Regular Savings Accounts: The Best Currently Available List!

jameseonline

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.

Ahh I get you now, I got Halifax & Club Lloyds ending today, my Bank Of Scotland one has a different end date which is bugging me because I opened & funded all 3 on the same day, no Biggie as the date is only a few days after

jameseonline

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.

Yea but to be fair they haven't had an app long yet other well known building societies still don't have a savings app eg Principality (yet has other apps/games on Google play) & Leeds, that would be great for me if those two sorted themselves out 

crumpet_man

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.

jameseonline

soulsaver said:

Bridlington1 said:

jameseonline said:

friolento said:

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.

Yea😌, always at least 1 that has to put a spanner in the works🤣

Make that three spanners. HSBC and Santander go by account month as well.

Morphed into the spanner thread..?

But then do you actually count First Direct and HSBC as separate spanners or the same spanner 🤔😏🤷🤣😁

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?