Regular Savings Accounts: The Best Currently Available List!

Band7

Section62 said

As the Blue Rewards RDS isn't a regular saver it would be off-topic to discuss it here further (there are other threads about it) but I mentioned it as it may be a more suitable product than the Coventry FHS, and it also demonstrates that a 5% interest rate on what amounts to an EA account (with strings) isn't too good to be true as it isn't the only very special product currently available.

It doesn’t have to be either or - if you have more than £5,000, the Coventry FHS can be a nice complement to the Barclays RDS. Also, some people might not have £5,000 at the ready, so the FHS could be much easier to manage than the Blue Rewards and RDS.  

clivep

surreysaver said:

The danger of waiting is they pull the product. Open it now and put £1 in to secure the product, then you can put £999 in at the beginning of the final month.
But if you put £1k in now, it might only be earning 2.95% for a couple of weeks, but it will be earning (subject to interest rate changes) 5% for nearly the next three years. If you pay it in the last month, it will only be earning 5% for the last few days its in the account

You can put in £1k now AND £1k in the final month. The a/c allows total deposits of £37k as long as the initial deposit is not on 1st of the month. Coventry BS website gives an example of this.

ircE

pecunianonolet said:

...

Section62 said:

...

Thank you both - account opened before I even realised I had completed the process! I abstain from banking with mainstream banks like Barclays for ethical reasons. I've been happy to save with BSs even if I wasn't getting the best interest, but it's doubly pleasing to know I'll be getting near the top interest rate - at least for now...

movingon

I can't get the RS calculator to work on my phone.Could some kind person please work out the interest amount gained over the three years if I save  the £36K  in the FH saver by drip feeding from a 2.75% account, rather than leaving it just in the 2.75%  account ?( On the hypothesis that neither the Coventry TH saver  rate of 5% in January, or the 2.75 %  rates remain unchaged)
TIA

Special_Saver2

Hi Folks,

I have changed the following items on page 1 of this thread for this weekend's update.

- HSBC Regular Saver Account updated to show the maximum monthly deposit is £250 (apologies that I had £300 - this account is so similar to the First Direct account that I copied, pasted and edited my First Direct entry to create the HSBC entry and the maximum monthly deposit is £300 per month on the First Direct account)

- Monmouthshire BS Christmas Saver (Issue 5) and Monmouthshire BS Regular Saver Bond (Issue 8) updated to show the minimum monthly deposit is £0

- Beehive (part of Nottingham BS) Home Starter Regular Saver entry updated to show it is "Issue 2"

- Yorkshire BS Loyalty Regular Saver (Issue 2) / Regular eSaver withdrawn and removed from the list on page 1

- Chase Saver Account from the feeder account section interest rate updated to show it will be paying 2.67% gross / 2.7% AER from 4th January 2023

- Coventry BS Regular Saver (Issue 5) interest rate updated to show it will be 4% from 6th January 2023

- Coventry BS First Home Saver interest rate updated to show it will be 5% from 6th January 2023

I will do the next update in early January. Happy holidays everybody!!!

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

silvercar

movingon said:

I can't get the RS calculator to work on my phone.Could some kind person please work out the interest amount gained over the three years if I save  the £36K  in the FH saver by drip feeding from a 2.75% account, rather than leaving it just in the 2.75%  account ?( On the hypothesis that neither the Coventry TH saver  rate of 5% in January, or the 2.75 %  rates remain unchaged)
TIA

Drip-feeding the regular saver

After drip-feeding the cash for 36 months, you'd have earned...

£4,352 in interest
£2,847 from the regular saver + £1,505 from the normal savings account

Leaving it in normal savings

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£2,934 in interest

Band7

movingon said:

I can't get the RS calculator to work on my phone.Could some kind person please work out the interest amount gained over the three years if I save  the £36K  in the FH saver by drip feeding from a 2.75% account, rather than leaving it just in the 2.75%  account ?( On the hypothesis that neither the Coventry TH saver  rate of 5% in January, or the 2.75 %  rates remain unchaged)
TIA

Here you go. Though keeping your principal in the 2.75% one doesn't give you the best return. Plenty of higher rates available, e.g. with Zopa, Coventry 6 access, other Regular Savers etc

movingon

Thank you both

phillw

Just had a text....

"Just letting you know the interest of 5.00% / 5.12% Gross/AER p.a.(variable) on your Digital Regular Saver is now available on balances right up to £5,0000 (Previously £1,000)."

I thought that was the case for about two weeks...

RG2015

phillw said:

Just had a text....

"Just letting you know the interest of 5.00% / 5.12% Gross/AER p.a.(variable) on your Digital Regular Saver is now available on balances right up to £5,0000 (Previously £1,000)."

I thought that was the case for about two weeks...

Yes, the change was effective from 6th December.

https://forums.moneysavingexpert.com/discussion/6402502/rbs-and-natwest-digital-saver-changes/p1