Regular Savings Accounts: The Best Currently Available List!

ColdIron

allegro120 said:

I haven't read FAQs for many years assuming that nothing has changed. I wonder if this is a new feature or has been there for a long time?

I've opened their RS every year since 2013. My records show same day maturity/1st deposit every year up to and including 2019. From 2020 it's been anywhere between 4 and 10 days

Edit: I skipped 2021/22 as the interest wasn't worth it

jameseonline

ColdIron said:

My last FD RS matured on Friday May the 5th. There was a weekend and then a Monday Bank Holiday for the coronation, 4 working days and another weekend. It was finally opened Monday May the 15th

10 days in all, 4 working days

I anticipate, perhaps optimistically, to have my new one opened on May 22nd

I remember being able to phone up and have it all done and dusted on the day of maturity but the telephone bank no longer does this by telephone

Sounds the same/similar for me.

How come they don't sort things by phone anymore then?

jameseonline

Bank holidays, weekends etc all play a part with First Direct (amongst others) as they aren't banking days so things take longer to mature, close etc.

However you'll still earn interest while it's taking the extra time.

ColdIron

Yes but at a much lower rate of interest and only if you are daft enough to leave it in the Savings Account. You can phone them up and make it available to withdraw but the real problem is the time it takes to open the RS and phoning them up doesn't seem to speed this up. Witness my 10 days above

Every other RS I have allows you to open the new one on the maturity date

ForumUser7

Chorley BS: Has anyone found upon RS maturity they offer you like a loyalty account with a better rate or better terms please? If not, thinking about closing mine as I don't need the account it rolls into and I already have an EA with them. Thanks

jameseonline

ForumUser7 said:

Chorley BS: Has anyone found upon RS maturity they offer you like a loyalty account with a better rate or better terms please? If not, thinking about closing mine as I don't need the account it rolls into and I already have an EA with them. Thanks

Not aware of loyalty products for Chorley BS but that's not to say they don't currently or in the future.

Loyalty accounts seem to be more of a thing these days though.

Eg Coventry, Nationwide, Leek, Saffron, Skipton, The Cambridge, YBS.

I'd keep a minimal amount with as many banks/building societies as possible, leave running in the background until you become eligible for any then jump on the accounts.

I've got £1 in Skipton & £100 in The Cambridge & £1 in Leek purely because I know they have loyalty accounts.

Usually when regulars end they will offer a poop easy access account, Saffron for example doesn't offer a decent account when things end, they call it a maturity account I think, told them I don't want one as it literally makes no sense to have an account A) pays less than an existing easy access I already have with them, B ) it's an easy access account I can't pay into.

So told Saffron to transfer any balances from accounts over to my easy access account 

allegro120

jameseonline said:

Bank holidays, weekends etc all play a part with First Direct (amongst others) as they aren't banking days so things take longer to mature, close etc.

However you'll still earn interest while it's taking the extra time.

I find it strange.  At least in major banks all these processes are automated, can't imagine a member of FD staff sitting there closing and opening accounts for everyone.

You definitely don't earn interest on £300 sitting in current account waiting for new account to be opened.  I don't have to do this because I have £500 overdraft free of charge (FD gave it to me years ago without me even asking for it), but for those who don't it is a loss of interest for as many days as it takes for account to be opened.

jameseonline

allegro120 said:

jameseonline said:

Bank holidays, weekends etc all play a part with First Direct (amongst others) as they aren't banking days so things take longer to mature, close etc.

However you'll still earn interest while it's taking the extra time.

I find it strange.  At least in major banks all these processes are automated, can't imagine a member of FD staff sitting there closing and opening accounts for everyone.

You definitely don't earn interest on £300 sitting in current account waiting for new account to be opened.  I don't have to do this because I have £500 overdraft free of charge (FD gave it to me years ago without me even asking for it), but for those who don't it is a loss of interest for as many days as it takes for account to be opened.

I honestly have no idea, I just try my best with banks etc when I have any kind of issues and usually that involves me calling up.

WillPS

jameseonline said:

I've got £1 in Skipton & £100 in The Cambridge & £1 in Leek purely because I know they have loyalty accounts.

What's the Leek offer? All I can see is a regular saver which seems to unofficially track the base rate currently.

Bridlington1

WillPS said:

jameseonline said:

I've got £1 in Skipton & £100 in The Cambridge & £1 in Leek purely because I know they have loyalty accounts.

What's the Leek offer? All I can see is a regular saver which seems to unofficially track the base rate currently.

The Leek BS regular saver is restricted to those who live in certain postcodes and existing members with 12 months continuous membership. I seem to recall it has been more competitive in the past than it is today though so I'd say it's worth preserving membership in case it becomes competitive again.