Regular Savings Accounts: The Best Currently Available List!

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where_are_we said:

grumiofoundation said:

where_are_we said:

£67.25 interest - account opened 28/9/19. Used the account closure option instead of withdrawal of funds - no need to keep an account paying .3% open. Whilst logged in opened new RS3 @ 1.55% variable - quick and easy - deposited £500 by FP and set up 11 monthly SO`s £500 from hub account - don`t forget it`s not calendar months but anniversary months and use last 8 digits of your new 9 digit account number. I presume if they drop the interest rate you will be able to withdraw balance with no loss of interest?

30 day interest penalty to withdraw for Coventry reg. saver.

 Taken from their T&C`s:

"If you’re not happy about a change - With many of our accounts, you can close or switch your account whenever you like. However, if there are normally restrictions on your account you can close your account without notice, charge or loss of interest in these situations: ............ We’re making a change to the interest rate which is a disadvantage to you. When you can close - Anytime within the 30 days after we notify you about the change

My presumption is correct - if they drop their variable interest rate from 1.55%  to a rate which you can better somewhere else then you can close your RS3 without penalty and withdraw the balance plus accrued interest.

You don't need to get a better rate elsewhere to close the account.

General_Grant

I agree with the clarification but think the "which you can better" comment was that one wouldn't be closing unless you could get a better rate elsewhere.

rachlikeswinter

typistretired said:

rachlikeswinter said:

I might have to withdraw my Coventry BS Reg Saver funds before maturity (to use as part of my flat deposit, which has happened quicker than expected!) I know that I will have the 30 day interest penalty by withdrawing before maturity, but does anyone know if that will mean I'll lose ALL interest due to me, plus the 30 day penalty amount? Or will I get whatever interest is due up to that point, minus the 30 day penalty?
For ref it would mature in Feb normally. Either way not a lot I can do, just curious as every penny counts!

Coventry RS terms state
This account is designed for saving your money. After the 14 day ‘cooling-off period’, you can take out money or close your account if you need to, but there will be a charge equal to 30 calendar days’ interest on the amount withdrawn. Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.

Thanks - that's what I've read too, but I wasn't clear on if they'll still pay interest that I've earned thus far, minus the penalty (which is less than a fiver so not earth-shattering.) Guess I'll have to wait and see!

typistretired

They will pay interest up to closure minus 30 days calendar days' interest.  Could always contact them they may waive as a gesture of goodwill.

AndyJ161

Help & or advice needed!
I know I'm probably being dim but can someone please confirm/reject my thinking....
Am I better off at the end of 12 months saving £500pm into a Credit Union account fixed at an interest rate of 1% or a Regular Savings account @ 1.55%? I think that the RS account will only deliver the equivalent of 0.77% on the whole balance at the end of the 12 month term as opposed to a full 1% on the balance as it increases via the additions each month. So, is the CU account actually the better deal despite the apparently higher interest rate..... or have I misunderstood something along the way?
Many thanks in advance for any guidance offered. Cheers! 

10_66

OH’s HSBC regular saver matured on 26th September, and although the new one was applied for on the same day, it wasn’t opened until the 29th September.  Under normal circumstances the new application would have been left until the beginning of October due to the lateness in the month, but applied for it just in case HSBC pulled the 2.75%.

Unfortunately, that means there are going to be problems with 2 of the future dates:

1) There’s no 29th February 2021, so I guess that means the 29/2/21 standing order won’t go in until the 1st March (so missing a payment in for February).

2) The 29th May is a Saturday and the 31st May is a Bank Holiday, so I guess that means the 29/5/21 standing order won’t go in until the 1st June (so missing a payment in for May).

As I think has recently been discussed here, HSBC won’t change the standing order dates, or has anyone been successful in asking them to change it to accommodate the above types of issue?

schiff

AndyJ161 said:

Help & or advice needed!
I know I'm probably being dim but can someone please confirm/reject my thinking....
Am I better off at the end of 12 months saving £500pm into a Credit Union account fixed at an interest rate of 1% or a Regular Savings account @ 1.55%? I think that the RS account will only deliver the equivalent of 0.77% on the whole balance at the end of the 12 month term as opposed to a full 1% on the balance as it increases via the additions each month. So, is the CU account actually the better deal despite the apparently higher interest rate..... or have I misunderstood something along the way?
Many thanks in advance for any guidance offered. Cheers! 

AndyJ161 said:

Help & or advice needed!
I know I'm probably being dim but can someone please confirm/reject my thinking....
Am I better off at the end of 12 months saving £500pm into a Credit Union account fixed at an interest rate of 1% or a Regular Savings account @ 1.55%? I think that the RS account will only deliver the equivalent of 0.77% on the whole balance at the end of the 12 month term as opposed to a full 1% on the balance as it increases via the additions each month. So, is the CU account actually the better deal despite the apparently higher interest rate..... or have I misunderstood something along the way?
Many thanks in advance for any guidance offered. Cheers! 

£500 PER MONTH into a RS at 1.55% is going to be better than £500 PER MONTH into a RS at 1%. If I read you right. The 1.55% you are probably looking at is not fixed - that could be a factor in your decision. You could always put £250 per month into each.

polymaff

AndyJ161 said:

Help & or advice needed!
I know I'm probably being dim but can someone please confirm/reject my thinking....
Am I better off at the end of 12 months saving £500pm into a Credit Union account fixed at an interest rate of 1% or a Regular Savings account @ 1.55%? I think that the RS account will only deliver the equivalent of 0.77% on the whole balance at the end of the 12 month term as opposed to a full 1% on the balance as it increases via the additions each month. So, is the CU account actually the better deal despite the apparently higher interest rate..... or have I misunderstood something along the way?
Many thanks in advance for any guidance offered. Cheers! 

It depends on the money.  If you've get that £500 out of monthly income, month by month, then the RS is the better offering.  If you've got the entire £6,000 now and intend to drip-feed it month-by-month into the RS then the rate you get is the average of the RS rate and the rate being paid on the diminishing £6,000 whilst it awaits payment into the RS.

Incidentally, the 0.77 should be 0.84.

surreysaver

AndyJ161 said:

Help & or advice needed!
I know I'm probably being dim but can someone please confirm/reject my thinking....
Am I better off at the end of 12 months saving £500pm into a Credit Union account fixed at an interest rate of 1% or a Regular Savings account @ 1.55%? I think that the RS account will only deliver the equivalent of 0.77% on the whole balance at the end of the 12 month term as opposed to a full 1% on the balance as it increases via the additions each month. So, is the CU account actually the better deal despite the apparently higher interest rate..... or have I misunderstood something along the way?
Many thanks in advance for any guidance offered. Cheers! 

You've misunderstood. You get 1.55% on however much money is in the account. The first £500 is in there for a year, whereas the final £500 is only in there for a month, regardless of whether the account is paying 1% or 1.55%

moi

Monmouthshire BS have "made a change to your Christmas Saver Account," i.e. they're scrapping it, with the default being they turn it into an Easy Saver in a month.

Christmas Saver Bond Issue 3  @ 1.1% &  £1000 per month looks like a decent replacement, but that only lasts 1 year, rather than rolling on