Regular Savings Accounts: The Best Currently Available List!

margaretx9

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...

Well it is a branch based account isn't it?!
So its a day trip to Kent or Hampshire. Canterbury and Littlehampton are nice - so a nice day trip?

liamcov

margaretx9 said:

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 think.

Agreed. The faff of having to do all this via post too!

Do providers have to allow you access to the account if they do reduce the rate though? Not something I've considered before, but I've just done it with Yorkshire who did allow me to close it down.

Fingerbobs

margaretx9 said:

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...

Well it is a branch based account isn't it?!
So its a day trip to Kent or Hampshire. Canterbury and Littlehampton are nice - so a nice day trip?

If you're driving down from Essex, East Anglia or thereabouts, the Gravesend branch is useful as you can park at Tilbury and get the foot ferry across, then walk to the branch. Quicker than using the M25 and avoids the Dartford Crossing.

margaretx9

liamcov said:

margaretx9 said:

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 think.

Agreed. The faff of having to do all this via post too!

Do providers have to allow you access to the account if they do reduce the rate though? Not something I've considered before, but I've just done it with Yorkshire who did allow me to close it down.

Depends on the terms and conditions - Halifax and Kent reliance allow penalty free withdrawals, Coventry requires 30 days loss of interest on the sum withdrawn, some 1 withdrawal only allowed a year.
The 2.75% HSBC group regular savers allow withdrawals by full closure at any time - but I think you only get paid the HSBC/FD/M&S instant access saver rate (probably 0.1% now or less) not the full 2.75% up to the point of closure

colsten

liamcov said:

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

Are you asking about closure before maturity?

If you let the account mature, at the end of the 12 months your account will automatically transfer to a KRBS easy access savings account. You can then use online banking to transfer your money out.

If you are closing early, I would have thought you can ask them to pay your closing balance into a KRBS instant access account, which you can operate online. I am also sure you can ask them to send you a cheque. You might have to send them your passbook before they action an early closure request.

Puffer

10_66 said:

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.

As I understand it, the KR regular savings account matures after a year and is converted to an easy access account, which presumably can then be operated (i.e. closed - interest rate will be derisory) online.   If so, no need to ever visit a branch or see the passbook.   
Given the apparent confusion at KR regarding postal account opening, with some being told this can be done whilst I was told the opposite, I don't think I'll be bothering with the account unless and until KR gets its act together or (better) opens a branch near me - some hope. 
Interesting that Yorkshire BS also regards its regular savings accounts as branch-based (with passbook) but allows postal opening and sends out the book.   But no longer a worthwhile account after one of the steepest interest reductions.

bubieyehyeh

Puffer said:

As I understand it, the KR regular savings account matures after a year and is converted to an easy access account, which presumably can then be operated (i.e. closed - interest rate will be derisory) online.   If so, no need to ever visit a branch or see the passbook.   
Given the apparent confusion at KR regarding postal account opening, with some being told this can be done whilst I was told the opposite, I don't think I'll be bothering with the account unless and until KR gets its act together or (better) opens a branch near me - some hope. 
Interesting that Yorkshire BS also regards its regular savings accounts as branch-based (with passbook) but allows postal opening and sends out the book.   But no longer a worthwhile account after one of the steepest interest reductions.

The regular saver accounts mature into a branch easy access account, which is viewable online, you can pay in money by faster payment, but you can't arrange withdrawls online.

colsten

bubieyehyeh said:

The regular saver accounts mature into a branch easy access account, which is viewable online, you can pay in money by faster payment, but you can't arrange withdrawls online.

IIRC, that used to be the case but I am not sure they even do a Branch-easy access one any longer. The Regular Saver now matures into their Easy access account, which definitely offers online withdrawals (which they call transfers) into your linked current account.

pearl123

tel_ said:

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.

Personally, I would be putting in £500 a month if it is only 1.85%. There are still a few fixed rate regular savings around. Lloyds for example.  

schiff

Coventry
Having had no notification of any kind (though the 14 days starts today) I will be interested to check on May 6th to see if mine is still showing as 2.5%. I too would accept 1.85% if that is what it means.