Regular Savings Accounts: The Best Currently Available List!

PRAISETHESUN

Wheres_My_Cashback said:

Principality First Home Steps Account Online (Issue 1)

Tiered Rates increased from today - Top tier >£7.5K now 1.90%

Tier 1 - 1.2% (£1-2500)
Tier 2 - 1.4% (£2500.01-7500)
Tier 3 - 1.9% (£7500.01+)

Nick_C

Kazza242 said:

Moneyfacts is reporting that Saffron Building Society will be launching issue 9 of their 12 month fixed rate members regular savings account.  It will be paying 1.75% and allows deposits of £50 - £500 per month.

Going by previous announcements, I expect that it will be available via the Saffron BS website from Wednesday, 2nd March.  

https://www.saffronbs.co.uk/Savings/Regular-Savings-Accounts

Existing holders of the issue 8 members regular saver may not be able to open it though.  Let's see once it has launched.  

I think its clear that if you hold Issue 8 you will not be able to open Issue 9 as well.

"Only hold one Regular Saver or Small Saver per customer (be it held in sole or joint name(s) with Saffron Building Society at a time"

However, it should be possible to close Issue 8 and then open Issue 9.

"If you decide this account isn't right for you, you can close your account. Cleared funds will be returned to you with the inclusion of any interest earned."

refluxer

With Virgin Money now offering a (linked) savings account paying 1% on balances up to £25k, any bank or building society still offering around 1% on a Regular Saver is going to have to 'up it's game', IMO.

dekkard

refluxer said:

With Virgin Money now offering a (linked) savings account paying 1% on balances up to £25k, any bank or building society still offering around 1% on a Regular Saver is going to have to 'up it's game', IMO.

Maybe a silly question but: I have a current account with HSBC already. Can I open a Virgin current account while keeping my HSBC one open or does Virgin require that I do a full switch to them?

Would having two current accounts significantly impact my credit rating/score?

happybagger

Vernon BS

Regular Saver Reward (Closed issue)

Now 1.25%, payable up to £25k only, but from 1 April 2022

(Source: customer mailing)

gt94sss2

Wheres_My_Cashback said:

For those that already have them HSBC & First Direct Regular Savers rates have increased by a whopping 0.09% from today, so now 1.09% AER.

I thought the interest rate on HSBC/FD Regular Savers was fixed not variable?

jaypers

dekkard said:

refluxer said:

With Virgin Money now offering a (linked) savings account paying 1% on balances up to £25k, any bank or building society still offering around 1% on a Regular Saver is going to have to 'up it's game', IMO.

Maybe a silly question but: I have a current account with HSBC already. Can I open a Virgin current account while keeping my HSBC one open or does Virgin require that I do a full switch to them?

Would having two current accounts significantly impact my credit rating/score?

I have 4 different current accounts across 4 Banks. You don’t have to switch, but you obviously don’t get any switch incentives if you just open an a/c. Obviously opening a Bank a/c is a hard search on your credit file but other than that, no adverse effects. 

Nick_C

dekkard said:

refluxer said:

With Virgin Money now offering a (linked) savings account paying 1% on balances up to £25k, any bank or building society still offering around 1% on a Regular Saver is going to have to 'up it's game', IMO.

Maybe a silly question but: I have a current account with HSBC already. Can I open a Virgin current account while keeping my HSBC one open or does Virgin require that I do a full switch to them?

Would having two current accounts significantly impact my credit rating/score?

No.  

I had 5 active current accounts and 7 credit cards until recently, and had an excellent credit score with Experian and Clear Score.

I've made £355 from switching bonuses in the current financial year.

I would suggest opening a second current account with HSBC and then switching that to get the 5% interest on the VM Current Account for a year.  There is also a £100 Virgin Experiences gift card.

What messes up you credit rating is too many hard searches in a short period of time.  My "score" has just taken a hammering because I've opened 4 current accounts and a credit card in the last two months.  It will recover though.

ETA - if you sign up through Top Cashback, you can currently get £5 for subscribing to Experian, and £4.80 for ClearScore.  I find the ClearScore reports genuinely helpful.

schiff

JamesPeter said:

Darlington Building Society Special Occasion Saver (Regular Savings Account) now 1.65% from 1st March 2022. (up from 1.4% yesterday).

Same T&C's - 3 Accounts, max £250 per month per account

https://www.darlington.co.uk/savings-accounts/regular-savings-accounts/

Their other Regular Savers also seem to have increased as well (Green Reg Saver now 1.25% and childrens/teens accounts increased)

I seem to have missed the 1.4% increase! When was that?

wiseonesomeofthetime

gt94sss2 said:

Wheres_My_Cashback said:

For those that already have them HSBC & First Direct Regular Savers rates have increased by a whopping 0.09% from today, so now 1.09% AER.

I thought the interest rate on HSBC/FD Regular Savers was fixed not variable?

It is fixed.

So those customers who currently hold an active Regular Saver are stuck on 1%pa

New subscribers  to the Regular Saver product will get 1.09%pa fixed.

Though HSBC website still quoting 1.0% fixed as at 15:55, 01/03 - https://www.hsbc.co.uk/savings/products/regular-saver/

as is First Direct - https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/