Regular Savings Accounts: The Best Currently Available List!

ForumUser7

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new regular saver, called 'Loyalty Mortgage Saver', paying 6.00% (variable).  

The account is available to existing members of the Society and you must hold an eligible mortgage account with Coventry Building Society, Godiva Mortgages Limited or ITL Mortgages Limited (eligibility criteria applies).  If opening a joint account only one customer will need to be eligible.

- Maximum monthly deposit £1,000 (per calendar month)
- Maximum total investment is £13,000
- The account runs for one year (the interest is paid on the anniversary of account opening)
- After the 14 day 'cooling off period', you can withdraw money or close your account, but this will incur a charge equal to 30 calendar days' interest on the amount withdrawn on each occasion. 

The account is already available to apply for if you login to Coventry BS online banking (you must meet the eligibility criteria required to open the account). 

Edit: The account has now been added to the Coventry BS website, here.

Has anyone had any luck opening it without a mortgage or has it just not gone through please? Thanks

WillPS

Hattie627 said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new regular saver, called 'Loyalty Mortgage Saver', paying 6.00% (variable).  

The account is available to existing members of the Society and you must hold an eligible mortgage account with Coventry Building Society, Godiva Mortgages Limited or ITL Mortgages Limited (eligibility criteria applies).  If opening a joint account only one customer will need to be eligible.

- Maximum monthly deposit £1,000 (per calendar month)
- Maximum total investment is £13,000
- The account runs for one year (the interest is paid on the anniversary of account opening)
- After the 14 day 'cooling off period', you can withdraw money or close your account, but this will incur a charge equal to 30 calendar days' interest on the amount withdrawn on each occasion. 

The account is already available to apply for if you login to Coventry BS online banking (you must meet the eligibility criteria required to open the account). 

Edit: The account has now been added to the Coventry BS website, here.

Hope this isn't the start of a new trend of limiting loyalty or preferential savings products to mortgage holders with the institution. Very restrictive.

It's clearly a different sort of product to most of their regular savers, with a good but not wonderful rate but a much higher than usual deposit limit. I wouldn't be too concerned.

CuparLad

Hattie627 said:

Hope this isn't the start of a new trend of limiting loyalty or preferential savings products to mortgage holders with the institution. Very restrictive.

I think this says more about what's happening in the mortgage market, than the RS market.

PowerSavingMode

ForumUser7 said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new regular saver, called 'Loyalty Mortgage Saver', paying 6.00% (variable).  

The account is available to existing members of the Society and you must hold an eligible mortgage account with Coventry Building Society, Godiva Mortgages Limited or ITL Mortgages Limited (eligibility criteria applies).  If opening a joint account only one customer will need to be eligible.

- Maximum monthly deposit £1,000 (per calendar month)
- Maximum total investment is £13,000
- The account runs for one year (the interest is paid on the anniversary of account opening)
- After the 14 day 'cooling off period', you can withdraw money or close your account, but this will incur a charge equal to 30 calendar days' interest on the amount withdrawn on each occasion. 

The account is already available to apply for if you login to Coventry BS online banking (you must meet the eligibility criteria required to open the account). 

Edit: The account has now been added to the Coventry BS website, here.

Has anyone had any luck opening it without a mortgage or has it just not gone through please? Thanks

Nope. Tried earlier.

t1redmonkey

Quick question...do First Direct standing orders to fund the RS come out on a Saturday?  I know Sunday ones go to Monday, but not sure about Saturdays.

flaneurs_lobster

t1redmonkey said:

Quick question...do First Direct standing orders to fund the RS come out on a Saturday?  I know Sunday ones go to Monday, but not sure about Saturdays.

No, next working day. 

dcs34

Coventry Loyalty Mortgage Saver

A "nice" way to reward existing mortgage holders - perhaps Nationwide could take note for next years fairer share rewards...

Although I'm not sure it's quite enough to encourage someone to take out a mortgage with Coventry, just to get this account!

Dizzycap

schiff said:

"If you want your money to go back to your nominated account then select that option on your homepage in the App. There should be a link along the bottom of the Regular Saver box. Once you've confirmed, it should say: Thank you for selecting your maturity option, and the link will disappear."

I've tried everything but no joy. The link isn't there - for me anyway. I'll try again in a day or so. There's plenty of time. 

Have you updated the Tipton App? There were a few issues a couple of weeks ago and they did an update with a fresh APP download.

This is the rollover option I have in the most recent Tipton App - Under products:

When I click View I get this Fixed Rate Bond @ 4.05% for my maturing Regular Saver:

It seems we're all getting different offers?

allegro120

dcs34 said:

Coventry Loyalty Mortgage Saver

A "nice" way to reward existing mortgage holders - perhaps Nationwide could take note for next years fairer share rewards...

Although I'm not sure it's quite enough to encourage someone to take out a mortgage with Coventry, just to get this account!

I think the aim is to encourage the existing mortgage customers to stay.

Dizzycap

allegro120 said:

dcs34 said:

Coventry Loyalty Mortgage Saver

A "nice" way to reward existing mortgage holders - perhaps Nationwide could take note for next years fairer share rewards...

Although I'm not sure it's quite enough to encourage someone to take out a mortgage with Coventry, just to get this account!

I think the aim is to encourage the existing mortgage customers to stay.

So do I. Other than the Rainy Day Regular Saver (NLA) the rest of the savings rates are a little on the anemic side.

Looks like The Mortgage Saver is replacing the Loyalty Regular Saver, for now anyway............

Shame, as their Standard Regular Saver @ 4.75% is non-competative :/in the RS market.