Regular Savings Accounts: The Best Currently Available List!

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.

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.