Regular Savings Accounts: The Best Currently Available List!

MDMD

jimbow25 said:

cricidmuslibale said:

I suppose one could make a case for a source of Regular Savers that are no longer available if for no other reason to highlight how, not all that long ago, many of these accounts were offering very attractive interest rates that were considerably higher than the other interest rates 'surrounding them' (i.e. most if not all of the other interest rates offered by the same savings provider that was probably using its Regular Saver to attract the 'right' new customers in the hope of selling to them lucrative products such as credit cards and/or mortgages.) In the last few months, sadly, the vast majority of Regular Savers are being offered at interest rates of only c.0.5% higher than other savings products by the same savings provider which suggests that on the whole banks and building societies are, let's say, not as keen to use a Regular Saver as means of enticing the 'right people' as they used to be!

(There are of course exceptions to this; e.g. the Virgin Home Coach regular saver at 1.75% which requires use of an app and is deliberately targeted at potential homebuyers rather than the broader regular saver market.)

i would say that trend has followed the downward trend of interest rates right back to 2007/8. Prior to that not only were rates a lot higher but banks were doing well so could fritter away more money on loss-leading products like regular savers to win new business. At one point a lot of banks offered 8 and 10% accounts which in terms of interest (whether vs base rates or mortgage rates) was a lot more generous even with a higher bank base rate.
For the same reason current account switching incentives have been quiet over the last year.

I am probably giving up on the first direct regular saver this year after about 5 years with it, even though it is my main current account. Partly as I might need the money over the next year, but there are equally good choices around that don't have a penalty for withdrawals... and £19.47 interest for saving £300 per month is nothing much to get excited about in my opinion.

To see how thing were back in 2007/08, I just took a look at one of the old versions of this thread, there was someone with 29 accounts, all paying 6%, 7% or 8%....

https://forums.moneysavingexpert.com/discussion/comment/6955845/#Comment_6955845

i have just posted off my Mon BS passbook to close, I only paid the minimum for most of the year then started paying in the £1,000 in December so the interest I’ll get if I kept going to March is around £6. The money would be better served as a pension payment.

couriervanman

MDMD said:

jimbow25 said:

cricidmuslibale said:

I suppose one could make a case for a source of Regular Savers that are no longer available if for no other reason to highlight how, not all that long ago, many of these accounts were offering very attractive interest rates that were considerably higher than the other interest rates 'surrounding them' (i.e. most if not all of the other interest rates offered by the same savings provider that was probably using its Regular Saver to attract the 'right' new customers in the hope of selling to them lucrative products such as credit cards and/or mortgages.) In the last few months, sadly, the vast majority of Regular Savers are being offered at interest rates of only c.0.5% higher than other savings products by the same savings provider which suggests that on the whole banks and building societies are, let's say, not as keen to use a Regular Saver as means of enticing the 'right people' as they used to be!

(There are of course exceptions to this; e.g. the Virgin Home Coach regular saver at 1.75% which requires use of an app and is deliberately targeted at potential homebuyers rather than the broader regular saver market.)

i would say that trend has followed the downward trend of interest rates right back to 2007/8. Prior to that not only were rates a lot higher but banks were doing well so could fritter away more money on loss-leading products like regular savers to win new business. At one point a lot of banks offered 8 and 10% accounts which in terms of interest (whether vs base rates or mortgage rates) was a lot more generous even with a higher bank base rate.
For the same reason current account switching incentives have been quiet over the last year.

I am probably giving up on the first direct regular saver this year after about 5 years with it, even though it is my main current account. Partly as I might need the money over the next year, but there are equally good choices around that don't have a penalty for withdrawals... and £19.47 interest for saving £300 per month is nothing much to get excited about in my opinion.

To see how thing were back in 2007/08, I just took a look at one of the old versions of this thread, there was someone with 29 accounts, all paying 6%, 7% or 8%....

https://forums.moneysavingexpert.com/discussion/comment/6955845/#Comment_6955845

i have just posted off my Mon BS passbook to close, I only paid the minimum for most of the year then started paying in the £1,000 in December so the interest I’ll get if I kept going to March is around £6. The money would be better served as a pension payment.

Anybody care to have a stab when rates will be back to those levels

polymaff

couriervanman said:

To see how thing were back in 2007/08, I just took a look at one of the old versions of this thread, there was someone with 29 accounts, all paying 6%, 7% or 8%....
Anybody care to have a stab when rates will be back to those levels

Halifax 12%, HSBC 10% at that time.  RPI below 5%.

My crystal ball's on the blink...;)

liamcov

Does anyone know if monthly deposits are necessary / the minimum amount for the below accounts?

Principality Regular Saver Bond issue 23 (1.25%)
Tipton Fixed Rate Regular Saver - App (1.35%)

I can't find the details for these now unavailable to open accounts.

Rich2808

Appears that from 31 March all Monmouthshire BS saver plus accounts (paying 0.2% variable plus a 1% conditional fixed bonus if you meet the terms annually) are being closed and being transferred into an instant access 'Escalator' account paying 0.25% on balances below £5,000 (rising to 0.45% above £25k). 
Not sure if this will also affect their Christmas regular saver.
Not necessarily a best buy but may be of interest. They are still selling their 1% fixed RS product - so its seemingly not an indication they are moving out of offering the regular saver product generally.

kaMelo

liamcov said:

Does anyone know if monthly deposits are necessary / the minimum amount for the below accounts?

Principality Regular Saver Bond issue 23 (1.25%)
Tipton Fixed Rate Regular Saver - App (1.35%)

I can't find the details for these now unavailable to open accounts.

The Principality RS issue 23 has no requirements to deposit each and every month. The only condition is that the opening depostit must be at least £20
Tipton I don't know about.

Rich2808

kaMelo said:

liamcov said:

Does anyone know if monthly deposits are necessary / the minimum amount for the below accounts?

Principality Regular Saver Bond issue 23 (1.25%)
Tipton Fixed Rate Regular Saver - App (1.35%)

I can't find the details for these now unavailable to open accounts.

The Principality RS issue 23 has no requirements to deposit each and every month. The only condition is that the opening depostit must be at least £20
Tipton I don't know about.

Pretty certain the terms are the same as the current locals only Tipton RS - no requirement to make a monthly payment each month but no withdrawals allowed until maturity.

https://www.thetipton.co.uk/our-savings/savings-accounts/regular-savings/regular-saver/

Kostas

I have opened an account with Smartsave having seen the latest recommendation on martins money tips
When I asked my bank to transfer money into the account I was advised that there was an adverse comment on the fscs website and they were a clone of another company and may not have the fscs £85000 compensation scheme
So I have not transfered the money
I would appreciate any comments regarding this and how do I find out if this Bank is safe to put money into?

glider3560

Kostas said:

I have opened an account with Smartsave having seen the latest recommendation on martins money tips
When I asked my bank to transfer money into the account I was advised that there was an adverse comment on the fscs website and they were a clone of another company and may not have the fscs £85000 compensation scheme
So I have not transfered the money
I would appreciate any comments regarding this and how do I find out if this Bank is safe to put money into?

This thread is about Regular Saver accounts.  You'll get a better response by opening your own thread.

Pkman

Don't know if anyone mention it already, Dudley postal RS no longer on their website.

But the online version is still there