Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

Bridlington1 said:

Just a reminder the Hinckley & Rugby BS interest rate reductions come into effect today. This includes:

HRBS Regular Saver 30 Day Notice from 5.25% to 5%
HRBS Regular Saver 30 Day Notice Issue 2 from 5.1% to 4.85%

Also, you can withdraw or cancel free of penalty for 30 days from the rate reduction notice.

Stargunner

OneUser1 said:

Still waiting for Monmouthshire to send paperwork to me. I applied the first morning and I am a long time existing member. Not panicking yet but with the Bank Holiday won’t be any post now until Tuesday afternoon.

What is there to panic about?i if your forms don’t arrive in time, just make your first payment in September.

JamesRobinson48

Stargunner said:

OneUser1 said:

Still waiting for Monmouthshire to send paperwork to me. I applied the first morning and I am a long time existing member. Not panicking yet but with the Bank Holiday won’t be any post now until Tuesday afternoon.

What is there to panic about?i if your forms don’t arrive in time, just make your first payment in September.

I dare say you're aware of the significance of making the first payment in Aug, in the case of this particular product (Mon BS Exclusive RS 2).  The max calendar month payment is £500 pm, and the max account balance is £6000 so no '13th month' is permitted. Suppose I make my first payment on 30 Aug and all of the subsequent 11 monthly payments on the first of every month from 1 Sep until 1 July 2025. Compare that with, alternatively, making my first payment on 1 Sep and all of the subsequent 11 monthly payments on the first of every month from 1 Oct until 1 Aug 2025.  The differential between those two scenarios is that one £500 payment is 11 months sooner, i.e. on 30 Aug 2024 instead of 1 Aug 2025, whereas all of the other payments are identical. Quantifying the effect of that delta on my income, 11 months on £500 @ 6.0% interest earns slightly over £27.  I know there's an opportunity cost of having that £500 in the Mon instead of elsewhere. But I think most would agree that the £ difference may be pounds, not pennies. As you know, this is all part of the attention to detail that many RS enthusiasts thrive on.  I've outlined all this at some length (sorry!) just in case there are relative RS newbies following this thread.

Emily_Joy

Monmouthshire BS

If I apply today, the form is likely to reach me in the end of the next week. I am abroad till the end of September and will not be able to return it until I get back. Does it worth applying still or the account will likely be closed by the time I get around sending the form?

allegro120

Snapdragon said:

Monmouthshire BS 6%
I applied and today received my Online Signatory Form, which I obviously need to return.  The letter says 'you will not be able to transact on your account until we are in receipt of this.'
Have been able to login and add the extra account which now shows as 'Pending'. Since I have the account details can I now make an August payment into it? Given the post/BHols, how will I know when they've received the form, if that does in fact prevent putting anything in as yet?
Can anyone advise please? Has anyone successfully made a payment in yet?

You can make a payment, but I'm not sure if it will be credited until Tuesday.  To find out when they've received the form you can call them or wait until you receive the letter with passbook.
I posted the Online Signatory Form this morning, but according to what's written on the post box it won't be picked up until 5pm Tuesday.  I will wait until Wednesday or Thursday, this way I can be sure that my £500 will earn 5.2% (my donor account is Ulster Loyalty) until then.

AmityNeon

JamesRobinson48 said:

Stargunner said:

OneUser1 said:

Still waiting for Monmouthshire to send paperwork to me. I applied the first morning and I am a long time existing member. Not panicking yet but with the Bank Holiday won’t be any post now until Tuesday afternoon.

What is there to panic about?i if your forms don’t arrive in time, just make your first payment in September.

I dare say you're aware of the significance of making the first payment in Aug, in the case of this particular product (Mon BS Exclusive RS 2). The max calendar month payment is £500 pm, and the max account balance is £6000 so no '13th month' is permitted. Suppose I make my first payment on 30 Aug and all of the subsequent 11 monthly payments on the first of every month from 1 Sep until 1 July 2025. Compare that with, alternatively, making my first payment on 1 Sep and all of the subsequent 11 monthly payments on the first of every month from 1 Oct until 1 Aug 2025. The differential between those two scenarios is that one £500 payment is 11 months sooner, i.e. on 30 Aug 2024 instead of 1 Aug 2025, whereas all of the other payments are identical. Quantifying the effect of that delta on my income, 11 months on £500 @ 6.0% interest earns slightly over £27.  I know there's an opportunity cost of having that £500 in the Mon instead of elsewhere. But I think most would agree that the £ difference may be pounds, not pennies. As you know, this is all part of the attention to detail that many RS enthusiasts thrive on. I've outlined all this at some length (sorry!) just in case there are relative RS newbies following this thread.

Just for visualisation:

Month	Opened First of Month # Monthly Deposits	Opened Last of Month # Monthly Deposits	Difference
1	1	2	1
2	2	3	1
3	3	4	1
4	4	5	1
5	5	6	1
6	6	7	1
7	7	8	1
8	8	9	1
9	9	10	1
10	10	11	1
11	11	12	1
12	12	12	0
Total	78	89	11

Where a single monthly deposit in this case = (£500 x 6%) / 12

Stargunner

JamesRobinson48 said:

Stargunner said:

OneUser1 said:

Still waiting for Monmouthshire to send paperwork to me. I applied the first morning and I am a long time existing member. Not panicking yet but with the Bank Holiday won’t be any post now until Tuesday afternoon.

What is there to panic about?i if your forms don’t arrive in time, just make your first payment in September.

I dare say you're aware of the significance of making the first payment in Aug, in the case of this particular product (Mon BS Exclusive RS 2).  The max calendar month payment is £500 pm, and the max account balance is £6000 so no '13th month' is permitted. Suppose I make my first payment on 30 Aug and all of the subsequent 11 monthly payments on the first of every month from 1 Sep until 1 July 2025. Compare that with, alternatively, making my first payment on 1 Sep and all of the subsequent 11 monthly payments on the first of every month from 1 Oct until 1 Aug 2025.  The differential between those two scenarios is that one £500 payment is 11 months sooner, i.e. on 30 Aug 2024 instead of 1 Aug 2025, whereas all of the other payments are identical. Quantifying the effect of that delta on my income, 11 months on £500 @ 6.0% interest earns slightly over £27.  I know there's an opportunity cost of having that £500 in the Mon instead of elsewhere. But I think most would agree that the £ difference may be pounds, not pennies. As you know, this is all part of the attention to detail that many RS enthusiasts thrive on.  I've outlined all this at some length (sorry!) just in case there are relative RS newbies following this thread.

I am fully aware how they work. If you can’t get a payment in before the end of this month, I assume that it will remain in an EA account earning around 5%, so you will only be missing out on around £5 of extra interest  Not worth panicking over.

Special_Saver2

Hi Folks,

I have just updated the first page of this thread.

- Monmouthshire BS Exclusive Regular Saver (Issue 2) added, for existing customers only, paying 6% gross p.a. variable on up to £500 per month for 12 months with no withdrawals allowed except for account closure or if they reduce the interest rate in which case there is no penalty

- Penrith BS Regular Saver 300 removed as no longer available

- State Bank of India Regular Saver Account added to the section for accounts requiring another account, paying 6% gross p.a. fixed for 12 months on up to £1,000 per month, you must have a current account or instant access savings account with them and use this to deposit funds into the regular saver account, interest rate reduced in any month that you make a withdrawal or omit to deposit at least £20; note that to open one of those feeder accounts, you need to go into a branch

I will do the next update within the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Bridlington1

Special_Saver2 said:

Hi Folks,

I have just updated the first page of this thread.

- Monmouthshire BS Exclusive Regular Saver (Issue 2) added, for existing customers only, paying 6% gross p.a. variable on up to £500 per month for 12 months with no withdrawals allowed except for account closure or if they reduce the interest rate in which case there is no penalty

- Penrith BS Regular Saver 300 removed as no longer available

- State Bank of India Regular Saver Account added to the section for accounts requiring another account, paying 6% gross p.a. fixed for 12 months on up to £1,000 per month, you must have a current account or instant access savings account with them and use this to deposit funds into the regular saver account, interest rate reduced in any month that you make a withdrawal or omit to deposit at least £20; note that to open one of those feeder accounts, you need to go into a branch

I will do the next update within the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

@Special_Saver2
State Bank of India Regular Saver Account only pays 5%, it's currently listed on the first page of this thread as paying 6%.

Additionally we're now on Issue 55 of the Leeds BS Regular Saver, this matures on 3/8/26.

EDIT:
Also for the feeder accounts section Chase now pays 3.85% and Kroo pays 4.1%.

jameseonline

Bridlington1 said:

Special_Saver2 said:

Hi Folks,

I have just updated the first page of this thread.

- Monmouthshire BS Exclusive Regular Saver (Issue 2) added, for existing customers only, paying 6% gross p.a. variable on up to £500 per month for 12 months with no withdrawals allowed except for account closure or if they reduce the interest rate in which case there is no penalty

- Penrith BS Regular Saver 300 removed as no longer available

- State Bank of India Regular Saver Account added to the section for accounts requiring another account, paying 6% gross p.a. fixed for 12 months on up to £1,000 per month, you must have a current account or instant access savings account with them and use this to deposit funds into the regular saver account, interest rate reduced in any month that you make a withdrawal or omit to deposit at least £20; note that to open one of those feeder accounts, you need to go into a branch

I will do the next update within the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

@Special_Saver2
State Bank of India Regular Saver Account only pays 5%, it's currently listed on the first page of this thread as paying 6%.

Additionally we're now on Issue 55 of the Leeds BS Regular Saver, this matures on 3/8/26.

EDIT:
Also for the feeder accounts section Chase now pays 3.85% and Kroo pays 4.1%.

Also in relation to State Bank Of India it seems you can apply for an Instant Access via the app.

https://sbiuk.statebank/instant-access-savings-account

(Really awful rates but yeah)

Current account it seems to be an in branch thing

https://sbiuk.statebank/current-account-overview

I'm guessing you might have to download an application form for the regular?, not sure as the regular savings page doesn't seem to have a apply now section (there is a download forms section though that links to a regular saver form) but the other pages do.