Regular Savings Accounts: The Best Currently Available List!

Bobblehat

flaneurs_lobster said:

dgpur said:

t1redmonkey said:

I'm curious how long this maturity account Gatehouse have moved us into will remain at 5% for.

It’s such a better (and a market leading) account than expected, so I’m just happy to have it. I’d say we must surely be in for at least 6 months, but I wouldn’t like to predict longer.

They could reduce that rate to 1%, with no notice, tomorrow. 

Is it not rather anomalous to have had funds moved to an account for which the Terms & Conditions are not available?

Imagine the responses on here if someone had posted "I've moved £3600 to an Easy Access Account but I have no idea what the T&C say".

Indeed! And, I still haven't had an email with the T&C's as CS promised ... which is worrying. Maybe not just a 404 error in their email link? At the moment all I have to go on is a verbal statement that the T&C's for the ERG EA are like the existing EA.

Kim_13

Nick_C said:

I don't recall being anything from Monmouthshire about the 30 days being reduced to 14.

Is it still possible to close the account because of the drop in interest rate? 

And I have a note in my spreadsheet that I could withdraw some of the money if the interest rates falls?   Is this correct? And can I withdraw to £1 or is it the £50 minimum that was needed to open the account? 

£50 minimum to open the account, this was another worsened feature compared to Issue 1 which could be opened with £1. There was some discussion at launch that it should be possible to withdraw without closing in the event of a rate drop; early closure was always in the terms whether or not the rate fell.

The notice for 30 days to 14 was in the text of their rate reduction letters - it would have been easy for forumites to miss having already been aware of forthcoming rate reductions before the letters dropped through the letterbox. The fact that they had sent letters to people in respect of accounts that either had matured or would mature before the rate reduction took effect got more attention. Since Monmouthshire could have met their obligations by sending the rate reduction notice by email as they have this time around, I figured that it was the change to the notice period which meant they sent it by post on that occasion.

Stargunner

JamesRobinson48 said:

I feel the Monmouthshire BS is slipping up with RS products, as they have sometimes done in the past.

I applied online for their current RS Issue 5 (4.15%), for reasons that I won't go into, and they say they never received my application. Likewise my subsequent second and third online applications.  Their system seems at fault, but they did not seem bothered, and I assume (given their current savings interest rates) that they don't wish to attract more funding at present.

You should be congratulating them for not opening a RS for you at such a low interest rate.

allegro120

Nick_C said:

I don't recall being anything from Monmouthshire about the 30 days being reduced to 14.

Is it still possible to close the account because of the drop in interest rate? 

And I have a note in my spreadsheet that I could withdraw some of the money if the interest rates falls?   Is this correct? And can I withdraw to £1 or is it the £50 minimum that was needed to open the account? 

Is it about MonBS Exclusive RS issue 2? Quote from t&c - 

"Can I withdraw money? No, you cannot withdraw money from this account for a 12 month term. You should not invest into this account if you think you will need access to your savings."

WillPS

allegro120 said:

Nick_C said:

I don't recall being anything from Monmouthshire about the 30 days being reduced to 14.

Is it still possible to close the account because of the drop in interest rate? 

And I have a note in my spreadsheet that I could withdraw some of the money if the interest rates falls?   Is this correct? And can I withdraw to £1 or is it the £50 minimum that was needed to open the account? 

Is it about MonBS Exclusive RS issue 2? Quote from t&c - 

"Can I withdraw money? No, you cannot withdraw money from this account for a 12 month term. You should not invest into this account if you think you will need access to your savings."

Despite that statement they do allow you to access your money in the event of a rate drop, or at any time through closure. It remains to be seen whether a rate drop allows a partial withdrawal, or if they will insist on closing the account (which can be done at any time).

Special_Saver2

Hi Everybody,

I have just updated the first page of this thread.

- Coventry BS Young Saver interest rate reduced from 5% gross p.a. variable to 4.75% from 2nd December 2024

- Penrith Regular E-Saver 200 (Issue 1) and Penrith Regular Saver 200 (Issue 2) added paying 5% gross p.a. variable on up to £200 per year for 2 years; for Penrith Regular E-Saver 200 (Issue 1) this is online only allowing 4 withdrawals per calendar year (the account will be closed upon the 5th withdrawal in the same calendar year) and can be opened by people aged over 18 (I presume that this is poorly worded and that they will allow people aged 18 to open the account); for the Penrith Regular Saver 200 (Issue 2) this is a branch only account with two withdrawals per calendar year and the account cannot be closed prior to maturity other than in the event of death, age to open the account not specified.

- Leeds BS Regular Saver (Issue 59) paying 4.95% gross p.a. variable with a maturity date of 1st December 2026 replaces issue 58

I will do the next update within the next 1-2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Nick_C

Growingold said:

allegro120 said:

Nick_C said:

I don't recall being anything from Monmouthshire about the 30 days being reduced to 14.

Is it still possible to close the account because of the drop in interest rate? 

And I have a note in my spreadsheet that I could withdraw some of the money if the interest rates falls?   Is this correct? And can I withdraw to £1 or is it the £50 minimum that was needed to open the account? 

Is it about MonBS Exclusive RS issue 2? Quote from t&c - 

"Can I withdraw money? No, you cannot withdraw money from this account for a 12 month term. You should not invest into this account if you think you will need access to your savings."

I have this account and I have marked by it on my spreadsheet that withdrawals can be made from this account.  

The specific account conditions say no withdrawals, but at the time I opened my account the general T&Cs applicable to all accounts said you can withdraw money if the interest rate is reduced.

I don't know if they also changed these conditions. 

I'll give them a call on Monday. 

I don't really want to close the account at this stage, as I don't want the interest until the next tax year, but I'm minded to draw down to £1 or £50

happybagger

Nick_C said:

Growingold said:

allegro120 said:

Nick_C said:

I don't recall being anything from Monmouthshire about the 30 days being reduced to 14.

Is it still possible to close the account because of the drop in interest rate? 

And I have a note in my spreadsheet that I could withdraw some of the money if the interest rates falls?   Is this correct? And can I withdraw to £1 or is it the £50 minimum that was needed to open the account? 

Is it about MonBS Exclusive RS issue 2? Quote from t&c - 

"Can I withdraw money? No, you cannot withdraw money from this account for a 12 month term. You should not invest into this account if you think you will need access to your savings."

I have this account and I have marked by it on my spreadsheet that withdrawals can be made from this account.  

The specific account conditions say no withdrawals, but at the time I opened my account the general T&Cs applicable to all accounts said you can withdraw money if the interest rate is reduced.

I don't know if they also changed these conditions. 

I'll give them a call on Monday. 

I don't really want to close the account at this stage, as I don't want the interest until the next tax year, but I'm minded to draw down to £1 or £50

Save yourself the call and a wait, from their general savings T&C booklet:

"If we intend to lower the interest rate, we’ll let you know at least 14 days before the change happens, using letter, email, or text. If you’re not happy about the change, you can close your account or move the money to another one. If you do this within the 14 days, you won’t have to pay any charges or lose any interest."

I haven;'t gone back through this thread as there is so much fluff about Gatehouse and how long different people take to get money in their accounts from them (or Coventry), so I don't know when this rate change was notified, but either way you'd only be able to close (not withdraw leaving it open)

Source

Kazza242

Kim_13 said:

Mee said:

I note Kim_13 mentioned  'interest payment date (tax)'  above. Has anyone done a comprehensive list of RS and/or other accounts and their interest payment dates?

Those that don’t pay on anniversary or maturity are the exception. From the top of my head:

NatWest/RBS - Monthly, first working day

Stafford - 31 October
Melton - 31 March
Hinckley and Rugby - 1 December
Hanley Economic - 31 August

Hinckley and Rugby BS have now paid the interest into my matured regular saver this evening 30th November. 

(My regular saver was converted into an Easy Access account on maturity on the 29th November). 

ChewyyBacca

For people who had their Gatehouse reg saver (EPR 7%) mature, what was the actual profit rate you received? Is it 7% or a tad different?