Regular Savings Accounts: The Best Currently Available List!

vermania

I've been told over the phone today that the Buckinghamshire Building Society Regular Saver (Locals) interest rate will be decreasing by 0.6% to 1.2% from 6 May. Presume the non-locals account will also decrease. Letters have gone out to members today.

tel_

apt said:

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

So Issue 1 & 2 on Reg Saver a/c's are both dropping to 1.85 as of 6th May - disappointing, but not surprised.

Sea_Shell

Have I missed the fact that it's variable rather than fixed Reg Saver?  

Goes off to check Coventry paperwork.

Oh, so it is.  Ho hum!

Puffer

Puffer said:

10_66 said:

Puffer said:

That is interesting.   After trawling through the KR website, I did eventually find a reference to postal opening but the link to the appropriate form led nowhere.   I've not been able to speak to anyone at KR to clarify this (although message left) - can anyone give a proper link to the form, please?

There is no form available online.

Then what does this mean on KR website (see second bullet - link merely directs to 'support' and doesn't help further)?

Can I still open an account in branch?

We will continue to support account opening in the branch as we understand how important your branch is to you. However, we’ve taken further steps to help safeguard you and our teams by introducing some changes that will reduce the time you need to spend in the branch.

• If you’d like to visit a branch, please request an account opening pack which you can then take home to complete. The pack contains a business reply envelope to enable you to post the completed application back to us. We’ll aim to process your application within five working days.
• If you prefer not to visit a branch, you can also print off an application form from the Kent Reliance website here.
• For all new customers, we’ll run an electronic identification check but if this is not possible for any reason, we’ll contact you by post to request further documents.
• You’ll receive a written confirmation that your account has been opened and issued with a passbook during your next branch visit – you can visit whenever it’s convenient for you. You’ll still be able to carry out transactions over the phone by calling 01634 848944. However, if you access and view your account online, you won’t be able to carry out any transactions.

Further to the above, I got a call-back from KR this afternoon.   The person who called me didn't seem to be aware of either what was on the KR website or the reality of the situation for postal applications.   I was told that the Regular Savings account could NOT be opened other than in-branch - and my query as to why even an existing member could not open by post or online brought the response that KR has always restricted the account opening in this way.   As to the facility for collecting a form from a branch and returning it by post, I was told that the branch MIGHT agree to this but I would have to visit the branch to find out!   I got no explanation as to the non-availability of ANY personal account application forms online.   
I did suggest that Kent Reliance is a misnomer: much of Kent has no easy access to a branch and the conflicting information indicates that reliance on its statements or on a practical solution to the currently restricted access to branches is misplaced.   I think the point was taken but I am not holding my breath for a solution.

10_66

When I rang Kent Reliance today to ask for an application form, they agreed to issue one, but they made a point of stating that, though they're prepared to send the application form out for opening the account under current circumstances, that once (if!) things return to normal, any regular savings account opened by post would then have to return to being operated in branch and the pass book would have to be collected from the branch.  Hmmm...

JamesRobinson48

Given current market interest rates, I've lately applied by post for RS from the Penrith BS (1.75% variable) and Dudley BS (1.60% variable). In both cases, the BS has held the rate paid on RS (so far at least!), while cutting its other interest rates. Also, for both you can skip as many monthly payments as you want.  I had never considered going for either of these until the past couple of weeks.

Speculator

JamesRobinson48 said:

Given current market interest rates, I've lately applied by post for RS from the Penrith BS (1.75% variable) and Dudley BS (1.60% variable). In both cases, the BS has held the rate paid on RS (so far at least!), while cutting its other interest rates. Also, for both you can skip as many monthly payments as you want.  I had never considered going for either of these until the past couple of weeks.

 may as well go for a 1 yr fixed rate bond if you don't need access for a year.

liamcov

interest_Ted said:

soulsaver said:

sharpinf said:

Seems Kent Reliance have now moved onto issue 4 of their Regular Saver, down to 2% (from 3%), still upto £500 pay-in, variable interest rate and permitted withdrawls. 
https://www.kentreliance.co.uk/savings-accounts/regular-savings-account

Branch only...

In fact....KRBS will currently handle branch account openings by post.  Refer to their Covid-19 FAQs...relevant question "can I still open an account in branch".
Ted

If anyone has applied via post how do you access the account at closure if you can't visit a branch?

10_66

10_66 said:

When I rang Kent Reliance today to ask for an application form, they agreed to issue one, but they made a point of stating that, though they're prepared to send the application form out for opening the account under current circumstances, that once (if!) things return to normal, any regular savings account opened by post would then have to return to being operated in branch and the pass book would have to be collected from the branch.  Hmmm...

liamcov said:

If anyone has applied via post how do you access the account at closure if you can't visit a branch?

As mentioned in my earlier post, I was advised that once "things get back to normal", the account would have to operated by branch, and pass books would have to be collected from the branch.  I didn't think to ask what you'd do if you wanted to close the account if we were all still in lock down, I can only imagine they'd use the relaxed terms they're using now of postal, but can't say for sure.

margaretx9

JamesRobinson48 said:

Given current market interest rates, I've lately applied by post for RS from the Penrith BS (1.75% variable) and Dudley BS (1.60% variable). In both cases, the BS has held the rate paid on RS (so far at least!), while cutting its other interest rates. Also, for both you can skip as many monthly payments as you want.  I had never considered going for either of these until the past couple of weeks.

I would be very wary of any variable rate Regular savers - certainly those without a bonus included (e.g. the Monmouthshire BS saver plus which at least includes a 1% minimum term guarantee). They could easily drop to well below 1% within days or weeks.
Best to exhaust fixed rate ones - albeit bar the ones needing a current account with the bank only Halifax's 2% remains (i.e. paying 2% plus) I think.