Regular Savings Accounts: The Best Currently Available List!

veryintrigued

cricidmuslibale said:

veryintrigued said:

Ecology Regular Savings account % drop

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• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

This is a classic example of why one needs to beware of Regular Savers paying a variable interest rate just above 1%! I almost applied for this account a few days ago before realising that it was very likely that the 1.1% interest rate would be reduced significantly at some point during the account's lifespan. Obviously I had no idea that it would be reduced as soon as 2 March though! I don't know about anyone else but for me any Regular Saver that pays less than 1% interest is not worthwhile because the discipline of making regular monthly payments over a 12 month period is not acknowledged i.e. rewarded sufficiently with at least a reasonable interest payment after 12 months. After all even the typically not very generous big banks such as HSBC, Lloyds, Halifax etc. pay a fixed interest rate of 1% (at the moment at least) on their standard Regular Savers!

And in reality:
The product is open ended so it was always certain the rate would have changed before it's 'life span' ended.

The rate was even better than the 1.1 even a few months ago if you'd have opened one then!

This account allows for two withdrawals per year. That means some of us are fortunate to be able to withdraw some and feed it into +1% accounts (other RS or closed instant access).

It's also an account with such flexibility that will allow me to tweak the payments down to a minimum in the hope that they improve at some point (or if 0.8 becomes the best rate around) I'll increase my monthly payment.

Oh and it also allows a couple of non payment months too.

Most of us on here are fortunate to have this account in addition to the ones you quote and are constantly teeming and ladelling bits and bobs across from account to account.

Having those accounts in the first place is the key IMO.

cricidmuslibale

veryintrigued said:

cricidmuslibale said:

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

This is a classic example of why one needs to beware of Regular Savers paying a variable interest rate just above 1%! I almost applied for this account a few days ago before realising that it was very likely that the 1.1% interest rate would be reduced significantly at some point during the account's lifespan. Obviously I had no idea that it would be reduced as soon as 2 March though! I don't know about anyone else but for me any Regular Saver that pays less than 1% interest is not worthwhile because the discipline of making regular monthly payments over a 12 month period is not acknowledged i.e. rewarded sufficiently with at least a reasonable interest payment after 12 months. After all even the typically not very generous big banks such as HSBC, Lloyds, Halifax etc. pay a fixed interest rate of 1% (at the moment at least) on their standard Regular Savers!

And in reality:
The product is open ended so it was always certain the rate would have changed before it's 'life span' ended.

The rate was even better than the 1.1 even a few months ago if you'd have opened one then!

This account allows for two withdrawals per year. That means some of us are fortunate to be able to withdraw some and feed it into +1% accounts (other RS or closed instant access).

It's also an account with such flexibility that will allow me to tweak the payments down to a minimum in the hope that they improve at some point (or if 0.8 becomes the best rate around) I'll increase my monthly payment.

Oh and it also allows a couple of non payment months too.

Most of us on here are fortunate to have this account in addition to the ones you quote and are constantly teeming and ladelling bits and bobs across from account to account.

Having those accounts in the first place is the key IMO.

I accept the vast majority of what you've posted above although I don't have anywhere near enough available income or savings at the moment to have more than a maximum of 6 Regular Savers if I'm going to fund them fully throughout their 12 month lifespan! I'm sure that there are others on this forum who like me are freelancers, have lost a lot of income due to COVID this year and haven't been eligible for any of the furlough money! When you can only fund a limited number of Regular Savers at any one time interest rates of less than 1% are simply not high enough to justify the regular savings discipline involved in these accounts!

Rich2808

cricidmuslibale said:

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

This is a classic example of why one needs to beware of Regular Savers paying a variable interest rate just above 1%! I almost applied for this account a few days ago before realising that it was very likely that the 1.1% interest rate would be reduced significantly at some point during the account's lifespan. Obviously I had no idea that it would be reduced as soon as 2 March though! I don't know about anyone else but for me any Regular Saver that pays less than 1% interest is not worthwhile because the discipline of making regular monthly payments over a 12 month period is not acknowledged i.e. rewarded sufficiently with at least a reasonable interest payment after 12 months. After all even the typically not very generous big banks such as HSBC, Lloyds, Halifax etc. pay a fixed interest rate of 1% (at the moment at least) on their standard Regular Savers!

The ecology regular saver is operated by direct debit - so a useful source if you need extra DDs for current account interest or cashback incentives. That may make it useful for some despite the lower rate. And you are also helping them to help save the planet - although they do send out lots of paperwork including paying in slips if I recollect from when I opened it!

cricidmuslibale

Rich2808 said:

cricidmuslibale said:

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

This is a classic example of why one needs to beware of Regular Savers paying a variable interest rate just above 1%! I almost applied for this account a few days ago before realising that it was very likely that the 1.1% interest rate would be reduced significantly at some point during the account's lifespan. Obviously I had no idea that it would be reduced as soon as 2 March though! I don't know about anyone else but for me any Regular Saver that pays less than 1% interest is not worthwhile because the discipline of making regular monthly payments over a 12 month period is not acknowledged i.e. rewarded sufficiently with at least a reasonable interest payment after 12 months. After all even the typically not very generous big banks such as HSBC, Lloyds, Halifax etc. pay a fixed interest rate of 1% (at the moment at least) on their standard Regular Savers!

The ecology regular saver is operated by direct debit - so a useful source if you need extra DDs for current account interest or cashback incentives. That may make it useful for some despite the lower rate. And you are also helping them to help save the planet - although they do send out lots of paperwork including paying in slips if I recollect from when I opened it!

Yes I completely accept that Ecology are a 'green' business and therefore worthy of support if one can afford to do so. In normal earning times for me I would look to save with them if at all possible and I do like the direct debit feature of their Regular Saver for exactly the reasons you state above. In fact I've recently opened a 'green' savings account although not a regular savings one, Saffron Building Society's Enviro Saver Issue 1, just a few days before they withdrew it from sale. At the moment though, with much reduced earnings and only limited available savings, the few Regular Savers I'm able to contribute regularly to need to pay interest of 1% minimum for it to be worthwhile for me.

quirkydeptless

Rich2808 said:

cricidmuslibale said:

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

This is a classic example of why one needs to beware of Regular Savers paying a variable interest rate just above 1%! I almost applied for this account a few days ago before realising that it was very likely that the 1.1% interest rate would be reduced significantly at some point during the account's lifespan. Obviously I had no idea that it would be reduced as soon as 2 March though! I don't know about anyone else but for me any Regular Saver that pays less than 1% interest is not worthwhile because the discipline of making regular monthly payments over a 12 month period is not acknowledged i.e. rewarded sufficiently with at least a reasonable interest payment after 12 months. After all even the typically not very generous big banks such as HSBC, Lloyds, Halifax etc. pay a fixed interest rate of 1% (at the moment at least) on their standard Regular Savers!

The ecology regular saver is operated by direct debit - so a useful source if you need extra DDs for current account interest or cashback incentives. That may make it useful for some despite the lower rate. And you are also helping them to help save the planet - although they do send out lots of paperwork including paying in slips if I recollect from when I opened it!

I was using it for a DD which I don't really need anymore, and the interest rate at 1.1% on just £25 a month wasn't bad. But I'm contemplating winding down my RS that are below 1.5%, so this is even more of a reason to drop this one 

couriervanman

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

Yet the old regular saver along with all other withdrawn accounts pay 1%......fair play to them most other B/S would have all withdrawn accounts paying close to 0%

pafpcg

j.p said:

veryintrigued said:

Ecology Regular Savings account % drop

---

• Rate until 2 March 2021 (% gross p.a.*/ AER**): 1.10
• Rate from 2 March 2021 (% gross p.a.*/ AER**): 0.80
• Change (%): -0.30

Strictly speaking it can't be "until" and "from" the 2nd of March simultaneously. The 2nd of March is either in or out.

Not necessarily.  It implies that on the 2nd of March, no interest will be paid!

SFindlay

veryintrigued said:

Principality RS issue 21 instructions

These have have been received by post and need to be sent back by post (without an envelope supplied).

Has anyone any experience of using their online 'Your savings maturity enquiry' form to communicate their wishes? I'll be requesting a Full Closure but I don't want to cause them unnecessary work.

As of today my account has the tab to give online instructions (mine matures 25th) so you should have that feature soon if not already there. 

finance4all

Anyone having the same problem with Coventry when trying to open RS?

Page unavailable
We're sorry, this page is temporarily unavailable. You can contact our Customer Service Centre on 0800 121 8899, Monday to Friday 8am-7pm and Saturday 9am-2pm. We are currently closed on Sundays and bank holidays.
Alternatively, our 24 hour self-service telephone option is available 24 hours a day, 365 days a year, you will need your telephone PIN to access this service.

Gers

finance4all said:

Anyone having the same problem with Coventry when trying to open RS?

Page unavailable
We're sorry, this page is temporarily unavailable. You can contact our Customer Service Centre on 0800 121 8899, Monday to Friday 8am-7pm and Saturday 9am-2pm. We are currently closed on Sundays and bank holidays.
Alternatively, our 24 hour self-service telephone option is available 24 hours a day, 365 days a year, you will need your telephone PIN to access this service.

 I had a slight problem logging on today but got in second time.