Regular Savings Accounts: The Best Currently Available List!

flaneurs_lobster

janusdesign said:

I assume the accounts showing 3.8% had a debit card deposit, and those showing 5.20% received an internal transfer (or possibly via faster payments) ?

True (FP).

Gers

flaneurs_lobster said:

janusdesign said:

I assume the accounts showing 3.8% had a debit card deposit, and those showing 5.20% received an internal transfer (or possibly via faster payments) ?

True (FP).

Mine was FP too.

flaneurs_lobster

Bridlington1 said:

SonOfPearl said:

Further down the T&Cs it says this, which sounds very much like a requirement:

For now I'll interpret it to mean that you can open it if you have an appointment with one of their financial advisers but this is not a requirement. I've just tried applying for the account online using a guessed application link and was successful in my efforts. My new FA Bonus Saver Issue 1 now sits awaiting funding in online banking.

ETA application link:
https://secure.skipton.co.uk/portal/NewAccount/28105

I'm assuming that now I've opened (and funded) this account I'll get communication inviting me to make an appointment with their FA. Ignoring or refusing the request might mean account closure and return of funds (or it might mean nothing happens at all).

However the Skipton FAQ's say "Our financial advice service could be right for you if you have at least a lump sum of £20,000 or £500 on a monthly basis." so it could be a very short meeting.

It's an original and interesting marketing pitch, bit better than the usual "would you benefit from a financial health check" that NWG have been punting at me for the last umpteen years.

pafpcg

flaneurs_lobster said:

Bridlington1 said:

SonOfPearl said:

Further down the T&Cs it says this, which sounds very much like a requirement:

For now I'll interpret it to mean that you can open it if you have an appointment with one of their financial advisers but this is not a requirement. I've just tried applying for the account online using a guessed application link and was successful in my efforts. My new FA Bonus Saver Issue 1 now sits awaiting funding in online banking.

ETA application link:
https://secure.skipton.co.uk/portal/NewAccount/28105

I'm assuming that now I've opened (and funded) this account I'll get communication inviting me to make an appointment with their FA. Ignoring or refusing the request might mean account closure and return of funds (or it might mean nothing happens at all).

......

I took this option to open an FA Bonus Saver account with the funds from my maturing Members Regular saver at the end of the month.  If I get a query from Skipton about why there's no appointment booked, I will point out that I've already had the meeting - it was about thirty years ago and have no wish to have another!  And I'll not hesitate to tell them that their "advisor" was arrogant and unhelpful - I learned nothing new.

jameseonline

You have to agree to having an appointment to get certain accounts?, no thanks unless it's a stupidly good rate

allegro120

Gers said:

flaneurs_lobster said:

janusdesign said:

I assume the accounts showing 3.8% had a debit card deposit, and those showing 5.20% received an internal transfer (or possibly via faster payments) ?

True (FP).

Mine was FP too.

Mine was debit card, so this must be the reason, hopefully when the money arrive it will show 5.2%.

subjecttocontract

jameseonline said:

You have to agree to having an appointment to get certain accounts?, no thanks unless it's a stupidly good rate

Yes it is rather annoying.
Not everybody works 9 to 5 and for those people working night shift, you could tell them to phone you at 3am (your lunch break) and see if their FA actually bothers !

francoghezzi

subjecttocontract said:

jameseonline said:

You have to agree to having an appointment to get certain accounts?, no thanks unless it's a stupidly good rate

Yes it is rather annoying.
Not everybody works 9 to 5 and for those people working night shift, you could tell them to phone you at 3am (your lunch break) and see if their FA actually bothers !

I work night shifts and am so tempted now :-) :-) :-)

apt

BooJewels said:

I don't think I'm going to bother renewing the Skipton RS - the gain over another account at around 5% is only something like £33 for the year - but ties up those funds (I know it can be closed).  I'd save more than that if I gave up eating shortbread.  Last year the difference was rather greater with interest rates closer to 4% and the RS at 7.5% - but the gap has closed.  Granted, in 6 months, the balance will probably shift. 

Plus, some of the fix interest that was funding mine has matured now, so it served its purpose this year.  I think the only way to make regular savers work is if you're in work and not got many spare pennies and this allows you the discipline of saving monthly and making a little on it.  Or if you're a seasoned saver like most here - have lots of them working simultaneously, fed from EA accounts - then the small gains can add up.  The latter doesn't appeal to me to try and manage.

Nobody is forcing you to take out a  Skipton RS, but if the 7% fixed is still available it's likely to be more advantageous than its 7.5% predecessor given interest rates are expected to fall substantially over the next year. Nationwide, YBS and Coventry have all cut RS rates by more or worsened conditions.

BooJewels

apt said:

BooJewels said:

I don't think I'm going to bother renewing the Skipton RS - the gain over another account at around 5% is only something like £33 for the year - but ties up those funds (I know it can be closed).  I'd save more than that if I gave up eating shortbread.  Last year the difference was rather greater with interest rates closer to 4% and the RS at 7.5% - but the gap has closed.  Granted, in 6 months, the balance will probably shift. 

Plus, some of the fix interest that was funding mine has matured now, so it served its purpose this year.  I think the only way to make regular savers work is if you're in work and not got many spare pennies and this allows you the discipline of saving monthly and making a little on it.  Or if you're a seasoned saver like most here - have lots of them working simultaneously, fed from EA accounts - then the small gains can add up.  The latter doesn't appeal to me to try and manage.

Nobody is forcing you to take out a  Skipton RS, but if the 7% fixed is still available it's likely to be more advantageous than its 7.5% predecessor given interest rates are expected to fall substantially over the next year. Nationwide, YBS and Coventry have all cut RS rates by more or worsened conditions.

Indeed nobody is forcing me and I doubt anyone cares either.  But for me, the return isn't perhaps worth it for the effort and in tying up the money for that time - when it's limited to £250 per month, the amounts are small anyway - unless you do it many times over, as I said.   I'd be more interested if I could put more in, make it worth it.

I'm not sure the difference is going to be any more marked this way round than they were last year.  Granted, rates rose, but at the time I opened the RS early June 2023 I think most of my EA accounts were paying just under 4% - so  rates would have to drop below 3.5% during the coming year, for the 7% to match this year just ending - they've perhaps held up for longer than we were maybe expecting.