Regular Savings Accounts: The Best Currently Available List!

spreadsheeterapple

flaneurs_lobster said:

Can someone remind me of the rule of thumb as to when renewing a fixed reg saver is more lucrative than leaving it to mature? The rate that the removed funds can earn is an obvious variable in the equation.

My Club RS has 6 mths-worth of deposits. 

Not sure there IS a rule of thumb. I'm not convinced of the strategy, especially when combined with the strategy many use of opening-at-month-end-and funding-2nd-deposit-next-day on-1st-of-month.

I did a spreadsheet and played with scenarios for my reg savers. I found that keeping to maturity, and then taking up a new reg saver at a lower rate, say 6% next time instead of 7.85% because rates are dropping, actually got me MORE interest overall than closing nearly 2 months early and re-opening the same type at 7.85%.

Mind you, that was with nearly 2 months til maturity. Got to bear in mind would have been missing out on 50-odd days of the full balance achieved.

Happy to be proved wrong of course

allegro120

Digital_Payback said:

OneUser1 said:

I took the risk and closed my Principality 6 Month and - this was the risk - I have been able to open a new 6 Month. I was worrying between closing and reopening but now I’ve done it I am feeling smug!

Did the same myself. Closed my Principality 6 Month Saver, due to mature next month, and opened a new one within about 90 mins. 

Does anyone know how long it takes for the Principality BS, on account closure, to transfer out the funds to an external account?

Received money within a couple of hours after closure.  Opened the new one straight away.

Digital_Payback

allegro120 said:

Digital_Payback said:

OneUser1 said:

I took the risk and closed my Principality 6 Month and - this was the risk - I have been able to open a new 6 Month. I was worrying between closing and reopening but now I’ve done it I am feeling smug!

Did the same myself. Closed my Principality 6 Month Saver, due to mature next month, and opened a new one within about 90 mins. 

Does anyone know how long it takes for the Principality BS, on account closure, to transfer out the funds to an external account?

Received money within a couple of hours after closure.  Opened the new one straight away.

My money arrived within about three hours of getting a confirmation of closure. A good experience. Well done, Principality. 

surreysaver

happybagger said:

surreysaver said:

s71hj said:

Bridlington1 said:

Vernon BS Rate Reductions From 1/12/24:

Online Regular Saver 6.5% NO CHANGE

Locals only isn't it?

On Moneyfacts it says existing customers as well, but cannot find any reference to that on Vernon's website. I think originally it was also available for existing customers, but perhaps Moneyfacts hasn't updated its website 

If you log in and go to "Products" in the left hand pane you get the list of options of which the ORS is there. I opened it in June though. The product info does say the postcodes but IIRC it said the same when I opened it.

I've had a look. The application process specifically asks if I was a member of Vernon prior to 1st May 2024, which I wasn't!

surreysaver

10_66 said:

Principality
I've just tried closing my 6 month regular saver in order to try to reopen one, but its still showing as open and the message I got when I requested closure was it should be actioned within 1 day.  I was in two minds as to whether to close it as it still had until the 24 December before it matured, not too hopeful it'll still be available by tomorrow.  Does anyone know if each of their closures have to be manually checked?

It's no longer showing on Moneyfacts, which would tend to indicate it's NLA from tomorrow 

Bridlington1

surreysaver said:

10_66 said:

Principality
I've just tried closing my 6 month regular saver in order to try to reopen one, but its still showing as open and the message I got when I requested closure was it should be actioned within 1 day.  I was in two minds as to whether to close it as it still had until the 24 December before it matured, not too hopeful it'll still be available by tomorrow.  Does anyone know if each of their closures have to be manually checked?

It's no longer showing on Moneyfacts, which would tend to indicate it's NLA from tomorrow 

It still shows on moneyfacts for me:


https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Annoyingly moneyfacts have very recently decided to start sorting the accounts in alphabetical order of bank/building society by default so I've just had to update my bookmarked moneyfacts links.

allegro120

surreysaver said:

Speculator said:

Just opened  Lloyds monthly @ 5.25%.  Also, renewed and reopened the club lloyds monthly.

Rate on both is fixed and allows unlimited withdrawals.

I wonder how many of the accounts at 6% and above will reduce their rates for new openings 

We'll see reductions following BoE across the board, "renewing" the "still available" fixed rate RSs is a good idea for now. I've done PBS 6-months and Skipton Loyalty today, thinking of "renewing" LBGs sometime soon too.  

Speculator

Bridlington1 said:

surreysaver said:

10_66 said:

Principality
I've just tried closing my 6 month regular saver in order to try to reopen one, but its still showing as open and the message I got when I requested closure was it should be actioned within 1 day.  I was in two minds as to whether to close it as it still had until the 24 December before it matured, not too hopeful it'll still be available by tomorrow.  Does anyone know if each of their closures have to be manually checked?

It's no longer showing on Moneyfacts, which would tend to indicate it's NLA from tomorrow 

It still shows on moneyfacts for me:


https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Annoyingly moneyfacts have very recently decided to start sorting the accounts in alphabetical order of bank/building society by default so I've just had to update my bookmarked moneyfacts links.

Wish there is a way to sort so that it only displays Fixed rate regular savers. 

I don't think it's possible, even in the "Full search"

allegro120

Dizzycap said:

Aldermore 5.25 RS NLA

Lasted for 16 days.

Bridlington1

allegro120 said:

surreysaver said:

Speculator said:

Just opened  Lloyds monthly @ 5.25%.  Also, renewed and reopened the club lloyds monthly.

Rate on both is fixed and allows unlimited withdrawals.

I wonder how many of the accounts at 6% and above will reduce their rates for new openings 

We'll see reductions following BoE across the board, "renewing" the "still available" fixed rate RSs is a good idea for now. I've done PBS 6-months and Skipton Loyalty today, thinking of "renewing" LBGs sometime soon too.  

Personally I'm taking the opposite approach. I've got Skipton at 7% due to mature in May, PBS at 8% maturing in December etc and I plan to hold onto these till maturity.

My logic is that regular savers are generally at their most profitable** towards the end of their term, thus by closing the regular saver early I'm missing out on the most profitable months of the regular saver's term.

There's no guarantee the regular saver will get pulled before the end of the term. I seem to recall back in March people were debating whether to close their 7.5% Skipton Members RS early in order to secure the 7% rate till spring 2025.

Over 300 days after it was launched this account is still available and those who opened the 7.5% version in June and let it run till maturity were able to enjoy the 7.5% rate for an extra few months before securing the 7% RS upon maturity.

If you ``refresh" the regular savers now who's to say that a few months down the line the account won't still be available and you could well find yourself debating whether or not to refresh the account again to get an extra few months at the higher rate when if you'd let the old account run to maturity you could've got the same account again anyway.

If you do refresh again you could well end up in danger of getting stuck in a loop of refreshing regularly and having only a relatively small amount in these regular savers over a longer period (in the meantime the rest of your funds will likely be in other lower rate accounts which will often be variable).

And even if they do pull the account and replace it with one at a lower rate, the new issue may well only be about 0.25-0.5% lower than the previous version, which especially for the top rate regular savers will probably not be a large enough gap to justify emptying regular savers early.


**I'm defining profitability here to be how much extra interest I'm getting by having the regular saver maxed out than I would be keeping all funds in the top EA account.