Regular Savings Accounts: The Best Currently Available List!

ForumUser7

cricidmuslibale said:

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

I couldn’t agree more! So that now leaves Hanley Economic Building Society languishing very clearly at the bottom of the regular savings market with their 1.1% account. All their ‘many’ members must now surely be champing at the bit for a similar increase very soon!

1.45% from 1st December - a very impressive rate tbh 😟

RG2015

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

The didn't have to do anything as the rate was "fixed". Most other banks have left customers languishing with derisory rates until maturity. Some of these with no option to withdraw.

HSBC are to be applauded for quintupling the rate.

cricidmuslibale

ForumUser7 said:

cricidmuslibale said:

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

I couldn’t agree more! So that now leaves Hanley Economic Building Society languishing very clearly at the bottom of the regular savings market with their 1.1% account. All their ‘many’ members must now surely be champing at the bit for a similar increase very soon!

1.45% from 1st December - a very impressive rate tbh 😟

Yes, a very “impressive” rate to be able to get away with paying if you’re lucky enough to be one of their board members, e.g. one of the executive directors or the chairman!

happybagger

The Hanley doesn't have shareholders of course, and that increase of 0.35% following a base rate rise of 0.75% shows how much of an advantage this small society has over its plc rivals and demonstrates how it uses that to provide a "mutual dividend"

Band7

Sensory said:

Edge cases where these 'fixed rate' increases push people into a higher tax bracket, wiping out the gain and resulting in a net loss.

Easily avoidable by adjusting the monthly contribution, right down to £25 if need be.

trickydicky14

adindas said:

I got the confirmation of rate Increase to 7% from firsta Direct via text today.

Me too, how good is that

Sensory

Band7 said:

Sensory said:

Edge cases where these 'fixed rate' increases push people into a higher tax bracket, wiping out the gain and resulting in a net loss.

Easily avoidable by adjusting the monthly contribution, right down to £25 if need be.

Easier for this tax year, but harder for the next. Anyone unfortunate enough to be caught out will unlikely be the sort to have the sufficient financial discipline to monitor their precise income and tax liabilities.

We just need other providers to start boosting their rates. I never thought I'd see 7% this year or even next.

cricidmuslibale

RG2015 said:

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

The didn't have to do anything as the rate was "fixed". Most other banks have left customers languishing with derisory rates until maturity. Some of these with no option to withdraw.

HSBC are to be applauded for quintupling the rate.

Yes, on the one hand they should certainly be applauded for quintupling the interest rate, especially on a ‘fixed rate’ account whilst the term of the fix is still ongoing! - raising it by as much as 4% in one go is a very significant jump indeed!

On the other hand, maybe some of that applause should be somewhat muted because, no doubt for very good reasons for themselves, HSBC’s regular savings interest rate had before now been stuck for a long time (relatively speaking) at the very low amount of 1%, whilst the vast majority of regular savings interest rates available elsewhere, including at First Direct, have been a lot higher than this for quite some time now!

ZeroSum

RG2015 said:

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

The didn't have to do anything as the rate was "fixed". Most other banks have left customers languishing with derisory rates until maturity. Some of these with no option to withdraw.

HSBC are to be applauded for quintupling the rate.

I wasn't referring to that angle.
My point was more that it should've never been that low in the first place. And (for new applicants at the very least) should've been paying 3%+ 4 or 5 months ago. (Like their sister bank FD)

More so in that Chase were paying 1.5% on instant access well over a year ago. Which rendered a 1% regular saver completely pointless 

RG2015

cricidmuslibale said:

RG2015 said:

ZeroSum said:

ForumUser7 said:

typistretired said:

Can’t remember First Direct ever increasing their fixed regular savers to existing savers before and they have doubled the rate. Let’s hope HSBC do the same 

@typistretired Have you seen re the HSBC 5% Regular Saver from December 1st? They've quintupled it!

1% for a reg saver in the current climate is beyond a joke. They had to whack it up quite a bit

The didn't have to do anything as the rate was "fixed". Most other banks have left customers languishing with derisory rates until maturity. Some of these with no option to withdraw.

HSBC are to be applauded for quintupling the rate.

Yes, on the one hand they should certainly be applauded for quintupling the interest rate; raising it by as much as 4% in one go is a very significant jump indeed!

On the other hand, maybe some of that applause should be somewhat muted because, no doubt for very good reasons for themselves, HSBC’s regular savings interest rate had before now been stuck for a long time (relatively speaking) at the very low amount of 1%, whilst the vast majority of regular savings interest rates available elsewhere, including at First Direct, had moved a lot higher!

Caveat Emptor.

All banks are by definition self interested and I never expect any to act in then interests of their customers. If their interests happen to coincide with mine I will give them credit.

Apologies for the unintended puns above.