Regular Savings Accounts: The Best Currently Available List!

Kazza242

Wheres_My_Cashback said:

Kazza242 said:

Wheres_My_Cashback said:

Kazza242 said:

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)

I'm not surprised that The Principality have chosen not to increase their First Home Steps Online issue 1 (closed issue) interest rate tiers to the same rates as their current issues.

 If they were going to keep the closed issue rates inline with the current issues, they would have applied all the rate changes on the 13th October 2022.

Not really logical though as you could close Issue 1 on the 29/11 deposit 1.5K, then again 2 days later and you have 3% though most wouldn't think of doing that... assuming the rate change on Weds hasn't shaken things up dramatically.

I already have both online issues of this account (Principality).  Issue 1 is on tier 3 and issue 2 will be on tier 3 soon.   
 

They allowed you to open two different online issues ? 

Yes, they did.  

The T&Cs state:

•  You can’t have more than one of this issue number of First Home Steps Online in your name
•  You can only have one of the current issue number of First Home Steps Online in your name. 
  

There's nothing to stop someone having different issue numbers of this product (just like their other regular savers).  

Note: You would only be eligible for the Celebratory £500 bonus on one of the FHS accounts and not both (if you took out a qualifying mortgage with the Principality and provided you meet the other criteria).

See T&Cs here. 

gt94sss2

Has anyone been able to open the First Home Steps Account (Issue 3) by post? 

I know they say it has to be opened in branch so..

ForumUser7

gt94sss2 said:

Has anyone been able to open the First Home Steps Account (Issue 3) by post? 

I know they say it has to be opened in branch so..

Have you considered this account? https://www.principality.co.uk/en/savings-accounts/everyday-savings-accounts/First-Home-Steps-Online Looks to me like the online alternative with the same rates, but of course read through the information on their website to see if it suits. This can be opened online, so may be easier than trying to get a branch account opened by post

nottsphil

soulsaver said:

subjecttocontract said:

Yes I'm sure there are, but that wasn't the question.
Swansea are limiting new applications to Welsh residents. 
Are there any savings accounts that specifically limit applications just from English residents ?

I suspect there arent.

I don't see a problem with postcode restrictions but I do see a problem with restricting a whole nation.

No they are not. That would be illegal.

If that was true then we would rarely see the phrase 'excluding Northern Ireland'!

Descrabled

Forness 3 year regular saver (no longer available)

Received letter today confirming that they have been so good as to increased interest from 2.2% to 2.5%; disgraceful.

Presently my medium interest on my regular savers is 3.6%. The number of my regular savers have been halved in the last 6 months, even after opening the 4 Lloyds group regular savers.

I'm expcting soon to start closing any regular savers that pay 2.5%.

Edit Sorry I am neither Welsh nor German!

ForumUser7

Descrabled said:

Forness 3 year regular saver (no longer available)

Received letter today confirming that they have been so good as to increased interest from 2.2% to 2.5%; disgraceful.

Presently my medium interest on my regular savers is 3.6%. The number of my regular savers have been halved in the last 6 months, even after opening the 4 Lloyds group regular savers.

I'm expcting soon to start closing any regular savers that pay 2.5%.

Edit Sorry I am neither Welsh nor German!

When you say the 4 Lloyds group regular savers, what do you mean please? I have the Bank of Scotland, Halifax and Lloyds ones all at 4.5%, but if there is a 4th available I'd certainly like to look at opening it. Thank you

Section62

ForumUser7 said:

When you say the 4 Lloyds group regular savers, what do you mean please? I have the Bank of Scotland, Halifax and Lloyds ones all at 4.5%, but if there is a 4th available I'd certainly like to look at opening it. Thank you

Lloyds do two - Club Lloyds RS (at 5.25%) and the standard RS (at 4.5%)

If you are a Club Lloyds member you can have both.

Wheres_My_Cashback

Descrabled said:

Forness 3 year regular saver (no longer available)

Received letter today confirming that they have been so good as to increased interest from 2.2% to 2.5%; disgraceful.

Presently my medium interest on my regular savers is 3.6%. The number of my regular savers have been halved in the last 6 months, even after opening the 4 Lloyds group regular savers.

I'm expcting soon to start closing any regular savers that pay 2.5%.

Edit Sorry I am neither Welsh nor German!

Emptied FBS 3yr and the 1yr a long time ago and have just closed Principality BS 29 at 2.80%, my current threshold is 2.85%

Auf Wiedersehen...pet / Hwyl fawr

londoner62

soulsaver said:

A German can be an English resident then?

Works in this household for an American national to be a British resident in England. Usually calls for another form to be filled in when applying for BS or bank account, regular or RS but that is all.

polymaff

Section62 said:

ForumUser7 said:

When you say the 4 Lloyds group regular savers, what do you mean please? I have the Bank of Scotland, Halifax and Lloyds ones all at 4.5%, but if there is a 4th available I'd certainly like to look at opening it. Thank you

Lloyds do two - Club Lloyds RS (at 5.25%) and the standard RS (at 4.5%)

If you are a Club Lloyds member you can have both.

Section62   that is two - and your post said "my" ... "4".  That was the issue.