Regular Savings Accounts: The Best Currently Available List!

ashteadgirl

Deleted_User said:

Loughborough BS Flexible Save To Buy

This account was quite competitive when I opened it in May 2019. It's an open time RS with a max balance of 24K. In September 2020 the interest rate dropped to 1.5pc, still quite competitive at that time. There have been no increases in the rate to reflect recent base rate changes. It remains at 1.5pc. I have asked if there is any proposal in the pipeline to increase the rate but only received a vague reply that interest rates are always under review etc etc. Disappointing, as this account has conditions on withdrawal and other requirements.

Really feel Loughborough are leaving us out to graze. Seriously thinking of closing account.

Wheres_My_Cashback

Deleted_User said:

Loughborough BS Flexible Save To Buy

This account was quite competitive when I opened it in May 2019. It's an open time RS with a max balance of 24K. In September 2020 the interest rate dropped to 1.5pc, still quite competitive at that time. There have been no increases in the rate to reflect recent base rate changes. It remains at 1.5pc. I have asked if there is any proposal in the pipeline to increase the rate but only received a vague reply that interest rates are always under review etc etc. Disappointing, as this account has conditions on withdrawal and other requirements.

Up until a year ago I had 3 RS with the Loughborough. I have since closed 2 and am seriously considering withdrawing £20K from the FSTB.
I have given feedback of poor rates and failure to act upon numerous BoE rate changes as to why to which they stated all feedback is recorded and passed on to the appropriate section.
When  enquiring about withdrawing from the FSTB last week they again asked why and gave a weak response that rates are regularly reviewed.
I have now stopped further deposits for this annual period as have already made 9.

happybagger

Agree with the Lough BS comments. I've ditched the Flexible RS completely as it stuck at 1.2%, and have withdrawn and cut the monthly deposit to £10 on the FSTB at 1.5%

granta

happybagger said:

Agree with the Lough BS comments. I've ditched the Flexible RS completely as it stuck at 1.2%, and have withdrawn and cut the monthly deposit to £10 on the FSTB at 1.5%

I've done the save though mistakenly thought the monthly minimum was £50. Is it definitely £10 as I will change my SO?

I called them a few weeks ago to withdraw a chunk of cash and also asked about any movement on rates. They said they felt they were still competitive! To think this started at 3% when I first took it out even though BoE rates were lower.

10_66

granta said:

...Is it definitely £10 as I will change my SO?...

Minimum deposit is £10.

happybagger

Confirmed on 'Appendix 2' off the printed t&c's "Minimum monthly deposit is £10"

[Deleted User]

JamesRobinson48 said:

Deleted_User said:

Loughborough BS Flexible Save To Buy

This account was quite competitive when I opened it in May 2019. It's an open time RS with a max balance of 24K. In September 2020 the interest rate dropped to 1.5pc, still quite competitive at that time. There have been no increases in the rate to reflect recent base rate changes. It remains at 1.5pc. I have asked if there is any proposal in the pipeline to increase the rate but only received a vague reply that interest rates are always under review etc etc. Disappointing, as this account has conditions on withdrawal and other requirements.

Yes Hattie. The 3% rate on that Loughborough RS was good while it lasted, and even at 1.5% it was decent for a time.  But I closed all my Loughborough accounts in Jan/Feb as I figured out they don't particularly need or want my savings. Another clue was that they still don't offer savings customers any kind of online access. I've also entirely pulled out of Leek BS for much the same reasons. 

As suggested in other posts, I am reducing my monthly payments to the minimum of £10 per calendar month from August. I may soon reduce the accumulated balance considerably once I decide on a suitable home for the money, perhaps a fixed rate bond. I will keep the account open with at least a minimum balance in the hope, probably forlorn, that Loughborough BS reinstate the rate on the account to where it was at the beginning, namely well above average for this type of account. I've had my fingers burned in the past by closing RS accounts and losing out on subsequent rate rises or offers of new accounts only available to existing savers.

veryintrigued

I share others dilemmas with running with RS which are variable and have lagged behind with the recent interest rate increases not being reflected.

I've a number which allow months to be skipped and others which allow a minimum of £1.

I haven't looked to withdraw funds yet (my lowest is 1.2%) as I'm hopeful that the next BoE rate increase tomorrow will result in some better increases.

Anyway enough of me taking up valuable forumites time with non new RS chatter.

ashteadgirl

veryintrigued said:

I share others dilemmas with running with RS which are variable and have lagged behind with the recent interest rate increases not being reflected.

I've a number which allow months to be skipped and others which allow a minimum of £1.

I haven't looked to withdraw funds yet (my lowest is 1.2%) as I'm hopeful that the next BoE rate increase tomorrow will result in some better increases.

Anyway enough of me taking up valuable forumites time with non new RS chatter.

I believe the next BofE meeting is 4th August 2022

Wheres_My_Cashback

Lougborough FSTB. There is not a requirement to fund every month, you only have to fund for 9 months within your annual accounting period, which for those who opened from the start is likely to be Sept to Sept so you don't have to deposit anymore until Oct,whilst deciding what to do with the a/c.