Regular Savings Accounts: The Best Currently Available List!

P3

Remember to pay in at least £1 every month.

Make you wonder why they don't increase it to £1000, save all the paperwork and manpower 

How did you come across to this information? Did the staff ask you if u want to open more than 1????

creditavenger

P3 said:

How did you come across to this information? Did the staff ask you if u want to open more than 1????

I was actually looking at the Furness site trying to check the current rate for our 1 Yr RS issue 2 accounts and spotted there was a new issue 4 available.  Then I saw the no restrictions clause as I was checking out the T+Cs and rang with the intention of opening a bunch of them.

wiseonesomeofthetime

Pity it's a variable rate though.


That said, it could always go UP 😁

creditavenger

wiseonesomeofthetime said:

Pity it's a variable rate though.


That said, it could always go UP 😁

Hehehe - yeah right! 

To be fair to the  Furness though, they didn't renege on the 2.5% (IIRC) rate of the variable RS iss2 during the term in the face of falling rates generally. Then even more generously they allowed renewal of these iss2 accounts for a further year, at an astonishing (compared to some) 1.6%. They even allowed the accounts capital sum and accrued interest to be carried forward at this rate too along with the new year's contributions. That rate is still 1.6% currently afaik.

Obviously their rates will plummet  now I've said all that

cricidmuslibale

creditavenger said:

wiseonesomeofthetime said:

Pity it's a variable rate though.


That said, it could always go UP 😁

Hehehe - yeah right! 

To be fair to the  Furness though, they didn't renege on the 2.5% (IIRC) rate of the variable RS iss2 during the term in the face of falling rates generally. Then even more generously they allowed renewal of these iss2 accounts for a further year, at an astonishing (compared to some) 1.6%. They even allowed the accounts capital sum and accrued interest to be carried forward at this rate too along with the new year's contributions. That rate is still 1.6% currently.

Obviously their rates will plummet  now I've said all that

Clearly then Furness is one of the sizeable minority of building societies - e.g. Principality and now Yorkshire are two others that fall into this category - that really do value their savers and treat them as reasonably as they possibly can in these very low interest rate times - I'm taking into account more factors than just the interest rate being offered on savings products when I say this! Unfortunately it appears that at present for the narrow majority of building societies (and for a larger majority of banks), (adult) savers are considerably less of a priority than perhaps they should be and, in some cases (e.g. Coventry), than they used to be not that long ago when, just perhaps, these particular building societies were run in a less 'ruthlessly efficient' manner (e.g. putting the maximising of short-term profits for shareholders as the no.1 priority above everything else).

Naturally I understand that I may be being a little bit too forthright for some folk in putting this point of view across but clearly at least some things have changed fundamentally at management level fairly recently within building societies that not long ago seemed to be on the side of savers, within reason of course, but in recent times appear to care considerably less about them than they used to. I really do find it hard to believe that the long-term low or very low Bank of England base rate plus the cumulative effect of quantitative easing are solely to blame for this btw or indeed that these factors should be used as an excuse for notably 'less generous' (in recent times) savings providers to hide behind.

P.S. This post obviously focuses on a broader subject than merely the best available regular savings accounts; one of the main reasons why I've written it on this particular thread is because I see the approach of both building societies and banks to regular savings accounts, which usually offer the highest rates of interest across their entire savings account range, as a good indication of how much they tend to value their savers as a whole. Clearly some building societies and banks do not presently offer any regular savings accounts so it would obviously be both completely inappropriate and totally unfair to assess their current treatment of their savers, whether this be good, bad or indifferent, on this basis!

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread.

- Furness BS 1 Year Regular Saver account added to post 4 (12 month accounts) paying 1% variable on up to £1,000 per month (assuming you open the maximum 4 accounts)

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

redagila

I have been trying to open the TSB Monthly Saver online  but cannot achieve it. Although I have been  clicking on the link to do it, the next page only gives the option of their e-Savings account. I phoned & was told it is still available but they cannot open from the phone call so my only option is a branch visit but that would mean me having to drive to another town which isn't really covered by the current corona rules. Any ideas please to avoid the visit? 

RG2015

redagila said:

I have been trying to open the TSB Monthly Saver online  but cannot achieve it. Although I have been  clicking on the link to do it, the next page only gives the option of their e-Savings account. I phoned & was told it is still available but they cannot open from the phone call so my only option is a branch visit but that would mean me having to drive to another town which isn't really covered by the current corona rules. Any ideas please to avoid the visit? 

I already have one but when logged in to TSB, I clicked through and got to the account which said (as expected) that I was ineligible.

I cannot think why you cannot access the page and the only suggestion is to clear your cookies and/or try a different browser.

Chrisv

I can also click through successfully redagila, does this link work when you are logged into your TSB account?
https://internetbanking.tsb.co.uk/personal/a/apply-savings/#/auth_apply_savings/auth_monthlysaverver/savings-product

infoadict

Furness 1 Year Regular Saver - i can confirm that  4 is the maximum. They require separate applications for each account and separate cheques, posted with the applications. At present they are accepting non certified photocopies of List1 documents and will return any originals documents sent. Naturally, don't send original passport, driving licence etc.