Regular Savings Accounts: The Best Currently Available List!

[Deleted User]

I know that closing the recently opened Santander Regular Saver at 2.75% would seem to be the sensible option now that there is the instant access E Saver at the same rate. However I am always loath to close a regular saver before its term is up just for the sake of it. My reluctance stems from the possibility that I might be "punished" for early closing by being locked out of some new souper-douper RS offer further down the line. Does anyone see any disadvantage in just keeping the 2.75% RS going in parallel with the E Saver, or am I missing something?

Bridlington1

Deleted_User said:

I know that closing the recently opened Santander Regular Saver at 2.75% would seem to be the sensible option now that there is the instant access E Saver at the same rate. However I am always loath to close a regular saver before its term is up just for the sake of it. My reluctance stems from the possibility that I might be "punished" for early closing by being locked out of some new souper-douper RS offer further down the line. Does anyone see any disadvantage in just keeping the 2.75% RS going in parallel with the E Saver, or am I missing something?

You have to fund the regular saver by standing order from your current account. You thus lose a day's interest unless you have a 0% overdraft or usually keep £200+ in your current account anyway. There's no harm in just keeping the regular saver open and not making any more contributions though.

Nick_C

Don't see any reason for keeping the Santander RS @ 2.75%.  It's a fixed rate of interest.  If Santander brings out a new RS with a better rate, you will need to close the existing one to open the new one. 

finspaniard

Lloyds Group (Lloyds, Halifax, etc) seems to be one of the few that only allow open a new RS every 12 months. The rest don't seem to care.

I've haven't closed my RS at Lloyds, but it will be a matter of days. There is no point. Even if they bring a 5%, I'll be unable to open it until next year.

Nick_C

finspaniard said:

Lloyds Group (Lloyds, Halifax, etc) seems to be one of the few that only allow open a new RS every 12 months. The rest don't seem to care.

TSB has the same restriction. 

london21

Just opened the Snatander esaver account offering 2.75%. Money has been sitting in the santander and barclays account gaining nothing.

Now can get some interest whilst I decide where to invest the money. 

Reg_Smeeton

Is it just me or does the Regular Saver market seem a bit moribund right now? I’m closing/reducing my funding of almost all of mine given that I can by and large get better rates easy access or 1 yr fixes. 

Nick_C

london21 said:

Just opened the Snatander esaver account offering 2.75%. Money has been sitting in the santander and barclays account gaining nothing.

Now can get some interest whilst I decide where to invest the money. 

Sorry (to others) for going off topic, but do you have the Barclays Rainy Day Saver?  (£5k @ 5pc)

ForumUser7

Reg_Smeeton said:

Is it just me or does the Regular Saver market seem a bit moribund right now? I’m closing/reducing my funding of almost all of mine given that I can by and large get better rates easy access or 1 yr fixes. 

It does! It's a shame, because they used to have quite high rates and favourable withdrawal terms. I guess as loads of people are opening FRBs just now, myself included, the banks are pivoting towards those instead - it's also probably preferable for them because they know the funding cannot be withdrawn all of a sudden. I hope the Regular Saver market comes back to life soon though!

london21

Nick_C said:

london21 said:

Just opened the Snatander esaver account offering 2.75%. Money has been sitting in the santander and barclays account gaining nothing.

Now can get some interest whilst I decide where to invest the money. 

Sorry (to others) for going off topic, but do you have the Barclays Rainy Day Saver?  (£5k @ 5pc)

No had the money in current account gaining nothing. 

I have a large balance so the 5k limit is not enough.

I did have the santander 123 account with 3% years ago until it went so low and then closed it and moved money to current account.

Now that interest rates have started increasing worth the effort to move to the instant access savings account offering 2.75%. Account was opened in minutes.