Regular Savings Accounts: The Best Currently Available List!

[Deleted User]

mhoc said:

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. 

I've also decided against opening the replacement Chorley Members RS at 1.4%. Although the rate is variable and not fixed for the duration, the account doesn't allow withdrawals or early closure (even at the penalty of a lower interest rate), so there is no escape for deposited funds until maturity. There is also a minimum monthly deposit of £25. With those quite onerous terms in a climate of rising rates,  I do wonder if Chorley are seriously expecting many takers for this account. It is only available to savers with a maturing Regular Saver, so presumably most of those eligible will be experienced savers who know what to avoid.

granta

Deleted_User said:

mhoc said:

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. 

I've also decided against opening the replacement Chorley Members RS at 1.4%. Although the rate is variable and not fixed for the duration, the account doesn't allow withdrawals or early closure (even at the penalty of a lower interest rate), so there is no escape for deposited funds until maturity. There is also a minimum monthly deposit of £25. With those quite onerous terms in a climate of rising rates,  I do wonder if Chorley are seriously expecting many takers for this account. It is only available to savers with a maturing Regular Saver, so presumably most of those eligible will be experienced savers who know what to avoid.

I was thinking the same but also want to retain the continuity of membership. Isn't is better to open a new RS and pay in the minimum £25 a month as from memory the minimum balance of an instant access account is £100 anyway?

[Deleted User]

granta said:

Deleted_User said:

mhoc said:

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. 

I've also decided against opening the replacement Chorley Members RS at 1.4%. Although the rate is variable and not fixed for the duration, the account doesn't allow withdrawals or early closure (even at the penalty of a lower interest rate), so there is no escape for deposited funds until maturity. There is also a minimum monthly deposit of £25. With those quite onerous terms in a climate of rising rates,  I do wonder if Chorley are seriously expecting many takers for this account. It is only available to savers with a maturing Regular Saver, so presumably most of those eligible will be experienced savers who know what to avoid.

I was thinking the same but also want to retain the continuity of membership. Isn't is better to open a new RS and pay in the minimum £25 a month as from memory the minimum balance of an instant access account is £100 anyway?

Yes, that makes sense. I've got a Chorleian Saver from a previous RS maturity in which I've held £20 since the old RS matured. I've also got the Loyalty Seasonal Saver which matures on 31 October. But if I didn't have these I think I would let the RS mature on 30 June into a Chorleian Saver and leave the minimum amount in it.

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?