Regular Savings Accounts: The Best Currently Available List!

wiseonesomeofthetime

veryintrigued said:

Dudley BS

One year RS (amongst others) increased from 1.5 to 1.65.

https://www.dudleybuildingsociety.co.uk/savings/existing-customers/saving-rate-changes/

Yeah, however, as the link suggests, that is for existing customers only.

The current available RS product is a meagre 1.30% variable.

I wonder who actually opens RS like these, where the rate is actually less than that available on many easy access savings accounts. There must be a market, else why even offer them 🤷‍♂️

happybagger

New rates announced for Bath BS from 1 October 2022

Disappointing only a 0.2% rise in the basic RS account.

Rates here

veryintrigued

veryintrigued said:

karlie88 said:

Can confirm above is true re: Furness 3 year reg saver. Will be 2.2% from 1st Sept.

Has this been confirmed by them via website / email etc?

Any update on the source here please?

10_66

Section62 said:

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.

Can you remember the last time Virgin increased their fixed rate on these?  I'm trying to decide whether to ditch them now, but having just been bitten by withdrawing from Loughborough Flexible Save to Buy a day or two before they increased the rate (though that was variable rate), I'm not sure what to do now 

ColdIron

August 2018 I think

10_66

Many thanks ColdIron.

CompulsiveSaver

wiseonesomeofthetime said:

veryintrigued said:

Dudley BS

One year RS (amongst others) increased from 1.5 to 1.65.

https://www.dudleybuildingsociety.co.uk/savings/existing-customers/saving-rate-changes/

Yeah, however, as the link suggests, that is for existing customers only.

The current available RS product is a meagre 1.30% variable.

I wonder who actually opens RS like these, where the rate is actually less than that available on many easy access savings accounts. There must be a market, else why even offer them 🤷‍♂️

I have been wondering the same, there are so many that have quite low rates compared to instant access accounts; especially when you look at the market leader Regular Savers now pay 5%. I would just want to understand the logic of saving in them?
The best I can come up with is... there are people who have been members for decades, and that is the best rate available in that society and it keeps the membership ticking over on the bare minimum e.g. £20 a month? I just don't understand why the society are looking to achieve with such poor rates as it can't be attracting much money.

Malchester

CompulsiveSaver said:

wiseonesomeofthetime said:

veryintrigued said:

Dudley BS

One year RS (amongst others) increased from 1.5 to 1.65.

https://www.dudleybuildingsociety.co.uk/savings/existing-customers/saving-rate-changes/

Yeah, however, as the link suggests, that is for existing customers only.

The current available RS product is a meagre 1.30% variable.

I wonder who actually opens RS like these, where the rate is actually less than that available on many easy access savings accounts. There must be a market, else why even offer them 🤷‍♂️

I have been wondering the same, there are so many that have quite low rates compared to instant access accounts; especially when you look at the market leader Regular Savers now pay 5%. I would just want to understand the logic of saving in them?
The best I can come up with is... there are people who have been members for decades, and that is the best rate available in that society and it keeps the membership ticking over on the bare minimum e.g. £20 a month? I just don't understand why the society are looking to achieve with such poor rates as it can't be attracting much money.

I wonder whether some people use their local building society for most of their savings so a rate of 1.7% (as an example) in a regular saver is good when compared to an easy access rate of 0.75% (for example). For me I don't normally have regular savers but currently have a First Direct one paying 3.5%

schiff

10_66 said:

Section62 said:

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.

Can you remember the last time Virgin increased their fixed rate on these?  I'm trying to decide whether to ditch them now, but having just been bitten by withdrawing from Loughborough Flexible Save to Buy a day or two before they increased the rate (though that was variable rate), I'm not sure what to do now 

I've got all six and fully funded, but I'm holding fire until the 20th of next month when normally the next HBC is announced. If they decide to go ahead with issue 13 surely they can't offer 1.75% again. I think it will be a bit of a tester for them.

Daliah

schiff said:

10_66 said:

Section62 said:

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.

Can you remember the last time Virgin increased their fixed rate on these?  I'm trying to decide whether to ditch them now, but having just been bitten by withdrawing from Loughborough Flexible Save to Buy a day or two before they increased the rate (though that was variable rate), I'm not sure what to do now 

I've got all six and fully funded, but I'm holding fire until the 20th of next month when normally the next HBC is announced. If they decide to go ahead with issue 13 surely they can't offer 1.75% again. I think it will be a bit of a tester for them.

I am not convinced that they feel compelled to increase their rate at all, never mind for existing accounts. I also doubt they would offer more than the 2.21%, and 2.26% from Sept 1, I get in my Oaknorth 90 day notice account for all my money that used to sit in the Homebuyers.