Regular Savings Accounts: The Best Currently Available List!

allegro120

CuparLad said:

allegro120 said:

Speculator said:

Mine is due to mature tomorrow. Anyone know if Coventry withdrawals are same day or next day? Thanks.

Withdrawals are processed next day.

The Coventry will take your instruction, but will not act on that instruction until the following working day. They operate a bit like a one-day notice account. The funds are not withdrawn on the date of the request, but the following working day, so if you withdraw funds on Tuesday, they will be debited from your account on the Wednesday and sent over by Faster Payment. This means the funds don't arrive overnight, but at some point the following working day. The plus point is an extra day's interest, but if your need for funds is time critical, you have no way of knowing when the funds will arrive.

The extra day's interest is at 2.85%.  I don't know why they can't act (process payments) on the same day, I doubt they have to do it manually.  Just curious, why banks and some BSs can do it on the same day and other BSs can't?  

spreadsheeterapple

allegro120 said:

I don't know why they can't act (process payments) on the same day, I doubt they have to do it manually.  Just curious, why banks and some BSs can do it on the same day and other BSs can't?  

You'd be surprised how much work still has manual involvement !

A longer timescale for making payments is especially true for building societies which are not clearing banks.
The payment instruction has to be entered into the building society's own bank account via their online banking, which is probably done in batches or even only once daily as opposed to being logged in all the time, not reacting in real-time to customer instructions, added to which there will be some internal anti-fraud checking and dual control to thwart staff miscreants.

soulsaver

Penrith BS 200 Reg E-Saver iss1
5.00% variable 2 year term.  £200 pm max, limited access. 
Online Savings - Penrith Building Society

simonsmithsays

soulsaver said:

Penrith BS 200 Reg E-Saver iss1
5.00% variable 2 year term.  £200 pm max limited access. 
Online Savings - Penrith Building Society

Thanks for this.

Like a few on here I thought holding the N/A Regular Saver 300 would have enabled me to apply for the Branch 200 but to no avail.

So it's nice that you've highlighted this.

Hattie627

Coventry BS Loyalty Regular Saver

For accounts opened on 28th November 2023, these have now morphed into Easy Access and funds can be instructed tonight to move out tomorrow (28th).

HHUK

Hattie627 said:

Coventry BS Loyalty Regular Saver
For accounts opened on 28th November 2023, these have now morphed into Easy Access and funds can be instructed tonight to move out tomorrow (28th).

That had slipped under my radar. Thank you for the timely reminder.

Dizzycap

Hattie627 said:

Coventry BS Loyalty Regular Saver

For accounts opened on 28th November 2023, these have now morphed into Easy Access and funds can be instructed tonight to move out tomorrow (28th).

Not for me it hasn't. It shows opening on the 28th November 2023 and I'm still waiting even at this late hour 

schiff

Hattie627 said:

Coventry BS Loyalty Regular Saver

For accounts opened on 28th November 2023, these have now morphed into Easy Access and funds can be instructed tonight to move out tomorrow (28th).

Same opening date. Withdrawn today to my nominated account, but the transfer takes place Friday 29/11

PowerSavingMode

schiff said:

Hattie627 said:

Coventry BS Loyalty Regular Saver

For accounts opened on 28th November 2023, these have now morphed into Easy Access and funds can be instructed tonight to move out tomorrow (28th).

Same opening date. Withdrawn today to my nominated account, but the transfer takes place Friday 29/11

Same here, but it's good to know that it did offer an alternative payment date of 30th Nov -- it being a Saturday, if that helps anyone who missed the 28th/29th payment instruction.

Dizzycap

simonsmithsays said:

soulsaver said:

Penrith BS 200 Reg E-Saver iss1
5.00% variable 2 year term.  £200 pm max limited access. 
Online Savings - Penrith Building Society

Thanks for this.

Like a few on here I thought holding the N/A Regular Saver 300 would have enabled me to apply for the Branch 200 but to no avail.

So it's nice that you've highlighted this.

Penrith BS have a 200 Issue 1 (Online) and now a 200 Issue 2 (In branch) available. From the info I've read at Penrith you can hold both, so I'd go in branch and ask about the 200 Issue 2 again!

https://www.penrithbs.co.uk/wp-content/uploads/2024/08/Key-Product-Info-Reg-Saver-200-Issue-2-V1.10.pdf

For anyone opening the Penrinth 200 Issue 1 Online when the account is opened, there is no payment or SO set-up info available to make payment into your RS account.

Sort Code: 60-16-21

Account Number: 77173163

Ref: Your Regular Saver Account Number.