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Regular Savings Accounts: The Best Currently Available List!

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Comments

  • CuparLad
    CuparLad Posts: 146 Forumite
    100 Posts First Anniversary Name Dropper
    There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate but keep the 7.5% rate going to maturity, but they might also cut both by the same amount. Nor do you know what your future financial situation might be (perhaps you might need the money before the 7.5% matures and effectively lost 0.5% for nothing)? Additonally, other Regular Savers may come along that have a better rate or are longer term.
    That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.
  • soulsaver
    soulsaver Posts: 6,610 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 March 2024 at 1:17AM
    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
    Did it already... I haven't got a crystal ball - but it's pretty obvious what the trend is.



  • soulsaver
    soulsaver Posts: 6,610 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 21 March 2024 at 5:50PM
    CuparLad said:
    There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate?

     Additonally, other Regular Savers may come along that have a better rate or are longer term.
    That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.
    The 7.00% rate is fixed. 
    And if something better comes along - I'll have that as well... :)
     
  • allegro120
    allegro120 Posts: 1,870 Forumite
    1,000 Posts Second Anniversary Name Dropper
    CuparLad said:
    There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate but keep the 7.5% rate going to maturity, but they might also cut both by the same amount. Nor do you know what your future financial situation might be (perhaps you might need the money before the 7.5% matures and effectively lost 0.5% for nothing)? Additonally, other Regular Savers may come along that have a better rate or are longer term.
    That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.
    They can't slash 7% rate because it is fixed.
    If one needs the money before maturity the account can be closed.
    I really doubt that we will see any new RS products paying better rates in foreseen future.

    I wasn't eligible for 7.5% so don't have this dilemma, but if I was I would probably hold it until maturity and see what's available then.
  • Kim_13
    Kim_13 Posts: 3,425 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    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.)
  • soulsaver
    soulsaver Posts: 6,610 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 21 March 2024 at 6:32PM
    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
    pecunianonolet Posts: 1,774 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    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
    fun4everyone Posts: 2,367 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    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?
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