Regular Savings Accounts: The Best Currently Available List!

ForumUser7

Today, the Bank of England has increased its base rate by 50 basis points, to a new rate of 3.5%.


Hopefully we'll see some savings providers increase their rates before Christmas, but it'll likely be January for most.

Thoughts? ~ https://forums.moneysavingexpert.com/discussion/6411359/bank-of-england-15-december-2022#latest

Kazza242

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!

Wheres_My_Cashback

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 account will be increasing from 3.15% to 4.00%.

Well done The Coventry!

I'll echo that well done ! Very Good news indeed.

Bridlington1

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!

Wow. I certainly didn't expect them to go up that high, especially the FHS upping the interest rate by nearly 70%. Combined with the limited access saver going up to 3.25%, Coventry have suddenly become a lot more competitive of late.

Rudyson

Bridlington1 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!

Wow. I certainly didn't expect them to go up that high, especially the FHS upping the interest rate by nearly 70%. Combined with the limited access saver going up to 3.25%, Coventry have suddenly become a lot more competitive of late.

And well done to them for announcing immediately what their new rates will be, and from when.

AmityNeon

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.

That is a huge increase, with a hefty £1,000 monthly deposit limit, and no current account requirements.

londoner62

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...

happybagger

They are of course making up for it elsewhere. The account I have is rising by 0.1%, and many accounts are rising by 0.35% or less. Clearly a change of focus.

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.