Regular Savings Accounts: The Best Currently Available List!

refluxer

refluxer said:

For any existing customers (minimum 12 months) or new customers living in Cheshire, Derbyshire, Shropshire or Staffordshire (with CW/SK, DE, TF or ST/WS15 postcodes respectively), the Leek Building Society have just increased the rate of their Regular Saver Account to 3.50%.

While the rate isn't the highest, it's on a par or better than some of the RS accounts on page 1 of this thread, plus has the advantages that you can pay in a reasonably high amount each month (£500), the account has a high maximum balance (£50k) with no maturity date and it can be opened and managed online (their recently-launched online banking portal is fairly basic, but functional). They do send you a passbook through the post but presumably you don't have to use it.

The downside to the Leek is that they can be slow to react to interest rate changes (today's increase was as a result of the December BoE meeting for example, although increases have been applied quicker than this in the past) so any increase on Thursday may take a while to be applied (if at all). Also - just be aware that they are still quite a traditional building society so there's a chance that applying as a new customer might involve having to prove your ID by visiting a branch or posting off ID documents.

Here are the details for anyone interested...

• Open to existing customers (minimum 12 months) or new customers living in Cheshire, Derbyshire, Shropshire or Staffordshire (with CW/SK, DE, TF or ST/WS15 postcodes respectively)
• Account can be opened and managed at a branch, online or by post
• Minimum balance (deposit) £1
• Maximum balance £50,000
• Pay in up to £500 per calendar month (no minimum - you don't have to pay in each month)
• Interest is variable, calculated daily and paid annually
• 3 withdrawals max per account year via electronic transfer, internal transfer, cash or cheque
• Closure at any time without penalty

https://www.leekbs.co.uk/savings/1saver3/

Leek BS have increased the rate on their Regular Saver Account (Issue 3) from 3.50% to 4.00%. 

As I previously mentioned - while their rate isn't the highest available, the relatively high (£500) monthly contributions, online access and £50k maximum balance may make it of interest to existing customers or anyone who lives in one of the qualifying postcodes.

For anyone still holding on to their Flexible Saver (NLA), this has increased to 3.15%. I was keeping mine (with a zero balance) to see what it would increase to, as this one allows even larger monthly contributions (£1000).

Bridlington1

LBG have raised their interest rates:

Club Lloyds Monthly saver now 6.25%
Lloyds Monthly saver now 5.25%
Bank of Scotland Monthly Saver now 5.5%
Halifax Monthly saver -No change still 4.5%

gt94sss2

Bridlington1 said:

LBG have raised their interest rates:

Club Lloyds Monthly saver now 6.25%
Lloyds Monthly saver now 5.25%
Bank of Scotland Monthly Saver now 5.5%
Halifax Monthly saver -No change still 4.5%

So is everyone closing their existing accounts and reopening them?

Bridlington1

gt94sss2 said:

Bridlington1 said:

LBG have raised their interest rates:

Club Lloyds Monthly saver now 6.25%
Lloyds Monthly saver now 5.25%
Bank of Scotland Monthly Saver now 5.5%
Halifax Monthly saver -No change still 4.5%

So is everyone closing their existing accounts and reopening them?

If I had opened my accounts a month or 2 ago I would be closing mine without a doubt, but my monthly savers are into their 4th or 5th month now so it is looking as though there won't be much in it either way. From about next month, possibly May even I will be emptying lower paying regular savers to feed the higher ones though.

I think I will keep the Club Lloyds monthly saver at 5.25%, am leaning towards closing the BOS monthly saver at 4.5% and am undecided about what to do with the Lloyds monthly saver at 4.5%.

Also I seem to recall last time LBG raised their rates Halifax followed suit a few days later so I shall be stalking their website...

kaMelo

As above, I'll need to do some calculations to see what works best for me.

trickydicky14

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

Steve_xx

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

Band7

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

This is what the T&Cs say but to date, they have not enforced them. Applies across the LBG group and has been discussed upthread a few weeks ago. Only one way to find out whether they are enforcing the T&Cs now. I will do mine but don't have time right now to do so.

Expotter

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

See 
https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits#lates 

SFindlay

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

All, including Club Lloyds, can be closed and reopened immediately.  Account needs to be renewed when closing it.