Regular Savings Accounts: The Best Currently Available List!

someone

Fingerbobs said:

Does that ever happen though? In my experience, if an interest rate plummets on any account, the customer is always offered an option to close the account for no penalty. If they locked you in after a significant rate drop, it would effectively be a bait-and-switch scam.

Having paid too much attention to T&C's sometimes there is two "ways" a bank can adjust the rate on an account under the terms. The first is in response to change of BoE, market conditions etc. and the second is when they feel like it. Sometimes if the negative change is based on the first condition you may still be bound by the rest of the conditions. If its based on the second then they usually provide some ability to exit without a usual penalty.

someone

Coventry BS First Home Saver

Interesting difference to their usual regular savers, deposit limit is every calendar month (unlike their past regular savers that are based on the day you opened the account).

> If you open your account part-way through a month, you may still deposit up to £1,000 until the end of that calendar month. Likewise, if your account term ends part-way through a month, you may still deposit up to £1,000 in the final calendar month up until the date your account term ends. This means that if you open your account on the 1st of a month, your maximum balance is £36,000. If you open your account on any other day of the month, your maximum balance is £37,000.

vs Coventry BS Regular Saver 5

> Each month you can pay in as many times as you like, up to a maximum of £500. Your month starts on the day you opened the account. For example, if you opened the account on 15 February you’d have from 15 February to 14 March to pay in your first month’s allowance. Your second month would start on 15 March

Fingerbobs

SFindlay said:

Fingerbobs said:

SFindlay said:

Usa2019 said:

This might be too low interest rate for this thread but just incase someone found it useful

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver.html

0.85%, £1000pm, variable, 3 years, easy access

There's a lot going for it as has the £1000 monthly limit, unlimited instant withdrawals so although rate variable you're not going to be tied to it if rate plummets and although says for first time homebuyers you can open one if a homeowner is saving for a deposit for an unnamed family member!!! For those that are saving for a deposit it also includes a £500 bonus if end up taking a mortgage through them too. 

Does that ever happen though? In my experience, if an interest rate plummets on any account, the customer is always offered an option to close the account for no penalty. If they locked you in after a significant rate drop, it would effectively be a bait-and-switch scam.

It's not a scam if T&C don't give option to close account. I know you're saying in you're experience the customer is offered an option to close account but that's not the institution being kind when they cut interest rates, all they're doing is following their own T&C's but problem is most people don't read them fully so end up being like you thinking they're getting a good deal being allowed to close the account!! Truth is when institutions cut interest rates its because they don't need or in fact want our money so they're more than happy for people to close the accounts.

Point is with this regular saver you can almost treat it as a easy access savings account. My current best paying easy access account is paying 0.7% (still better than anything available to open now) so transferring £1000 a month into an account paying 0.85% which has no restrictions on withdrawals is a no brainer. 

I get what you're saying, but I just don't believe any mainstream, trustworthy financial institution would ever have T&Cs that locked customers in after a significant interest rate cut. If they did, their customers would quite rightly be outraged, and they would very quickly become non-mainstream and non-trustworthy!

takke

Fingerbobs said:

SFindlay said:

Fingerbobs said:

SFindlay said:

Usa2019 said:

This might be too low interest rate for this thread but just incase someone found it useful

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver.html

0.85%, £1000pm, variable, 3 years, easy access

There's a lot going for it as has the £1000 monthly limit, unlimited instant withdrawals so although rate variable you're not going to be tied to it if rate plummets and although says for first time homebuyers you can open one if a homeowner is saving for a deposit for an unnamed family member!!! For those that are saving for a deposit it also includes a £500 bonus if end up taking a mortgage through them too. 

Does that ever happen though? In my experience, if an interest rate plummets on any account, the customer is always offered an option to close the account for no penalty. If they locked you in after a significant rate drop, it would effectively be a bait-and-switch scam.

It's not a scam if T&C don't give option to close account. I know you're saying in you're experience the customer is offered an option to close account but that's not the institution being kind when they cut interest rates, all they're doing is following their own T&C's but problem is most people don't read them fully so end up being like you thinking they're getting a good deal being allowed to close the account!! Truth is when institutions cut interest rates its because they don't need or in fact want our money so they're more than happy for people to close the accounts.

Point is with this regular saver you can almost treat it as a easy access savings account. My current best paying easy access account is paying 0.7% (still better than anything available to open now) so transferring £1000 a month into an account paying 0.85% which has no restrictions on withdrawals is a no brainer. 

I get what you're saying, but I just don't believe any mainstream, trustworthy financial institution would ever have T&Cs that locked customers in after a significant interest rate cut. If they did, their customers would quite rightly be outraged, and they would very quickly become non-mainstream and non-trustworthy!

I also doubt this would stand up with FOS. 

Wheres_My_Cashback

Usa2019 said:

This might be too low interest rate for this thread but just incase someone found it useful

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver.html

0.85%, £1000pm, variable, 3 years, easy access

Designed as a Regular Savings account, but effectively an easy access savings account (with a monthly deposit limit) with the best rate currently available. 

[Deleted User]

Coventry Building Society First Home Saver

With a monthly deposit amount of a generous £1,000 and penalty-free withdrawals to an external current account, this is (as already observed in the previous post) effectively an easy access savings account  with an interest rate of 0.85%. There is absolutely nothing in the T and Cs requiring you to use your savings for a house deposit. I've opened mine and already deposited £1k. Very easy to open if you're already a CBS saver.

schiff

Deleted_User said:

Coventry Building Society First Home Saver

With a monthly deposit amount of a generous £1,000 and penalty-free withdrawals to an external current account, this is (as already observed in the previous post) effectively an easy access savings account  with an interest rate of 0.85%. There is absolutely nothing in the T and Cs requiring you to use your savings for a house deposit. I've opened mine and already deposited £1k. Very easy to open if you're already a CBS saver.

It looks then as if this account doesn't fall foul of the rule the Coventry introduced some months ago - only one RS allowed. For those of us expecting the maturity of RS 4 in November.

orange-juice

I've had a savings account with Coventry BS before. It was also easy access, but not instant as withdrawals were usually processed on the next working day. This could also be similar.

So with that in mind, and the rate being only .2% greater than my Tandem account which is instant, it doesnt seem worth it in my opinion. Also lacking a phone app.

schiff

orange-juice said:

I've had a savings account with Coventry BS before. It was also easy access, but not instant as withdrawals were usually processed on the next working day. This could also be similar.

That will need to be clarified with the Coventry.

Special_Saver2

Hi Folks,

I have just done this weekend's update. Many thanks to people who posted about new accounts that have become available.

- Updated Virgin Home Buying Coach Regular Saver from issue 6 to issue 7 with same details as before but later expiry date of 20th October 2022

Although the Coventry BS First Home Saver account does not qualify for inclusion on this thread as the interest rate is below 1% but it is certainly an interesting account with a high monthly savings limit of £1,000 and no penalties for withdrawals.

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