Regular Savings Accounts: The Best Currently Available List!

Rudyson

Kazza242 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!

The Coventry Building Society First Home Saver 5.00% rate is now displayed when I log into online banking.  (This account is no longer available to new applicants).

Their Regular Saver (5) account rate has been increased to 4.00% (current issue).

Thanks for that, I missed that 4% RS, now opened and funded

Every_Penny_Counts

Re Monmouth BS Christmas RS

Applied for this the first weekend it was launched.  Received the passbook last week which stated the first deposit was credited on 6th December.  However my cheque wasn't cashed until today!!!  A full month after the deposit was credited to the account...

EPC

Bridlington1

Every_Penny_Counts said:

Re Monmouth BS Christmas RS

Applied for this the first weekend it was launched.  Received the passbook last week which stated the first deposit was credited on 6th December.  However my cheque wasn't cashed until today!!!  A full month after the deposit was credited to the account...

EPC

Better late than never I suppose.

MiserlyMartin

ForumUser7 said:

happybagger said:

None of their open or closed RS accounts are "directly linked", (by that they mean "tracker" accounts)
Darlington have a habit of making changes on random days to random accounts. They tend not to stick with the 1st of the month. I'd hold fire with them. Although their closed "High Days" RS account suddenly started to fall behind so I ditched it.

When I queried rates with Darlington BS a few months ago, I was told their pricing committee sits at the end of each month to discuss rates. Hopefully they'll sit early January to make up for the likely missed December meeting, but who knows.

I was assuming that for their new rates to be implemented on Jan 1st, they had to have already met before the Xmas break to decide what increases to do. After one BoE move before, they didn't raise the Reg Saver at all, but they made up for it with a 1 % rise after the previous one.

spider42

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

aleph_0

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

I can't dispute your interpretation, but it also feels like a pedantic reading of the rules, personally I just wouldn't take the Michael and test these things.

If we are also to continue with such a reading, the interest rate is defined:
"£7,501-£25,000 3.50%"
So, it would also be entirely reasonable for them not to pay interest on balance above £25k (they obviously wouldn't, but given that it says rate applies to whole balance, and there is no rate defined for £25k+, not rate is applicable).

soulsaver

PBS FHS The first year's interest eventually took me over by £19 (IIRC) when I paid the last £1k in... and they returned it (£19). Draw your own conclusion.

kaMelo

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

Ed-1

kaMelo said:

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

.......1p

kaMelo

Ed-1 said:

kaMelo said:

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

.......1p

lol, mis-reading things is my speciality.