Regular Savings Accounts: The Best Currently Available List!

Snapdragon

castle96 said:

Quite a leap from 1% fixed!  Got a link?

Went to supply the link and noticed the word referrer link so didn't post it. Hopefully this one works and isn't referer link. https://www.express.co.uk/finance/personalfinance/1599525/first-direct-savings-account-interest-rate-uk-2022

Rich2808

Anyone think HSBC will follow - as they have always paid the same rate even if the precise terms (£250 max a month for HSBC and £300 for FD) differ.

Surely they need to give customers something back following all their branch closures - they used to have 6 branches in the City of London (Moorgate, Bishopsgate, Fenchurch St, Mansion House/City and Liverpool St) but will from July only have 1 - Bishopsgate. And that is in the banking centre of the nation!

[Deleted User]

Rich2808 said:

Anyone think HSBC will follow - as they have always paid the same rate even if the precise terms (£250 max a month for HSBC and £300 for FD) differ.

I was about to ask the same question. I haven't renewed my HSBC RS which matured in March as the rate has stayed unchanged at 1% fixed,

Rich2808

refluxer said:

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.

They are a small society with 3 branches. When this accounts come up I think of the poor staff who will get overloaded with applications and work - for little benefit/profit. If I was a local near a branch - who might be interested in a local mortgage etc - I might think differently.

veryintrigued

Snapdragon said:

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."

First Direct 3.5

its a definite launch.

Existing account holders won't get theirs moved up to 3.5 but may close early and immediately open a new one.

However the closed one will accrue their standard savings interest rate.

I.e. even lower than the 1% (0.1%).

typistretired

I have £3000 in mine so won’t be closing as will get a paltry interest rate

soulsaver

Rich2808 said:

castle96 said:

Quite a leap from 1% fixed!  Got a link?

It is mentioned in these articles.

https://www.yourmoney.com/saving-banking/first-direct-to-hike-regular-saver-interest-to-3-5/

https://www.express.co.uk/finance/personalfinance/1599525/first-direct-savings-account-interest-rate-uk-2022

They are still offering 1% today - I might be a bit annoyed if opened this before Monday and found within a couple of days they had upped the fixed rate to 3.5% (having announced it - but not on their own website).

https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Why not say - wait until Monday and you will get 3.5% - on their site NOW! 

It's not available to 28th... but take your point. Having said that, maybe it has a message if you try to apply for a RS now..

veryintrigued

typistretired said:

I have £3000 in mine so won’t be closing as will get a paltry interest rate

First Direct

Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

Rich2808

veryintrigued said:

typistretired said:

I have £3000 in mine so won’t be closing as will get a paltry interest rate

First Direct

Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

Its a fixed rate and the terms are clear.

• sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate

Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

typistretired

I have spoken to first direct via chat and they can close the regular saver and open a new one for me but I would only get the low interest rate on closure