Regular Savings Accounts: The Best Currently Available List!

jameseonline

ThePirates said:

First Direct Regular Saver

I have a FD Regular Saver running with a Standing Order on the 8th of the month due to mature in a couple of months. 

How quick is it to close the existing one and open a new one so the future Standing Order is on the 1st of the month?
#OCD 😉

I don't think you can close the standing order and set a new one up.

Also if you close the account early you'll get penalty.

soulsaver

ThePirates said:

First Direct Regular Saver

I have a FD Regular Saver running with a Standing Order on the 8th of the month due to mature in a couple of months. 

How quick is it to close the existing one and open a new one so the future Standing Order is on the 1st of the month?
#OCD 😉

Best phone FD, they're famous for their service, but evenso, I think @jamesonline is correct.

jameseonline

I think you'll have to let the account reach maturity unless you want 2% interest for the whole time your money was in the account (think it's the same/similar for HSBC's 5% regular)

The date was already set when you opened the account & is automatic each month, so you can only ever do 12 payments for First Direct.

If you do a new regular savings account with them and want an earlier date then you'll need to open it earlier than you did with your current one I think 

masonic

jameseonline said:

ThePirates said:

First Direct Regular Saver

I have a FD Regular Saver running with a Standing Order on the 8th of the month due to mature in a couple of months. 

How quick is it to close the existing one and open a new one so the future Standing Order is on the 1st of the month?
#OCD 😉

I don't think you can close the standing order and set a new one up.

Also if you close the account early you'll get penalty.

In practice, you can remove and recreate the standing order, but moving the date earlier will only result in earning interest at the standard savings rate on the deposit until the normal standing order date (maximum balance increases by £300 per account month).

Gers

Ford Money RS - only 4.75% for £200p.m 

fun4everyone

Saffron BS Small Saver reducing from 5.75 to 5.50% 30th Aug.

They have other reductions as well including on other regular savers, but that was the one I have.

wiseonesomeofthetime

Gers said:

Ford Money RS - only 4.75% for £200p.m 

May be of use to some as that 4.75% is fixed and withdrawals are permitted, so an easy access account "with limits", in effect.

where_are_we

Akin to the Ford Money RS @4.75% but a slightly better rate is the Santander RS@5% fixed £200/month with easy access (you need a Santander Current account and must fund from this account). Closed mine when it was uncompetitive but with the rates reducing it`s getting near the time to reopen.

jameseonline

where_are_we said:

Akin to the Ford Money RS @4.75% but a slightly better rate is the Santander RS@5% fixed £200/month with easy access (you need a Santander Current account and must fund from this account). Closed mine when it was uncompetitive but with the rates reducing it`s getting near the time to reopen.

I don't understand why 5% for a regular saver is deemed good, not when you have several paying higher.

You could have a Lloyds regular paying 5.25% (&/or a Club Lloyds at 6.25% with easy access to funds) with easy access to funds, Bank Of Scotland Regular paying 5.5% with easy access to funds.

Or even better get a Santander Edge Saver account, that's easy access and pays monthly.

Maybe even get a Cahoot (owned by Santander) Sunny Day account too, also easy access to funds.

jim1999

jameseonline said:

where_are_we said:

Akin to the Ford Money RS @4.75% but a slightly better rate is the Santander RS@5% fixed £200/month with easy access (you need a Santander Current account and must fund from this account). Closed mine when it was uncompetitive but with the rates reducing it`s getting near the time to reopen.

I don't understand why 5% for a regular saver is deemed good, not when you have several paying higher.

You could have a Lloyds regular paying 5.25% (&/or a Club Lloyds at 6.25% with easy access to funds) with easy access to funds, Bank Of Scotland Regular paying 5.5% with easy access to funds.

Or even better get a Santander Edge Saver account, that's easy access and pays monthly.

Maybe even get a Cahoot (owned by Santander) Sunny Day account too, also easy access to funds.

Well, they're not in themselves.

But if rates are going to drop, a lot of people will take a fixed option - especially one that allows withdrawals.

The Santander Edge account you mention just dropped from 7 to 6% in the last few days for new openings / refreshes.

And, in many cases people will already have Santander etc maxed out, so it's a case of finding other places to put additional funds.

I don't open Regular Savers below 7% at the moment unless there are some particularly preferable conditions attached to it, but I can understand why plenty will.