Regular Savings Accounts: The Best Currently Available List!

Bigwheels1111

Mine is up on the 3rd of May.
You can get the cash by calling FD on the 3rd.
The problem is they take days to close the old account.
Until it’s closed you can’t open a new one.
This year I think I will wait and see how long it takes.

kaMelo

Last year, just letting things go through with no intervention, I think it was four days before I could open a new one. There was a bank holiday in there too so not sure if it played a part but the time line was,:

Matured on 1st May

Available in savings account 2nd May

Opened new account 5th May

I'm fine with that as this account is one of my set and forget type. The only thing I do once a year is move funds and open a new one. I'm sure I could get things through faster if I called them up but if I'm honest, I just can't be bothered.

ColdIron

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

allegro120

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

Yes this is what it says in FAQs

"How can I apply for a Regular Saver?

1st Account customers can apply by downloading and logging on to our App and going to ‘Products’ or via Online Banking."

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?

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