Regular Savings Accounts: The Best Currently Available List!

swanfan02

Melton building society have released a new regular saver,

2.70% fixed until 31-07-24
Min £10-£250 max per month
Maximum total £7000
No withdrawals
Apply by post or in branch

https://www.themelton.co.uk/fixed_rate_savings/jubilee-regular-saver/

where_are_we

swanfan02 said:

Melton building society have released a new regular saver,

2.70% fixed until 31-07-24
Min £10-£250 max per month
Maximum total £7000
No withdrawals
Apply by post or in branch

https://www.themelton.co.uk/fixed_rate_savings/jubilee-regular-saver/

No withdrawals, a 2 year term and it looks like early closure of the account is not mentioned, although you could stop paying in, means I will probably pass on this one. Interest rates on savings are on an upward trend.

johnmoney05

where_are_we said:

swanfan02 said:

Melton building society have released a new regular saver,

2.70% fixed until 31-07-24
Min £10-£250 max per month
Maximum total £7000
No withdrawals
Apply by post or in branch

https://www.themelton.co.uk/fixed_rate_savings/jubilee-regular-saver/

No withdrawals, a 2 year term and it looks like early closure of the account is not mentioned, although you could stop paying in, means I will probably pass on this one. Interest rates on savings are on an upward trend.

Some banks might not allow withdrawals, but you could close the account.

Daliah

johnmoney05 said:

where_are_we said:

swanfan02 said:

Melton building society have released a new regular saver,

2.70% fixed until 31-07-24
Min £10-£250 max per month
Maximum total £7000
No withdrawals
Apply by post or in branch

https://www.themelton.co.uk/fixed_rate_savings/jubilee-regular-saver/

No withdrawals, a 2 year term and it looks like early closure of the account is not mentioned, although you could stop paying in, means I will probably pass on this one. Interest rates on savings are on an upward trend.

Some banks might not allow withdrawals, but you could close the account.

Which clause applicable to the Melton RS allows early closure?

happybagger

I don't see it - clearly states no withdrawals, and early closure is a withdrawal.

Although this rate looks great for a RS, it is fixed and with no withdrawals, has to be compared to 2yr FRBs which are currently at a similar rate, so I'm not seeing any great benefit to it apart from the ability to cease deposits if alternative rates rise further.

[Deleted User]

My Club Lloyds Monthly Saver has just matured after a year of saving £400 per month at 1% fixed, earning me £24.90 interest. Renewal is offered at 1.25% fixed for a year. For the first time in six years, I am not going to renew. Why would anyone save at 1.25% fixed for a year forward from now, when you can easily get 1.5% plus on instant access? I will keep my Club Lloyds current account just for the cinema tickets.

mooneysaver

Deleted_User said:

My Club Lloyds Monthly Saver has just matured after a year of saving £400 per month at 1% fixed, earning me £24.90 interest. Renewal is offered at 1.25% fixed for a year. For the first time in six years, I am not going to renew. Why would anyone save at 1.25% fixed for a year forward from now, when you can easily get 1.5% plus on instant access? I will keep my Club Lloyds current account just for the cinema tickets.

Thanks for the update

trickydicky14

Deleted_User said:

My Club Lloyds Monthly Saver has just matured after a year of saving £400 per month at 1% fixed, earning me £24.90 interest. Renewal is offered at 1.25% fixed for a year. For the first time in six years, I am not going to renew. Why would anyone save at 1.25% fixed for a year forward from now, when you can easily get 1.5% plus on instant access? I will keep my Club Lloyds current account just for the cinema tickets.

The way things are going just now, I would not open a regular saver that pays less than 2% and has a variable rate and you can reduce monthly payments if you wish and you can close without penalty. Now I would not have been saying that 6 months ago.

wiseonesomeofthetime

Few boxes to tick there

adindas

trickydicky14 said:

Deleted_User said:

My Club Lloyds Monthly Saver has just matured after a year of saving £400 per month at 1% fixed, earning me £24.90 interest. Renewal is offered at 1.25% fixed for a year. For the first time in six years, I am not going to renew. Why would anyone save at 1.25% fixed for a year forward from now, when you can easily get 1.5% plus on instant access? I will keep my Club Lloyds current account just for the cinema tickets.

The way things are going just now, I would not open a regular saver that pays less than 2% and has a variable rate and you can reduce monthly payments if you wish and you can close without penalty. Now I would not have been saying that 6 months ago.

I will subscribe if it is still above 1.5%+ as long as it does not take much time to open, similar term with Club Lloyds monthly saver, Virgin Money Home buying Coach or at least allow 2-3 penalty free withdrawal. It is also useful for people who have swept all of easy access RSA paying 1.5%+.

Once a better product is launched, you could simply drain it and leave it minimum balance.