Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

ForumUser7 said:

Daliah said:

ForumUser7 said:

Daliah said:

Nick_C said:

where_are_we said:

phillw - I respect your opinion on a new Saffron BS RS12 - that`s what MSE forums are for. However as Daliah points out it is easy to upgrade from RS11, Saffron are very efficient, and being able to get £500 in @3% for October and then another £500 in on 1/11 means £1000 is getting 3% in a few days time.

I'm expecting BOEBR to increase again next Thursday.  I think within 3 weeks, I'll be getting 3% or more on an instant access savings account.

Having £1000 with Saffron for three weeks at 3pc instead of leaving it in Santander at 2.75pc would give me an extra 15p.

Not worth it for me.  And as a Saffron member, I don't want to be imposing extra costs on them. 

Saffron need to come up 5% fixed or 3% variable to get my attention. 

I think you will find Saffron already offers,  and has done so for some time, 5% fixed for some customers - though you might not be one of them - as has been discussed earlier on this board.

Their highest rate right now showing on the website is 4.40% so perhaps the 5% are NLA for new applicants

It pays off, literally, to follow the postings in this thread.

Yeah, these forum threads (particularly this one) are really good - wish I’d discovered them sooner!

To be fair there are one or two forum threads that, for me at least, are nowhere near as helpful as this one! One of those is…well I’ll give you a clue: ‘I simply cannot bear this thread any longer!’

I’m also rather intrigued by the existence or otherwise of this Saffron account offering 5% fixed to those who are / were eligible. Was it a kind of regular savings account because I don’t think I’ve ever come across it tbh?

Section62

cricidmuslibale said:

I’m also rather intrigued by the existence or otherwise of this Saffron account offering 5% fixed to those who are / were eligible. Was it a kind of regular savings account because I don’t think I’ve ever come across it tbh?

Me too.  The Cambridge (a near neighbour of Saffron) are doing a 5% RS which is only available to a select few, but this is the first I've heard of a 5% RS account with Saffron in recent times.

dcs34

where_are_we said:

dcs34 said:

where_are_we said:

Saffron new members RS12 @3%. If using secure message to close old RS11 and open new RS12 do not dilly-dally and get timed out and have to compose it all again like I did! Maximum balance is £6000 so only first deposit and 11 SO`s for £500 are allowed (no 13th payment), although if form is anything to go by, this doesn`t matter because the RS12 is likely to be superseded by a RS13 before maturity. Also alter your old standing order to the new maturity date.

I've requested the Saffron switcheroo to the small saver, now 3.5% up from 3% previously.

(And I'll wait for them to do that before opening the RS12, just to avoid them applying their T&Cs correctly and closing it...)

Saffron BS T&C`s state "Only hold one Small Saver or Regular Saver per customer (be it held in sole or joint names)". I interpret that to mean one or the other. Let us know if you manage to have both. The "Small Saver" is so named because of the small monthly maximum deposit of £50. If you have a small amount of savings then it is better@3.5% than the RS12 @3%. Due to having a large amount in cash (house purchase possible), I prefer the £500 monthly maximum deposit allowed into the RS12. Perhaps they should call it the "Large Saver"! It is in effect an easy access RS.

Yes that what their T&Cs say, however in the past - and now again this morning - it is perfectly possible to have both products open at the same time. Saffron either (a) don't notice, or (b) do notice but decide it's not worth enforcing the T&Cs, and (c) if they ever did enforce the T&C's and request to shut one account, similar to the RS renewal 'trick' they'd probably pay you the full interest earned on that account at that point in any case.

Every_Penny_Counts

dcs34 said:

where_are_we said:

dcs34 said:

where_are_we said:

Saffron new members RS12 @3%. If using secure message to close old RS11 and open new RS12 do not dilly-dally and get timed out and have to compose it all again like I did! Maximum balance is £6000 so only first deposit and 11 SO`s for £500 are allowed (no 13th payment), although if form is anything to go by, this doesn`t matter because the RS12 is likely to be superseded by a RS13 before maturity. Also alter your old standing order to the new maturity date.

I've requested the Saffron switcheroo to the small saver, now 3.5% up from 3% previously.

(And I'll wait for them to do that before opening the RS12, just to avoid them applying their T&Cs correctly and closing it...)

Saffron BS T&C`s state "Only hold one Small Saver or Regular Saver per customer (be it held in sole or joint names)". I interpret that to mean one or the other. Let us know if you manage to have both. The "Small Saver" is so named because of the small monthly maximum deposit of £50. If you have a small amount of savings then it is better@3.5% than the RS12 @3%. Due to having a large amount in cash (house purchase possible), I prefer the £500 monthly maximum deposit allowed into the RS12. Perhaps they should call it the "Large Saver"! It is in effect an easy access RS.

Yes that what their T&Cs say, however in the past - and now again this morning - it is perfectly possible to have both products open at the same time. Saffron either (a) don't notice, or (b) do notice but decide it's not worth enforcing the T&Cs, and (c) if they ever did enforce the T&C's and request to shut one account, similar to the RS renewal 'trick' they'd probably pay you the full interest earned on that account at that point in any case.

At one point last year I had both the standard RS plus the small saver open. However I soon received a phone call from them explaining that it was against their T&C’s & which account would I like them to close. They did however pay the correct amount of interest due. 

10_66

Every_Penny_Counts said:

dcs34 said:

where_are_we said:

dcs34 said:

where_are_we said:

Saffron new members RS12 @3%. If using secure message to close old RS11 and open new RS12 do not dilly-dally and get timed out and have to compose it all again like I did! Maximum balance is £6000 so only first deposit and 11 SO`s for £500 are allowed (no 13th payment), although if form is anything to go by, this doesn`t matter because the RS12 is likely to be superseded by a RS13 before maturity. Also alter your old standing order to the new maturity date.

I've requested the Saffron switcheroo to the small saver, now 3.5% up from 3% previously.

(And I'll wait for them to do that before opening the RS12, just to avoid them applying their T&Cs correctly and closing it...)

Saffron BS T&C`s state "Only hold one Small Saver or Regular Saver per customer (be it held in sole or joint names)". I interpret that to mean one or the other. Let us know if you manage to have both. The "Small Saver" is so named because of the small monthly maximum deposit of £50. If you have a small amount of savings then it is better@3.5% than the RS12 @3%. Due to having a large amount in cash (house purchase possible), I prefer the £500 monthly maximum deposit allowed into the RS12. Perhaps they should call it the "Large Saver"! It is in effect an easy access RS.

Yes that what their T&Cs say, however in the past - and now again this morning - it is perfectly possible to have both products open at the same time. Saffron either (a) don't notice, or (b) do notice but decide it's not worth enforcing the T&Cs, and (c) if they ever did enforce the T&C's and request to shut one account, similar to the RS renewal 'trick' they'd probably pay you the full interest earned on that account at that point in any case.

At one point last year I had both the standard RS plus the small saver open. However I soon received a phone call from them explaining that it was against their T&C’s & which account would I like them to close. They did however pay the correct amount of interest due. 

They closed the Small Saver I opened too, pretty much as soon as I'd opened it.  I did genuinely open it in error (forgot you couldn't have both).

Nick_C

Saffron had a Regular Saver in 2020 that paid 4%, but it was £50 a month.  

Their current top rate of 4.35% for new accounts is for a two year fix with no access, not a RS.  

MiserlyMartin

It doesn't look like Darlington BS is going to respond at all to the last base rate rise, the regular savers are still at 2.5%. Might as well close them and put it in Santander because they will take another month to raise or not again after the coming rise next week.

Bridlington1

MiserlyMartin said:

It doesn't look like Darlington BS is going to respond at all to the last base rate rise, the regular savers are still at 2.5%. Might as well close them and put it in Santander because they will take another month to raise or not again after the coming rise next week.

I wouldn't close it in case Darlington BS suddenly bump their interest rate up significantly. Instead I'd recommend withdrawing all but the minimum balance and putting it in Al Rayan.

10_66

Anyone keeping open their Melton Regular Saver (2%) and Loughborough Flexible Save To Buy (2%)?  I withdrew funds, but kept open in case of increase.  I don't think the Loughborough will increase the FSTB to match their standard Regular Saver, as they said it gets the bonus if house purchase is made.

granta

10_66 said:

Anyone keeping open their Melton Regular Saver (2%) and Loughborough Flexible Save To Buy (2%)?  I withdrew funds, but kept open in case of increase.  I don't think the Loughborough will increase the FSTB to match their standard Regular Saver, as they said it gets the bonus if house purchase is made.

I've kept my Loughborough FSTB open for now with a small amount of funds. Was going to wait until after 3rd November before deciding whether to withdraw nearly everything. I figured it was good to keep open just in case the rate did increase but not holding out much hope! I remember the account being a hassle to open and thought having an open account might be useful in future if new products were launched.