Regular Savings Accounts: The Best Currently Available List!

happybagger

and to cover February as the short month!

kaMelo

ForumUser7 said:

changearound1 said:

kaMelo said:

@Special_Saver,
I noticed in the Homebuyer List that The Cumberland BS First Home Saver, now paying 2.5%, has dropped off but Coventry BS First Home Saver paying 2.25% is still on it. An oversight or am I missing something?

It probably comes down to this:

'- Interest rates that I use for inclusion on this thread updated to 2.75% (2.25% if the account terms are particularly good, e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years)'

I agree, with the Coventry BS FHS (at least when I opened it) you can pay in £1000 per month, it matures after 3 years, and you get a £500 bonus if you take out a mortgage with them

The Cumberland First Home Saver
Postitives;
2.5%
£100 - £1500 deposit per month
Not time limited but maximum balance of £25,000
£250 bonus if you take a mortgage with them.

 The negatives:
Requires minimum deposit of £100 per month (unless your balance is maxed out at £25000)
90 days notice for withdrawal without loss of interest.

 Of course Special_Saver is free to set the parameters for inclusion in the list but taking everything into account I'd consider The Cumberland First Home Saver at least equal to the Coventry First Home Saver.

gt94sss2

kaMelo said:

ForumUser7 said:

changearound1 said:

kaMelo said:

@Special_Saver,
I noticed in the Homebuyer List that The Cumberland BS First Home Saver, now paying 2.5%, has dropped off but Coventry BS First Home Saver paying 2.25% is still on it. An oversight or am I missing something?

It probably comes down to this:

'- Interest rates that I use for inclusion on this thread updated to 2.75% (2.25% if the account terms are particularly good, e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years)'

I agree, with the Coventry BS FHS (at least when I opened it) you can pay in £1000 per month, it matures after 3 years, and you get a £500 bonus if you take out a mortgage with them

The Cumberland First Home Saver
Postitives;
2.5%
£100 - £1500 deposit per month
Not time limited but maximum balance of £25,000
£250 bonus if you take a mortgage with them.

 The negatives:
Requires minimum deposit of £100 per month (unless your balance is maxed out at £25000)
90 days notice for withdrawal without loss of interest.

 Of course Special_Saver is free to set the parameters for inclusion in the list but taking everything into account I'd consider The Cumberland First Home Saver at least equal to the Coventry First Home Saver.

As your say, Special Saver is free to do what he wants.

Personally, I dislike the inclusion of accounts in the tables which have geographic restrictions.

I would also prefer it if age related accounts (<18 etc) were in their own category 

So not to go totally off topic, the Chase Savings account at 2.1% makes a good feeder account.

veryintrigued

Special_Saver2 said:

Hi Everybody,

I have changed the following items on page 1 of this thread for this weekend's update.

- Removed several accounts from the Feeder Account section as the interest rate they are paying is no longer very good in comparison to general savings accounts

- Halifax Regular Saver interest rate updated to 4.5% for new applicants

- Halifax Kids' Monthly Saver interest rate updated to 5% for new applicants

- Saffron BS Small Saver interest rate updated to 3.5%

- Saffron BS 12 Month Fixed Rate Members Regular Saver interest rate updated to 3%

- Interest rates that I use for inclusion on this thread updated to 2.75% (2.25% if the account terms are particularly good, e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years)

- Removed several accounts whose interest rates no longer merit inclusion in this thread (I re-checked all of their interest rates before removing them)

I will do the next update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Thank you from me,.SS2, for your continued efforts in wading through the duplicate questions and myriad of off-piste posts in keeping this '

Regular Savings Accounts: The Best Currently Available List!' 

updated.

Bridlington1

kaMelo said:

ForumUser7 said:

changearound1 said:

kaMelo said:

@Special_Saver,
I noticed in the Homebuyer List that The Cumberland BS First Home Saver, now paying 2.5%, has dropped off but Coventry BS First Home Saver paying 2.25% is still on it. An oversight or am I missing something?

It probably comes down to this:

'- Interest rates that I use for inclusion on this thread updated to 2.75% (2.25% if the account terms are particularly good, e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years)'

I agree, with the Coventry BS FHS (at least when I opened it) you can pay in £1000 per month, it matures after 3 years, and you get a £500 bonus if you take out a mortgage with them

The Cumberland First Home Saver
Postitives;
2.5%
£100 - £1500 deposit per month
Not time limited but maximum balance of £25,000
£250 bonus if you take a mortgage with them.

 The negatives:
Requires minimum deposit of £100 per month (unless your balance is maxed out at £25000)
90 days notice for withdrawal without loss of interest.

 Of course Special_Saver is free to set the parameters for inclusion in the list but taking everything into account I'd consider The Cumberland First Home Saver at least equal to the Coventry First Home Saver.

Another negative:

How do I open and manage my account?

This account is available to open for first time buyers, over the age of 16, who are Cumberland current account customers, living in our operating area.

Most of the population of Britain live outside of their operating area, which is a bit of a snag to many of those who wish to open the account. So I personally would have omitted this from a list of top regular savers on this basis, particularly given that I'm already getting 2.81% easy access with Al Rayan at the moment.. 

Band7

Bridlington1 said:

Most of the population of Britain live outside of their operating area, which is a bit of a snag to many of those who wish to open the account. So I personally would have omitted this from a list of top regular savers on this basis, particularly given that I'm already getting 2.81% easy access with Al Rayan at the moment.. 

There are quite a number of Regular Savings accounts which are only available to residents of certain post codes and/or existing customers.

How would you suggest information about these should be handled on this forum, and by whom? Isn't it easy to just read past information that is not applicable to yourself?

happybagger

But if a BS had a locals-only account paying 8% I'd like to hear about it, just in case I was lucky to be in the area / existing customer etc

We're pretty good at fast-skimming posts we aren't interested in here. We have to be. As anyone who isn't eligible for the Lloyds etc RS will testify...

Wheres_My_Cashback

Wheres_My_Cashback said:

Kazza242 said:

Principality Building Society have increased the interest rates paid on some of their First Home Steps online and branch-based regular savers (w.e.f. 13th October 2022.):

First Home Steps Online (issue 2) - Current issue

• Now pays 3.50% on balances £7,501 - £25,000, 3.00% £2,501 - £7500.00 and 2.80% £1 - £2,500.00.
• Maximum account balance is £25,000
• The account is available to open and manage online.
• This is a regular savings account for first-time buyers (though they don't verify this)
• The minimum account balance is £1.  The accounts allows you to pay in up to £1,500 per month. 
• Up to 3 penalty-free withdrawals permitted every calendar year.

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-Online

First Home Steps Account (issue 3) - Current issue

• Now pays 3.50% on balances £7,501 - £25,000, 3.00% £2,501 - £7500.00 and 2.80% £1 - £2,500.00.
• Maximum account balance is £25,000
• The account must be opened in the branch or agency.  
• You can manage the account in branch, at an agency, by post, or by using the online service.
• This is a regular savings account for first-time buyers (though they don't verify this)
• The minimum account balance is £1.  The accounts allows you to pay in up to £1,500 per month. 
• Up to 3 penalty-free withdrawals permitted every calendar year.

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-account

The rate on their closed issue 1, remains unchanged at the moment:  

First Home Steps Online (issue 1) - Closed issue

• Currently pay 2.55% on balances £7,501 - £25,000, 2.05% £2,501 - £7500.00 and 1.85% £1 - £2,500.00.  
• No change to the account interest rate at the moment.

Though information on the Principality Building Society website states that that are still currently working through what the latest BOE base rate increase means for their members.  Therefore, there is a possibility that closed issue rates may change soon too.   

I have it on good authority that the FHS online 1 rate will be updated on 01/11.

New rates confirmed from Today....very disappointing PBS !!!! May as well close down this issue and open the latest version 2 or wait to see what the base rate rise is on the 3rd and move elsewhere from then.

Interest rate information

Tier	Balance	Gross interest rate
Tier 1	£1.00 - £2,500.00	2.15% (Variable)
Tier 2	£2,500.01 - £7,500.00	2.35% (Variable)
Tier 3	£7,500.01 - £25,000.00	2.85% (Variable)

interest_Ted

Furness Building Society

Existing three year regular saver (no longer on sale) - New rate effective today - 2.50%

Ted

rallycurve

Wheres_My_Cashback said:

Wheres_My_Cashback said:

Kazza242 said:

Principality Building Society have increased the interest rates paid on some of their First Home Steps online and branch-based regular savers (w.e.f. 13th October 2022.):

First Home Steps Online (issue 2) - Current issue

• Now pays 3.50% on balances £7,501 - £25,000, 3.00% £2,501 - £7500.00 and 2.80% £1 - £2,500.00.
• Maximum account balance is £25,000
• The account is available to open and manage online.
• This is a regular savings account for first-time buyers (though they don't verify this)
• The minimum account balance is £1.  The accounts allows you to pay in up to £1,500 per month. 
• Up to 3 penalty-free withdrawals permitted every calendar year.

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-Online

First Home Steps Account (issue 3) - Current issue

• Now pays 3.50% on balances £7,501 - £25,000, 3.00% £2,501 - £7500.00 and 2.80% £1 - £2,500.00.
• Maximum account balance is £25,000
• The account must be opened in the branch or agency.  
• You can manage the account in branch, at an agency, by post, or by using the online service.
• This is a regular savings account for first-time buyers (though they don't verify this)
• The minimum account balance is £1.  The accounts allows you to pay in up to £1,500 per month. 
• Up to 3 penalty-free withdrawals permitted every calendar year.

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-account

The rate on their closed issue 1, remains unchanged at the moment:  

First Home Steps Online (issue 1) - Closed issue

• Currently pay 2.55% on balances £7,501 - £25,000, 2.05% £2,501 - £7500.00 and 1.85% £1 - £2,500.00.  
• No change to the account interest rate at the moment.

Though information on the Principality Building Society website states that that are still currently working through what the latest BOE base rate increase means for their members.  Therefore, there is a possibility that closed issue rates may change soon too.   

I have it on good authority that the FHS online 1 rate will be updated on 01/11.

New rates confirmed from Today....very disappointing PBS !!!! May as well close down this issue and open the latest version 2 or wait to see what the base rate rise is on the 3rd and move elsewhere from then.

Interest rate information

Tier	Balance	Gross interest rate
Tier 1	£1.00 - £2,500.00	2.15% (Variable)
Tier 2	£2,500.01 - £7,500.00	2.35% (Variable)
Tier 3	£7,500.01 - £25,000.00	2.85% (Variable)

Disappointing news indeed. I was expecting them to keep the rate inline with their issue 2 like they've been doing until now. I will definitely be withdrawing money from it