Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Everybody,

I have now completed my update!

I have changed the following items on page 1 of this thread for this weekend's update.

- Hinckley and Rugby BS Regular Saver 30 Day Notice Account interest rate updated to 4.25%

- Saffron BS Small Saver (Issue 7) updated to issue 7 paying 4%

- Beehive (part of Nottingham BS) Home Starter Regular Saver updated interest rate to 3.5% fixed and maturity date to 14th March 2024 for new applicants

- Hanley Economic BS Home Deposit Saver interest rate updated to 3.3%

- Removed accounts that no longer have a good enough interest rate to qualify for inclusion in the first post

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

pecunianonolet

@Special_Saver2 HSBC only allows max 250 pay in/month and not 300 as stated. You might want to correct that.

HSBC Regular Saver Account

Interest rate: 5% gross p.a. fixed
Monthly payment: £25-£300 250
Miss any payments: No
Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Flexible Saver Account interest rate
Age of applicant: Not stated
How to open account: Online or by telephone
Special conditions: If you pay in less than £300 per month then you can make up the extra  amount in future months - your maximum balance goes up by £300 per month. You must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which you must maintain for the 12 month duration.

Band7

Monmouthshire regular savers: is there really a £10 monthly minimum? All I can find is that the minimum opening amount is £20 for the 3.75% one, and £10 for the 5.5% one.



EDIT: I have today (12/12) spoken to MONBS. They advise there is no minimum monthly deposit requirement. Only a minimum opening amount, as above; and obviously the maximums, too. 

dcs34

Special_Saver2 said:

- Beehive (part of Nottingham BS) Home Starter Regular Saver updated interest rate to 3.5% fixed and maturity date to 14th March 2024 for new applicants

May be worth noting this is a new issue (Issue 2) and previous accounts (Issue 1) will not see an increase in interest rates, unlike other "fixed rate" accounts where providers have upped their rate for both new and existing customers.

Velvet_Monkey

ctdctd said:

First Direct RS up to 7% - and the increase is applied to existing accounts from 1st December.

I am looking at opening one of these, but have been put off slightly by the Ts&Cs, which if I'm reading them correctly say that FD can reduce the interest rate more or less whenever they like. They'd give you notice of course, but if you decide to withdraw your cash at that point you'd forego almost all the interest earned to date, and would only get the standard savings rate since opening (currently stands at 0.65%). 
I'm wondering if these terms are really legal, and would not be deemed 'unfair'? Is it only reputational damage then that would prevent FD from getting loads of investment on this product on the promise of 7%, but in the event only pay out far less?
I've had one of these regular saver products before with no issue, but on principle don't like signing up to things which expose one to such bad practice! Thoughts anyone?

PRAISETHESUN

Velvet_Monkey said:

ctdctd said:

First Direct RS up to 7% - and the increase is applied to existing accounts from 1st December.

I am looking at opening one of these, but have been put off slightly by the Ts&Cs, which if I'm reading them correctly say that FD can reduce the interest rate more or less whenever they like. They'd give you notice of course, but if you decide to withdraw your cash at that point you'd forego almost all the interest earned to date, and would only get the standard savings rate since opening (currently stands at 0.65%). 
I'm wondering if these terms are really legal, and would not be deemed 'unfair'? Is it only reputational damage then that would prevent FD from getting loads of investment on this product on the promise of 7%, but in the event only pay out far less?
I've had one of these regular saver products before with no issue, but on principle don't like signing up to things which expose one to such bad practice! Thoughts anyone?

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

The interest rate is fixed for the duration of the product - not sure where you're reading that the rate is variable?? I've held this on a number of previous occasions and never seen them reduce the fixed interest rate, even when BoE rates have fallen.

Band7

JamesRobinson48 said:

Yorkshire BS has today pulled its two Loyalty RS products (variable 5%) which were first launched in July 2022.

Two 5% savers at YBS? I was only aware of one. What have I missed?

ForumUser7

Band7 said:

JamesRobinson48 said:

Yorkshire BS has today pulled its two Loyalty RS products (variable 5%) which were first launched in July 2022.

Two 5% savers at YBS? I was only aware of one. What have I missed?

One was post/branch, the other was online. There was some discussion re if people could apply for both, but I don’t think anyone posted if it was possible that or not.

liamcov

Principality (9) 1 Year Regular Saver Bond (Issue 25) @ 1.05% - I know this doesn't allow withdrawals but can I close it and still get the correct interest? If possible, how do I ask them to close?

rallycurve

liamcov said:

Principality (9) 1 Year Regular Saver Bond (Issue 25) @ 1.05% - I know this doesn't allow withdrawals but can I close it and still get the correct interest? If possible, how do I ask them to close?

Yes, you can close it with no penalty. And you can do it online, just go to Account services > Close an account.
If you send the request early enough it might be completed on the same day.