Regular Savings Accounts: The Best Currently Available List!

t1redmonkey

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

Same here, haha.  Also got a letter in another envelope saying the same thing for the 8% RS (reducing from 8% to 7.75% on 30 September), which in my case has also already matured.  

Maybe the rate reductions will affect some, I can't remember when these RS's went NLA though.  Were they even available up until 30th September 2023?

Hattie627

Mon BS

Can we expect a reduction from 6% to 5.75% on the new Exclusive RS Issue 2 only just launched? Hope that the base rate reduction in August was factored into the decision to launch this last week at 6%.

t1redmonkey

Hattie627 said:

Mon BS

Can we expect a reduction from 6% to 5.75% on the new Exclusive RS Issue 2 only just launched? Hope that the base rate reduction in August was factored into the decision to launch this last week at 6%.

I would hope they did factor the rate reduction in for that one, seeing as it was a lower rate than the two RS's they launched last year.  In total, I got 3 'rate reduction letters' from them today, 1 for the 7% RS, 1 for the 8% RS, and 1 for a random 3.5% easy access account I have with them that just has £1 in it.

When they launched this 6% one a couple of weeks back, they would/should have been well aware of the predicted interest rate trajectory over the next 12 months, so I don't think they will reduce the rate for some time (hopefully they won't reduce it at all though).

Stargunner

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

I received 4 separate letters from Mon BS today. One was to say one of my reg savers was maturing on 3rd September. 2 letters saying my 8% & 7% Reg savers were reducing by 0.25% on 30th September, even though both will be matured by then  One was confirmation of the new reg saver that I recently applied for. 

liamcov

Re Coventry rate reductions and accounts with 30 days interest penalty for withdrawals - is this wavered in this situation?

Kim_13

t1redmonkey said:

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

Same here, haha.  Also got a letter in another envelope saying the same thing for the 8% RS (reducing from 8% to 7.75% on 30 September), which in my case has also already matured.  

Maybe the rate reductions will affect some, I can't remember when these RS's went NLA though.  Were they even available up until 30th September 2023?

The Exclusive Issue 1 was available for a lot longer than the open to all version, which I snagged as a just in case when a poster here indicated that it had disappeared from the website but that the application link still worked at that time. I then left funding it pretty much to the last day allowed and it matures in early October. 

Sending out rate reduction notices for the Exclusive makes sense, as these will still have some time to run (but unfortunate that they can’t save themselves money by only posting it to people who are actually affected.) Reducing the Regular Issue 2 at this point makes no sense, as there are literally days between the effective date and the last of 7% being payable. You’d have thought taking the minor hit would also have built customer goodwill and their reputation as a society that don’t always cut rates even when their competitors do.

Speculator

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

Same and another letter to say my 8% reg is reducing to 7.75% on 30/9. Mine matured yesterday.

ChewyyBacca

HHUK said:

jameseonline said:

They do seem to require ID of some description although you supposed to be able complete the form if you don't have photo ID, sadly I've not managed to yet

Progressive Building Society Online Regular Rainy Day Saver Account

ChewyyBacca specifically mentioned the potential cost involved if certified copies of ID are required. I can't remember what evidence I supplied when opening my account a couple of months back, but it certainly wasn't certified copies. I don't have an issue with submitting selfies, photos of passport, driving licence etc if necessary, and personally experienced no problems.

Im very late to the Progressive Reg Saver party, but here i am. 
I remember when it was launched, it had certified copies requirement. Vaguely remember it was bridlington who sent postal application along with certified ID copies, that he could get free from professor or the likes of them.
It was then that I marked Progressive as 'Not Feasible' for me.

In last few weeks, I guess they changed their requirements.

So I applied for Reg Saver last night. After basic information and address etc, on Step 3, the application process flow directed to ID verification system. They use Onfido, ask was to upload ID copy and a selfie. I uploaded both, clicked Next & the page went in the ''Processing'' mode for ages. It never verified, I gave up around midnight. 
Im now going to call Progressive and ask what to do next.

simonsmithsays

t1redmonkey said:

Nick_C said:

I've just had a letter from Monmouthshire to say the rate on my Regular Saver is reducing from 7% to 6.75% on 30 September.

The account matured to an Easy Saver yesterday!

Same here, haha.  Also got a letter in another envelope saying the same thing for the 8% RS (reducing from 8% to 7.75% on 30 September), which in my case has also already matured.  

Maybe the rate reductions will affect some, I can't remember when these RS's went NLA though.  Were they even available up until 30th September 2023?

Same here

Two letters for accounts which matured four days ago.

Christ they are poor

Kim_13

Just received my 3x Mon BS rate reduction letters (still have the EA that my Christmas Regular Saver 2022-2023 matured into, as it’s my oldest account with them.) The only bit of note in them was that they are reducing the notice period for rate reductions from 30 days to 14 days from 1st October, which might explain why they sent them all by post/sent them to emptied accounts.

Hopefully this change doesn’t mean they are planning more reductions - the new 6% Exclusive rate is already a whole point below the rate that was open to all last year.

My signature form also arrived, dated a day after application. No prepaid envelope and nothing telling me where to return it to. I’ll have to see if my 8% maturity pack is still hanging around, as there was an envelope with that. Quite strange, as last year I didn’t get a signature form for the Exclusive, only for the Regular Issue 2. Also noted that the account number had an X on the end - how does this work with FPs? Given Monmouthshire’s slow updates, send to EA and then internal transfer isn’t exactly feasible.

Edit to add: Still waiting for my Exclusive Issue 1 funds to land. Big problem if I don’t get them today, given I cannot feed other RS’s tomorrow and therefore miss August’s deposit allowances.