Regular Savings Accounts: The Best Currently Available List!

TheBanker

allegro120 said:

Hattie627 said:

Co-operative Bank RS

This account (first sold Feb 2024) has a variable (not fixed) rate of interest, currently 7%. Co-op have announced this evening that they are dropping rates on their variable rate accounts (as from mid October) but NOT this one. 

Good job Co-op is not Coventry yet.  I recall when rates were falling last time, Coventry didn't spare any variables.

They might have decided to spare this one given there's been a very recent switcher/cashback promotion involving this account, and they don't want the backlash that would inevitably occur if they cut the rate at this time. Also from a marketing perspective, 7% looks much more attractive than 6.75%, even though 6.75% would still be a very good rate. 

Gers

TheBanker said:

allegro120 said:

Hattie627 said:

Co-operative Bank RS

This account (first sold Feb 2024) has a variable (not fixed) rate of interest, currently 7%. Co-op have announced this evening that they are dropping rates on their variable rate accounts (as from mid October) but NOT this one. 

Good job Co-op is not Coventry yet.  I recall when rates were falling last time, Coventry didn't spare any variables.

They might have decided to spare this one given there's been a very recent switcher/cashback promotion involving this account, and they don't want the backlash that would inevitably occur if they cut the rate at this time. Also from a marketing perspective, 7% looks much more attractive than 6.75%, even though 6.75% would still be a very good rate. 

Already had an email from Coventry which arrived yesterday:

"On 1 August 2024 the Bank of England reduced the Base Rate to 5.00%.

This means we need to review the interest rates on our own variable interest accounts. If your rate will be changing, we’ll be in touch.

We’ll always do what’s right for our members and aim to keep our rates as competitive as possible.

Thank you for saving with us."

jaypers

I find it bizarre that the MSE best savings guide hasn’t mentioned the Virgin RS at 10% yet. Still saying Principality at 8% is best open to all and First Direct at 7% is the best existing customer rate. Foot off the gas here methinks! 

trickydicky14

jaypers said:

I find it bizarre that the MSE best savings guide hasn’t mentioned the Virgin RS at 10% yet. Still saying Principality at 8% is best open to all and First Direct at 7% is the best existing customer rate. Foot off the gas here methinks! 

It’s been said on this site many times, MSE are not the quickest dog out of the trap when it comes to these sorts of things, folks need to look beyond this site to keep up to date but saying that it’s a good site in the round.

jaypers

trickydicky14 said:

jaypers said:

I find it bizarre that the MSE best savings guide hasn’t mentioned the Virgin RS at 10% yet. Still saying Principality at 8% is best open to all and First Direct at 7% is the best existing customer rate. Foot off the gas here methinks! 

It’s been said on this site many times, MSE are not the quickest dog out of the trap when it comes to these sorts of things, folks need to look beyond this site to keep up to date but saying that it’s a good site in the round.

Agree….MSE site is excellent. These forums are also pretty great and it was thanks to the OP a couple of days ago that I knew about the account on the day of launch.

ThePirates

To be honest I can't remember the last time I looked at the site, the Banking and Saving forums tell you everything you need to know!

trient

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

ThePirates

Interesting! 
Do you need a joint current in order to open the joint Regular Saver?

jaypers

trient said:

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

Will be interesting what happens as you can only have 1 in your name, whether joint or sole.

Speculator

jaypers said:

trient said:

I genuinely hadn't spotted the wording on VM RS joint account limits, but I opened 3 -
- a sole RS for the partner
- an RS for the partner with "opening as a joint account" selected - went through that customer login and ID/address/account verification checks just like for the sole account; then asked for second party customer details,
went througj exactly same process for my customer number
- a sole RS in my name

All 3 opened in the space of 30 minutes, all funded, each sole and the joint account showing in the respective app.

Will be interesting what happens as you can only have 1 in your name, whether joint or sole.

probably this meaning one of the accounts will earn a zero rate of interest.

Want to save more than £250 a month? We'll accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit.