Regular Savings Accounts: The Best Currently Available List!

liamcov

londoner62 said:

Long overdue question but what is to stop a homeowner using a 'First Home Saver' or equivalent as a Regular saver? Some first hand knowledge of acceptance or refusal would be welcome. Thanks in advance...

You will also be eligible for a celebratory bonus of £500 if your account has been continuously open for at least 6 calendar months, it has been 5 years or less since the account was opened and you, or a member of your family, are a first time buyer who has completed on a mortgage with us in respect to a first residential home. For more information on this, please refer to the Specific Terms of this account.

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver.html 

AmityNeon

londoner62 said:

Long overdue question but what is to stop a homeowner using a 'First Home Saver' or equivalent as a Regular saver? Some first hand knowledge of acceptance or refusal would be welcome. Thanks in advance...

Nothing, you just won't be eligible for the Celebratory Bonus.

silvercar

londoner62 said:

Long overdue question but what is to stop a homeowner using a 'First Home Saver' or equivalent as a Regular saver? Some first hand knowledge of acceptance or refusal would be welcome. Thanks in advance...

"First Home Saver is an account aimed at helping you or a family member to build up a deposit to buy a first home. Save up to £1,000 a month for up to 3 years - and get an extra £500 celebratory bonus if you take out a mortgage with us."

Vortigern

londoner62 said:

Long overdue question but what is to stop a homeowner using a 'First Home Saver' or equivalent as a Regular saver? Some first hand knowledge of acceptance or refusal would be welcome. Thanks in advance...

Absolutely nothing to stop you using it as a regular saver. You could be saving to buy your first house, or buy a bigger house, or to help your offspring to buy a house. Coventry will not ask your intention.  Just accept that you won't get the bonus for taking out a Coventry mortgage.

I've had one for a while. It's very flexible, allowing withdrawals without penalty.

SFindlay

Londoner62 the simple answer to your question is absolutely nothing to stop you, in fact it's actually an Easy Access account with a £1000 monthly deposit limit as you can make unlimited withdrawals without any penalty. Many people have always used it as such with absolutely no intention of funding a house purchase for themselves or a relative. 

adindas

First home saver in particular is top notch while paying 5% you could save a whopping £1,000 a month. You can take money out whenever you wish. End in the end of 36 months (not one year)

The new saving rate for January 6, 2023 is available here

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice-savings.pdf

Regular saver and First home saver is clearly indicated as Variable so my understanding the new rate will be automatically applied on 6th January 2023.So it is better to apply asap rather than waiting until 6th January 2023 (?). Any opposing view, want to hear to avoid mistake ??

Kazza242

adindas said:

Kazza242 said:

Following the Bank of England's base rate rise to 3.50%, the Coventry Building Society First Home Saver rate is increasing from 2.95% to 5.00% w.e.f 6th January 2023.

Their Regular Saver and Regular Saver (5) account rate will be increasing from 3.15% to 4.00%.

Well done The Coventry!

Regular saver and First home saver is clearly indicated as Variable so my understanding the new rate will be automatically applied on 6th January 2023.So it is better to apply asap rather than waiting until 6th January 2023 (?). Any opposing view ??

Yes, with regards to the Coventry First Home Saver, it's definitely worth applying now, if you don't already have the account. 

It has unlimited withdrawals, allows monthly deposits of up to £1,000 per calendar month and a soon to be 5.00% rate (w.e.f. 6th January 2023). 

The account is attractive and could be withdrawn at any time, so it's best to open it now while it's still available.  I made that point on the Easy Access Savings thread within the last hour.

With regards to their Regular Saver, withdrawals or closure are subject to a charge of 30 calendar days’ interest on the amount withdrawn.  Therefore, it's not as flexible as the FHS, but the soon to be new rate of 4.00% (again, w.e.f. 6th January 2023) on £500 per month is still pretty good.

adindas

Kazza242 said:

With regards to their Regular Saver, withdrawals or closure are subject to a charge of 30 calendar days’ interest on the amount withdrawn.  Therefore, it's not as flexible as the FHS, but the soon to be new rate of 4.00% (again, w.e.f. 6th January 2023) on £500 per month is still pretty good.

Nowadays I am not interested in RSA paying less than 4.5% especially if it is not easy access, unlimited withdrawal.

ForumUser7

Kazza242 said:

adindas said:

Kazza242 said:

Following the Bank of England's base rate rise to 3.50%, the Coventry Building Society First Home Saver rate is increasing from 2.95% to 5.00% w.e.f 6th January 2023.

Their Regular Saver and Regular Saver (5) account rate will be increasing from 3.15% to 4.00%.

Well done The Coventry!

Regular saver and First home saver is clearly indicated as Variable so my understanding the new rate will be automatically applied on 6th January 2023.So it is better to apply asap rather than waiting until 6th January 2023 (?). Any opposing view ??

Yes, with regards to the Coventry First Home Saver, it's definitely worth applying now, if you don't already have the account. 

It has unlimited withdrawals, allows monthly deposits of up to £1,000 per calendar month and a soon to be 5.00% rate (w.e.f. 6th January 2023). 

The account is attractive and could be withdrawn at any time, so it's best to open it now while it's still available.  I made that point on the Easy Access Savings thread within the last hour.

With regards to their Regular Saver, withdrawals or closure are subject to a charge of 30 calendar days’ interest on the amount withdrawn.  Therefore, it's not as flexible as the FHS, but the soon to be new rate of 4.00% (again, w.e.f. 6th January 2023) on £500 per month is still pretty good.

In relation to the Regular Saver 5 - "Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.". It is a shame that they don't allow notice to be given to avoid the charge - as @kazza242 says, not as flexible

AmityNeon

Kazza242 said:

adindas said:

Kazza242 said:

Following the Bank of England's base rate rise to 3.50%, the Coventry Building Society First Home Saver rate is increasing from 2.95% to 5.00% w.e.f 6th January 2023.

Their Regular Saver and Regular Saver (5) account rate will be increasing from 3.15% to 4.00%.

Well done The Coventry!

Regular saver and First home saver is clearly indicated as Variable so my understanding the new rate will be automatically applied on 6th January 2023.So it is better to apply asap rather than waiting until 6th January 2023 (?). Any opposing view ??

Yes, with regards to the Coventry First Home Saver, it's definitely worth applying now, if you don't already have the account. 

2.95% AER until 6th Jan is still a decent rate if you have £1,000 of easy-access cash currently earning less elsewhere. You'll lose out on 2-3 weeks' worth of interest in 2025-2026, which may not be a negative if the rate then is worse than 2.95%.