Regular Savings Accounts: The Best Currently Available List!

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.

Bridlington1

allegro120 said:

Dizzycap said:

Aldermore 5.25 RS NLA

Lasted for 16 days.

The Aldermore 5.25% RS has been available for at least a year to my knowledge and remains available:
https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/

friolento

Bridlington1 said:

 

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.

Is it my imagination or have I seen a spreadsheet quite some time ago which let you figure out whether it was sensible / profitable to renew early? I've been looking for it today but couldn't find it. IIRC, someone created it in the context of Halifax / Lloyds RS renewals when the interest rates were on the way up


EDIT: Found it! https://forums.moneysavingexpert.com/discussion/comment/79890852/#Comment_79890852

Kim_13

Bridlington1 said:

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.

I ultimately did this once it became apparent in April that I would need access to some funds. The possibility of refreshing made Skipton the obvious place to get them from. In hindsight as you say it turns out to be better not to refresh sometimes, especially if you are dropping to a lower rate before you have to. I then did it again in August as I made a large purchase; this allowed me to max out the savers I had paying 8% for that month and to pay off my credit card once the statement was produced.

I will not be attempting to refresh either Skipton again or to refresh Principality given:

a) Getting stuck in the refresh loop may lead providers to decide they no longer want our custom. In the case of Skipton, I’ve done it twice so will now hold to maturity. I did however refresh my dad’s for him as he will pay less tax on his interest in 25/26 than he will this year, so he will now benefit from the RS being at its most profitable next year rather than next month. 

b) Where a refresh isn’t immediately possible, this carries a higher risk of ending up empty handed.

c) I don’t have capacity to redistribute this amount of funds at the present time, so where this applies, the loss may be more than could entirely theoretically be gained from refreshing. A 6 month RS was an unusual term length so might well fall by less than a 12 month or longer account.

Hattie627

Bridlington1 said:

allegro120 said:

Dizzycap said:

Aldermore 5.25 RS NLA

Lasted for 16 days.

The Aldermore 5.25% RS has been available for at least a year to my knowledge and remains available:
https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/

Yes, I opened an Aldermore 5.25% RS on 17th November 2023. The rate has stayed the same, although variable.  It's due to mature next week. Hoping to open another one next week, if still available, 

simonsmithsays

Bridlington1 said:

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.

This......

NotWhereIWantToBe

Has anyone who refreshed principality NOT received their money back ?
I did mine yesterday and they said I’d have the money by close of business but this morning it’s still not arrived. 

Dizzycap

Bridlington1 said:

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.

I totally agree with the exception of the Club lloyds RS. From past experience, Lloyds pulled the 6.25% RS and replaced it with a 5.25% RS a couple of years ago just as my 6.25% was about to mature. Based on that and having less than a month to go before my 6.25% matures, I renewed the RS account to a saver account, got the full interest for the relative time saved as a RS and then opened a new 6.25% Club Lloyds RS yesterday. 

Personally, I like to step ladder my RS maturity dates so that I have at least 2-3 RS maturing each month, but it doesn't always work out as planned, especially when a few can get pulled within a couple of weeks during the 'UK Savings Week' in September.

trickydicky14

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?

Some have been able to apply writhin the hour, I had to wait about 3 to 4 hours just need to check back.