Regular Savings Accounts: The Best Currently Available List!

Bridlington1

ForumUser7 said:

Growingold said:

I closed my Lloyds Regular Saver by renewing it into an easy access account but they didn't add any accrued interest just kept the account number the same.  Do I now need to withdraw the bulk of the money and then close it to get the interest owing?  Thanks for your help.

If you log out and back in, it may now show correctly - it did for me after I did that

You don't even need to log out. Just transfer some of the money (even 1p will do) into your current account and the interest will appear. The same applies for BOS and Halifax.

As an aside this also works for getting the balances to update correctly if you receive a faster payment whilst logged into online banking. Just make a 1p transfer from your current account into a savings account or vice versa and bingo.

Bridlington1

It looks like Monmouthshire's Christmas saver incident still haunts them to this day. I received a letter from them today dated 1st March returning my bank statement as proof of my nominated account. I sent it to them originally in November.

Band7

For those still wondering whether to do anything about the new Lloyds / BOS (and may be Halifax) rates, there's a very good spreadsheet here: https://forums.moneysavingexpert.com/discussion/comment/79890852/#Comment_79890852

It made me change my mind, I won't jump onto the new rates now but take a chance that I get at least the new rates once my current LBG RSs have matured.

Bridlington1

I would be thinking the same way but things are complicated slightly in my case. I am also approaching the point now where I will probably have all my EA savings in regular savers by about April/May so the interest rate on the funds held outside the monthly saver will likely increase from then.

Moreover I currently have a 90 day notice account paying 4%, which tracks the BOE base rate thrown into the mix, which I could empty the regular savers into.

These two factors then shift the balance more towards closing the accounts. Oh decisions, decisions. It's fair to say I'll be doing a bit of number crunching over the next day or so.

kaMelo

I'm in virtually the same situation as you @Bridlington1, I can cover April and May, my FD regular saver matures end of May so would cover some of June but not all of them. But I've already bust this years PSA and have no ISA allowance left either so I'm loathed to do anything before April which would bring more interest into this tax year.
The flip side of that being next tax year, with the rate increases over the last few months it becomes an even bigger (although nice one to have) problem. For example, my Cumberland regular saver will bust my PSA on it's own, never mind all the other accounts.  I'm also reluctant to use much ISA allowance in savings accounts rather than S&S.
I know I shouldn't let the tax tail wag the dog but my whole strategy may need a rethink to work out what is the most efficient.

ForumUser7

For those of us that are hoping for a Coventry BS app, to manage our RS (and easy access) accounts with them:

Coventry BS has confirmed on page 56 of their annual report they are working on implementing Confirmation of Payee services, and a mobile app. 'Further developments are underway, including Confirmation of Payee services and a mobile App'. They haven't given a timeframe, but on page 10 it states they 'are in the final stages of developing [their] mobile savings app'



https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/financial-results/2022/annual-report-and-accounts-2022.pdf

Middle_of_the_Road

ForumUser7 said:

For those of us that are hoping for a Coventry BS app, to manage our RS (and easy access) accounts with them:

Coventry BS has confirmed on page 56 of their annual report they are working on implementing Confirmation of Payee services, and a mobile app. 'Further developments are underway, including Confirmation of Payee services and a mobile App'. They haven't given a timeframe, but on page 10 it states they 'are in the final stages of developing [their] mobile savings app'



https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/financial-results/2022/annual-report-and-accounts-2022.pdf

Reading their member forum, it appears they've been talking about this for three years.

PloughmansLunch

I’ve got a “near-app” for Coventry, saving the login page to my home screen then plopping that in a finance app folder. Working through one by one helps me check that all RSes have been added to.

Patrington

Before this Coventry app chat develops it needs its own thread.

Or are people intending to spam all other iterations of Coventry account threads with the same info?

A classic example of where a new, dedicated thread would be more helpful IMO.

Bridlington1

ForumUser7 said:

t1redmonkey said:

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

I can't even get it out for a few days - my Bank of Scotland current account (19s) only allows £500 daily payments, and I've just realised after closing the easy access, and BOS/Halifax RSs into the same account... 😑

Can you get chequebooks with the BOS under 19s account? If I'm not mistaken cheques don't count towards the £500 daily withdrawal limit so you could write yourself a cheque to get the money out that way.