Regular Savings Accounts: The Best Currently Available List!

happybagger

SRBS Regular Saver

It doesn't appear there is a planned reduction in the rate on this account.

"The impacted accounts are the Instant Access Cash ISA, Pullman Instant Access and Pullman Monthly, whose rates have reduced by 0.10%. Additionally, the 120-day Notice Account and 120 Day Notice Monthly Saver have a 0.20% reduction and the 60-day notice Cash ISA will see its rate reduce by 0.25%"

https://srbs.co.uk/news/bank-of-england-base-rate-reduction/

happybagger

Vernon BS

Reducing many rates from 1 September, including RS ISA, and closed issue uncompetitive RS Reward,
However the open issue Online Regular Saver remains at 6.50%

https://www.thevernon.co.uk/savings/interest-rate-notice/

happybagger

Swansea BS

Although their savings page proudly proclaims "Important – please note that we are increasing our savers interest rates with effect from 1st September 2024." (My bold) this appears to be a typo.

Monthly Saver drops to 4.5% (4.59% AER)

flaneurs_lobster

happybagger said:

Swansea BS

Although their savings page proudly proclaims "Important – please note that we are increasing our savers interest rates with effect from 1st September 2024." (My bold) this appears to be a typo.

Monthly Saver drops to 4.5% (4.59% AER)

Pretty fundamental typo.

Does nobody proof-read/double-check this stuff before it gets splattered over the internet?

thor

Bridlington1 said:

jameseonline said:

t1redmonkey said:

jameseonline said:

Like realistically who is going to ditch their 8% early (& get an additional payment in) to start a 6.5%, nah I'm letting the 8% finish then going 6.5% if still available.

There's some cases where it might make sense to do something like this.  E.g. If you have a strong feeling (or just know) that the lower rate is going to go NLA before your existing higher rate one matures, then it can make sense to close your existing one, sacrifice one month of a higher rate, in order to lock in 12 months of the slightly lower rate.

Do you think Nationwide would though?

regular savers are typically at their most profitable towards the end of their terms.

You will get more interest at the end but that is only because there's money generating the interest if funded regularly but does that really count as being more profitable given that every pound saved whether in the first month or the last month will produce the same interest per unit time.

Bridlington1

thor said:

Bridlington1 said:

jameseonline said:

t1redmonkey said:

jameseonline said:

Like realistically who is going to ditch their 8% early (& get an additional payment in) to start a 6.5%, nah I'm letting the 8% finish then going 6.5% if still available.

There's some cases where it might make sense to do something like this.  E.g. If you have a strong feeling (or just know) that the lower rate is going to go NLA before your existing higher rate one matures, then it can make sense to close your existing one, sacrifice one month of a higher rate, in order to lock in 12 months of the slightly lower rate.

Do you think Nationwide would though?

regular savers are typically at their most profitable towards the end of their terms.

You will get more interest at the end but that is only because there's money generating the interest if funded regularly but does that really count as being more profitable given that every pound saved whether in the first month or the last month will produce the same interest per unit time.

Upon reflection my post was probably badly worded, it made sense in my head when typing it but I appreciate I never defined ``profitability" of a regular saver so the post wasn't as clear as it aught to have been. Apologies for this.

You are correct in stating that every pound saved whether in the first month or the last month will produce the same interest per unit time. However this wasn't what I meant by the ``profitability" of a regular saver.

What I meant by the ``profitability" of regular savers was how much extra interest am I getting on any given day by having the regular saver fully funded to date versus not having the regular saver at all (which I will also refer to as my ``net gain" below).

In this case if it is assumed that I have funds in an EA/notice/other regular saver account which I could drip-feed into a regular saver and that if I did not drip-feed the money into the regular saver they would remain in the EA account/other regular saver at a lower rate and the rates of each account remained constant throughout their terms, then if I maxed out the regular saver, my ``net gain" in interest per month would increase as the term of the regular saver progresses due to the fact that I would have more money in the regular saver paying a higher rate of interest than I'd be getting elsewhere.

Thus under these assumptions the regular saver would be at its most profitable towards the end of its term than it would nearer the start of it.

I used ``typically" because these assumptions are rarely fully met in practice and there are some instances when regular savers become less profitable as time goes on, e.g. when savings rates were rising I had a few fixed rate regular savers that got overtaken by EA accounts before the end of their terms, which meant that their profitability turned negative for me. But generally I've found regular savers to be at their ``most profitable" towards the end of their terms, the Nationwide 8% RS being one of them.

Bridlington1

happybagger said:

SRBS Regular Saver

It doesn't appear there is a planned reduction in the rate on this account.

"The impacted accounts are the Instant Access Cash ISA, Pullman Instant Access and Pullman Monthly, whose rates have reduced by 0.10%. Additionally, the 120-day Notice Account and 120 Day Notice Monthly Saver have a 0.20% reduction and the 60-day notice Cash ISA will see its rate reduce by 0.25%"

https://srbs.co.uk/news/bank-of-england-base-rate-reduction/

I'm afraid I beat you to it last week.

Though a few other regular savers that are holding their rates for now:

Suffolk BS have announced a series of interest rate reductions from 2/9/24.

Of note is that the following accounts remail unchanged:

Currently available:
Variable Rate Regular Saver (31.05.2026) at 5% (no change)
Online 1 Year Variable Rate Regular Saver (30.09.2025) at 5.15% (no change)

NLA:
Variable Rate Regular Saver (31.12.2025) at 5% (no change)

Bridlington1

Poor rates these days but may be of interest to those who have held onto the accounts with the minimum balance:

Buckinghamshire BS Rate Decreases From 1/9/24:

Regular Saver from 4% to 3.75%
Regular Saver Locals (NLA) from 4.4% to 4.15%

where_are_we

SRBS RS1 remaining at 5.15% offers easy access. However, do you still have to post a letter plus passbook to make a withdrawal to your nominated account? Not particularly easy!

simonsmithsays

Bridlington1 said:.

Upon reflection my post was probably badly worded

Don't be too hard on yourself.

The amount of work you do on here is appreciated 👍 

Have a good weekend