Regular Savings Accounts: The Best Currently Available List!

happybagger

Bucks BS Regular Saver Locals has been pulled and is now in the closed issue list 
(soon after announcing a drop to 1%)

Standard Regular Saver still available

Speculator

veryintrigued said:

Speculator said:

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

....so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

This is very innovative and not an approach I'd considered.

Unfortunately (or fortunately) mine will be for a five figure sum so would involve multiple banks (Halifax is £2k daily limit) over multiple days.

Definitely one I'll try and remember for the future though so thank you.

For anyone else wondering what your cheque payment limit it here you go:

https://forums.moneysavingexpert.com/discussion/comment/77837821#Comment_77837821

Isn't the Halifax £2000 daily limit per account?
I recently deposited via App a total of £2600 (£1300 per account) into two Kids Saver accounts.
I have 3 x Halifax and 2 x BOS current accounts so can easily pay in the £5000 in one day.

veryintrigued

Speculator said:

veryintrigued said:

Speculator said:

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

....so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

This is very innovative and not an approach I'd considered.

Unfortunately (or fortunately) mine will be for a five figure sum so would involve multiple banks (Halifax is £2k daily limit) over multiple days.

Definitely one I'll try and remember for the future though so thank you.

For anyone else wondering what your cheque payment limit it here you go:

https://forums.moneysavingexpert.com/discussion/comment/77837821#Comment_77837821

Isn't the Halifax £2000 daily limit per account?
I recently deposited via App a total of £2600 (£1300 per account) into two Kids Saver accounts.
I have 3 x Halifax and 2 x BOS current accounts so can easily pay in the £5000 in one day.

Absolutely it's £2k per account. That's what I meant. I'll update my reply to make that clear.

I only have one HF C/A too.

Special_Saver2

Hi Everybody,

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. 

Here are the changes for this thread this week.

• Bucks BS Regular Saver Locals account withdrawn

• Swansea BS Regular Saver account withdrawn

• Principality BS Thank You Saver account entry updated to show there are now two separate accounts (one branch version and one online only version) with different version numbers

The Bath BS 16-23 Regular Saver is already listed in post 3 on page 1.

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

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.