Regular Savings Accounts: The Best Currently Available List!

adindas

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The account is attractive and could be withdrawn at any time, so it's best to open it now while it's still available.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to their Regular Saver, withdrawals or closure are subject to a charge of 30 calendar days’ interest on the amount withdrawn.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.

I already have an anchored account with Coventry with minimum balance. Apply online using my online login. Only took me less than 1 miuntes to complete. Just confirming all info they have got. "YOUR ACCOUNT IS NOW OPEN" painless.

where_are_we

Coventry RS is an anniversary month account whereas the FHS is a calendar month account. Thus if you don`t have a FHS it is best to open it now in December and fund £1000 before the end of the month. Then fund  £1000 monthly SO from beginning of January for 35 months (its a 36 month term account). That way you will have £2000 earning 5% from 6/1/23. I have had a FHS for more than a year, but unfortunately I withdrew a lot when the rate wasn`t so competitive otherwise I could have had £15K earning 5% from 6/1/23. "Thats Life"!

adindas

AmityNeon said:

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%.

If you have a better option already, you could just set up Standing Order for £1 now and in January 6, revisit it and change the SO amount to £1,000 to get the full benefit of 5%. After it is taken in January, change SO date again to Day 1 for the rest of life of this RSA..

MiserlyMartin

That Cov account is just keeping up with YBS, LLoyds etc which are giving 5% +. I wonder how much those will raise after the rate rise today

t1redmonkey

MiserlyMartin said:

That Cov account is just keeping up with YBS, LLoyds etc which are giving 5% +. I wonder how much those will raise after the rate rise today

Quite possibly none of them.  Those banks are already offering a high rate on a regular saver whereas Coventry weren't offering a high rate on any of theirs, so if anything it's just Coventry aligning themselves to what other banks are doing.

Rudyson

where_are_we said:

Coventry RS is an anniversary month account whereas the FHS is a calendar month account. Thus if you don`t have a FHS it is best to open it now in December and fund £1000 before the end of the month. Then fund  £1000 monthly SO from beginning of January for 35 months (its a 36 month term account). That way you will have £2000 earning 5% from 6/1/23. I have had a FHS for more than a year, but unfortunately I withdrew a lot when the rate wasn`t so competitive otherwise I could have had £15K earning 5% from 6/1/23. "Thats Life"!

If you open the account now, you can have 36 more payments from 1st Jan, it's explicitly stated that you can have £37,000 in total if you do this.

Rudyson

t1redmonkey said:

MiserlyMartin said:

That Cov account is just keeping up with YBS, LLoyds etc which are giving 5% +. I wonder how much those will raise after the rate rise today

Quite possibly none of them.  Those banks are already offering a high rate on a regular saver whereas Coventry weren't offering a high rate on any of theirs, so if anything it's just Coventry aligning themselves to what other banks are doing.

Aligning the rate, but at £1,000 for 36 months, substantially exceeding the amounts you can have at other banks

happybagger

with no required secondary product either 

ForumUser7

It’s just a shame the FHS isn’t open ended like the NatWest and RBS ones - hopefully they still have a good product to renew it into when it comes to maturity

Band7

ooops. Just realised already had a Coventry FHS account sitting there, waiting for better times. Now I have two. Though I will probably not exploit the weaknesses of Coventry's IT systems this time round.