Regular Savings Accounts: The Best Currently Available List!

WillPS

gwapenut said:

For the Loughborough, I know you need to send the passbook  in for withdrawals. What I cannot find anywhere, in product or society T&Cs,  is how withdrawals are performed.

Is it by cheque only, or can they do electronic payments? There is nowhere to note a nominated account on the applicatin form. The whole setup is looking a little too dated for the small benefit of a (currently) slightly competitive rate ...

Here's the withdrawal form: https://www.theloughborough.co.uk/wp-content/uploads/2023/04/Savings-Withdrawal-Form-v1-jan-2024.pdf

The only transfer options are internal transfers or chargeable CHAPS payments.

friolento said:

surreysaver said:

Bridlington1 said:

TomJ said:

Bridlington1 said:

Progressive BS Online Regular Rainy Day Saver Account at 7% now NLA.

On a similar note, the Monmouthshire BS Exclusive Regular Saver (Issue 2) is no longer available either...

I'm afraid @JamesRobinson48 beat you to it yesterday.

So much for National Savings Week 

This year, National Savings Week seems to be an excuse for various companies to spam us with offers for a free (LOL) savings review. 

Four decent products launched, 1 increased significantly... I don't think we've done too badly given the backdrop of the first base rate decrease and more expected soon.

35har1old

gwapenut said:

For the Loughborough, I know you need to send the passbook  in for withdrawals. What I cannot find anywhere, in product or society T&Cs,  is how withdrawals are performed.

Is it by cheque only, or can they do electronic payments? There is nowhere to note a nominated account on the applicatin form. The whole setup is looking a little too dated for the small benefit of a (currently) slightly competitive rate ...

No faster payments 
Chaps payment with a charge.
Also requires withdrawal form along with passbook 
Answer in support centre under savings support in frequently asked question
If you are thinking of the 5 year reg
Miss a payment the account is closed and transferred  to regular saver issue 1
Also keeping a check on the account is difficult as it's a passbook account no annual statements issued only means of update is for the passbook to be updated so not ideal if you don't live in the local area 

Hattie627

gwapenut said:

For the Loughborough, I know you need to send the passbook  in for withdrawals. What I cannot find anywhere, in product or society T&Cs,  is how withdrawals are performed.

Is it by cheque only, or can they do electronic payments? There is nowhere to note a nominated account on the applicatin form. The whole setup is looking a little too dated for the small benefit of a (currently) slightly competitive rate ...

Based on previous experience of LBS, I am not planning to open their new account for over 55s, although eligible. Both RSs which I had with them previously became uncompetitive fairly quickly after opening and had to be closed. If account opening and closing was hassle-free, this would not be a problem. I normally don't mind spending a bit of time for a good RS rate, but I don't think LBS is worth the time.

subjecttocontract

WillPS said:

gwapenut said:

For the Loughborough, I know you need to send the passbook  in for withdrawals. What I cannot find anywhere, in product or society T&Cs,  is how withdrawals are performed.

Is it by cheque only, or can they do electronic payments? There is nowhere to note a nominated account on the applicatin form. The whole setup is looking a little too dated for the small benefit of a (currently) slightly competitive rate ...

Here's the withdrawal form: https://www.theloughborough.co.uk/wp-content/uploads/2023/04/Savings-Withdrawal-Form-v1-jan-2024.pdf

The only transfer options are internal transfers or chargeable CHAPS payments.

friolento said:

surreysaver said:

Bridlington1 said:

TomJ said:

Bridlington1 said:

Progressive BS Online Regular Rainy Day Saver Account at 7% now NLA.

On a similar note, the Monmouthshire BS Exclusive Regular Saver (Issue 2) is no longer available either...

I'm afraid @JamesRobinson48 beat you to it yesterday.

So much for National Savings Week 

This year, National Savings Week seems to be an excuse for various companies to spam us with offers for a free (LOL) savings review. 

Four decent products launched, 1 increased significantly... I don't think we've done too badly given the backdrop of the first base rate decrease and more expected soon.

It's not over yet. Savings week runs 9-15 September. There is still a slim chance that something worth having might come along.

allegro120

35har1old said:

gwapenut said:

For the Loughborough, I know you need to send the passbook  in for withdrawals. What I cannot find anywhere, in product or society T&Cs,  is how withdrawals are performed.

Is it by cheque only, or can they do electronic payments? There is nowhere to note a nominated account on the applicatin form. The whole setup is looking a little too dated for the small benefit of a (currently) slightly competitive rate ...

No faster payments 
Chaps payment with a charge.
Also requires withdrawal form along with passbook 
Answer in support centre under savings support in frequently asked question
If you are thinking of the 5 year reg
Miss a payment the account is closed and transferred  to regular saver issue 1
Also keeping a check on the account is difficult as it's a passbook account no annual statements issued only means of update is for the passbook to be updated so not ideal if you don't live in the local area 

Plenty of cons for giving it a miss.  I'm still going for it.  Considering the current speed of modernisation, I hope Loughborough will catch up with other small BSs and offer some basic features like on-line access and FP facility in near future.  And who knows, maybe they will have an app by the time this account matures. They are already showing some progress by allowing applications by e-mail. I've never had an account with Lboro, but with many of same old school type I used to be able to check my balance by phoning the branch.
I've made a branch appointment for next Tuesday (I'm sure this product won't be NLA by then ,  I'll ask them about basic operational procedures.  

Hattie627

Loughborough BS 5 year RS 

If I lived close to a branch, I might well go for this too; although the odds that the account won't remain competitive for the full 5 years must be greater than LBS having an app within 5 years. My first LBS account was opened in May 2019 without any online access and that's still the case more than 5 years on.

I've no problem with them not investing in technology if they offer good products. 

surreysaver

Popped up to Grantham yesterday to open Melton's and Nottinghamshire's 6% Regular Savers, as a branch of each opposite each other.
I wouldn't normally go for branch based accounts which I cannot operate online, but if they reckon interest rates are going to go down worth a punt 

Stargunner

surreysaver said:

Popped up to Grantham yesterday to open Melton's and Nottinghamshire's 6% Regular Savers, as a branch of each opposite each other.
I wouldn't normally go for branch based accounts which I cannot operate online, but if they reckon interest rates are going to go down worth a punt 

Hope you didn’t travel all the way from Surrey to just do that, because the cost for travel would far outweigh any extra interest that you would earn. 😂

surreysaver

Stargunner said:

surreysaver said:

Popped up to Grantham yesterday to open Melton's and Nottinghamshire's 6% Regular Savers, as a branch of each opposite each other.
I wouldn't normally go for branch based accounts which I cannot operate online, but if they reckon interest rates are going to go down worth a punt 

Hope you didn’t travel all the way from Surrey to just do that, because the cost for travel would far outweigh any extra interest that you would earn. 😂

Depends how much the travel cost me 😂 All it cost me was time. Plus I had a free Greggs breakfast I needed to use up before it expired 

TheWoodler

I phoned up* Loughborough on Wed about this and whether they had a secure email mechanism for me to upload my necessary ID. ‘Oh yes, we’ll email you with a secure email link right now’ and took my email address. 

Nothing had materialised by Thurs morning so I emailed in to the savings address restating the question (it was possible that the advisor had taken my name down slightly wrong). 

No reply thus far. They may be overwhelmed, true, but it didn’t sound like that as the phone was answered quickly, and when they say to me that they are going to send me a secure mail link right now, that sounds as if it’s doable *right now*. 

I’m getting the impression not the most efficient - I’ve had better email experiences from other BS on making initial contact. 

* (with my OH’s help lipspeaking the replies at the other end on speaker). It’s important that means of contact other than the phone are efficiently answered because it means that the service is accessible and treats customers equally. That’s enshrined in law.

So as they don’t have online access, secure message inside their portal isn’t available, therefore I’ve just had a demonstration that the service isn’t accessible for me by normal email either!

Not one I’ll be pursuing.