Regular Savings Accounts: The Best Currently Available List!

Descrabled · 21 April 2022 at 11:17PM

Melton RS1

Reading the application form, specifically for the regular saver, asks for an email address to allow online access.

How much this online access provides can only be determined when an account is opened.

Living some distance from their office does inhibit opening an account.

veryintrigued · 22 April 2022 at 7:05AM

JamesRobinson48 said:

Today Melton BS has launched its 'Regular Saver 1': 2.00% p.a. variable; max £250 pm; max £3750 total balance; open and manage in branch or by post only; no postcode restrictions; withdrawals permitted without penalty. The details provided (see link below) are a bit sketchy. For example there is said to be a "fixed term period", but it is unclear to me how the account maturity date is determined.

https://www.themelton.co.uk/instant_access/regular-saver-1/

I haven't seen an RS from the Melton before. IMHO this is a welcome step.

The requirement for certified proof of ID for these accounts is always a pain in proverbial for me.

Malchester · 22 April 2022 at 7:13AM

Newly_retired said:

I think once you have set it up, you can pay in by bank transfer, so that is ok.

Have sent them a message asking whether it can be operated online after opening - will post when I get an answer. But agree with veryintrigued that certified proof of ID is a real pain but, from reading their info, it seems you can use Inland Revenue documentation (if you have it) and a recent bank statement / credit card statement / council tax bill without the need for them to be certified.

Malchester · 22 April 2022 at 10:23AM

Malchester said:

Newly_retired said:

I think once you have set it up, you can pay in by bank transfer, so that is ok.

Have sent them a message asking whether it can be operated online after opening - will post when I get an answer. But agree with veryintrigued that certified proof of ID is a real pain but, from reading their info, it seems you can use Inland Revenue documentation (if you have it) and a recent bank statement / credit card statement / council tax bill without the need for them to be certified.

With the Melton Regular Saver you have to apply by post with the ID documents requested but then you can either -
- tick a box on the application form for online banking and send the monthly payments (but you cannot withdraw) or
- not bother with online banking and just send the monthly amount by bank transfer.

Section62 · 22 April 2022 at 11:42AM

veryintrigued said:

The requirement for certified proof of ID for these accounts is always a pain in proverbial for me.

Existing Melton members whose ID was checked less than 2 years ago don't need to resend ID docs, and they will attempt electronic verification for members last checked more than 2 years ago. (info from a phone call to them yesterday)

They had a table-topping limited access account a few years ago, so people who opened that account and kept it active should be Ok to open the new RS (but still have to do so in-branch or by post) without having to jump though the ID hoop.

refluxer · 22 April 2022 at 11:52AM

For anyone wanting some info/feedback on the Melton BS, I was able to open an online notice account about 18 months ago by sending them an (old) HMRC child benefit letter as proof of ID and a recent bank statement as proof of address. With the current state of the postal system and huge delays in the issuing of passports and driving licences, I'm being very selective when choosing new savings accounts and will normally move on to the next institution on the list if posting either of those is mandatory. Thankfully, the majority of accounts I've opened with new institutions in the last few years have verified my ID electronically, so it's rare I have to post anything.

From my experience, the Melton's online banking site is basic but functional and when I needed to phone them to close my account, I was able to speak to a human fairly quickly so I've no complaints about either.

Personally, online access to at least check my balance is a minimum requirement for opening any new bank account, although I would make an exception for a good branch-only rate if there was one locally.

Snapdragon · 22 April 2022 at 1:32PM

Apologies if it's already been mentioned but I don't think I've seen this rate increase on this thread yet

First Direct RS apparently going up to 3.5%. Not on website yet.

"The online bank confirmed it will be raising the rate on its Regular Saver to an impressive 3.5 percent. This latest rate hike is set to come into effect later this month on April 28, 2022."