said:

MarkFromCornwall said:

jameseonline said:

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

I based my comment on this line in my Halifax Regular Saver maturity letter:  "Your Regular Saver will reach its anniversary on 13th March 2024...  Your Regular Saver will automatically renew for another year and you can continue to make monthly payments into it."

jameseonline said:

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

Or perhaps the Regular Saver remained open and an additional Instant Saver account was opened and the funds from the Regular Saver's first year were moved into this Instant Saver account.

TSB and Halifax Monthly'Regular Savers are different products with different terms and conditions.  Halifax will automatically renew your account for another year, TSB won't so you have open a new one.

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

Rheumatoid

ChewyyBacca said:

Been with Coventry since Feb 2023, darn it!

And yes i tried, but the system is designed to check eligibility too. Well, I tried!

They must have tightened up. My application went through and my first a/c with them was March 23

PloughmansLunch

pecunianonolet said:

allegro120 said:

MarkFromCornwall said:

jameseonline said:

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

I based my comment on this line in my Halifax Regular Saver maturity letter:  "Your Regular Saver will reach its anniversary on 13th March 2024...  Your Regular Saver will automatically renew for another year and you can continue to make monthly payments into it."

jameseonline said:

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

Or perhaps the Regular Saver remained open and an additional Instant Saver account was opened and the funds from the Regular Saver's first year were moved into this Instant Saver account.

TSB and Halifax Monthly'Regular Savers are different products with different terms and conditions.  Halifax will automatically renew your account for another year, TSB won't so you have open a new one.

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

My Halifax RS matured a couple of days ago, and has since stayed open while the funds were automatically moved into a low rate easy access account. Because I’d made a 13th payment on the 1st March it now won’t let me pay anymore into the renewed RS account this month which is sitting at £0. I think a workaround should be to log in to online banking and close it. 

SnowMan

Nick_C said:

Seems perfectly clear to me
..........
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:

Situation - We’re making a change to the interest rate which is a disadvantage to you.

When you can close - Anytime within the 30 days after we notify you about the change."

Thanks. I missed that clarification in the table. I agree that it is clear and changes in interest are definitely covered

dealyboy

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.