Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

JamesRobinson48 said:

cricidmuslibale said:

do you think that we are about to reach the low point for regular savings interest rates or, worse still, are these interest rates likely to slide further downwards

With gilt yields currently negative out to 5 years, and a flood of cash leaving NS&I lately, retail deposit rates can only expect to remain under sustained downward pressure in the near term. For retail financial institutions, IMHO the primary commercial purpose of an RS remains to attract or retain customers (who might also buy other financial products) for a low £ cost despite an attractive headline % rate. You will have noticed that on the new Principality RS 24 it's impossible to earn even as much as £20 interest. My personal hunch is that for RS the line will hold at 1% for now, by and large. However the cost could be curtailed in many other ways as we're already seeing, e.g.: new issues are more likely to be variable rate than fixed; tenors might more often be capped at one year; maximum monthly contributions may trend downwards; new RS issues might get pulled more quickly; and (for local/regional building societies) postcode restrictions could become more common.

Thank you very much for such a detailed response! - Lots of food for thought here! In my case, I've decided to draw the bottom line at interest rates of 1.2% variable and 1% fixed as I'm simply not at all happy about depositing my cash savings (which have taken years and years to build up) into regular savings accounts that offer lower returns than this! In particular because the conditions attached to most regular savers include making a minimum monthly payment and no withdrawals allowed except for closure of the account. If the interest rates on generally available regular savers all drop below 1.2% variable and 1% fixed then I will have to look elsewhere to find a reasonable home for any available cash savings I then have, and I know all too well that will not be at all easy!

happybagger

Swansea BS Regular Saver withdrawn, now in the Closed Issue list

colsten

@Special_Saver2 This, from your first post on page 1, doesn’t work any longer in the new forum software.

liamcov

Halifax/BOS regular savers

I have a letter from Halifax saying they will auto renew mine (at the new 1% rate), I just want the account as backup in case rates go further down - is there a minimum amount that needs to be paid in each month? Their website states 'The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.' so seems it must be at least £25 a month?

Although I haven't received a letter yet from BOS I am assuming they will do the same (auto renew) and whatever the answer to the above will be the case for this too?

veryintrigued

liamcov said:

Halifax/BOS regular savers

I have a letter from Halifax saying they will auto renew mine (at the new 1% rate), I just want the account as backup in case rates go further down - is there a minimum amount that needs to be paid in each month? Their website states 'The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.' so seems it must be at least £25 a month?

Although I haven't received a letter yet from BOS I am assuming they will do the same (auto renew) and whatever the answer to the above will be the case for this too?

It's £0, thanks @10_66 and note that the Halifax RS and BOS RS T&C aren't exactly the same.

E.g. Halifax doesn't allow withdrawals.

Pkman

My plan is when it expire, close it and open a new one at 1% when you want

10_66

veryintrigued said:

liamcov said:

Halifax/BOS regular savers

I have a letter from Halifax saying they will auto renew mine (at the new 1% rate), I just want the account as backup in case rates go further down - is there a minimum amount that needs to be paid in each month? Their website states 'The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.' so seems it must be at least £25 a month?

Although I haven't received a letter yet from BOS I am assuming they will do the same (auto renew) and whatever the answer to the above will be the case for this too?

It's £25 but note that the Halifax RS and BOS RS T&C aren't exactly the same.

E.g. Halifax doesn't allow withdrawals.

The following is from Halifax's terms and conditions for their regular saver:

"You don’t have to pay in every month, and you can change the amount you save each month at any time"

Speculator

Just realised that I've not yet opened a Coventry RS issue 4 paying 1.3%.
I am sure it's allowed but is anyone holding  issue 3 and 4 at the same time? Thanks.

wiseonesomeofthetime

Speculator said:

Just realised that I've not yet opened a Coventry RS issue 4 paying 1.3%.
I am sure it's allowed but is anyone holding  issue 3 and 4 at the same time? Thanks.

It is not allowed and specifically mentioned in T&C that you can only hold one RS at a time.

That said, I held 2 and 3, until matured this month. No issues.

castle96

I have 1 x Iss 2 and 2 x Iss 3