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Regular Savings Accounts: The Best Currently Available List!

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  • 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%.
    I was being Ironic with a capital I - please see my most recent post before this one, and I totally agree with what you've written just above.
  • refluxer
    refluxer Posts: 3,183 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 5 December 2022 at 1:15PM
    In case these accounts haven't been mentioned on here recently, here's some info about the Leek BS Regular Saver and an update on the Leek BS Flexible Saver (NLA).

    To open a Regular Saver, you'll need to be an existing customer or live in one of the following areas...
    • CW – Cheshire
    • SK – Cheshire
    • DE – Derbyshire
    • TF – Shropshire
    • ST – Staffordshire
    • WS15 – Staffordshire
    Leek BS Regular Saver Account - Issue 3
    2.90% (variable), paid annually on account anniversary
    £500/month (no monthly minimum beyond the initial opening deposit which can be as little as £1)
    Maximum of 3 withdrawals per account year 
    Close at any time without penalty.
    £50,000 maximum balance

    While it won't necessarily be of interest to those chasing the very best rates, the rate is variable and they actually passed on the full 0.75% (latest) BoE increase to this account, albeit 4 weeks later. You can also add a decent amount every month and it has a hefty £50k maximum balance limit.

    You can apply online, although I suspect this may just simply bypass the need to visit a branch (or post a form) and they'll probably still send you a passbook through the post. The Leek BS have recently taken their first, tentative steps towards online banking but, as this still appears to be a passbook-based account, I suspect online functionality for this particular account may just be limited to checking your balance (at best). My application for online banking hasn't yet been approved, but I'll try and remember to update on this once I'm given access.

    Lastly, for anyone who still has a Leek BS Flexible Saver (NLA), the rate for this increased from 2% to 2.45% on 1st Dec. I opened one of these during the pandemic as the rate was relatively decent at the time and it allowed a very generous £1000/month to be paid in, however I'd stopped paying in to this one once easy access rate overtook it and will probably close it if it doesn't increase to a more competitive rate after the next BoE announcement.


  • Re Monmouthshire RS.  I got a phone call from them this afternoon.  Dreadful line but the gist was that they have received crates of applications this morning so will not be sending acknowledgements to everyone.  We will be getting the accounts, but it will take a while.  Hopefully someone else on here will have had a clearer call and can give more details

  • I imagine Monmouthshire BS are possibly regretting offering what was a market leading rate open to everyone, and are maybe thinking they should've restricted it by postcode or to branch only at this point!
  • Re Monmouthshire RS.  I got a phone call from them this afternoon.  Dreadful line but the gist was that they have received crates of applications this morning so will not be sending acknowledgements to everyone.  We will be getting the accounts, but it will take a while.  Hopefully someone else on here will have had a clearer call and can give more details

    I hope they deal with the post on a FIFO basis.
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Re Monmouthshire RS.  I got a phone call from them this afternoon.  Dreadful line but the gist was that they have received crates of applications this morning so will not be sending acknowledgements to everyone.  We will be getting the accounts, but it will take a while.  Hopefully someone else on here will have had a clearer call and can give more details
    Crates? I guess my application is in there somewhere. They were undoubtedly ill-prepared for the inevitable deluge of applications following the release of a market-leading product in the age of social media where word-of-mouth spreads faster than wildfire.
  • 10_66
    10_66 Posts: 3,448 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    This isn't the first time that MONBS has been in this situation.  If this is worse than previous occasions, I can only imagine that they'll restrict future products (as they have done in the past) to branch only.  In 2020 it took 17 days to open a regular saver with them (by post).  I don't know whether demand was as high for that one as has been for this.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    Re Monmouthshire RS.  I got a phone call from them this afternoon.  Dreadful line but the gist was that they have received crates of applications this morning so will not be sending acknowledgements to everyone.  We will be getting the accounts, but it will take a while.  Hopefully someone else on here will have had a clearer call and can give more details

    Will not be sending acknowledgements to everyone? How else are we going to get our account numbers? Must be a misunderstanding.
  • A reminder for those that might have not realised but as of tomorrow (6th December) the Natwest and RBS Digital Savers pay 5% gross on up to £5,000. Still capped at £150 a month. https://www.natwest.com/savings/manage-your-savings/savings-interest-rates-changes.html 

    Painfully slow process with RBS to open an account. Registered yesterday for new current account, new BT credit card and by the time I got to the reg saver the system was down so did the id verification check as with 3rd party. Today, been asked for id check again. 

    Unable to see any account or any confirmation of opening. Let's see how long this will take. 
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