Regular Savings Accounts: The Best Currently Available List!

subjecttocontract

.........and what does your therapist have to say about this obsessive behaviour Mr Bridlington1 ? Have they prescribed medication or are they waiting for the accounts to mature ?

where_are_we

I will wait until the end of the month before I decide whether to open a Leeds RS36 currently 3.2% going up to 3.7% on 1st February. Being able to close the account without loss of interest is the saving grace of this account. I closed my Leeds RS23 a few months ago because they were slow to increase the variable interest rate.

Bridlington1

subjecttocontract said:

.........and what does your therapist have to say about this obsessive behaviour Mr Bridlington1 ? Have they prescribed medication or are they waiting for the accounts to mature ?

I see little point in paying for a therapist when I'm perfectly sane (sort of anyway). This leaves getting one on on the NHS. But have you tried getting a therapist or indeed any sort of service from the NHS lately? If I put myself down for one now, I'll be 103 by the time I get through to anyone.

Besides the way I see it, some people collect stamps, others collect coins, some collect antiques. I collect bank accounts. I think it does you good to have a little hobby.

Kazza242

According to Moneyfacts, Cambridge Building Society will be launching their Reward Regular Saver (issue 2), paying 4.00%

It will be available to existing members who have held a mortgage or savings account with The Cambridge for at least 12 months.

Though, I believe that existing holders of their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver may not be able to open this account going by the terms on the website with regards to issue 1:

"You may only hold one Regular Saver account with the Society at any one time, this includes our Regular Saver, Reward Regular Saver and Extra Reward Regular Saver"
 
However, let's see what the terms of issue 2 say once they have been uploaded to The Cambridge website.

- Deposit up to £300 per month.
- Maximum investment is £3,600
- No withdrawals permitted during the term of the account
- Early access on closure of the account but subject to 90 days loss of interest
- Account runs for one year

https://www.cambridgebs.co.uk/savings/regular-savings

ForumUser7

Kazza242 said:

According to Moneyfacts, Cambridge Building Society will be launching their Reward Regular Saver (issue 2), paying 4.00%

It will be available to existing members who have held a mortgage or savings account with The Cambridge for at least 12 months.

Though, I believe that existing holders of their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver may not be able to open this account going by the terms on the website with regards to issue 1:

"You may only hold one Regular Saver account with the Society at any one time, this includes our Regular Saver, Reward Regular Saver and Extra Reward Regular Saver"
 
However, let's see what the terms of issue 2 say once they have been uploaded to The Cambridge website.

- Deposit up to £300 per month.
- Maximum investment is £3,600
- No withdrawals permitted during the term of the account
- Early access on closure of the account but subject to 90 days loss of interest
- Account runs for one year

https://www.cambridgebs.co.uk/savings/regular-savings

Cambridge BS confirmed they were intending to increase rates tomorrow - therefore it seems possible the release of this product may coincide

Band7

The Cambridgeshire 4% account is now available. Apply by phone, Post or in Branch. I already have 2 of their Regular Savers, so don't think I will bother.

https://www.cambridgebs.co.uk/savings/regular-savings/reward-regular-saver

Section62

Band7 said:

The Cambridgeshire 4% account is now available. Apply by phone, Post or in Branch. I already have 2 of their Regular Savers, so don't think I will bother.

https://www.cambridgebs.co.uk/savings/regular-savings/reward-regular-saver

"Closure is allowed subject to a 90 day interest penalty fee."

I think I'm going to pass on this one - on the basis Cambridge may launch another 5%(+?) product for long-term members within the next 12 months, and holding this one at 4% could make me ineligible (or have to pay the 90 day closure charge).

In the current market (and the Cambridge's recent history) a 4% RS account isn't attractive enough (with that closure condition attached).

twadds123

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?

silvercar

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?

Some people are prepared to put up with hassle to improve their interest. 

Bridlington1

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?

I'm personally saving for my first property, which I hope to buy during the summer of 2024. If the right property pops up within the next year though, I will pounce, and having a large sum in a fix won't be much help in those circumstances so am moving my money into the top paying regular savers from the top paying easy access accounts to get more interest in the mean time.

Others use them as an alternative to keeping an emergency fund in easy access accounts in order to maximise their interest since the majority of regular savers are either easy access or allow penalty free withdrawals/early closure if needed. Others simply use them as an alternative to savings pots, so may have one regular saver for Christmas funds, another for holiday savings etc. 

Others, though this was far more common last year, speculate that interest rates will keep rising so a 1Y fix would earn less interest than regular savers, which often pay a variable rate of interest. About a year ago 1Y fixes were not much more than 1%, so those that fixed then would have ended up less interest than those who opted for a series of regular savers over the course of the last year.