Regular Savings Accounts: The Best Currently Available List!

k_man

t1redmonkey said:

twadds123 said:

just trying to plan my saving and want some understanding of why people have so many regular savers.

I guess I get it if you might require access to the cash or if the money to go into the regular savers is only generated each month.

however surely if you have a decent lump sum you don't need access to does a good fixed rate not beat the overall drip feed method?  apart from perhaps the first direct 7% saver

For example, i have a BOS regular saver @4.5% allowing £250 per month.  so £3000 in the year.

using the calculators even if i keep that money in zopa pots @3.26% drip feeding in I would make £118 interest in the year

sticking the entire £3000 in a 4.25% fix earns £127.5 on the year with no hassle.

Am i missing something?

Basically, if you have a lump sum that you don't need access to, then you are going to have 2 options when it comes to savings:

- Put it all in a fixed rate bond which guarantees you x amount of interest for the duration
- Stick it in an easy access account, and then slowly drip feed it into a variety of regular savers

Now the advantage of the fixed rate option, is you can earn an elevated amount of interest on the entire amount from day 1 (in return for sacrificing access to the money).

The advantage of the second option is you have better access to your money, however you'll probably be earning less by having to keep most of it in an easy access account, and then you can only earn the higher regular saver interest by slowly drip feeding it into the regular savers over a period of time, not from day 1 like the first option.

It depends on your own circumstances as to which is the better option.

Personally I have done a mix of the two; I put away 90% of my savings in fixed rates a few months ago so I am getting 5%+ interest on that.  But I kept about 10% of my savings in an easy access account, and I am using that amount to drip feed it into regular savers that are accessible if I find I need the money all of a sudden (remember not all regular savers are accessible).

Also the regular savers are good for the remaining money I have from my monthly wages each month that I can afford to put away.

Another advantage of EA account +drip feeding RS accounts Vs fixed rate/term, is when interest rates are rising your money isn't tied up in the fix, at what may turn out to be a low rate over time, even compared to EAs.

happybagger

Conversely, if rates start to fall over the period of the fixed rate account, the variable rate RS accounts and the EA feeders might fall behind. As said by someone else above, each person has their own circumstances to weigh up.

Reg_Smeeton

Reg_Smeeton said:

Is it just me or does the Regular Saver market seem a bit moribund right now? I’m closing/reducing my funding of almost all of mine given that I can by and large get better rates easy access or 1 yr fixes. 

This aged well  , three months on and the situation has completely reversed! 

Band7

Reg_Smeeton said:

Reg_Smeeton said:

Is it just me or does the Regular Saver market seem a bit moribund right now? I’m closing/reducing my funding of almost all of mine given that I can by and large get better rates easy access or 1 yr fixes. 

This aged well  , three months on and the situation has completely reversed! 

Could you try another moribund assessment of the Regular Saver market, please, to see whether your prediction can spur another rally? ta very muchly

schiff

I've been following the methods described by JamesRobinson48 for some years, had up to three RSs maturing each month to feed my existing RSs, but that has now been turned on its head. My next maturities are May, August, September. So my ongoing payments are coming out of easy access money (principally Santander 2.75% and Coventry 3.25%) and if and when that runs out I'll be withdrawing funds from ongoing RSs, or even closing them.

ForumUser7

Effective 13th Jan, Hinckley And Rugby Building Society rates are increasing (Source ~ https://www.hrbs.co.uk/wp-content/uploads/2023/01/Interest-Rates-Notice-01-23.pdf):

• Regular Saver 30 Day Notice is going from 4.25% to 4.75%

Effective 1st Feb, Bath Building Society rates are increasing (Source ~ Customer Marketing Email):

• 16-25 Regular Saver is going from 5.95% to 6.35%!
• Homestart Regular Saver is going from 3.10% to 3.49%
• The Regular Saver is going from 2.79% to 3.19%

trickydicky14

ForumUser7 said:

Effective 13th Jan, Hinckley And Rugby Building Society rates are increasing (Source ~ https://www.hrbs.co.uk/wp-content/uploads/2023/01/Interest-Rates-Notice-01-23.pdf):

• Regular Saver 30 Day Notice is going from 4.25% to 4.75%

Effective 1st Feb, Bath Building Society rates are increasing (Source ~ Customer Marketing Email):

• 16-25 Regular Saver is going from 5.95% to 6.35%!
• Homestart Regular Saver is going from 3.10% to 3.49%
• The Regular Saver is going from 2.79% to 3.19%

I’ve just been to the Hinckley & Rugby website regarding the regular saver and can’t find the forms to fill in for the account! Am I loosing the plot, can some one direct me to them please.

Bridlington1

trickydicky14 said:

ForumUser7 said:

Effective 13th Jan, Hinckley And Rugby Building Society rates are increasing (Source ~ https://www.hrbs.co.uk/wp-content/uploads/2023/01/Interest-Rates-Notice-01-23.pdf):

• Regular Saver 30 Day Notice is going from 4.25% to 4.75%

Effective 1st Feb, Bath Building Society rates are increasing (Source ~ Customer Marketing Email):

• 16-25 Regular Saver is going from 5.95% to 6.35%!
• Homestart Regular Saver is going from 3.10% to 3.49%
• The Regular Saver is going from 2.79% to 3.19%

I’ve just been to the Hinckley & Rugby website regarding the regular saver and can’t find the forms to fill in for the account! Am I loosing the plot, can some one direct me to them please.

I couldn't find it either so just rang them instead and they sent me an application pack, which arrived the next day. Quite a quick account to set up considering it's a postal account. 

londoner62

I had trouble locating the application button a couple of months back

You need to hit the 'Apply Now' tab which is located immediately above the Summary Box.

https://www.hrbs.co.uk/saving-product/regular-saver-30-day-notice-account/ 

dcs34

For those with an existing Cambridge regular saver account who are interested in the reward regular saver, it is possible to request this be opened at maturity of your existing regular saver account with the first month's funds being taken from the maturing account.