Regular Savings Accounts: The Best Currently Available List!

kaMelo

Just noticed that The Cumberland have upped their regular saver rates but, like their previous rate rises it's nothing to get too excited about.
Both the First Home Saver and Regular Saver are now at 1.45%, up by 0.15%.

Daliah

I had a "we missed you" message from my Virgin Money Home Buying Coach app today 

kaMelo

Daliah said:

I had a "we missed you" message from my Virgin Money Home Buying Coach app today 

Me too    Although seeing it made me do some thinking and some mental maths.

Given the respective interest rates of Virgin's M saver (1.55%) and Homebuyer Regular Saver (1.75&)  I come to the conclusion the Homebuyer RS only generates around £5 extra which does raise the effort/reward question going forward as to what rate any regular saver needs to be for the effort required.

Bobblehat

I believe Stafford Railway Building Society may shortly announce that their Regular Saver Issue1 will increase from 1.3% to 1.55% on 1st August. Let's see if this was just a ruse to delay me from pulling out my savings or lowering my monthly deposits 

Section62

kaMelo said:

Daliah said:

I had a "we missed you" message from my Virgin Money Home Buying Coach app today 

Me too    Although seeing it made me do some thinking and some mental maths.

Given the respective interest rates of Virgin's M saver (1.55%) and Homebuyer Regular Saver (1.75&)  I come to the conclusion the Homebuyer RS only generates around £5 extra which does raise the effort/reward question going forward as to what rate any regular saver needs to be for the effort required.

Virgin have in the past increased the interest rate on their previous-issue fixed-rate RS accounts*.

I'd take the view that not only is 1.75% more than 1.55%, there's also a chance that 1.75% might become something like 2% if that is where the market is headed.  If so, the more in the account(s), the more that might be gained.

(*Prior to the CYBG 'merger' IIRC, so not guaranteed to be repeated.)

Edit: added "fixed-rate" for clarification.

soulsaver

Bobblehat said:

I believe Stafford Railway Building Society may shortly announce that their Regular Saver Issue1 will increase from 1.3% to 1.55% on 1st August. Let's see if this was just a ruse to delay me from pulling out my savings or lowering my monthly deposits 

Too little, too late for me. I was on the cusp when they eventually went to 1.3;  +0.25% will help me avoid the hassle of passbook based  postage withdrawal palaver but it isn't good enough to keep me paying in - there's several easy/ish access options above that now.
eta 'withdrawal' for clarity

Bobblehat

soulsaver said:

Bobblehat said:

I believe Stafford Railway Building Society may shortly announce that their Regular Saver Issue1 will increase from 1.3% to 1.55% on 1st August. Let's see if this was just a ruse to delay me from pulling out my savings or lowering my monthly deposits 

Too little, too late for me. I was on the cusp when they eventually went to 1.3;  +0.25% will help me avoid the hassle of passbook based  postage palaver but it isn't good enough to keep me paying in - there's several easy/ish access options above that now.

I hear what you are saying! I'm up to my comfortable limit on what I have already locked away at much higher rates (non-RS). Due to the present 1.3% quickly sliding into the lack-lustre category, I called SRBS today to see what withdrawal/low pay-in options I had and they threw me a Googly with the pending increased interest rate announcement. So I'll will have to make my mind up soon if there is much mileage in moving the RS money into short notice savings etc.

Descrabled

SRBS

I agree that 1.5% interest is too low and as Soulsaver said "too little, too late". My regular saver limit is 1.75% to continue, and 2.5% to start new account. My medium interest rate is 2.24% on the total of my payments into regular savers on 1st July.

My Skipton flexible ISA pays 1.6% (equivalent 2% taxable) and rising.

SuperHans1

I've been a big fan of regular savers until recently. With fixed rate savings paying 2.6-2.7% and instant access at 1.55% I just can't get excited about these paltry rises. I've recently closed several of my Virgin Regular savers at 1.75% and moved them to a fixed rate Coventry 2.7% bond. I still have several regular savers with instant access but I can't see myself opening a new regular saver for a while until the rates increase substantially.

happybagger

LEEK UNITED BS

An underwhelming RS account but may be of interest to anyone who wishes to remain a member there at minimal effort or cost (as they operate postcode restrictions) as once the initial deposit is made, no further deposits are required.

Open ended
Deposit £0 to £500 pm
1.30%
3 withdrawals p/a

source