Regular Savings Accounts: The Best Currently Available List!

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.

TheWoodler

I think it’s sensible to review RS as part of a holistic approach to a savings portfolio and how they fit into effort vs reward, the funds available, personal circumstances, or any other criteria the individual might have (e.g. ethics or accessibility).

I too have made some decisions this FY - for example I renewed my Saffron Members’ RS committing £500/month @ 5.25% to a Small Saver for £50/month @ 5.75%, even though I continue to be eligible for the former. That suits me better atm. 

Off topic for thread, but an observation on the subject of Skipton: they seem to have had a recent track record of slightly unusual products recently. 

BooJewels

Indeed @TheWoodler - individual circumstances and criteria are key - and what suits at one time, might not at another.  The RS was ideal for me last year, as I funded it with monthly interest from 2 x Skipton fixes which I'd taken before rates rose to their peak, so moving it, as it arose, to 'compound' at a higher rate improved my return from those fixes.  As one has now matured and been re-fixed elsewhere at a much better rate, it's not as attractive or convenient this year.

What I might do, is move the £3k principle from the maturing RS to their bonus saver at 5.5% and just forget about it - it'll generate some spendies for my September 2025 holiday.  I can at least take it out if rates drop.

gt94sss2

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

simonsmithsays

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

Thanks - this is exactly what I was hoping for.

soulsaver

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

it's in the pack: essentially as is: 5.25% aer var; £500 pm, £6k max. £50 min bal.

jameseonline

soulsaver said:

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

it's in the pack: essentially as is: 5.25% aer var; £500 pm, £6k max. £50 min bal.

Erm that's not a "members month" rate, that's their standard regular saver if you've been with them a year called "12 Month Members Regular Saver "

https://www.saffronbs.co.uk/Savings/Regular-Savings-Accounts

Members Month is/was a 9% account on £50 a month max deposit 

jameseonline

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

Interesting, I've not had an email yet, mine is set to mature on 5th June, maybe it won't be much longer 

soulsaver

jameseonline said:

soulsaver said:

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

it's in the pack: essentially as is: 5.25% aer var; £500 pm, £6k max. £50 min bal.

Erm that's not a "members month" rate, that's their standard regular saver if you've been with them a year called "12 Month Members Regular Saver "

https://www.saffronbs.co.uk/Savings/Regular-Savings-Accounts

Members Month is/was a 9% account on £50 a month max deposit 

There's no reference to the Members Month account in the pack.  It refers to the 12 month members saver - the detail for which I summarised.

jameseonline

soulsaver said:

jameseonline said:

soulsaver said:

gt94sss2 said:

Have received an email asking me what I want to do regarding my maturing Saffron Building Society Members' Month Loyalty Saver.

It includes the fact that Saffron will be having another Members' Month Loyalty Saver in June - no details though

it's in the pack: essentially as is: 5.25% aer var; £500 pm, £6k max. £50 min bal.

Erm that's not a "members month" rate, that's their standard regular saver if you've been with them a year called "12 Month Members Regular Saver "

https://www.saffronbs.co.uk/Savings/Regular-Savings-Accounts

Members Month is/was a 9% account on £50 a month max deposit 

There's no reference to the Members Month account in the pack.  It refers to the 12 month members saver - the detail for which I summarised.

gt was saying that there's going to be another members month account yet no details given, you then said it's in the pack & gave the 5.25% rate, I then said that's their standard regular if you been with them a year.

So which one of us got confused 🤷, 1, 2 or all 3 of us?