Regular Savings Accounts: The Best Currently Available List!

MiserlyMartin

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.

Good point and the £1000 a month is unusually good

where_are_we

Liamcov - "Peeps" - Monmouthshire BS - Have patience! - My cheque got cashed today. I posted application back in November in a Monmouthshire Business reply envelope. Your time will come.

hgt

In light of improved RS offerings, I'm going through and pruning my RS accounts which are paying lower rates.

Did somebody post on here that the Stafford Railway BS RS rate is increasing from January? Or did I completely imagine that? I probably did as I haven't been able to find the post!

Band7

chris_the_bee said:

liamcov said:

Nothing for me re Monmouthshire, not even a secure message back.

I do get excited every time I login to see the list of accounts there - mostly closed! Is there any way to remove these from there?

On the home screen, top right hand side next to the "add account" box is a widget. Click and you can hide or show closed accounts.

This reminded me to check whether MonBS had actioned my request to add an account I have received a passbook for last week, It is still pending. They can't blame Royal Mail for that one.

ForumUser7

hgt said:

In light of improved RS offerings, I'm going through and pruning my RS accounts which are paying lower rates.

Did somebody post on here that the Stafford Railway BS RS rate is increasing from January? Or did I completely imagine that? I probably did as I haven't been able to find the post!

@hgt

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

"Stafford Railway BS Regular Saver (Issue 1)
Interest rate: 2.5% gross p.a. variable from 15th August 2022 (will be 3.75% from 1st January 2023 according to a post on page 615 from financialbliss)"

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p615

“After querying no rate change after two BoE decisions, I've been told by a Stafford Railway Building Society agent that their regular saver is going from 2.50% to 3.75%, ie an increase of 1.25%, but not until 1st January 2023.

In two minds what to do here - open ended RS with £500 pcm deposit. Stick it out until January or close.”

PJHilder

Just opened a Coventry BS FHS but the interest rate is showing as 0%. Not sure if it's an IT bug that will sort itself out overnight.

MiserlyMartin

It will be that. Tomorrow it will show what you put in it and the correct interest rate

AmityNeon

PJHilder said:

Just opened a Coventry BS FHS but the interest rate is showing as 0%. Not sure if it's an IT bug that will sort itself out overnight.

It's not a bug; Coventry BS simply pays 0% interest on nil balances.

Frogletina

I transferred £1 to this account tonight and it now shows 2.95%.

I did the same last week with the limited access account - it makes it easier to keep a eye on the interest rates on these newly opened accounts even if I don't want to fund them straight away.

chris_the_bee

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"!

• But you could make 37 payments depending when you open it..
• If you open your account part-way through a month, you may still deposit up to £1,000 until the end of that calendar month. Likewise, if your account term ends part-way through a month, you may still deposit up to £1,000 in the final calendar month up until the date your account term ends. This means that if you open your account on the 1st of a month, your maximum balance is £36,000. If you open your account on any other day of the month, your maximum balance is £37,000.