Regular Savings Accounts: The Best Currently Available List!

jaypers

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

The underworld would have a field day if that was the case. Banks know exactly where every payment comes from, including full account details, BIC, name etc. They don’t necessarily do much with this information unless required but everything is recorded. 

Velvet_Monkey

jaypers said:

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

The underworld would have a field day if that was the case. Banks know exactly where every payment comes from, including full account details, BIC, name etc. They don’t necessarily do much with this information unless required but everything is recorded. 

Agreed, yet banks still like to claim that it's not possible to recall/track money sent in error to another account, especially in cases of fraud. 

[Deleted User]

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

masonic

[Deleted User] said:

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

I'm pretty sure I held regular savers consistently throughout the period when the base rate was 0.1-0.25%, and while pickings were slim, I did not hold any that paid less than 5% (though I'm sure lower rates were on offer). It is vanishingly unlikely that base rate will return to those levels within the next year.

Kim_13

[Deleted User] said:

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

I remember rushing to get some fixed 2%s just as COVID hit. The best after that was the VM Home Buying Coach RS at 1.75%. 

I think we might get to a normal of the best RSs being 5% and EA around the level you describe, but it could be more than a year away. QE is being/has stopped and that artificially lowered rates.

jameseonline

I believe I've had a Principality Regular Savings Bond 25 paying 1.05%, think I had a 24 also but don't have an easy to refer to record of the rate, think I've had every issue from 24 onwards but ended closing them all early because of better accounts coming along &/or needing to free up funds

s71hj

Bridlington1 said:

Not quite as exciting as other regular savers mentioned of late but possibly of interest:

Suffolk Building Society are due to launch a Online Variable Rate Regular Saver (31.12.2025) at 5.15% on Monday. From what I can gather the Ts&Cs are due to be the same as the currently available Online Variable Rate Regular Saver (30.09.2025).

Additionally they'll be launching a Variable Rate Regular Saver (31.12.2025) at 5.15% and a Variable Rate Regular Saver (31.12.2026) at 5%. Both of these are branch/post and are limited to existing members or new members resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.

I'd like to think, perhaps naive of me, that an institution bringing out a product like this would not do so with the intention of swiftly reducing the rate so assuming they absorb the next rate cut, this become fairly attractive.

[Deleted User]

masonic said:

[Deleted User] said:

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

I'm pretty sure I held regular savers consistently throughout the period when the base rate was 0.1-0.25%, and while pickings were slim, I did not hold any that paid less than 5% (though I'm sure lower rates were on offer). It is vanishingly unlikely that base rate will return to those levels within the next year.

Thanks, I did wonder. I'm in my 50s but its only the last couple of years I've got back into the savings habit.

Wasn't taking much notice of interest rates before that.

[Deleted User]

Kim_13 said:

[Deleted User] said:

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

I remember rushing to get some fixed 2%s just as COVID hit. The best after that was the VM Home Buying Coach RS at 1.75%. 

I think we might get to a normal of the best RSs being 5% and EA around the level you describe, but it could be more than a year away. QE is being/has stopped and that artificially lowered rates.

Thats not so bad if it stays at that sort of rate.

masonic

It took a global financial crisis of a magnitude not seen in generations to create those conditions the first time. Let's hope we are not unlucky enough to live through two such events in a lifetime.