Regular Savings Accounts: The Best Currently Available List!

adindas

Loughborough BS Flexible Saver.The interest has dropped to 1.1%

Could I close these

Loughborough Flexible Monthly Saver

Loughborough Save to buy

And I will get interest up to the closing date without interest penalty? Thx

SFindlay

adindas said:

Loughborough BS Flexible Saver.The interest has dropped to 1.1%

Could I close these

Loughborough Flexible Monthly Saver

Loughborough Save to buy

And I will get interest up to the closing date without interest penalty? Thx

USUALLY but not always if there is a reduction institution's will give you a set period of time to close accounts and get interest without penalty however you will need to check the T&C you agreed to upon opening the account. If you haven't saved a copy give them a message or call to get a copy sent to you. 

Descrabled

Loughborough

I am confused by adindas' query above.  Is the flexible monthly saver (ex RS4) reducing rate below 1.1%? Similarly is Flexible Save to Buy reducing its rate from 1.5%? I have heard nothing from LBS and their December 2020 interest rate pdf shows no rate reduction.

The rate reductions in September 2020 allowed customers to withdraw funds without penalty, but only for 1 month from the date of the rate change, i.e. 24 October for Save to Buy. After that date customers became bound by the (new) conditions. So, up to that date, we could have had repayment through faster payments without paying the fee.

Note that both accounts are closed issues and no longer on sale.

Big_W

adindas said:
Loughborough BS Flexible Saver.The interest has dropped to 1.1%

Could I close these

Loughborough Flexible Monthly Saver

Loughborough Save to buy

And I will get interest up to the closing date without interest penalty? Thx

Loughborough revised their regular savers in September. Save to Buy is now Flexible Save to Buy and existing Save to Buy accounts were converted to the new ones - with interest paid back in September and all accounts having a new September anniversary date and new Ts & Cs.  Guess you missed some mail somewhere!

With both Flexible Monthly Saver and Flexible Save to Buy you have 3 penalty-free withdrawals (including closure) per year. So you could close without penalty if you haven't used up your 3 withdrawals since the new September anniversary date. Or keep them open and just withdraw.

But 1.1% and 1.5% (Flexible Save to Buy) are pretty good rates in these dire times!  I have both these accounts. 

  

expat_Pete

I have a Coventry BS Regular Saver 2 maturing next week and would like to open the follow on Regular Saver 4 for which today's rate is 1.3%. However I have just been notified by text from Coventry of a 0.65% rate reduction (and condition variations) on 10 February for their Double Access Saver so I'm wary that the Reg Saver will reduce also. Has anybody any knowledge of forthcoming rate reduction on the Reg Saver 4? If that too goes down to 0.55% or less I might as well stuff the dosh into their Easy Access (Online) which I also have.

Big_W

Descrabled said:

Loughborough

I am confused by adindas' query above.  Is the flexible monthly saver (ex RS4) reducing rate below 1.1%? Similarly is Flexible Save to Buy reducing its rate from 1.5%? I have heard nothing from LBS and their December 2020 interest rate pdf shows no rate reduction.

The rate reductions in September 2020 allowed customers to withdraw funds without penalty, but only for 1 month from the date of the rate change, i.e. 24 October for Save to Buy. After that date customers became bound by the (new) conditions. So, up to that date, we could have had repayment through faster payments without paying the fee.

Note that both accounts are closed issues and no longer on sale.

I think Adindas is reacting to the September changes. I've also had no recent news from LBS.  Note, even after 1 month after the rate changes,  the new Ts & Cs allow more penalty-free withdrawals than before.

Descrabled

Loughborough

Thanks Big_W.

Your answer is more comprehensive than mine tr Adindas' query.

I too have retained both accounts as they give reasonable interest rates and 3 withdrawal per year without penalty.

SFindlay

expat_Pete said:

I have a Coventry BS Regular Saver 2 maturing next week and would like to open the follow on Regular Saver 4 for which today's rate is 1.3%. However I have just been notified by text from Coventry of a 0.65% rate reduction (and condition variations) on 10 February for their Double Access Saver so I'm wary that the Reg Saver will reduce also. Has anybody any knowledge of forthcoming rate reduction on the Reg Saver 4? If that too goes down to 0.55% or less I might as well stuff the dosh into their Easy Access (Online) which I also have.

Just open RS 4 now incase it is pulled and replaced by a lower paying version 5, even if you wait to fund it till next week if  end to If you search through the thread you will see people hold multiple issues without a problem.

wiseonesomeofthetime

@expat_Pete
Nothing received or heard yet about any reductions in rates on Coventry's RS rates yet.

As you know though, they are no averse to reducing them as the 2.5% reduced to 1.85%. The one you have maturing soon, I believe.

Usa2019

I have the following 1% RS, does anyone know if it let you skip monthly payment. I have only deposit when I first opened the account in Nov and missed putting money in in December. Don't want to put money in now if they will not give out interest cos I broken t&c.

Virgin Money Regular E-saver issue 17
Virgin Money Regular E-saver issue 19
Monmouthshire BS Regular Saver Bond (Issue 5)
Monmouthshire BS Christmas Saver Bond Issue 3