Regular Savings Accounts: The Best Currently Available List!

Band7

I was pulled up over my number of Halifax current accounts after they introduced the 2 max rule (now replaced by the 3 max), in a Halifax Branch. I was going to apply for another account, for a Branch-only offer they had at the time

A chap who introduced himself as the Branch Manager took me into an office to give me a lecture about the max number allowed. I asked him to show me the T&Cs which said I had to close surplus ones - which he couldn't, because there were no such T&Cs. He was fuming and promised me that "Head Office" will be in touch and make me close the surplus accounts. Goes without saying, I never got the account I wanted to open on the day.

I still have the 'surplus' accounts, never heard any more about it, and added a couple more to it since and they are all Rewards. I also haven't set foot into that particular Branch again, in case he is still there 

pecunianonolet

So technically, you can have the 3 current accounts, use one activly and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

adindas

pecunianonolet said:

So technically, you can have the 3 current accounts, use one activity and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

It is not something that is too good to be true as some people here on MSEs have been doing that for many years. It is more profitable than stoozing.

The catch here is that

- In majority of cases opening a new bank account will trigger a credit search. Not everyone could easily open a new current account.

- You normally could only do once in one banking group. Thereafter the T&C will stop people to repeat to play that game for many years to come.

- Also switching incentive is a rare opportunity do not come quite often

k_man

To add to this, you can have a lot more than 3 current accounts.

I think there is a common misconception that you can only have one current account (switching aside).

[Deleted User]

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

pecunianonolet

adindas said:

pecunianonolet said:

So technically, you can have the 3 current accounts, use one activity and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

It is not something that is too good to be true as some people here on MSEs have been doing that for many years. It is more profitable than stoozing.

The catch here is that

- In majority of cases opening a new bank account will trigger a credit search. Not everyone could easily open a new current account.

- You normally could only do once in one banking group. Thereafter the T&C will stop people to repeat to play that game for many years to come.

- Also switching incentive is a rare opportunity do not come quite often

I learn here something new every day. Didn't know that this is possible and was focussing on stoozing recently

cricidmuslibale

Deleted_User said:

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

That is a rise of 0.35% more than the most recent Bank of England base rise of 0.75%, and the new interest rate is more than one and half times greater than the previous one! - well done to Melton Mowbray Building Society!

Descrabled

cricidmuslibale said:

Deleted_User said:

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

That is a rise of 0.35% more than the most recent Bank of England base rise of 0.75%, and the new interest rate is more than one and half times greater than the previous one! - well done to Melton Mowbray Building Society!

You're being ironic aren't you? This account was 2% in May and it has just increased to 3.1% whilst most peers have now reached 4%.  The medium interest for my 15 regular savers is 4.38%, helped I admit by 7% in First Direct.

I haven't even considered HSBC because it is fixed interest and no access until maturity. Very poor show by Melton, too little and too late.

cricidmuslibale

Descrabled said:

cricidmuslibale said:

Deleted_User said:

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

That is a rise of 0.35% more than the most recent Bank of England base rise of 0.75%, and the new interest rate is more than one and half times greater than the previous one! - well done to Melton Mowbray Building Society!

You're being ironic aren't you? This account was 2% in May and it has just increased to 3.1% whilst most peers have now reached 4%.  The medium interest for my 15 regular savers is 4.38%, helped I admit by 7% in First Direct.

I haven't even considered HSBC because it is fixed interest and no access until maturity. Very poor show by Melton, too little and too late.

Yes I'm definitely being ironic! - well spotted, and I fully agree with what you've written in your post above!

Whilst on the subject of underwhelming, recent regular saver interest rate rises, I would also like to say, Very poor show by Coventry Building Society with their Regular Saver! - yes its interest rate has just increased by 0.75% to 3.15% but that is simply not at all competitive anymore when most regular savings accounts offered by other large banks and building societies are now paying 4.5% or more in annual interest!

Wheres_My_Cashback

cricidmuslibale said:

Deleted_User said:

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

That is a rise of 0.35% more than the most recent Bank of England base rise of 0.75%, and the new interest rate is more than one and half times greater than the previous one! - well done to Melton Mowbray Building Society!

A rate set to probably keep the a/c afloat as it's been lagging behind for a long time.

A good rate at 2.00% when opened in May, but not one increase since, even though the base rate has risen 4 times. Not so well done really! This will also probably take into account the next base rate rise on the 15th.

I withdrew all but £10 in September when most other RS a/c had surpassed the 2%.