Regular Savings Accounts: The Best Currently Available List!

londoner62

First Direct RS

Here I go again! Applied for a joint FD account which has no minimum monthly payment or charge, will wait for approval in the next few days, shouldn't be a problem as we've both had an account recently (so no switch offer this time). Next step is to trim £300 (x 2) off current standing orders to lesser interest RS's whilst remaining above minimum levels then wait until start of month to open to open the new RS's at the higher rate. If, as suggested the new rate will be 3.5%, I can see it being popular but cannot see them closing it before the first, which is so much easier for my banking. And, if it is pulled, I'm confident there will be more plus 3% offers after the next BofE bank rate rise.

surreysaver

RG2015 said:

kaMelo said:

I don't think the fact that people can't be arsed to read terms equals despicable behaviour by banks. If they've given you all the information in summary form and detailed terms and conditions what else is it that they can do to not be despicable?

You misunderstand.

It is automatically renewing at a much lower rate that in my opinion is despicable behaviour.

I went out of my way to say that Santander did more than enough to tell prospective customers what would happen. They did not hide it in the T&Cs. It was very clearly stated in the summary box.

Santander did nothing wrong with regard to informing the customer. 

Santander's T&Cs state that it doesn't renew if you haven't got a standing order. In the past, when their interest rates went down a while ago I cancelled the standing order to prevent the automatic renewal, but it didn't work and I had to close the account manually. So the banks' systems do not always work as they should, even when customers adhere to the T&Cs

kuepper

soulsaver said:

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..

If you open one on 28th April could you pay in again on 1st May or have to wait til 28 May?

where_are_we

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."

Fortunately I didn`t renew my First Direct RS because of the 1% fixed interest rate and no withdrawals allowed. You must have a 1st current account (CA), and all payments must be made from this account. If their T&C`s stay the same, the first payment is taken from the 1st CA on the day you open the account. My recollection is that this takes 3 days? They then tell you when the 11 monthly standing orders will subsequently be taken from the 1st CA. I keep a very small balance  in my 1st CA (but I will transfer in £300 on 28/4 to cover the opening deposit) and set up a standing order from my hub CA to pay 11 x £300 monthly payments into 1st CA to match First Direct`s SO into the RS. There are no fees for the 1st CA. Their RS maturity process is woeful which can take up to 5 days, but with a 3.5% interest rate I can accept that! I presume the launch date of 28th means that if you apply on that date the first payment will not be taken until May, which with the bank holiday might not be until the 3rd May?

Descrabled

HSBC and First Direct Regular Savers

The bank sets up the standing order to the regular saver to repeat on the same day every month, so 28th April, 28th May, ...The date cannot be changed for the standing order, only the amount. No 13th payment with HSBC

tg99

Going through my regular savers and seeing which ones it might be worth closing given can get 1.2% easy access (already put max I want to in Chase)……contenders are: 

HSBC 1.0%……think they may follow FD with the 3% launch soon so will prob just hold till that confirmed then close and open new one as interest lost only c£10 given current £1750 balance.

Nationwide Start to Save 1.25% keep for now as easy instant access and better than anywhere else outside of Chase

Staffs Railway 1.15% prob keep for now since close to 1.2% and chance might increase rate 

Earl Shilton 1.15% same as Staffs 

Loughborough 1.1% c£8k balance so if close and then they increase rates might lose out…so prob hold for a bit longer …..already have the 1.5% save to buy at 1.5% which I’ll keep.

Think the above rates I’ve quoted are still correct unless anyone else heard anything different? Any views on likelihood of rate increases from Staffs/Earl/Loughborough?

Special_Saver2

Hi Folks,

I have changed the following items on page 1 of this thread for this weekend's update.

- Cumberland BS Regular Saver (Issue 3) interest rate increased from 1.15% to 1.2%
- Cumberland BS First Home Saver Account (Issue 2) interest rate increased from 1.15% to 1.2%
- Melton BS Regular Saver (Issue 1) added to the list paying 2% variable on up to £250 per month until the end of May 2023
- First Direct Regular Saver Account entry amended with a note saying "the interest rate is expected to be 3.5% for new applicants from 28th April 2022 so I would suggest you wait until then to apply"

I will probably not have time to do an update next weekend, in which case I will do the next update the weekend after next.

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

soulsaver

tg99 said:

Going through my regular savers and seeing which ones it might be worth closing given can get 1.2% easy access (already put max I want to in Chase)……contenders are: 

HSBC 1.0%……think they may follow FD with the 3% launch soon so will prob just hold till that confirmed then close and open new one as interest lost only c£10 given current £1750 balance.

Nationwide Start to Save 1.25% keep for now as easy instant access and better than anywhere else outside of Chase

Staffs Railway 1.15% prob keep for now since close to 1.2% and chance might increase rate 

Earl Shilton 1.15% same as Staffs 

Loughborough 1.1% c£8k balance so if close and then they increase rates might lose out…so prob hold for a bit longer …..already have the 1.5% save to buy at 1.5% which I’ll keep.

Think the above rates I’ve quoted are still correct unless anyone else heard anything different? Any views on likelihood of rate increases from Staffs/Earl/Loughborough?

The Staffs Rail is  a tricky decision to close, it is not time limited, so after a year you had an easy access ac paying 1.15% on the whole year's balance plus another RS also paying 1.15%.. on £500 pm.

Even more so for me, as I don't live within the area... 

Big_W

tg99 said:

Staffs Railway 1.15% prob keep for now since close to 1.2% and chance might increase rate 

Earl Shilton 1.15% same as Staffs 

Loughborough 1.1% c£8k balance so if close and then they increase rates might lose out…so prob hold for a bit longer …..already have the 1.5% save to buy at 1.5% which I’ll keep.

Think the above rates I’ve quoted are still correct unless anyone else heard anything different? Any views on likelihood of rate increases from Staffs/Earl/Loughborough?

Even with the recent Bank of England rate rises and the new competition from the Chase 1.5% savings account, Earl Shilton have made no changes to rates since June 2021 (dropping) and Loughborough have not raised their legacy regular saver rates since September 2020, no changes being made in their last review 07/03/2022. Of these three, only Stafford Railway has made a recent reg saver rate rise - from 1.0% to 1.15% 01/02/2022.

None of these have any mention of the BoE rate rises on their web site. Earl Shilton has not been opening new adult accounts for months (years?), so I expect they don't need saver's deposits right now, and so are very unlikely to raise rates.

So I would not expect any imminent rate rises from these three, except maybe some small movement from Stafford Railway. 

Emily_Joy

Might be of some interest: Ecology Building Society Regular Saver, no maturity date, 1.3% interest, pay in between £25 and £250 per month (no more than £3000 per year) two widthdrawals per year allowed, two missed payments per year allowed; deposits can be made by direct debit, bank transfer or cheque, open to all UK residents. Terms and conditions