Regular Savings Accounts: The Best Currently Available List!

Bridlington1

OneUser1 said:

Bridlington1 said:

OneUser1 said:

Bridlington1 said:

JamesRobinson48 said:

Bridlington1 said:

JamesRobinson48 said:

According to Moneyfacts, Coventry BS will launch a new RS:

Sunny Day Saver  -  6.25% p.a., 12 month term, max £150 pm, max investment £1950.

It's unclear if the interest rate is to be fixed or variable, but on past form I assume it'll be variable.

It's variable. Full Ts&Cs below:

https://secure.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=SDS&CTALinks=False

It's currently available to open in online banking, I've just opened it.

Thanks. TBH, I can't remember any RS product ever having been launched on a Sunday. I feel this might be a first.

I must confess it took me by surprise, I don't usually check moneyfacts on Sundays for this reason. That being said it's a nice surprise and I've sent funds over to it.

It goes by calendar month so if it's still available towards the end of the month I'll refresh it to get the 13th payment in.

Forgive my ignorance but what do you mean by "If it’s available towards the end of the month I’ll refresh it to get the 13th payment in"?

The account runs on a calendar month basis. Thus for maximum interest you'd want to open/fund the account on the last day of the month, then make all further deposits on 1st.

The account also allows penalty-free early closure.

I've opened and funded the account this morning. If the account is still available at the end of the month I'll close the account then and immediately open and fund a new one, pushing the maturity date to the end of September 2025 and enabling me to get a 13th payment in (S, O, N, D 2024 and J, F, M, A, M, J, J, A, S 2025).

Thank you for the explanation. That makes sense and as well as the 13th payment into the new account you will have already had the month earning interest in the old account.

But presumably there is a non-zero risk you will close the old account and Coventry’s systems won’t allow you to open a new account the same day? Plus the possibility that the account could be withdrawn if there’s a whole day’s delay?

I was able to close Coventry's Loyalty RS Issue 2 and reopen it without even having to log out of online banking on the day before it went NLA (I'd opened it with £1 but then refreshed it to push the interest into the 2025-6 tax year and decided to fully fund it since). I'd imagine the Sunny Day Saver will be the same.

jameseonline

I had to go through the hassle of using Coventry website to get my ID/username, didn't work 1st time, however I logged in to my account and sent them a secure message to update my address.

Hopefully they'll get that done then I'll apply.

It does seem strange them launching on a non banking day, must be a mistake.

Also I noticed it seems they changing login &/or appearance of the online accounts this month.

allegro120

[Deleted User] said:

LZC said:

[Deleted User] said:

orange-juice said:

Both of my YBS 7.0% and Nationwide 8.0% regular savers have received their 12th payments last month, and are due to mature at some point this month.

Is it possible/worthwhile depositing another payment? I think some people complained  a while ago, about Mon BS not applying interest properly to the 13th payment as the account had reached the deposit limit (12 monthly payments)?

Yes,  l deposited £200 this morning for the NW 8% RS.

Is it showing as received on 1st or 2nd (tomorrow)? I had Nationwide down as one where it doesn’t get credited at weekends. 

I sent it at 9.23am this morning and just checked it's been "excepted " as received  in my RS8%  so now £2600 in RS. My account  matures  on 22 Sept.

Nationwide RS.  Mine matures on 21st Sept, got it up to £2600 today. I FP to current account, transfer to RS from there and it shows instantly no matter what day of the year it is. 

allegro120

orange-juice said:

I jumped the gun and ended up paying into both YBS and NW so they are showing as 6500 and 2600 respectively. However, I do notice that the NW one says 2 Sep so I guess it's still possible that they might return it ( I didn't realise that they didn't process weekend payments?). Either way, hopefully get the full interest rate applied to both but we'll see.

Also, applied for the Coventry RS. I don't do particular well in these prize draw ones (e.g. previous YBS/NW offers). Good luck to all who've entered  . 

Not sure I'll do that refresh trick as I'll have to pay tax on the interest so might not be worth the trouble.

I assume you mean YBS Loyalty Regular e-saver 2023.  Their T&C say "The maximum balance (excluding interest) is £6,000".  I didn't go for 13th payment. It will be interesting to see whether your extra £500 will be returned or accepted.

s71hj

Does anybody know can I open a Nationwide flex regular saver 3 before my flex regular saver 2 has matured? Thanks

WillPS

s71hj said:

Does anybody know can I open a Nationwide flex regular saver 3 before my flex regular saver 2 has matured? Thanks

You can't, AIUI:

You can only be named on one Flex Regular Saver product at any time (of any Issue).

FIREmenow

Coventry Sunny Day

Great info thanks, I also appreciated that Coventry rate drop was a maximum of 0.25% across their savings accounts rather than pre-empting the next cut. Means my Triple with them is still competitive.

Dizzycap

allegro120 said:

[Deleted User] said:

LZC said:

[Deleted User] said:

orange-juice said:

Both of my YBS 7.0% and Nationwide 8.0% regular savers have received their 12th payments last month, and are due to mature at some point this month.

Is it possible/worthwhile depositing another payment? I think some people complained  a while ago, about Mon BS not applying interest properly to the 13th payment as the account had reached the deposit limit (12 monthly payments)?

Yes,  l deposited £200 this morning for the NW 8% RS.

Is it showing as received on 1st or 2nd (tomorrow)? I had Nationwide down as one where it doesn’t get credited at weekends. 

I sent it at 9.23am this morning and just checked it's been "excepted " as received  in my RS8%  so now £2600 in RS. My account  matures  on 22 Sept.

Nationwide RS.  Mine matures on 21st Sept, got it up to £2600 today. I FP to current account, transfer to RS from there and it shows instantly no matter what day of the year it is. 

My Nationwide RS also matures on the 21st September and I too was able to squeeze in another 13th payment of £200 payment taking it upto £2600 - Nice!

Dizzycap

JamesRobinson48 said:

According to Moneyfacts, Coventry BS will launch a new RS:

Sunny Day Saver  -  6.25% p.a., 12 month term, max £150 pm, max investment £1950.

It's unclear if the interest rate is to be fixed or variable, but on past form I assume it'll be variable.

NICE extra! Thanks for the heads up. I've just opened the Sunny Day Saver

Sussex_Green_Man

jameseonline said:

I paid all my regulars today bar Coventry as that has a 15th date on it.

So yeah you can get 13 payments in.

I started a project to deal with 13th payments here that might help:

https://forums.moneysavingexpert.com/discussion/6522620/13th-regular-savings-payment-trick/p1

The T&Cs of the Coventry Sunny Day Regular Saver launched yesterday, specifically say that a 13th payment is allowed if you open the account mid month.  They use a figure of £1950.