Regular Savings Accounts: The Best Currently Available List!

schiff

Bobblehat said:

SuperHans1 said:

stehouk said:

apologies if this has  already been posted, iv'e been on the coventry bs regular saver issue 2 link and on the application page it states the variable rate is being reduced to 1.85% from 6th may 2020.

This link suggests that Issue 1 of the Coventry Regular Saver was reduced from 2.50% to 2.20% on 10th April: https://coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/Closed%20products.pdf

I received no notification of this but when I just checked my account it is still showing as earning 2.50%. Did anyone else receive notification of a rate change?

Likewise, had no notification on my or Mrs bobblehat's RS by email or letter and still showing as 2.5% online. 

Interestingly(?), there is no indication of the Issue number of my RS anywhere that I can find on the online pages. It was opened Nov 25th 2019 …. guess I'll have to see if it's on any paperwork  ….. carefully stored away somewhere

Same for me regarding the number - mine is Regular Saver - Annual (opened October 2019). I've had no notification of anything and my rate is still showing as 2.5%. It's difficult to sort out much from the myriad of changes via the link about changes. So for the moment I rest easy.

colsten

Bobblehat said:

Interestingly(?), there is no indication of the Issue number of my RS anywhere that I can find on the online pages. It was opened Nov 25th 2019 …. guess I'll have to see if it's on any paperwork  ….. carefully stored away somewhere

If no issue is mentioned in your online banking, you have issue 1. If you have issue 2, it will say so in your online banking.

colsten

castle96 said:

With the Monmouth a/c.... does the monthly payment have to be by standing order, or can it be F payment. Can the amount and date be varied each month? Thanks

From the Key Information Document:

• Save any amount each month between £20 and £1,000.
• Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.

There is not mention of SO or FP, so you can pay in as you like

schiff

afis1904 said:

Does anyone know if Coventry would usually let you withdraw penalty free if they reduce the interest rate?

That is not mentioned in the basic T&Cs (of the RS- Annual), only that there is a 30 day loss of interest charge on the amount withdrawn. There could be something in the message notifying the change? 

SFindlay

afis1904 said:

Does anyone know if Conventry would usually let you withdraw penalty free if they reduce the interest rate?

In their general.savings terms and conditions they do indicate 30 days to close account without notice, charge or loss of interest. 

Fingerbobs

colsten said:

castle96 said:

With the Monmouth a/c.... does the monthly payment have to be by standing order, or can it be F payment. Can the amount and date be varied each month? Thanks

From the Key Information Document:

• Save any amount each month between £20 and £1,000.
• Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.

There is not mention of SO or FP, so you can pay in as you like

Is it possible for the recipient of a payment to distinguish between the two? I thought a Standing Order was just an instruction to your bank to send Faster Payments at specific intervals. 

colsten

Fingerbobs said:

Is it possible for the recipient of a payment to distinguish between the two? I thought a Standing Order was just an instruction to your bank to send Faster Payments at specific intervals. 

I doubt it is. Monmouthshire recorded my Faster Payment last week as a Standing Order  😅
I also can't see why they would be bothered whether it's FP or SO.

glider3560

Fingerbobs said:

colsten said:

castle96 said:

With the Monmouth a/c.... does the monthly payment have to be by standing order, or can it be F payment. Can the amount and date be varied each month? Thanks

From the Key Information Document:

• Save any amount each month between £20 and £1,000.
• Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.

There is not mention of SO or FP, so you can pay in as you like

Is it possible for the recipient of a payment to distinguish between the two? I thought a Standing Order was just an instruction to your bank to send Faster Payments at specific intervals. 

Yes.  There are four payment type codes that get sent with a Faster Payment: SIP (Single Immediate Payment), FDP (Future Dated Payment), SO (Standing Order) and DCA (Direct Corporate Access).

Some banks send Standing Orders as SIP, so the recipient can't really rely on this information.

cosh25

Updated details online on Coventry website about the Reg Savers going down to 1.85% (amongst every other account I hold with them going down the same!) sorry can’t post link as on phone.

apt

Link https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/closed-products.pdf