Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

There currently is at least one massive bank and one major building society who are letting themselves down badly compared to their rivals as far as their present regular savings account is concerned, namely HSBC UK and Coventry Building Society!

HSBC’s regular saver is STILL languishing very badly indeed with its now way lower than virtually everyone else’s interest rate of 1% paid annually. By stark contrast Lloyds has two regular savers, paying 5.25% and 4.5% respectively, NatWest / RBS have one each paying up to 5.12%, B of S and Halifax have one each paying 4.5%!

Coventry B S’s regular saver, not long ago one of the best available interest rate wise for a monthly deposit of up to £500, is now significantly poorer than some of those available from its competitors, a mere 2.4% annually compared to 5.0% annually from Yorkshire BS, soon to be 3.5% annually from Nationwide BS, currently 3.25% annually from Principality BS, to name but three of its rivals!

So come on HSBC and Coventry, it’s high time you delivered on your regular savers too!

gt94sss2

cricidmuslibale said:

HSBC’s regular saver is STILL languishing very badly indeed with its now way lower than virtually everyone else’s interest rate of 1% paid annually. By stark contrast Lloyds has two regular savers, paying 5.25% and 4.5% respectively, NatWest / RBS have one each paying up to 5.12%, B of S and Halifax have one each paying 4.5%!

HSBC don't need the money. 

I am sure they will increase the rate eventually but in the interim they seem to prefer offering 3% on their Online Bonus Saver account (up to £10k).

First Direct (owned by HSBC) offer 3.5%

It could also be that they are wanting the number of  regular saver accounts to decline to prevent too many customers closing accounts and reopening then when they do increase rates.

phillw

dekkard said:
Thanks. Is that something you've checked with the Halifax themselves, out of interest?

I opened mine today. As part of the application they told me to add money to it & I did.

phillw

soulsaver said:

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

It's worded clumsily, the T&C are clearer. https://www.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf

If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account the interest should have been paid to you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions.


What they mean is that 12 months after opening the regular saver, if you closed the everyday saver, they will convert the regular saver to an everyday saver. They don't convert it to an everyday saver 24 months after opening the regular saver.

Millyonare

IanManc said:

dekkard said:

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month

You could have quoted the whole paragraph, which qualifies the first sentence somewhat:

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £250. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit. 

The Halifax site also says, in a different place: "Ideal for savers who want to save £25-£250 every month by one standing order. This needs to reach your account by the 25th of the month."

And it says: "You can change the amount you save at any time. You can top up your savings by bank transfer as long as you don’t exceed the £250 monthly limit."

I interpret the Halifax 4.50% regular saver as:

* Standing order = 1st to 25th of month
* Bank transfer = 1st to 31st of month

Given the (sometimes) lag for a standing order (SO), I would be inclined to setup the payment before the 20th of each month, to be on the safe side, in case there are long weekends, processing delay, etc.

Dyor, etc.

soulsaver

phillw said:

soulsaver said:

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

It's worded clumsily, the T&C are clearer. https://www.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf

If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account the interest should have been paid to you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions.


What they mean is that 12 months after opening the regular saver, if you closed the everyday saver, they will convert the regular saver to an everyday saver. They don't convert it to an everyday saver 24 months after opening the regular saver.

Y, maybe a tad optimistic influenced by a loophole rumour...

jimexbox

gt94sss2 said:

cricidmuslibale said:

HSBC’s regular saver is STILL languishing very badly indeed with its now way lower than virtually everyone else’s interest rate of 1% paid annually. By stark contrast Lloyds has two regular savers, paying 5.25% and 4.5% respectively, NatWest / RBS have one each paying up to 5.12%, B of S and Halifax have one each paying 4.5%!

HSBC don't need the money. 

I am sure they will increase the rate eventually but in the interim they seem to prefer offering 3% on their Online Bonus Saver account (up to £10k).

First Direct (owned by HSBC) offer 3.5%

It could also be that they are wanting the number of  regular saver accounts to decline to prevent too many customers closing accounts and reopening then when they do increase rates.

My FD regular saver is showing 3.6% since last week. 0.1% increase, I'm thinking holiday. 

Sea_Shell

Halifax Reg Saver - No withdrawals!!!   

So, if you have the cash from day 1, better to stick straight in a 1 year fixed account, at similar (or higher) rate?

AndyTh_2

Sea_Shell said:

Halifax Reg Saver - No withdrawals!!!   

So, if you have the cash from day 1, better to stick straight in a 1 year fixed account, at similar (or higher) rate?

no withdrawals ... except through closure, so it's more flexible than a 1 year fixed account, as you can close it for any reason without penalty.

Sea_Shell

AndyTh_2 said:

Sea_Shell said:

Halifax Reg Saver - No withdrawals!!!   

So, if you have the cash from day 1, better to stick straight in a 1 year fixed account, at similar (or higher) rate?

no withdrawals ... except through closure, so it's more flexible than a 1 year fixed account, as you can close it for any reason without penalty.

Thanks, i'd missed that point.   Yes, I see that would work.