Regular Savings Accounts: The Best Currently Available List!

Bridlington1

Not very exciting but for those who opened it for DD purposes:

Ecology BS Interest Rate Reductions From 18/12/24:

Regular Saver from 4.25% to 3.85%

Bridlington1

Just a reminder the following interest rate reductions come into effect tomorrow:

Account	Old rate	New rate
Aldermore Regular Saver Account Issue 1	5.25%	5.00%

Bridlington1

surreysaver said:

Bridlington1 said:

cricidmuslibale said:

pecunianonolet said:

cricidmuslibale said:

JamesRobinson48 said:

Principality BS 6 Month RS Issue 2:  the full application details including T&Cs are now available on the Principality website. As expected, it is permitted to hold both issues concurrently.

https://www.principality.co.uk/getmedia/d851a82b-09b3-437f-9d19-578e21c1afaf/6-Month-Regular-Saver-Issue-2.pdf

Thank you very much @JamesRobinson48 for this application link for the Principality Building Society 6 Month Regular Saver Issue 2 that you posted earlier today!

However there is now an important decision to be made. Is it advisable / better to open and fund this new issue of the 6 Month Regular Saver in the next day or two i.e. during these early December days, when one can be pretty sure that it will still be available with it having only just been released? Or would it in fact be better to delay opening it until later this month so that one can make the 2nd £200 payment at the start of January only a few days after the 1st deposit in late December, thus enabling £400 rather than £200 to be earning the 7.85% interest within a matter of days? This latter approach would also enable the maximum balance of £1200 to be earning the 7.85% interest for nearly two months rather than just over one month in May / June 2025. Any thoughts, please?

I would normally favour delaying the opening of any new Regular Saver that operates on a calendar month basis like this one does, until close to the end of the month in which it is released. However something inside me is telling me that on this occasion I might be risking this account being pulled well before the end of December. I think it's because of what's very recently happened with the Cahoot Sunny Day Saver, where its Issue 1 paying 5.20% annual interest was available for about a year, but then its Issue 2 paying 5.00% annually was only available for about a month before it was pulled and replaced by Issue 3 paying 4.75% annually. Thus I'm more than a little worried that Principality may be planning this 6 Month Regular Saver Issue 2 only to be available for a couple of weeks or so at the most before replacing it with Issue 3 paying significantly less than 7.85% (8% AER). If only we could hear from an insider at Principality who could give us some clues as to what they are planning to do in this respect!!

I usually follow your approach opening and funding end of the month because of the above procedure and did so for issue 1 in October. 

Reasons why I opened and funded issue 2 today:

- Access to funds only by closure of account
- Need interest to be available as early as possible in the next financial year (personal reasons and tax planning)
- Access to funds as early as possible next financial year to stick into an ISA as early as possible in a rate reducing environment 
- Diverting monthly available funds from lower paying accounts to higher paying
- Risk of account pull before Christmas (difficulty monitoring funding targets at society level with staff on holiday)

Of course, nobody holds a crystal ball on developments but I expect rates to still fall due to growing recession threads, potential trade restrictions due to US tariffs, softening UK labour market, debt crisis, etc. Generally a rather unpredictable macro-economic environment globally.

Hope it helps with your decision making process.

Thank you very much for this swift and very well thought out response to my earlier post!

I really do appreciate how you've so neatly summed up the advantages in opening and funding Issue 2 either today itself or certainly within the next few days rather than leaving it until considerably later in December! 

It certainly does help with my decision making process and I'm very grateful for your input in this regard!

I'm taking a half and half approach. I've opened and funded the account today and intend to close and reopen the account at the end of the month to get the full benefit of the regular saver. 

     I wonder if it costs you more in electricity to do that than it earns you in interest? Or are you getting free electricity from somewhere? 

Well I'm working Christmas Eve so I'll probably open it on my phone which conveniently gets charged whilst I'm there.

t1redmonkey

pafpcg said:

t1redmonkey said:

jaypers said:

Bob2000 said:

Another question then....
If the old version is still available  today, would l be able to apply if lm lucky. And then open the issue 2 in late December?

Yes as you can have 1 per issue, however I think issue 1 has disappeared now. 

You can still open issue 1:
https://online.principality.co.uk/OriginationsUI/Step1?ProductCode=6080&ProductType=RegularSaver

It may well be possible to open a new Issue2 alongside an existing Issue1, but Principality are blocking opening a new "Issue1" alongside an existing Issue2 - I've just attempted it and failed with the message that only one regular saver is allowed.

Edit: I'm guessing that that URL is to open a generic 6month regular saver which opens an Issue2 if Issue1 already exists; if Issue2 exists, then it's blocked because two of the same issue is not allowed.

That's odd, they must have stopped allowing them soon after I posted that link, since I was able to 'refresh' my issue 1 this morning by closing it and getting a new one opened up via that link, as well as opening an issue 2.  You do of course have to get your existing issue 1 closed for this to be possible.

ForumUser7

t1redmonkey said:

pafpcg said:

t1redmonkey said:

jaypers said:

Bob2000 said:

Another question then....
If the old version is still available  today, would l be able to apply if lm lucky. And then open the issue 2 in late December?

Yes as you can have 1 per issue, however I think issue 1 has disappeared now. 

You can still open issue 1:
https://online.principality.co.uk/OriginationsUI/Step1?ProductCode=6080&ProductType=RegularSaver

It may well be possible to open a new Issue2 alongside an existing Issue1, but Principality are blocking opening a new "Issue1" alongside an existing Issue2 - I've just attempted it and failed with the message that only one regular saver is allowed.

Edit: I'm guessing that that URL is to open a generic 6month regular saver which opens an Issue2 if Issue1 already exists; if Issue2 exists, then it's blocked because two of the same issue is not allowed.

That's odd, they must have stopped allowing them soon after I posted that link, since I was able to 'refresh' my issue 1 this morning by closing it and getting a new one opened up via that link, as well as opening an issue 2.  You do of course have to get your existing issue 1 closed for this to be possible.

So for those of us that still have an issue 1 and are yet to open issue 2, the right process is:
- Close Issue 1
- Reapply for Issue 1
- Apply for Issue 2

Does that sound correct please?

Thanks!

pecunianonolet

ForumUser7 said:

t1redmonkey said:

pafpcg said:

t1redmonkey said:

jaypers said:

Bob2000 said:

Another question then....
If the old version is still available  today, would l be able to apply if lm lucky. And then open the issue 2 in late December?

Yes as you can have 1 per issue, however I think issue 1 has disappeared now. 

You can still open issue 1:
https://online.principality.co.uk/OriginationsUI/Step1?ProductCode=6080&ProductType=RegularSaver

It may well be possible to open a new Issue2 alongside an existing Issue1, but Principality are blocking opening a new "Issue1" alongside an existing Issue2 - I've just attempted it and failed with the message that only one regular saver is allowed.

Edit: I'm guessing that that URL is to open a generic 6month regular saver which opens an Issue2 if Issue1 already exists; if Issue2 exists, then it's blocked because two of the same issue is not allowed.

That's odd, they must have stopped allowing them soon after I posted that link, since I was able to 'refresh' my issue 1 this morning by closing it and getting a new one opened up via that link, as well as opening an issue 2.  You do of course have to get your existing issue 1 closed for this to be possible.

So for those of us that still have an issue 1 and are yet to open issue 2, the right process is:
- Close Issue 1
- Reapply for Issue 1
- Apply for Issue 2

Does that sound correct please?

Thanks!

Won't work, once you close issue 1 now you will only be able to open issue 2. The issue 1 refresh ship has sailed.

t1redmonkey

ForumUser7 said:

t1redmonkey said:

pafpcg said:

t1redmonkey said:

jaypers said:

Bob2000 said:

Another question then....
If the old version is still available  today, would l be able to apply if lm lucky. And then open the issue 2 in late December?

Yes as you can have 1 per issue, however I think issue 1 has disappeared now. 

You can still open issue 1:
https://online.principality.co.uk/OriginationsUI/Step1?ProductCode=6080&ProductType=RegularSaver

It may well be possible to open a new Issue2 alongside an existing Issue1, but Principality are blocking opening a new "Issue1" alongside an existing Issue2 - I've just attempted it and failed with the message that only one regular saver is allowed.

Edit: I'm guessing that that URL is to open a generic 6month regular saver which opens an Issue2 if Issue1 already exists; if Issue2 exists, then it's blocked because two of the same issue is not allowed.

That's odd, they must have stopped allowing them soon after I posted that link, since I was able to 'refresh' my issue 1 this morning by closing it and getting a new one opened up via that link, as well as opening an issue 2.  You do of course have to get your existing issue 1 closed for this to be possible.

So for those of us that still have an issue 1 and are yet to open issue 2, the right process is:
- Close Issue 1
- Reapply for Issue 1
- Apply for Issue 2

Does that sound correct please?

Thanks!

I did these exact things this morning, yes, and got both issues opened.  But if others have tried since then and it's not working, then I guess they've closed off that loophole!

allegro120

castle96 said:

just opened. Business account AS ADVISED on site. Failed CoP. Went ahead. Fully opened and funded

As CoP has now been fully implemented all personal accounts are now personal.

I didn't bother waiting for 24 hours, put correct details in, ignored failed CoP, checked 2 hours later - funds arrived as expected. 

allegro120

Bridlington1 said:

Not very exciting but for those who opened it for DD purposes:

Ecology BS Interest Rate Reductions From 18/12/24:

Regular Saver from 4.25% to 3.85%

I will close mine at the end of this month, already arranged DD replacement for it.  I won't be looking for maintaining continuous membership, it's not a "local" BS  and the chances for competitive loyalty offers are very slim. 

Dizzycap

Bridlington1 said:

cricidmuslibale said:

pecunianonolet said:

cricidmuslibale said:

JamesRobinson48 said:

Principality BS 6 Month RS Issue 2:  the full application details including T&Cs are now available on the Principality website. As expected, it is permitted to hold both issues concurrently.

https://www.principality.co.uk/getmedia/d851a82b-09b3-437f-9d19-578e21c1afaf/6-Month-Regular-Saver-Issue-2.pdf

Thank you very much @JamesRobinson48 for this application link for the Principality Building Society 6 Month Regular Saver Issue 2 that you posted earlier today!

However there is now an important decision to be made. Is it advisable / better to open and fund this new issue of the 6 Month Regular Saver in the next day or two i.e. during these early December days, when one can be pretty sure that it will still be available with it having only just been released? Or would it in fact be better to delay opening it until later this month so that one can make the 2nd £200 payment at the start of January only a few days after the 1st deposit in late December, thus enabling £400 rather than £200 to be earning the 7.85% interest within a matter of days? This latter approach would also enable the maximum balance of £1200 to be earning the 7.85% interest for nearly two months rather than just over one month in May / June 2025. Any thoughts, please?

I would normally favour delaying the opening of any new Regular Saver that operates on a calendar month basis like this one does, until close to the end of the month in which it is released. However something inside me is telling me that on this occasion I might be risking this account being pulled well before the end of December. I think it's because of what's very recently happened with the Cahoot Sunny Day Saver, where its Issue 1 paying 5.20% annual interest was available for about a year, but then its Issue 2 paying 5.00% annually was only available for about a month before it was pulled and replaced by Issue 3 paying 4.75% annually. Thus I'm more than a little worried that Principality may be planning this 6 Month Regular Saver Issue 2 only to be available for a couple of weeks or so at the most before replacing it with Issue 3 paying significantly less than 7.85% (8% AER). If only we could hear from an insider at Principality who could give us some clues as to what they are planning to do in this respect!!

I usually follow your approach opening and funding end of the month because of the above procedure and did so for issue 1 in October. 

Reasons why I opened and funded issue 2 today:

- Access to funds only by closure of account
- Need interest to be available as early as possible in the next financial year (personal reasons and tax planning)
- Access to funds as early as possible next financial year to stick into an ISA as early as possible in a rate reducing environment 
- Diverting monthly available funds from lower paying accounts to higher paying
- Risk of account pull before Christmas (difficulty monitoring funding targets at society level with staff on holiday)

Of course, nobody holds a crystal ball on developments but I expect rates to still fall due to growing recession threads, potential trade restrictions due to US tariffs, softening UK labour market, debt crisis, etc. Generally a rather unpredictable macro-economic environment globally.

Hope it helps with your decision making process.

Thank you very much for this swift and very well thought out response to my earlier post!

I really do appreciate how you've so neatly summed up the advantages in opening and funding Issue 2 either today itself or certainly within the next few days rather than leaving it until considerably later in December! 

It certainly does help with my decision making process and I'm very grateful for your input in this regard!

I'm taking a half and half approach. I've opened and funded the account today and intend to close and reopen the account at the end of the month to get the full benefit of the regular saver. 

This is what I did with Issue 1 at the end of November. Closed and re-opened, funded immediately and then again 3 days later being a new subscription month. I knew it was a tight line before Issue 2 was released but like you, I may very well close Issue 2 at the end of the month to get that full benefit again!