Regular Savings Accounts: The Best Currently Available List!

tg99

For the Loughborough flexible save to buy Reg saver is there a set term to maturity or is it open ended? I know there is a max balance of £24k but can’t recall what happens after this. Thanks 

[Deleted User]

tg99 said:

For the Loughborough flexible save to buy Reg saver is there a set term to maturity or is it open ended? I know there is a max balance of £24k but can’t recall what happens after this. Thanks 

According to the notes I made when I opened this account in May 2019, it is unlimited in time but subject to a maximum balance of £24K. There were changes made in September 2020, including change of name and interest date, but no end date or change to the max balance were introduced.

Wheres_My_Cashback

tg99 said:

For the Loughborough flexible save to buy Reg saver is there a set term to maturity or is it open ended? I know there is a max balance of £24k but can’t recall what happens after this. Thanks 

As above, it's an indefinite term with a 24K max balance, but unfortunately like all other LBS RS it's been been left behind without a single rate increase since conception. Already closed 2 other LBS RS and this will be another to go on the 'to close/withdrawal' list.

Section62

vernall said:

trickydicky14 said:

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.

Why would you open a RS at 2%? That 2% is really only 1% on the entire balance upon maturity, you can get 1.5% on an entire balance sat in Chase on £85000 

No, it really is 2% on every pound which is in the account.  The pounds which aren't yet in the account should be earning interest elsewhere as well.

Discussed at length in this thread (and many others) previously.

kaMelo

vernall said:

trickydicky14 said:

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.

Why would you open a RS at 2%? That 2% is really only 1% on the entire balance upon maturity, you can get 1.5% on an entire balance sat in Chase on £85000 

Money in a 2% regular saver always earns 2%/365 for ever day it's in there, more than 1.5%/365 for every day in the easy access saver.

vernall

Should we not be looking for RS paying at least 3% now? A 2% RS for example is really only paying 1% upon maturity of entire balance. You can get 1.5% on an entire balance on £85000 with Chase, if you've not max'd it out that is.

kaMelo

There are a few over 3%, First Direct, RBS, NatWest, plus the Skipton's now closed regular saver.
You're misunderstanding how regular savers work. It would only be half the advertised rate (slightly more than half actually) if you're money wasn't anywhere else before putting it in the regular saver.



PS. Why do your replies keep disappearing?

vernall

Sorry, didn't know if what I had replied was correct lol

So you take £200 a month out of Chase paying you 1.5% on it and place it in a 2% RS that's paying you just over 1% on it?

kaMelo

vernall said:

Sorry, didn't know if what I had replied was correct lol

So you take £200 a month out of Chase paying you 1.5% on it and place it in a 2% RS that's paying you just over 1% on it?

No.
Money in Chase would earn 1.5% if you left it in there for a full year.
Money in a regular saver @2% would earn 2% if it was in there for a full year.

You can't just dump the whole amount in a regular saver so only one month will earn the full 2%. The next month's deposit will earn 11/12 of 2%, assuming you moved this from Chase it would have earned 1/12 of 1.5%. and so on.
Each month the money in the regular saver would earn 0.5% more than it was earning in Chase.

Daliah

vernall said:

Sorry, didn't know if what I had replied was correct lol

So you take £200 a month out of Chase paying you 1.5% on it and place it in a 2% RS that's paying you just over 1% on it?

As has been said, a 2% account pays 2%, not 1%.

Play with the MSE Regular Savings calculator to get a better understanding of how Regular Saver accounts are working.

Also read the RS article.