Regular Savings Accounts: The Best Currently Available List!

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.

Reg_Smeeton

Malchester said:

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%

My local building society (Vernon) have a regular saver ISA that was one of the best paying accounts a year or so ago, it hasn’t stayed competitive though so now planning on emptying it, retaining the standing order at the minimum pay-in to retain the bonus rate, and cycling it in to my better payers such as Staffs Railway.  

Bridlington1

According to moneyfacts, Saffron BS is about to launch a new issue of their small saver account at 3%:

Descrabled

Saffron

It might be that a new (or possibly the existing loyalty R S) is about to surface at 2.55%, c.f existing 2.05% for £50 to £500 per month.  Do we all have to go through the rigmarole of restarting the account?

subjecttocontract

Are you serious ?    I don't understand how £50 a month for 12 months @ 3% which = £10 in interest is attractive enough to get anyone out of bed in the morning !

Bridlington1

subjecttocontract said:

Are you serious ?    I don't understand how £50 a month for 12 months @ 3% which = £10 in interest is attractive enough to get anyone out of bed in the morning !

It works out to being about £3.42 better off than keeping the money in the top easy access account. Since I'll be out of bed in the morning anyway I personally would rather have the extra £3.42.

mhoc

An odd one.
My Monmouthshire reg saver is due to mature early September so as we were going to be away I logged on but there was no means to give maturity instructions online. I messaged them mid August to say I wanted to open a new regular saver issue 6 2.25% with £250 and the residue of the maturing old reg saver being returned to me.
Just opening the post from the last fortnight today, starting to catch up on the domestic admin and there is a letter from MBS regarding maturity instructions which can be done online or via snail mail but the options are not to re-open a new regular saver - now the only options seems to be either a one year fixed rate 2.75% or 2 year  3.10% fixed rate bond. OK, both of these do look better options than the regular saver issue 6 with 2.25%.
What has happened in the meantime - was the regular saver 6 withdrawn altogether in the last fortnight? 
Looking on line there is now a new issue 10 regular saver bond 2.25% but that is only for in branch  or agencies - you cant open online. I assume that once someone is in branch they can try and sell them another product at the same time as opening new account thus generating income (which the regular savers dont do for them) 
Oh well it would only have earned £36.48 in interest anyway and its one less standing order to keep track of.
 https://www.monbs.com/products/regular-saver-bond/

10_66

mhoc said:

An odd one.
My Monmouthshire reg saver is due to mature early September so as we were going to be away I logged on but there was no means to give maturity instructions online. I messaged them mid August to say I wanted to open a new regular saver issue 6 2.25% with £250 and the residue of the maturing old reg saver being returned to me.
Just opening the post from the last fortnight today, starting to catch up on the domestic admin and there is a letter from MBS regarding maturity instructions which can be done online or via snail mail but the options are not to re-open a new regular saver - now the only options seems to be either a one year fixed rate 2.75% or 2 year  3.10% fixed rate bond. OK, both of these do look better options than the regular saver issue 6 with 2.25%.
What has happened in the meantime - was the regular saver 6 withdrawn altogether in the last fortnight? 
Looking on line there is now a new issue 10 regular saver bond 2.25% but that is only for in branch  or agencies - you cant open online. I assume that once someone is in branch they can try and sell them another product at the same time as opening new account thus generating income (which the regular savers dont do for them) 
Oh well it would only have earned £36.48 in interest anyway and its one less standing order to keep track of.
 https://www.monbs.com/products/regular-saver-bond/

mhoc, did they not reply to your secure message?  I only ask because in the past, I've used the form that was included in the maturity letter, and although the regular saver isn't listed on that, I've entered the details on it myself, and they've done as you have asked them in your message to them, ie opened the new account from the maturing funds, and then returned the rest.  Try calling them to confirm whether they'll do that for you, as they've definitely done it in the past.