Regular Savings Accounts: The Best Currently Available List!

Kazza242

Market Harborough Building Society has launched a new account called Member Regular Saver.

It pays 2.70% and allows deposits of £10 - £3,000 per month.  The interest rate is variable.

The account allows unlimited withdrawals but 30 days' notice must be provided.  

The account is available to existing members who have held an account with the Society of 3 months or more.

Maximum balance is £50,000.  The account can be opened online or in branch.

https://mhbs.co.uk/my-membership/exclusive-products/member-regular-saver-30r1/

Daliah

RG2015 said:

polymaff said:

RG2015 said:

I have noticed several people closing their Santander regular saver and opening a new one to get the increase in rate from 2.50% to 2.75%

Can someone confirm the increase if the full amount of £2,400 is deposited over 12 months?

I make it about £3.60 and obviously less for any shorter period. Am I missing something here?

Shift that decimal point, RG2015.

Sorry if I was a bit too imprecise for you, but I did say the increase 

I was talking about the difference between the yield at 2.75% pa and 2.50% pa which is about £3.60

Even if it were only £3.60 for me, it's my £3.60, not Santander's.

polymaff

RG2015 said:

polymaff said:

RG2015 said:

I have noticed several people closing their Santander regular saver and opening a new one to get the increase in rate from 2.50% to 2.75%

Can someone confirm the increase if the full amount of £2,400 is deposited over 12 months?

I make it about £3.60 and obviously less for any shorter period. Am I missing something here?

Shift that decimal point, RG2015.

Sorry if I was a bit too imprecise for you, but I did say the increase 

I was talking about the difference between the yield at 2.75% pa and 2.50% pa which is about £3.60

No, you're right, twice over.  The second being using the word "difference"...

RG2015

Daliah said:

RG2015 said:

polymaff said:

RG2015 said:

I have noticed several people closing their Santander regular saver and opening a new one to get the increase in rate from 2.50% to 2.75%

Can someone confirm the increase if the full amount of £2,400 is deposited over 12 months?

I make it about £3.60 and obviously less for any shorter period. Am I missing something here?

Shift that decimal point, RG2015.

Sorry if I was a bit too imprecise for you, but I did say the increase 

I was talking about the difference between the yield at 2.75% pa and 2.50% pa which is about £3.60

Even if it were only £3.60 for me, it's my £3.60, not Santander's.

You are correct and there was no need for me to make any comment.

Furthermore, it was disingenuous of me to ask if my calculation was correct on my first post.

dcs34

wiseonesomeofthetime said:

Don't think so. 

Some just chase every last penny 🤷‍♂️

Encourages the Banks to save their admin time and raise existing rates rather than offer a redundant new issue each month

Daliah

dcs34 said:

wiseonesomeofthetime said:

Don't think so. 

Some just chase every last penny 🤷‍♂️

Encourages the Banks to save their admin time and raise existing rates rather than offer a redundant new issue each month

There is that, yes. If they notice........


I closed my TSB 2.5% Monthly Saver in protest for not getting the 3% new customers are now getting. This was an easy decision to take as I can get 2.5% in my YBS 6-access saver, and it reduces my accounts and SOs by 1. 

I also won't hesitate closing my Santander 2.75% one as soon as I can get a better instant access rate elsewhere.

kaMelo

The problem I have with closing the Santander regular saver is that whilst the initial £200 deposit will earn more, there is nowhere else to put the remaining £1200 in the original regular saver at more than 2.35%, a 0.15% loss
I haven't done the arithmetic but if you offset the loss on this sum against the gain on taking out the new version there is going to be hardly any benefit in doing it.

Bridlington1

kaMelo said:

The problem I have with closing the Santander regular saver is that whilst the initial £200 deposit will earn more, there is nowhere else to put the remaining £1200 in the original regular saver at more than 2.35%, a 0.15% loss
I haven't done the arithmetic but if you offset the loss on this sum against the gain on taking out the new version there is going to be hardly any benefit in doing it.

I'm using similar logic. I will wait until the rate jumps a bit further, or the top easy access accounts increase to 2.5%, whichever comes earlier. I employed the same logic with the Saffron small saver. I had Issue 3 at 2%, missed out issue 4 at 2.3% and renewed when they launched issue 5 at 3%.

Wheres_My_Cashback

kaMelo said:

The problem I have with closing the Santander regular saver is that whilst the initial £200 deposit will earn more, there is nowhere else to put the remaining £1200 in the original regular saver at more than 2.35%, a 0.15% loss
I haven't done the arithmetic but if you offset the loss on this sum against the gain on taking out the new version there is going to be hardly any benefit in doing it.

Straight increase into OakNorth at 2.71%

happybagger

IanManc said:

polymaff said:

subjecttocontract said:

The problem for me is it's discriminatory in nature. There are English residents closer to Swansea than some Welsh residents.

I'd like to reply, but have been censored by MSE.

So was I.  😕

ditto. odd.