Regular Savings Accounts: The Best Currently Available List!

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.

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