Regular Savings Accounts: The Best Currently Available List!

allegro120

[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 don't know the answer for the first question, but for the second - yes, regular savers went that low not long ago.  It was when the base rate was close to zero and there were even speculations about negative interest rates.  At that time 3% was a great rate for RS, I went for everything available at 2.5%+ and had some 2% RS too.  The bulk of offers were between 1% and 2%.  The best EA I had at that time was paying 0.7%.
 

BonettiRules

masonic said:

BonettiRules said:

masonic said:

WillPS said:

friolento said:

If you use the correct sort code, account number and Reference, there is no reason to believe your payment will go astray. If you use incorrect information, your money will eventually be returned though this can take weeks. 

Unless you give a reference number which exists for someone else's account, of course.

Clause 10.4 of the savings T&Cs suggests that even in this case it would be eventually returned, unless I suppose the recipient fraudulently withdraws it to an account out of MHBS's reach.

Suspect in practice they would not credit a payment originating from an account not in the name of the customer.

Not that I wouldn't be very careful in checking account details, always send a test payment where possible, etc

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

I can assure you that banks can see the account name inward transfers originate from. They can also see the sort code and account number. So they will know where each incoming payment has come from. They can insist on payments into savings accounts being made from an account in the customer's name and even a specific nominated account. They can return payments that do not conform, and several savings providers do.

Perhaps you are confusing savings accounts with current accounts, because very few savings accounts will be receiving lots of payments from third parties and most regular saver accounts cannot be used in this way. Not least the MHBS regular savings account being discussed in this exchange.

Of course they can see where it comes from but the suggestion they check before crediting a virtually instant payment is ludicrous.  Also by that reckoning i couldnt send you money and you me!  Checks are made when they are needed...

Bobblehat

Bridlington1 said:

cricidmuslibale said:

Bridlington1 said:

Coventry BS Sunny Day Saver at 6.25% NLA.

Thank you very much for letting us all know about this! This is very good example of a popular regular saver account with a well known bank / building society not being available for very long, in this case only three and a half weeks! Anyone who gambled on delaying the opening of this regular saver right until the end of September in order to maximise the total interest received in a year's time will, unfortunately, have missed out altogether!

Availability: Sunny Day Saver

01.09.2024 - 26.09.2024

(Source: Coventry BS's list of closed accounts)

The account allows penalty-free closure and Coventry are one of those which allows you to close an account then reopen another one of the same issue in one sitting.

As a result I chose to hedge my bets so to speak and opened and funded the account on the day it was launched with the view to close and swiftly reopened the account on Monday if it was still available then.

Avidly reading your posts, I wondered about blatantly copying your strategy on the Coventry BS Sunny Day Saver .... but I gambled and decided to wait until later in September to open it. I lost my nerve at the end of last week and decided to open it then. I'm not usually that lucky! Thanks anyway for your postings ... always useful!

schiff

Opening a West Brom Four Access Saver (Issue 1), recently high lighted elsewhere, as a new customer to West Brom, makes you an existing West Brom customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

In case that's of any help.

drphila

[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?

Your new interest rate at a glance

From 1 March 2022, we have increased the variable rate on your account by 0.10% gross p.a.

Current rates Annual Balance AER*/Gross p.a. £0.01 plus 1.05% New rates from  1 March 2022 Annual Balance AER/Gross p.a. £0.01 plus 1.15%

And they charged you a month's interest for withdrawals prior to maturity!

dcs34

Market Harborough BS Fixed Term Regular Saver (30.11.2025)

Seeking clarification on when the interest will be paid, if anyone already knows the answer, before bothering a (probably overwhelmed!) generous BS.

The product summary says: "Annual interest paid on maturity"

The interest summary says: "Interest is calculated daily and may be visible on your account from the 24th of the month. This won’t be available to you until the due date of the last working day of the applicable month."

The former suggests that interest will be paid on 30/11/2025; but it might also imply an additional payment to be made on the 1-year anniversary of opening the account (i.e. at the first annum), or possibly on 30/11/2024. Meanwhile the latter suggests interest is paid monthly on the last working day of each month - or is "the month" / "the applicable month" November 2025 specifically?

It doesn't really affect too much as no access is permitted until maturity either way, but based on the confusion caused by HMRC rules on interest that is "paid" even if not "accessible" for multi-year fixed rate savers, some could be affected if interest payments are made across two separate tax years (i.e. monthly payments is the approach). 

35har1old

s71hj said:

Digital_Payback said:

Same happened me. 

Turn your phone sideways to landscape mode. 

It then works. Apply button on right hand side. 

Still didn't work for me but did it OK on my laptop. The maddest set of security questions I've ever seen.  I have no hero, no favourite car and favourite film is too many characters and has a space, as 2 words. Just had to make random stuff up and write it down!

Only one I haven't seen before is the hero.
Do you not drive then?
Could have ignored the space

Kim_13

I interpreted the 24th reference as standard practice if the account had a monthly interest option, not applying to this account. There was no option for monthly on the application and I’ve never had a monthly option that I didn’t actively select. 

I expect interest either on 26/9/25 (as I opened it yesterday) and 30/11/25, or all on 30/11/25. As it’s all in 25/26 either way, it didn’t bother me, though the award for the worst drafting of RS terms might well go to MHBS. I wouldn’t be surprised to see those phoning them advised differently based on who they speak to, presumably the CS will just pull up a copy of the terms and advise their own interpretation of them.

surreysaver

35har1old said:

s71hj said:

Digital_Payback said:

Same happened me. 

Turn your phone sideways to landscape mode. 

It then works. Apply button on right hand side. 

Still didn't work for me but did it OK on my laptop. The maddest set of security questions I've ever seen.  I have no hero, no favourite car and favourite film is too many characters and has a space, as 2 words. Just had to make random stuff up and write it down!

Only one I haven't seen before is the hero.
Do you not drive then?
Could have ignored the space

I don't drive. Its more secure if you just make random stuff up anyway. 

35har1old

roked said:

Thanks @35har1old for the nice find with MHBS.
Just tried to apply and I was told it needs to be reviewed and they will come back to me. Not sure if its because it is out of hours or it does not like something on my application. Hopefully sorted in the morning. 

Might ask for driving licence or passport upload followed by selfie I posted it before applying and I was unlucky and had to do the above took sometime to get selfie to load wasn't successfully to this afternoon