Regular Savings Accounts: The Best Currently Available List!

ccdorset

I was hoping to open a current account with first direct, so I could grab the 2.75% Regular Saver incase it is closed to new applicants like M&S.
Not sure I'm going to make it in time! My existing Monthly Saver with Club Lloyds is at 2.5% but matures in January.

polymaff

lightbulb2760 said:

I''ve just opened the four regular / monthly savers paying 1% fixed from Bank of Scotland, Halifax, Lloyds and TSB, and note that the T&Cs on page 1 for Halifax and Lloyds do not seem to accord with the advertised T&Cs. The Halifax Regular Saver does not allow any withdrawals (except on closure), and the Lloyds Monthly Saver does not allow any missed payments (at least by omission: no mention of the ability to miss any payments is mentioned).

"You have easy access to your savings. Use one of our branches with a counter if you want to close before the end of 12 months"

"You can only access your savings if you close the account."

So, Closure is Easy!  Classic Alice in Wonderland from LBG.  More like NBG. ...

surreysaver

ccdorset said:

I was hoping to open a current account with first direct, so I could grab the 2.75% Regular Saver incase it is closed to new applicants like M&S.
Not sure I'm going to make it in time! My existing Monthly Saver with Club Lloyds is at 2.5% but matures in January.

Didn't realise First Direct were accepting new customers again! 

JamesRobinson48

I have just noticed that the Stafford Railways BS Regular Saver appears to be open to all UK residents again, after having been restricted to local postcodes during most or all of 2020.  At only 1.00% variable (max £500pm, branch or postal), its terms are not particularly competitive. I mention it here only because the original imposition of postcode restrictions was also mentioned on this thread.

General_Grant

List 4 includes a Coventry BS variable rate regular saver and says if the rate is changed you can make a penalty-free withdrawal within 30 days of the notification of a rate reduction.  I could not see this in the online t&c for the account and, on the phone this morning, it was confirmed that if they reduced the rate (even to 0.001% - agreed very unlikely to be that drastic!) there would still be a 30-day interest penalty.  At least it would be at the rate prevailing at the date of requesting a withdrawal/closure.

Saver53

General_Grant said:

List 4 includes a Coventry BS variable rate regular saver and says if the rate is changed you can make a penalty-free withdrawal within 30 days of the notification of a rate reduction.  I could not see this in the online t&c for the account and, on the phone this morning, it was confirmed that if they reduced the rate (even to 0.001% - agreed very unlikely to be that drastic!) there would still be a 30-day interest penalty.  At least it would be at the rate prevailing at the date of requesting a withdrawal/closure.

But see page 33 of their general terms and conditions (https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/General-Investment-Terms-and-Conditions.pdf) which appear to say that notwithstanding the 30 day interest penalty provision (a "normal restriction"), if they reduce the interest rate you can close without penalty if you do so within 30 days of being notified of the rate change.

ccdorset

surreysaver said:

ccdorset said:

I was hoping to open a current account with first direct, so I could grab the 2.75% Regular Saver incase it is closed to new applicants like M&S.
Not sure I'm going to make it in time! My existing Monthly Saver with Club Lloyds is at 2.5% but matures in January.

Didn't realise First Direct were accepting new customers again! 

It was fairly recent that they started accepting new customers again, think around the beginning of October.

Pre-covid if you'd been a customer before you had to apply by telephone, but apparently previous customers (like myself) can apply online now which makes it easier at least!

surreysaver

ccdorset said:

surreysaver said:

ccdorset said:

I was hoping to open a current account with first direct, so I could grab the 2.75% Regular Saver incase it is closed to new applicants like M&S.
Not sure I'm going to make it in time! My existing Monthly Saver with Club Lloyds is at 2.5% but matures in January.

Didn't realise First Direct were accepting new customers again! 

It was fairly recent that they started accepting new customers again, think around the beginning of October.

Pre-covid if you'd been a customer before you had to apply by telephone, but apparently previous customers (like myself) can apply online now which makes it easier at least!

They're saying they want certified documents to prove identity. Seems a bit of a faff just to access their Regular Saver.
M&S and HSBC didn't want any of that nonsense. 

ccdorset

surreysaver said:

ccdorset said:

surreysaver said:

ccdorset said:

I was hoping to open a current account with first direct, so I could grab the 2.75% Regular Saver incase it is closed to new applicants like M&S.
Not sure I'm going to make it in time! My existing Monthly Saver with Club Lloyds is at 2.5% but matures in January.

Didn't realise First Direct were accepting new customers again! 

It was fairly recent that they started accepting new customers again, think around the beginning of October.

Pre-covid if you'd been a customer before you had to apply by telephone, but apparently previous customers (like myself) can apply online now which makes it easier at least!

They're saying they want certified documents to prove identity. Seems a bit of a faff just to access their Regular Saver.
M&S and HSBC didn't want any of that nonsense. 

Oh that's annoying. Yes I agree, it is a faff and of course there's no guarantee the Regular Saver would still be available by the time all that's done and the fd current account actually gets opened.

General_Grant

Saver53 said:

General_Grant said:

List 4 includes a Coventry BS variable rate regular saver and says if the rate is changed you can make a penalty-free withdrawal within 30 days of the notification of a rate reduction.  I could not see this in the online t&c for the account and, on the phone this morning, it was confirmed that if they reduced the rate (even to 0.001% - agreed very unlikely to be that drastic!) there would still be a 30-day interest penalty.  At least it would be at the rate prevailing at the date of requesting a withdrawal/closure.

But see page 33 of their general terms and conditions (https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/General-Investment-Terms-and-Conditions.pdf) which appear to say that notwithstanding the 30 day interest penalty provision (a "normal restriction"), if they reduce the interest rate you can close without penalty if you do so within 30 days of being notified of the rate change.

Thanks.  The link didn't work for me but the latest version (August 2020) on the Coventry website has the condition on page 34.