Regular Savings Accounts: The Best Currently Available List!

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.

jaypers

I still have a First Direct RS with £1800 in i5 at 1%. Please could someone confirm the process to bin it so I can open a new one at 3.5%. I know I’ll lose interest but simply not worth keeping now. Do I have to call them? Thanks. 

howryoo

jaypers said:

I still have a First Direct RS with £1800 in i5 at 1%. Please could someone confirm the process to bin it so I can open a new one at 3.5%. I know I’ll lose interest but simply not worth keeping now. Do I have to call them? Thanks. 

I would also be interested re. FD, as mine's only been opened for a couple of months.

Additionally, I have a Santander RS which recently auto-renewed at 0.50%, but noticed it's now paying 2.50% under a different issue.  Is there any way to redesignate that account to the new issue without having to close the account (I don't particularly want to do that as have transactional history).

soulsaver

jaypers said:

I still have a First Direct RS with £1800 in i5 at 1%. Please could someone confirm the process to bin it so I can open a new one at 3.5%. I know I’ll lose interest but simply not worth keeping now. Do I have to call them? Thanks. 

You have to call to close the ac so (later) you can open a new one. 

jimexbox

jaypers said:

I still have a First Direct RS with £1800 in i5 at 1%. Please could someone confirm the process to bin it so I can open a new one at 3.5%. I know I’ll lose interest but simply not worth keeping now. Do I have to call them? Thanks. 

My FD RS @ 3.5% account has no option to transfer money out online. You need to call or message to transfer money back to your normal account. 

Daliah

FD: If you close your account before the end of the 12 month period, they'll only pay you interest at their standard Savings Account variable rate, which is something like 0.1%. You'd be better off reducing the monthly contributions to £25, and opening another RS elsewhere. Once your FD has matured, you can still start a new one.

Santander: I don't believe you can upgrade to the new issue but closing the old and opening a new one should be simple. You need to talk to Santander.

mhoc

My Chorley members regular saver is due to mature at the end of June and the paperwork came today. The replacement regular saver is paying a pitiful 1.4% so its a no from me.
I've found a few 2 year fixed rate bonds paying 1.8, 1.9 and 2 % or thereabouts so the proceeds of various maturing regular savers that are imminent eg Chorley and Lloyds etc will be distributed between them.

I've got a Chorley seasonal saver 1 maturing in October so we will see what happens by then.
I am also thinking that if we close a maturing regular saver we might need to have some sort of  instant easy account with a small balance so that we can still be counted as a customer, incase that Building Society does decide to have a good enough regular saver in the future. 

RG2015

@mhoc,

You can get much better fixed rates than 2%.