📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Regular Savings Accounts: The Best Currently Available List!

Options
1136713681370137213731703

Comments

  • ThePirates
    ThePirates Posts: 332 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    Nationwide's 6.5% Regular is a variable rate saver though...
  • Kim_13
    Kim_13 Posts: 3,442 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 15 August 2024 at 9:05PM


    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?
    Worth considering for a fixed at the slightly lower rate, but I wouldn’t do it for a variable. The Nationwide one is variable.
  • Bridlington1
    Bridlington1 Posts: 3,755 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 16 August 2024 at 4:46PM

    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?
    Did you think Santander's 7% Edge Saver would be pulled around a month before the 12 year anniversary of it being launched and replaced by a new issue at a lower rate? I refreshed mine not so long back just in case, which seems to have served me well so far, same goes for a few EA accounts I have.

    One other consideration for Nationwide is that they could well do another Fairer Share payment next year, in which having a savings account with £100+ in it could help you get the payment. The 6.5% RS could be a good account to secure for this reason (2 years running I've got the £100 thanks to having Nationwide regular savers).

    That being said I take a differing approach with regular savers and typically lean against refreshing regular savers early unless I would be emptying it anyway and wanted the interest paid this tax year, especially not to solely to secure a lower rate regular saver that is variable. Thus like yourself I plan to hold onto my Nationwide 8% RS until maturity.

    It takes time to build up the balance of a regular saver, consequently regular savers are typically at their most profitable towards the end of their terms. If I were to refresh my Nationwide regular saver now I'd have to find a new home for over £2k, which would also have a cost in lost interest associated with it and Nationwide could well keep their 6.5% RS around until September or later and even if they do pull it, they may decide launch another regular saver to replace it that is still reasonably competitive (they might not though).

    In the absence of a crystal ball I can't say with certainty what Nationwide will do with their 6.5% RS though.

    EDIT:
    Post wasn't as clear as it should've been. See post below for a clarification:
    https://forums.moneysavingexpert.com/discussion/comment/80941954/#Comment_80941954
  • WillPS
    WillPS Posts: 5,160 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    edited 16 August 2024 at 12:21AM
    Bridlington1 said:

    In the absence of a crystal ball I can't say with certainty what Nationwide will do with their 6.5% RS though.
    Nationwide have a community which they use to gain feedback on ideas for new accounts/features: https://www.nationwide.co.uk/about-us/have-your-say/connect-community/
    Without giving too much away there has been stuff on there recently regarding savings in general.
  • jameseonline
    jameseonline Posts: 1,088 Forumite
    1,000 Posts First Anniversary Name Dropper
    WillPS said:
    Bridlington1 said:

    In the absence of a crystal ball I can't say with certainty what Nationwide will do with their 6.5% RS though.
    Nationwide have a community which they use to gain feedback on ideas for new accounts/features: https://www.nationwide.co.uk/about-us/have-your-say/connect-community/
    Without giving too much away there has been stuff on there recently regarding savings in general.
    A few banks/building societies have communities/panels etc, I can't keep up with them though
  • WillPS
    WillPS Posts: 5,160 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    WillPS said:
    Bridlington1 said:

    In the absence of a crystal ball I can't say with certainty what Nationwide will do with their 6.5% RS though.
    Nationwide have a community which they use to gain feedback on ideas for new accounts/features: https://www.nationwide.co.uk/about-us/have-your-say/connect-community/
    Without giving too much away there has been stuff on there recently regarding savings in general.
    A few banks/building societies have communities/panels etc, I can't keep up with them though

    Perhaps you could just take hints from those that do, then ;)
  • happybagger
    happybagger Posts: 1,035 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    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)
  • 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?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.