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Regular Savings Accounts: The Best Currently Available List!

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  • jameseonline
    jameseonline Posts: 1,144 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 31 October 2024 at 1:46PM
    MonBs

    Hello.
    I just managed to open the Regular saving  (issue 3 ) 4.75% a week or so before the newer issue was live.

    But now they have this Exclusive  RS do you think it worth it to ditch and switch to this one.
    BTW  I'm only funded it to 150 per month.
    Were you with Monmouthshire on/before/after they launched the 6% account?
    On the 14th of this month my first monies were in account.
    You qualify for opening the account it would seem.

    But then if you close your existing account would that invalidate you being able to have the new one?.

    I don't know, maybe contact them or keep your current one, don't fund it anymore and wait for that to mature, in the meantime open the 6%, and concentrate on funding that going forward.

    I'm not sure what else to saying regards to Monmouthshire because I've never really had much of a relationship with them, hopefully someone else can advise better.

    Also I'm a bit concerned as to why you opened a 4.75% regular in the 1st place tbh.

    You seem to be opening quite a few accounts recently too.

    You won't get the best interest if you don't max  regular savings accounts each month AND if you aren't funding the best regulars it's going to be even worse for you.

    Further points:

    The best regular currently is 10% with Virgin and your current Monmouthshire one is a 4.75%

    What you could have done is open an easy access saver with Monmouthshire funded it with a lot less than you put in the 4.75% regular & still be eligible for that 6% and you would have more money to use for funding things.

    You have easy access accounts paying 5.08% in the case of Cahoot on upto £3000, Santander Edge Saver 6% on upto £4000, both paying monthly so a 4.75% regular is pretty pointless tbh
    Hello James  thanks for your response  to my questions.

    I've maxed out my top % Regular Savers now with RBS, First Direct and the virgin 10% one.

    I also have already opened a easy access account  with monBS done it a few days after the RS %4.75 was opened.
    Since  l started posting on here lve had a few changes so now have extra cash to invest in savings. 

    I'm still learning  about what to put where but lm definitely  won't be opening many, if any accounts  now until next year.
    I really appreciate  all the advice and insight lm getting of this forum.
    Thanks for the extra info, I'm trying to help a few people today it seems, another James has given you some extra info about Monmouthshire so hopefully that helps too.

    Might want to get a NatWest one too, pays same as the RBS (both easy access @ 6%, they both take a while to max though, hence why I opened both)

    We all started somewhere with Regulars and even myself still ends up asking questions about them and other accounts.
  • Expotter
    Expotter Posts: 372 Forumite
    Third Anniversary 100 Posts Name Dropper
    edited 22 August 2024 at 2:29PM
    castle96 said:
    Letter from Sant 16/6.. 6.78% down to 4.41% on 17/8. Lower rate showing now on my a/c
    I've had the same letter, it's because the account rate includes a 1.5% bonus that only lasts 12 months, so the 17th must be the anniversary from when you opened it. You can always close the account and open a new one, but it's 6% (AER) now (including the 12 month 1.5% bonus).
  • jameseonline
    jameseonline Posts: 1,144 Forumite
    1,000 Posts First Anniversary Name Dropper
    castle96 said:
    "You can close and set a new one up though unless I've missed something?"   Can you? Where does it say this?
    Under help, select chat to Sandi and type close account and then you can go through the process to close it.
    Thanks stargunner
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    100 Posts Name Dropper Photogenic
    edited 31 October 2024 at 1:46PM
    MonBs

    Hello.
    I just managed to open the Regular saving  (issue 3 ) 4.75% a week or so before the newer issue was live.

    But now they have this Exclusive  RS do you think it worth it to ditch and switch to this one.
    BTW  I'm only funded it to 150 per month.
    Were you with Monmouthshire on/before/after they launched the 6% account?
    On the 14th of this month my first monies were in account.
    You qualify for opening the account it would seem.

    But then if you close your existing account would that invalidate you being able to have the new one?.

    I don't know, maybe contact them or keep your current one, don't fund it anymore and wait for that to mature, in the meantime open the 6%, and concentrate on funding that going forward.

    I'm not sure what else to saying regards to Monmouthshire because I've never really had much of a relationship with them, hopefully someone else can advise better.

    Also I'm a bit concerned as to why you opened a 4.75% regular in the 1st place tbh.

    You seem to be opening quite a few accounts recently too.

    You won't get the best interest if you don't max  regular savings accounts each month AND if you aren't funding the best regulars it's going to be even worse for you.

    Further points:

    The best regular currently is 10% with Virgin and your current Monmouthshire one is a 4.75%

    What you could have done is open an easy access saver with Monmouthshire funded it with a lot less than you put in the 4.75% regular & still be eligible for that 6% and you would have more money to use for funding things.

    You have easy access accounts paying 5.08% in the case of Cahoot on upto £3000, Santander Edge Saver 6% on upto £4000, both paying monthly so a 4.75% regular is pretty pointless tbh
    Hello James  thanks for your response  to my questions.

    I've maxed out my top % Regular Savers now with RBS, First Direct and the virgin 10% one.

    I also have already opened a easy access account  with monBS done it a few days after the RS %4.75 was opened.
    Since  l started posting on here lve had a few changes so now have extra cash to invest in savings. 

    I'm still learning  about what to put where but lm definitely  won't be opening many, if any accounts  now until next year.
    I really appreciate  all the advice and insight lm getting of this forum.
    Thanks for the extra info, I'm trying to help a few people today it seems, another James has given you some extra info about Monmouthshire so hopefully that helps too.

    Might want to get a NatWest one too, pays same as the RBS (both easy access @ 6%, they both take a while to max though, hence why I opened both)

    We all started somewhere with Regulars and even myself still ends up asking questions about them and other accounts.
       Have a good one.

  • jameseonline
    jameseonline Posts: 1,144 Forumite
    1,000 Posts First Anniversary Name Dropper
    friolento said:
    castle96 said:
    Santander Edge Saver is now 4.41 from 17/8 (up to 4k)

    This is an easy access account, not a Regular Saver account.

    That aside, where did you get this information from?
    Think the convo stems from me trying to help out Malt otherwise no idea
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    100 Posts Name Dropper Photogenic
    edited 31 October 2024 at 1:46PM
    MonBs

    Hello.
    I just managed to open the Regular saving  (issue 3 ) 4.75% a week or so before the newer issue was live.

    But now they have this Exclusive  RS do you think it worth it to ditch and switch to this one.
    BTW  I'm only funded it to 150 per month.
    Only you know whether the additional 1.25% p.a. interest is worth the hassle of opening one account and closing another, if you will be saving only small £ amounts.  Bear in mind that the 4.75% RS permits withdrawals during the term, whereas the 6% RS does not, so the account you have already is far more flexible (possibly that's one reason why you opened it in the first place). Also, if you do decide to switch, be sure to open and fund the new RS before closing the old one. Otherwise both your BS membership and online ID will probably expire and you would be back at square one, ineligible for the 6% RS.
    I can't see a 4.75% on the site now so possibly an earlier issue unless it's the same as the 4.5% I'm seeing?

    Either way does the account malt described have a minimum operating balance?, in which case in theory could move the majority of money out of that account and into another.
    Yes it's the old version (issue3) of the newer 4.5% version.
    The regular saver 4.74% as a minimum  of £25 per month.
  • Hattie627 said:
    Those of us who have applied today for the new Mon BS Exclusive RS and are awaiting the signature form and account details:- I think we will be lucky to get the first payment in by the end of the month but we shall see.

    As someone pointed out upthread, Mon BS account-opening procedures are not the quickest, so it is best to be aware of this and be patient. They get there in the end.

    Although the 6% rate is variable, I reckon that it will be maintained for the full year unless there is more than one base rate drop between now and then. So definitely worth having this account, IMHO.
    Possibly, but if I'm not mistaken last year MBS launched their 7% and 8% regular savers on 23/8/23 yet many, myself included, were able to get payments in by the end of August (just).

    We should be receiving online signatory forms in the post within the next week or so, these should contain the regular saver account number, which you can then use to fund the account using the sort code/account numbers in any MBS passbook.

    Moreover I'd expect that this time round they may not be as busy as last year given that they've imposed a hard cut off date for eligibility and they're only offering the one regular saver (with a reduced rate from last year, albeit with a higher maximum monthly deposit).

    I'd agree on your point about being patient with MBS though, I'd imagine they'll still be rather busy at the moment and pestering them will only cause delays. I've applied for mine so I'm just going to let them get on with it till I hear more from them.

    You are correct about the launch date last year. I opened both in store that day after double checking with the staff that as an existing member I was entitled have both. This year due to time constraints I opened the new one online last night.
  • Kazza242
    Kazza242 Posts: 2,202 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The Suffolk Building Society 'Smart Save Monthly' and 'Holiday Save' regular saver account interest rates will be reducing from 5.15% to 4.90% w.e.f. 2nd September 2024.  

    Both accounts are NLA. 

    Source: Letter received today from Suffolk Building Society.
    Please call me 'Kazza'.
  • Nick_C
    Nick_C Posts: 7,622 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Have I understood this correctly? 

    The Monmouthshire 6% Exclusive RS is only available to existing members, but they still want a new signature form in every case? 
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