Regular Savings Accounts: The Best Currently Available List!

Bridlington1

ForumUser7 said:

Skipton RS - Thinking about closing the 7.5% before the BOE announcement today, then opening the 7.0% as would extend maturity by ~9 months. Saw some discussion about this previously, but wondering what people think please? Thanks

A lot depends on how fast and by how much you think savings rates will drop and what you think Skipton will do going forwards.

Regular savers are typically the most profitable in their later months due to the larger balance of the regular saver and if regular saver rates do come down there's a good chance they could come down incrementally.

If you do decide to close the 7.5% RS now and open the 7% one, who's to say that during the summer Skipton won't decide to pull the 7% one and replace it with one at a lower rate, say 6.5%, in which case you'd have the same dilemma again when those who'd stuck with the 7.5% version will secure 6.5% for the next year without needing to think. If this comes to pass would you then close the 7% one to secure 6.5% until summer 2025? What if something similar happens in the new year? If so you could find yourself repeatedly closing regular savers in order to secure lower paying ones and leaving yourself worse off overall.

Personally I'd be inclined to stick with 7.5% to be honest.

soulsaver

Kim_13 said:

Giving this more consideration than I was before as I could do with some of the funds next month, and obviously the only way to access the cash is to close. Can you close and re-open on the same day or is there some faff involved? (I would want to internal transfer the proceeds to an EA with them and then go from there.)

5 minutes... 

pecunianonolet

I stick with it, especially because it matures in the new tax year and because there are more rather good reg savers out there than I have funds to distribute. Anything new I will open or fund (Coop) will be 6th of April onwards.

fun4everyone

Opened up a slew of regular savers at the start of March.  Waiting now for the 1st of the month to open the next lot.  I presume its better to start then.  Finally got hold of a First Direct current account, hopefully they dont drop the 7% rate until I open it!  Also going to open the co-op one on the 1st.

With the RBS/NatWest digital savers are you allowed one at each brand, so therefore two in total or is it one only across all their brands?

friolento

fun4everyone said:

 

With the RBS/NatWest digital savers are you allowed one at each brand, so therefore two in total or is it one only across all their brands?

If you have the requisite current account at each of the banks, you can have digital savers at both, too

Bridlington1

fun4everyone said:

Opened up a slew of regular savers at the start of March.  Waiting now for the 1st of the month to open the next lot.  I presume its better to start then.  Finally got hold of a First Direct current account, hopefully they dont drop the 7% rate until I open it!  Also going to open the co-op one on the 1st.

With the RBS/NatWest digital savers are you allowed one at each brand, so therefore two in total or is it one only across all their brands?

First of all most regular savers go by calendar month you'll earn the most interest if you open and fund them on the last day of the month as you can make your second deposit the next day (1st).

Co-op are quite slow with account openings so I would apply now to secure the account. The term of the Co-op regular saver doesn't start until you make your first deposit so applying now and funding on 31/3/24 would probably be your best bet there.

You can hold both the NatWest and RBS regular savers simultaneously. I have both and have had them for over 2 years now.

subjecttocontract

If you are opening a few regular savers you might want to prioritise those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

fun4everyone

friolento said:

If you have the requisite current account at each of the banks, you can have digital savers at both, too

Ty, I will do doing just that then.

Bridlington1 said:

First of all most regular savers go by calendar month you'll earn the most interest if you open and fund them on the last day of the month as you can make your second deposit the next day (1st).

Co-op are quite slow with account openings so I would apply now to secure the account. The term of the Co-op regular saver doesn't start until you make your first deposit so applying now and funding on 31/3/24 would probably be your best bet there.

You can hold both the NatWest and RBS regular savers simultaneously. I have both and have had them for over 2 years now.

Spor on about Co-op being slow. I actually have the current account fully open and ready to go now. It was indeed as you say, slow - but its ready. Very good point about the last day of the month followed by the next one, your banking genius is appreciated Bridlington. I will be attempting to do what you describe.

Wheres_My_Cashback

fun4everyone said:

Opened up a slew of regular savers at the start of March.  Waiting now for the 1st of the month to open the next lot.  I presume its better to start then.  Finally got hold of a First Direct current account, hopefully they dont drop the 7% rate until I open it!  Also going to open the co-op one on the 1st.

With the RBS/NatWest digital savers are you allowed one at each brand, so therefore two in total or is it one only across all their brands?

Generally, the best time of month to open and fund most RS is near the end of the month if deposits can be made PCM as you can then follow up the 2nd payment at the start of the next month. This will boost your overall interest amount at maturity, whereas if deposits are only permitted PAM then it doesn't really matter.
You can have both RBoS/NatWest.

fun4everyone

subjecttocontract said:

If you are opening a few regular savers you might want to priorities those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

Thanks yeah.  Have most of these open already.  FD only got approved for the current account today.  No details or online banking yet, that one will have to wait.  Halifax I was waiting until the 1st?