Regular Savings Accounts: The Best Currently Available List!

Kazza242

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

You can pay in between £1 - £1,000 per month.  The account runs for 36 months.  

Moneyfacts indicates that unlimited withdrawals are permitted, though withdrawals are subject to 60 day notice or loss of interest is incurred. 

The minimum opening deposit is £1.  The maximum investment is £37,000.  

The account can be opened and managed online, via the branch, post or telephone. 

Please see here: 

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Ed-1

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

You can pay in between £1 - £1,000 per month.  The account runs for 36 months.  

Moneyfacts indicates that unlimited withdrawals are permitted, though withdrawals are subject to 60 day notice or loss of interest is incurred. 

The minimum opening deposit is £1.  The maximum investment is £37,000.  

The account can be opened and managed online, via the branch, post or telephone. 

The account should appear on the web page below once it has launched: 

https://www.coventrybuildingsociety.co.uk/member/savings/all-savings.html

And before anyone asks, for those who hold issue 1:

1.5 You can only open and be named on one First Home Saver (including any subsequent issues) at any one time.

https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH1

soulsaver

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

Please see here: 

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Thanks Kazza
Cov BS FHS Iss1 paid 5.0%... so another arrow downwards.

Band7

soulsaver said

Cov BS FHS Iss1 paid 5.0%... so another arrow downwards.

*** pays ***

But yes, looks new rates are on their way down.

kaMelo

It's not just the rate, issue 1 has no interest penalty for withdrawals.

where_are_we

I assume Cov BS Iss1 remains at 5%? For how long?

Kazza242

where_are_we said:

I assume Cov BS Iss1 remains at 5%? For how long?

Yes, the Coventry BS Home Saver (issue 1) interest rate is still at 5.00% (NLA to new applicants).  It is a variable rate account. 

I am continuing to use mine, as the generous £1,000 per month deposit limit allows holders to build up to quite a lump sum.

RobinhoodSavings

kaMelo said:

It's not just the rate, issue 1 has no interest penalty for withdrawals.

Not surprised by this move. The issue 1 was opened by everyone not just “first home savers”. It was withdrawn in a day after it was posted on here and Reddit. 60 days notice or penalty is enough time to access funds for property.  They also have exceptions but you’ll need to show proof such as a solicitor letter to waive the penalty. 

francoghezzi

Kazza242 said:

where_are_we said:

I assume Cov BS Iss1 remains at 5%? For how long?

Yes, the Coventry BS Home Saver (issue 1) interest rate is still at 5.00% (NLA to new applicants).  It is a variable rate account. 

I am continuing to use mine, as the generous £1,000 per month deposit limit allows holders to build up to quite a lump sum.

A bit of advice. Am not buying a property but I have a lot of savings and I think this 4% is still competitive on the market and I could hold it for 3 years without withdrowing money. Should I go for it? Better than the best offer on the market that is 3.15% today ...

Middle_of_the_Road

francoghezzi said:

Kazza242 said:

where_are_we said:

I assume Cov BS Iss1 remains at 5%? For how long?

Yes, the Coventry BS Home Saver (issue 1) interest rate is still at 5.00% (NLA to new applicants).  It is a variable rate account. 

I am continuing to use mine, as the generous £1,000 per month deposit limit allows holders to build up to quite a lump sum.

A bit of advice. Am not buying a property but I have a lot of savings and I think this 4% is still competitive on the market and I could hold it for 3 years without withdrowing money. Should I go for it? Better than the best offer on the market that is 3.15% today ...

If you have a lot of savings, this account will only let you deposit £1000 per month.
You could easily get above 4% with a fixed term 1, 2, or 3 years, where yo can deposit much more of your savings straightaway.

Depending on your tax situation, an ISA may be of benefit also.