Regular Savings Accounts: The Best Currently Available List!

karlie88

Sea_Shell said:

Daliah said:

Frogletina said:

ForumUser7 said:

Bank of Scotland also seems to offer the new 4.5% rate

I've opened this account, but I only opened the Lloyds RS accounts in September, so not eligible for those two as you can only open them every twelve months even if you close the existing ones. I'd already reduced the payments to £25 - have tried to close them as now not worth keeping them open, but system won't let me. Told me to try online or on a PC - I was!

I have closed mine with the "Renew savings account" function - renewed the regular savers to everyday savers, then withdrew my money.

I did this last week at BOS, Halifax and Lloyds, on accounts which were only 3 or 4 months old.

I have just now opened and funded the new account, with the new rates, at both BOS and Lloyds. The 12-months rule one the website is clearly not enforced by their systems 

Is there not the risk that their systems will "twig" this eventually and you won't actually get the interest you think you will?   

This little loophole has been around for many years and interest is paid at the correct amount. As long as the account says 5.25% or 4.5% when you log in then you'll get the advertised rate.

karlie88

DragonQ said:

Is it worth waiting until next month before opening any of these regular savers (as we all know rates will rise again)? Or is this likely the best offer from Lloyds for a while?

If it increases again next month then close and re-open.

apt

karlie88 said:

DragonQ said:

Is it worth waiting until next month before opening any of these regular savers (as we all know rates will rise again)? Or is this likely the best offer from Lloyds for a while?

If it increases again next month then close and re-open.

You can withdraw all your money, but you cannot open another Club Lloyds regular saver for 12 months from the opening date of your account, so those who have opened a Club Lloyds regular saver at a lower rate in the last couple of months are stymied. 5.25% is probably worth opening, however. I'd be surprised if they offer a significantly higher rate.

Nick_C

Worth reading today's posts before posting further.  And enough had been said already with regards to Lloyds. 

guestman

t1redmonkey said:

Can you open both if you're a Club Lloyds account holder or just one of them?

both , i have just closed both at 2.75 and reopened at the new rates

MiserlyMartin

clowning said:

london21 said:

Rates constantly changing, the only thing i am not happy with the 2.75% Santander esaver account is that it is variable.

Surely variable is best at the moment? It could go up

Not could, it should after 3rd November when the BoE raises by 0.75% - 1% ish. Though they might just issue a new version of the account. Banks are being very slow to pass on the rate hikes to savers, taking about a month to do anything!¬

cricidmuslibale

So, as things stand right now, Lloyds has two attractive (in interest rate terms) regular savers currently available, B of S has one, NatWest and RBS have one each, Barclays has the Rainy Day Saver at a very similar interest rate, First Direct has a slightly less attractive (interest rate wise) but still reasonable regular saver, even Nationwide is still offering the Start to Save account at 3% currently!

So it is with all this in mind that I am even more staggered that HSBC’s one available regular saver is still languishing at the lamentable interest rate of 1%!!! What on earth is going on at HSBC at present??? Do they not wish for any of their current account holders to deposit regular savings with them anymore???

Frankly I simply do not understand what the heck they (HSBC) are playing at right now, not just with the regular saver but also with their dreadfully low interest rates on most of the rest of their savings accounts too!

ForumUser7

cricidmuslibale said:

So, as things stand right now, Lloyds has two attractive (in interest rate terms) regular savers currently available, B of S has one, NatWest and RBS have one each, Barclays has the Rainy Day Saver at a very similar interest rate, First Direct has a slightly less attractive (interest rate wise) but still reasonable regular saver, even Nationwide is still offering the Start to Save account at 3% currently!

So it is with all this in mind that I am even more staggered that HSBC’s one available regular saver is still languishing at the lamentable interest rate of 1%!!! What on earth is going on at HSBC at present??? Do they not wish for any of their current account holders to deposit regular savings with them anymore???

Frankly I simply do not understand what the heck they (HSBC) are playing at right now, not just with the regular saver but also with their dreadfully low interest rates on most of the rest of their savings accounts too!

To be honest, I've been disappointed with Nationwide's recent base rate response (HSBC is so behind I don't even bother looking at their rates anymore). I believe Nationwide's last rate increase was 1st September, in response to the 4th August BOE base rate increase. They have not done anything so far in response to the 22nd September base rate increase for either their Flex Regular Saver (now withdrawn) or their Start to Save Issue 2. I will continue to minimally fund the Start to Save Issue 2 to remain eligible for the prize draw, but have stopped funding the Flex Regular Saver and will (in chunks due to the withdrawal limit) move that balance to the new Lloyds regular savers. I think, in order to remain competitive in the current regular saver market, Nationwide would have to increase both these rates to at least 5% AER, or even 5.25% AER to match the top paying Club Lloyds Regular Saver. Feels unlikely this will happen, but we can hope 🤷🏻‍♂️

adindas

Sea_Shell said:

Daliah said:

Frogletina said:

ForumUser7 said:

Bank of Scotland also seems to offer the new 4.5% rate

I've opened this account, but I only opened the Lloyds RS accounts in September, so not eligible for those two as you can only open them every twelve months even if you close the existing ones. I'd already reduced the payments to £25 - have tried to close them as now not worth keeping them open, but system won't let me. Told me to try online or on a PC - I was!

I have closed mine with the "Renew savings account" function - renewed the regular savers to everyday savers, then withdrew my money.

I did this last week at BOS, Halifax and Lloyds, on accounts which were only 3 or 4 months old.

I have just now opened and funded the new account, with the new rates, at both BOS and Lloyds. The 12-months rule one the website is clearly not enforced by their systems 

Is there not the risk that their systems will "twig" this eventually and you won't actually get the interest you think you will?   

Just check it the applied interest on your newly converted Account. What is shown is what should be applied.

cricidmuslibale

ForumUser7 said:

cricidmuslibale said:

So, as things stand right now, Lloyds has two attractive (in interest rate terms) regular savers currently available, B of S has one, NatWest and RBS have one each, Barclays has the Rainy Day Saver at a very similar interest rate, First Direct has a slightly less attractive (interest rate wise) but still reasonable regular saver, even Nationwide is still offering the Start to Save account at 3% currently!

So it is with all this in mind that I am even more staggered that HSBC’s one available regular saver is still languishing at the lamentable interest rate of 1%!!! What on earth is going on at HSBC at present??? Do they not wish for any of their current account holders to deposit regular savings with them anymore???

Frankly I simply do not understand what the heck they (HSBC) are playing at right now, not just with the regular saver but also with their dreadfully low interest rates on most of the rest of their savings accounts too!

To be honest, I've been disappointed with Nationwide's recent base rate response (HSBC is so behind I don't even bother looking at their rates anymore). I believe Nationwide's last rate increase was 1st September, in response to the 4th August BOE base rate increase. They have not done anything so far in response to the 22nd September base rate increase for either their Flex Regular Saver (now withdrawn) or their Start to Save Issue 2. I will continue to minimally fund the Start to Save Issue 2 to remain eligible for the prize draw, but have stopped funding the Flex Regular Saver and will (in chunks due to the withdrawal limit) move that balance to the new Lloyds regular savers. I think, in order to remain competitive in the current regular saver market, Nationwide would have to increase both these rates to at least 5% AER, or even 5.25% AER to match the top paying Club Lloyds Regular Saver. Feels unlikely this will happen, but we can hope 🤷🏻‍♂️

Yes I fully agree, you’re absolutely right to highlight Nationwide’s complete non response to the most recent base rate increase as far as their regular savers are concerned. To be fair to them though, Nationwide have recently released a new set of online fixed rate bonds with pretty competitive interest rates and, of course, they have a very attractive £200 switch offer currently available for their Flex Direct current account which also offers 5% credit interest for one year on balances up to £1500 for new account holders.

HSBC offer none of the above right now so if one might give Nationwide 5 or possibly 6 out of 10 at present, one should probably give HSBC 1 out of 10 at the very most, and that 1 is only because their MySavings account for 7 to 17 year olds pays 3.25% AER credit interest on balances up to £3000!