Regular Savings Accounts: The Best Currently Available List!

SFindlay

wiseonesomeofthetime said:

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread......

I can see that the Dudley Regular Saver Online account has been mentioned in the discussion posts since my last post, but it is not good enough to meet the criteria for inclusion on this list.

And yet is the same as the Furness BS RS mentioned in page one!

Although it shouldn't have to be explained every time SS2 decides what does and doesn't make the list it's pretty clear why the Furness BS makes it and Dudley doesn't if you read the thread!! 
Between people moaning their suggestions aren't added when they clearly don't fit the criterea and the others that are running to the providers to close loopholes this thread is going to end up disappearing which is a shame considering all the hard work SS2 puts into it and contributions from genuine people trying to help others!! 

veryintrigued

wiseonesomeofthetime said:

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread......

I can see that the Dudley Regular Saver Online account has been mentioned in the discussion posts since my last post, but it is not good enough to meet the criteria for inclusion on this list.

And yet is the same as the Furness BS RS mentioned in page one!

We'll put this post down to the user living up to their name and it taking place in a non wise period.

Let's move on...

schiff

Thought I'd got my Coventry RS letter today, but it turned out to be about the AGM. Still waiting. Hope they sort me out before April 1st!

wiseonesomeofthetime

lhsecons said:

If you care to read the introduction to the thread you will see exactly why this is!!
My thanks once again to Special Saver2 for the work he does on this.

🤦‍♂️
Noted. Big own goal there.

Apologies @Special_Saver2. I did not read the introduction.

Thank you for the great work you do on this thread.

cosh25

Halifax, BOS and Lloyds regular savers now down to 0.75% for new accounts opened from today. Club Lloyds reg saver now at 1%.

surreysaver

cosh25 said:

Halifax, BOS and Lloyds regular savers now down to 0.75% for new accounts opened from today. Club Lloyds reg saver now at 1%.

Not worth renewing those next month, then. My offset mortgage pays me 0.85% tax-free!

Gers

cosh25 said:

Halifax, BOS and Lloyds regular savers now down to 0.75% for new accounts opened from today. Club Lloyds reg saver now at 1%.

All three of mine mature in two weeks so that's a bummer. Club saver just restarted so squeaked in there. 

soulsaver

Not worth renewing? People were saying that just a few months ago regarding 1.5% RSs... but that's thrice the usual easy access rate now..

cricidmuslibale

surreysaver said:

cosh25 said:

Halifax, BOS and Lloyds regular savers now down to 0.75% for new accounts opened from today. Club Lloyds reg saver now at 1%.

Not worth renewing those next month, then. My offset mortgage pays me 0.85% tax-free!

soulsaver said:

Not worth renewing? People were saying that just a few months ago regarding 1.5% RSs... but that's thrice the usual easy access rate now..

I have to agree with surreysaver on this tbh! I'm personally very uncomfortable with applying for and then regularly funding every month any regular saver account that pays less than 1% at any time which is why I'm very wary of variable rate regular savers paying c.1%! I strongly believe that a fixed rate of 1% should be the absolute minimum interest rate that a regular saver should offer in order for it not to be unfairly stingy, given that saving into a regular saver usually involves the discipline of funding it most months if not every month over the lifetime of that regular saver. Also, even if it is funded every month, the interest paid will be only equate to that on just over a half of the final balance so e.g. with £3000 saved in total at 1% fixed over a 12 month period, the interest payment will only be £16.23 approx., nowhere near the £30 one would get from saving a lump sum of £3000 in a 12 month fixed rate account paying 1%. [Clearly I'm all too aware that at present 12 month fixed rate accounts are paying only c.0.6% at best but that still gives you an interest payment of c.£18 after 12 months.]

An important point to remember here is that the vast majority of regular savers that are currently available, no matter whether the interest rate is fixed or variable, allow very few, if any, penalty-free withdrawals and so you mostly have to accept that all money deposited in them will not be available until the regular saver matures; in that way at least they are not entirely dissimilar to a 12 month fixed rate account.

eskbanker

cricidmuslibale said:
I strongly believe that a fixed rate of 1% should be the absolute minimum interest rate that a regular saver should offer in order for it not to be unfairly stingy

You're entitled to your opinion but there's obviously no reason why you should anticipate the market complying with your arbitrary expectations!

cricidmuslibale said:
Also, even if it is funded every month, the interest paid will be only equate to that on just over a half of the final balance so e.g. with £3000 saved in total at 1% fixed over a 12 month period, the interest payment will only be £16.23 approx., nowhere near the £30 one would get from saving a lump sum of £3000 in a 12 month fixed rate account paying 1%. [Clearly I'm all too aware that at present 12 month fixed rate accounts are paying only c.0.6% at best but that still gives you an interest payment of c.£18 after 12 months.]

The futility of attempting to compare regular saver interest with that earned on a lump sum equivalent to the final balance has been done to death on numerous previous threads....