Regular Savings Accounts: The Best Currently Available List!

ColdIron

badger09 said:

ColdIron said:

You can open the Lloyds Monthly Saver without a linked Lloyds current account

No you can't
https://www.lloydsbank.com/savings/monthly-saver.html?WT.ac=SCOMMONFND1
Are you perhaps confusing it with the Halifax Regular Saver?

No, I meant the Lloyds Monthly Saver. I think I assumed that since the SO didn't have to come from Lloyds it wasn't linked. Should have checked. Post deleted

SaverRate

I've just received the following message from Coventry confirming the interest rate reductions for existing accounts:
I have had a look into this for you. I can confirm that the new rate on your Regular Saver account will be 1.85% gross p.a. This rate will be effective from 6 May 2020.

colsten

Email notifications from Coventry are now arriving. Including confirmation that you can close your account w/o penalty until June 5th. I suppose that if you close your account between May 6 and June 5, you'll get 2.5% until May 5, and then 1.85% from May 6 until you close your account. Quite cheeky. I won't be closing mine, so I won't be complaining.

1882

Am I correct in saying I don't have to pay anything in every month? It only talks about maximums in the bumf I can see and I'm considering leaving the cash in but not adding to it!

Bobblehat

colsten said:

Email notifications from Coventry are now arriving. Including confirmation that you can close your account w/o penalty until June 5th.  ……...

Still not had my notification yet, but Mrs Bobblehat has (as above). The odd thing is that I noticed that her RS is an Issue 2 and mine is an Issue 1. Has anyone else with a #1 had a notification?

One other conundrum, looking back at the details of #1 and comparing them with #2, I couldn't see any change …. well not in Interest rate, max pay in etc ….. so just to satisfy me, does anyone know if there is a major difference between them?

Ed-1

Principality Learner Earner Issue 1 and 2 reducing from 4% to 3.35% on 11th May 2020.

wiseonesomeofthetime

Have received my email from Coventry BS regarding the Regular Saver (2) now as well. That's two stabs in two days.

Can't say it's unexpected though. If I could place the money somewhere else worthwhile, I would do it, just to get away from that ghastly grid  . However, likely to stay, as not many others offer £500 deposits. Drip-feeding my Marcus into this one.

Bobblehat

I can now answer one of my two questions   … just had the notification on my Issue 1 Coventry RS …. same reduction as for #2.

I'm still interested if anyone has noticed any difference in the terms of #1 & #2?

zippygeorgeandben

Coventry BS have just emailed me to say the following:

We’re reducing the interest rate on your Regular Saver, following the reduction in the Bank of England Base Rate.  Last month, the Bank of England reduced base rate twice, by a total of 0.65%, meaning that base rate is now 0.10%. As result, we’ve decided to reduce the interest rate on your account. We take any decisions to reduce the interest rate very seriously and we’re sorry to have to do it.

What should you do next?

You don’t need to do anything. However, if you decide you’d like to close your account, you can do this without giving notice or paying a charge until 5 June 2020. After this date the usual conditions of your account will apply.

cosh25

Bobblehat said:

I can now answer one of my two questions   … just had the notification on my Issue 1 Coventry RS …. same reduction as for #2.

I'm still interested if anyone has noticed any difference in the terms of #1 & #2?

I think the only difference is that Issue 1 matures into the Easy Access Saver (Issue 6) and Issue 2 matures into the Easy Access Saver (Issue 7) - at the time Issue 6 had a higher rate if interest, but they are all the same now after rate amendments etc.