Regular Savings Accounts: The Best Currently Available List!

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

typistretired

Not heard from them yet.
Letter just arrived in post today.

quirkydeptless

I've had the Ecology Building Society Regular Saver for some time now.

It has a variable 1.1% interest rate which isn't looking too shabby in the current market

Is this one worth adding to the front pages of this thread now?

https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

typistretired

 Monmouthshire BS

veryintrigued said:

Monmouthshire
(I do wish people on here would state which institution or product they are referring too).

I haven't received the paperwork yet but thanks to @moi is that suggesting that the whole of the Christmas Saver balance as well as £1k per month, can be saved in the Christmas Bond?

veryintrigued said:

Monmouthshire
(I do wish people on here would state which institution or product they are referring too).

I haven't received the paperwork yet but thanks to @moi is that suggesting that the whole of the Christmas Saver balance as well as £1k per month, can be saved in the Christmas Bond?

veryintrigued said:

Monmouthshire
(I do wish people on here would state which institution or product they are referring too).

I haven't received the paperwork yet but thanks to @moi is that suggesting that the whole of the Christmas Saver balance as well as £1k per month, can be saved in the Christ

Monmouthshire
They only allow one Regular Saver @ £250 in re-investment options but they have 2 Regular Savers Regular Saver Bond Issue Issue 5 £250 monthly and Christmas Saver Bond Issue 3 maximum £1,000 monthly

JamesRobinson48

moi said:

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

As I see it, the drawback with the Monmouthshire BS's new Christmas Saver # 3 is that, even though the interest rate is variable,  no withdrawals are permitted for the entire year.  Unlike the predecessor Xmas product, whose 1.00% bonus was locked in for the year (plus a bit of variable interest on top). Generally I trust the MonBS to do the 'right thing' by regular savers, as they have a reputation to protect in their core local area. But I'll be in no hurry to open this one.