Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread.

Many thanks to all the people who contributed useful posts on regular savings account changes on this thread. For anybody who wants information on regular saver accounts that do not meet the criteria for inclusion on this thread, they are welcome to use the links in my introductory posts to some comparison website pages that have even more accounts.

Here are the changes for this thread this week.

• Bucks BS Regular Saver Locals interest rate dropping from 1.2% to 1% from 1st February

• Virgin Money Home Buying Coach Regular Saver issue 2 replaced with issue 3 still paying 1.75% on up to £250 per month, now expiring 20th February 2022 (issue 2 expires 20th December 2021) but you can only hold one of these accounts (not one account per issue) – like all the other entries on page 1 of this thread, the title includes a link that takes you to the right website page as I understand it is difficult to find on their website

• Monmouthshire BS Christmas Saver withdrawn

• Principality BS Thank You Saver interest rate reduced from 1.65% to 1.4%

• Principality BS 1 Year Regular Saver issue 23 replaced with issue 24 paying 1% on up to £250 for 1 year

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

cricidmuslibale

With the recent release of Principality's Regular Saver Bond Issue 24 we now have yet another regular savings account offering 1% interest for 1 year!  A quick trawl through all the regular savers currently listed on Moneyfacts clearly shows that 1% for 1 year is now by far the most common return available and, for me at least, the concerning thing is that nearly all generally available (i.e. those not with restricted access) regular savers will soon be offering at most a return of 1% for 1 year and in some cases considerably less than this!  Am I right to be concerned about this, and 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 towards 0.5% for 1 year or, heaven forbid, even lower than this!?  

P3

I certainly believe 1% are now the norm for RS.
Pretty much all the best RS bank who were offering 2%+ before are now only offering 1%.
I got the list written down. if(hopefully never)/when my easy access drop below 1%, I will open them
FD, HALIFAX, BOS, HSBC, TSB, LLOYDS, NATIONWIDE. 

veryintrigued

Special_Saver2 said:

Hi Folks,

Here is this weekend's update to this thread.

Many thanks to all the people who contributed useful posts on regular savings account changes on this thread. For anybody who wants information on regular saver accounts that do not meet the criteria for inclusion on this thread, they are welcome to use the links in my introductory posts to some comparison website pages that have even more accounts.

Here are the changes for this thread this week.

• Bucks BS Regular Saver Locals interest rate dropping from 1.2% to 1% from 1st February

• Virgin Money Home Buying Coach Regular Saver issue 2 replaced with issue 3 still paying 1.75% on up to £250 per month, now expiring 20th February 2022 (issue 2 expires 20th December 2021) but you can only hold one of these accounts (not one account per issue) – like all the other entries on page 1 of this thread, the title includes a link that takes you to the right website page as I understand it is difficult to find on their website

• Monmouthshire BS Christmas Saver withdrawn

• Principality BS Thank You Saver interest rate reduced from 1.65% to 1.4%

• Principality BS 1 Year Regular Saver issue 23 replaced with issue 24 paying 1% on up to £250 for 1 year

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

Hi SS2 

I think:

The Principality Thank You are two new RS accounts (ver 2 & 3) both with a postcode restriction.

With the original rate on ver 1 remaining the same as previously (but withdrawn).

Thanks for your hard work and patience with this thread.

I can't tell you how much I appreciate it.

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