Regular Savings Accounts: The Best Currently Available List!

Velvet_Monkey

dealyboy said:

... are people not at risk of not only upsetting one financial services company but others too indirectly ? due to adverse comments on credit files. edit: sorry this thread has gone way off topic!

If you are opening a savings product, there is nothing to go on a credit file, as you are not applying for credit.
(Not that people shouldn't be aware of the rules though, and the various risks they may run in not following them...)

Special_Saver2

Hi Everybody,

I have changed the following items on page 1 of this thread.

- Saffron BS Small Saver (Issue 7) interest rate increased to 4.65% gross p.a. and changed to variable (rather than fixed) from 8th March

- Saffron BS 12 Month Members' Regular Saver added to page 1 paying 4.35% gross p.a. variable from 8th March on up to £500 per month for 12 months, for existing members of 12 months' or longer duration, and note that you can only hold one Regular Saver or Small Saver per customer, be it held in sole or joint name(s), with Saffron Building Society at a time.

I will do the next update in just over 2 weeks' time.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

 

- 

adindas

For those who hold the previous version of Saffron Regular Saver, you could upgrade to to newer version paying higher interest rate by calling them. I did it yesterday it just took me about five minutes to do that. Certainly, you only transfer the maximum amount you could put in one month.

ChewyyBacca

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. 

Please see here: 

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

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

Stargunner

ChewyyBacca said:

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. 

Please see here: 

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

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

I opened the original version of this in December which is paying 5%. There were no restrictions and you don’t have to use the money towards a house purchase.

adindas

ChewyyBacca said:

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

Similarly to Stargunner I opened mine in December 2022, paying 5% and I do not have any intention to use it to purchase house.

I have others Home savers, no requirement to be used to purchase a house. Typically they allow anyone to open home buyer saving account even without intention to purchase house. Typically they will provide another incentive when you are using their mortgage products.

ChewyyBacca

Stargunner said:

ChewyyBacca said:

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. 

Please see here: 

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

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

I opened the original version of this in December which is paying 5%. There were no restrictions and you don’t have to use the money towards a house purchase.

Thanks Stargunner & adindas

Kazza242

ChewyyBacca said:

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. 

Please see here: 

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

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

@ChewyyBacca

Regarding opening the First Home Saver (issue 2):

Coventry Building Society does not request proof of FTB status and they don't require you to prove that you'll be using the funds to purchase a property for yourself or anyone else in order to open the account.

The terms and conditions for the First Home Saver (issue 2) does state:

"1.3 You must be at least 16 to hold this account. It must be opened for your own use or for savings that will be used to help a family member to purchase their first home. This account cannot be used by trustees holding funds on trust for a beneficiary."

https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH2

However, they do not request proof of this to open the account.  

I have issue 1 of this account, paying 5.00%.  I was able to open it online without being asked to provide any proof of FTB status.  

gele

Hi
I have version 1 too. Can I just check with you if its unlimited withdrawals and without notice,
I seem to remember reading that version 2 does require notice to withdraw and its now making me wonder.
Thanks 

ForumUser7

gele said:

Hi
I have version 1 too. Can I just check with you if its unlimited withdrawals and without notice,
I seem to remember reading that version 2 does require notice to withdraw and its now making me wonder.
Thanks 

Version 1

This is an easy access account. You can take money out whenever you wish.

How to withdraw

• AskforatransfertoanotherCoventryBuildingSocietyaccountortoyourNamedBank Account, online or by phone

• Ifyoutakemoneyout,youcanstillonlypayinupto£1,000percalendarmonth.

For example, if you take out £100, you can only pay in your £1,000 monthly allowance. You can’t replace the £100 as well.