Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread.

- Added a note to the M&S Monthly Saver account to show that new applications can only be made until this Thursday

- Added the Bath BS 16-25 Regular Saver account to the list of accounts that can continue beyond 12 months; it pays 4% variable on £10-50 per month for people aged 16-25 who live, work or study in Bath and continues until the age of 26

I am aware from the comments that I can see since the last update that somebody does not think an account paying 2.75% fixed on £250 per month is worthwhile whilst somebody else really values an account paying 1.1% variable on £1,000 per month. At the moment, there are a lot of accounts on this thread with the current criteria I have set of paying at least 1% fixed or 1.5% variable. I review those thresholds regularly, but for anybody who is interested in more accounts that are below those thresholds, you can look at the information sources that I have quoted in post 1 of this thread for tables from financial websites with links to more options. I also do not mind if people post new accounts to this thread that do not meet the criteria. I hope you can understand that given the amount of time it takes to keep this thread up to date that I have to set some thresholds for the accounts that I include.

I will do the next update next weekend.

SS2

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

veryintrigued

Special_Saver2 said:

Hi Folks,

Here is this weekend's update to this thread.

- Added a note to the M&S Monthly Saver account to show that new applications can only be made until this Thursday

- Added the Bath BS 16-25 Regular Saver account to the list of accounts that can continue beyond 12 months; it pays 4% variable on £10-50 per month for people aged 16-25 who live, work or study in Bath and continues until the age of 26

I am aware from the comments that I can see since the last update that somebody does not think an account paying 2.75% fixed on £250 per month is worthwhile whilst somebody else really values an account paying 1.1% variable on £1,000 per month. At the moment, there are a lot of accounts on this thread with the current criteria I have set of paying at least 1% fixed or 1.5% variable. I review those thresholds regularly, but for anybody who is interested in more accounts that are below those thresholds, you can look at the information sources that I have quoted in post 1 of this thread for tables from financial websites with links to more options. I also do not mind if people post new accounts to this thread that do not meet the criteria. I hope you can understand that given the amount of time it takes to keep this thread up to date that I have to set some thresholds for the accounts that I include.

I will do the next update next weekend.

SS2

---

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

Huge credit and thanks as always SS.

The amount of work you consistently put into this thread is incredible.

If the small number of people criticising put in 1% (see what I did there?) of your effort into the research and being positive and not squabbling on here we'd have any even better (than the excellent) thread we have.

Thank you again

NottinghamKnight

veryintrigued said:

Special_Saver2 said:

Hi Folks,

Here is this weekend's update to this thread.

- Added a note to the M&S Monthly Saver account to show that new applications can only be made until this Thursday

- Added the Bath BS 16-25 Regular Saver account to the list of accounts that can continue beyond 12 months; it pays 4% variable on £10-50 per month for people aged 16-25 who live, work or study in Bath and continues until the age of 26

I am aware from the comments that I can see since the last update that somebody does not think an account paying 2.75% fixed on £250 per month is worthwhile whilst somebody else really values an account paying 1.1% variable on £1,000 per month. At the moment, there are a lot of accounts on this thread with the current criteria I have set of paying at least 1% fixed or 1.5% variable. I review those thresholds regularly, but for anybody who is interested in more accounts that are below those thresholds, you can look at the information sources that I have quoted in post 1 of this thread for tables from financial websites with links to more options. I also do not mind if people post new accounts to this thread that do not meet the criteria. I hope you can understand that given the amount of time it takes to keep this thread up to date that I have to set some thresholds for the accounts that I include.

I will do the next update next weekend.

SS2

---

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

Huge credit and thanks as always SS.

The amount of work you consistently put into this thread is incredible.

If the small number of people criticising put in 1% (see what I did there?) of your effort into the research and being positive and not squabbling on here we'd have any even better (than the excellent) thread we have.

Thank you again

Very much agree, though if they are putting in at least 2.75% as much effort it may be fine...

lightbulb2760

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).

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.