Regular Savings Accounts: The Best Currently Available List!

Bridlington1

10_66 said:

Monmouthshire BS.  Has anyone who applied for their Christmas Saver Bond received anything from them yet (without having chased it)?

It looks like Monmouthshire's letters are getting through Royal Mail alright. I registered for online banking on 24th November and have now received a letter dated 24th November asking me to send an original or certified copy of a bank statement for my nominated account and another letter dated 28th November with my User ID and activation key. 

[Deleted User]

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000 per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

Bridlington1

Deleted_User said:

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000* per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

*Only caveat is that a month is not a calendar month but runs from the month-versary of the first deposit.

It is per calendar month for the first home saver. 

It's the regular saver that runs from the month-versary of the first deposit.

Bridlington1

Deleted_User said:

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000* per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

*Only caveat is that a month is not a calendar month but runs from the month-versary of the first deposit.

It does work well as an easy access account. I don't use it for that purpose myself as I've still got some of the 3% accounts i.e. Aldermore double access, VM exclusive cash ISA, HSBC bonus saver and have applied for the Monmouthshire premium saver before they limited it to branch only applications. I've still kept it with 1p £1 in it though.

ForumUser7

Bridlington1 said:

Deleted_User said:

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000* per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

*Only caveat is that a month is not a calendar month but runs from the month-versary of the first deposit.

It does work well as an easy access account. I don't use it for that purpose myself as I've still got some of the 3% accounts i.e. Aldermore double access, VM exclusive cash ISA, HSBC bonus saver and have applied for the Monmouthshire premium saver before they limited it to branch only applications. I've still kept it with 1p in it though.

Coventry told me if mine dropped below £1 it would be closed automatically as £1 is the minimum balance - how long has it been at a penny for please? Just trying to figure out the minimum I can leave in mine! Thanks

Bridlington1

ForumUser7 said:

Bridlington1 said:

Deleted_User said:

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000* per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

*Only caveat is that a month is not a calendar month but runs from the month-versary of the first deposit.

It does work well as an easy access account. I don't use it for that purpose myself as I've still got some of the 3% accounts i.e. Aldermore double access, VM exclusive cash ISA, HSBC bonus saver and have applied for the Monmouthshire premium saver before they limited it to branch only applications. I've still kept it with 1p in it though.

Coventry told me if mine dropped below £1 it would be closed automatically as £1 is the minimum balance - how long has it been at a penny for please? Just trying to figure out the minimum I can leave in mine! Thanks

Apologies, I was getting mixed up with the easy access online issue 4 account (NLA at 2.35%) that I have with Coventry. My FHS has had a balance of £1 since October. At last count I had 32 savings accounts with minimal balances and as a result I sometimes forget how much I have in each one. I've now updated my original post to reflect this.

[Deleted User]

Bridlington1 said:

Deleted_User said:

Coventry Building Society First Home Saver

I opened this in Sept 2021. It's still available for new applications. It's a 3 year Regular Saver with a variable interest rate (2.95% from 1 December) allowing deposits of up to £1000* per month with a variable interest rate. Unlimited and penalty-free withdrawals.

I had been moving funds out, as better rates became available. I moved all funds (except for £1) out in October as the rate was no longer competitive.

Now with a rate of 2.95% for what is essentially an instant access account albeit with a limited deposit of £1K per month, I have started using it again.

There are better rates available for RS accounts but this account is useful for drip-feed money given the large monthly deposit allowed.

Just highlighting for anyone unaware.

*Only caveat is that a month is not a calendar month but runs from the month-versary of the first deposit.

It is per calendar month for the first home saver. 

It's the regular saver that runs from the month-versary of the first deposit.

Apologies for the error, you are correct. I have amended my earlier post to avoid any confusion

where_are_we

Unhappy with Chorley BS. My seasonal saver issue 3 matured 30/11/22, yet, despite informing them in advance of my options decision (£1 in a new seasonal saver 3 and the balance to my nominated account) no money has been transferred yet (they say it might take 2 to 4 business days for payments to go through!). So, I might get the money Monday or Tuesday which left my account 30/11/22! Also the new SS3 maturity 30/11/23 account, despite having the same name has more onerous conditions although it looks similar, primarily, minimum monthly deposits are now £25 whereas the old SS3 maturity 30/11/22 allowed no monthly deposits which I had taken advantage of when the interest rate became uncompetitive. Then they open a new RS maturity 30/11/23 @ 3.5% which appears very similar to the new SS3 maturity 30/11/23 except that the latter remains at 2.3%. In other words their loyalty product is highly inferior. I enquired why the new SS3 doesn`t have a 3.5% interest rate like the new RS and they replied that SS3 is a maturity product and is different from their new RS. Well, time to ditch the SS3 where no withdrawals or closure are allowed and you are compelled to deposit £25 minimum per month even if the rate becomes uncompetitive. It is variable, so I suppose it could increase.

schiff

CHORLEY

Initial deposit £25 but I don't see where every monthly deposit has that requirement.

alibean121

I've done some back of a cigarette packet calculations today and come to the conclusion that the regular savers I'm already paying into are going to blast my £500 tax free savings allowance next year when they pay out interest. I have plenty of space in this tax year. I'm wondering how best to manage this as actually the 5% rates only break even with the 3% instant access ISA I have and the eg. 4.5% Lloyds/BoS accounts I have are actually going to end up worse off than this.

Quite a few of the accounts allow closure so I think I could force some of the interest into this tax year. Do I remember right that, despite it being against the terms, I can probably close in March then reopen these Lloyds group accounts in April if I choose to do that? 

Does anyone know if there's rules on the YBS loyalty regular saver about closing and reopening? I don't see anything at all about when you can open another one as long as there's not multiple at once - assuming accounts are still available at that time. Bit of a head scratcher for me working out whether to fund a couple of accounts that are at 5% particularly that HSBC I can't withdraw from as there isn't all that much in them right now - clearly worse problems to have in life though!