Regular Savings Accounts: The Best Currently Available List!

schiff

What we want now are new issues from Principality and Saffron whose current offerings are lagging behind.

happybagger

For info

Loughborough BS have made changes "following the BoE rate change on 15 December"

They have made NO changes to ANY RS accounts, open or closed

RS (open) still 2.5%
Flexible RS still 2.5% (closed)
Flexible S2B still 2% (closed)

source

Bye bye Loughborough

surreysaver

Band7 said:

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.

A couple of years ago Coventry did realise the weaknesses of their IT systems and closed duplicate accounts.
They said they'd close mine down, but it had already matured!

where_are_we

I remember it taking Coventry a very long time to close our various RS`s down but they honoured the interest accumulated in the end. Band7 - would the old Colsten have resisted the temptation!

adindas

chris_the_bee said:

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.

Rudyson said:

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.

If you open it now (not after the interest rate is lifted up) you do not want to maximise £37,000 (e.g maximising £1,000)  if you have a better alternative-before January 6, 2023. Your £1,000 in December will only earn 2.95% until January 5, 2023.

You put another £1,000 in January 1,  2023, This another £1,000 will only earn 2.95% until January 5, 2023.

You might want to do that if you open it from January 6, 2023.

But if you wait until January 6, to chase the full 5% for each pound you put into this saving, you might be missing the bigger picture e.g this product might be withdrawn before you manage to open one. In investing this is what Warren Buffet is calling missing the forest for a tree. Anyway we are talking a relatively small amount of difference in interest for a few days.

trickydicky14

adindas said:

chris_the_bee said:

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.

Rudyson said:

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.

If you open it now (not after the interest rate is lifted up) you do not want to maximise £37,000 (e.g maximising £1,000)  if you have a better alternative-before January 6, 2023. Your £1,000 in December will only earn 2.95% until January 5, 2023.

You put another £1,000 in January 1,  2023, This another £1,000 will only earn 2.95% until January 5, 2023.

You might want to do that if you open it from January 6, 2023 and you do not have any better alternative than earning interest of 2.95%.

But if you wait until January 6, to chase the full 5% for each pound you put into this saving, you might be missing the bigger picture e.g this product might be withdrawn before you manage to open one. In investing this is what Warren Buffet is calling missing the forest for a tree. Anyway we are talking a relatively small amount of difference in interest for a few days.

I took the advice to open the account now and fund it with £1 and set a standing order for 1K to start in January

phillw

trickydicky14 said:
I took the advice to open the account now and fund it with £1 and set a standing order for 1K to start in January

Deposit £1000 at the end of December to maximize the interest. Or now if any of your cash is currently earning less interest.

happybagger

Yes I was going to say the same as phillw, otherwise you lose the potential of a higher rate (obviously variable) on an additional £999 for 3 years. Personally I put the full £1k in already as it was lurking in 2.75% Santander anyway

Section62

Coventry Building Society

If you opened the Regular Saver issue 5 when it was first launched and it has since matured, there appears to be nothing stopping you opening a new (replacement) one to take advantage of the soon to be 4% interest rate paid on this account.

The 'one only' rule here seems to be for accounts held concurrently, not sequentially.

Whether there might be an issue 6 launched (perhaps with a better rate) in the near future I didn't think was worth gambling on, when the issue 5 was still available and will pay a better rate soon.

adindas

Section62 said:

Coventry Building Society

If you opened the Regular Saver issue 5 when it was first launched and it has since matured, there appears to be nothing stopping you opening a new (replacement) one to take advantage of the soon to be 4% interest rate paid on this account.

The 'one only' rule here seems to be for accounts held concurrently, not sequentially.

Whether there might be an issue 6 launched (perhaps with a better rate) in the near future I didn't think was worth gambling on, when the issue 5 was still available and will pay a better rate soon.

The main issue with this Coventry RS i5 is flexibility if you have not maxed out the RSA paying 4%+ interest easy access.

Can I withdraw money?

After the 14 day ‘cooling-off period’, you can take out money or close your account, but you’ll be charged the equivalent of 30 days’ interest on the amount you withdraw. This will be taken off your balance. You can’t give notice to withdraw. Money you take out must be paid into your Named Bank Account or another CBS account.