Regular Savings Accounts: The Best Currently Available List!

flaneurs_lobster

ForumUser7 said:

YBS re Christmas RS 2023

Hello ForumUser7,

 

When you took out your Christmas 2023 Regular e-Saver account, we provided you with a factsheet which contained important information about your account. Unfortunately the factsheet contained an incorrect projected interest illustration. Please accept our apologies for this. 

I'm frankly astonished that no member of this learned board didn't spot this error before YBS did. 

Does the rate increase from 5 April make up the lost £13.10 from the original projection (haven't done the sums).

Band7

flaneurs_lobster said:

ForumUser7 said:

YBS re Christmas RS 2023

Hello ForumUser7,

 

When you took out your Christmas 2023 Regular e-Saver account, we provided you with a factsheet which contained important information about your account. Unfortunately the factsheet contained an incorrect projected interest illustration. Please accept our apologies for this. 

I'm frankly astonished that no member of this learned board didn't spot this error before YBS did. 

Does the rate increase from 5 April make up the lost £13.10 from the original projection (haven't done the sums).

I would say it wouldn't make up for the erroneous projection because the increase would almost certainly have happened even if the projection had been correct.

I won't be one of the ones who will be chasing for compo as I never base my decisions to take out an account based on the interest projections. I merely look at the interest rate, and if that is good enough for my liking, I take out the account. The interest I get from the Xmas saver is no less than I expected it to be.

In addition, I have held many YBS accounts over the years, without any issues ever. I also have a massive soft spot for YBS for still running the old Egg Money savings account, which I have held since 2009 (but which has been NLA ever since YBS took it over from Egg), and which has even seen interest rate rises. Other holders of this account will know what's so fabulous and precious about it, so I won't brag further.....

I'll forgive YBS for the minor human error - and for being honest enough to admit this minor error.

Dietofsoup

Principality

For those who noticed their 'We are still mulling what affect the latest interest rate will have on Savers' type splash message and were wondering...

Well they've now ditched the message (it was there weeks) and appear to have done a Nationwide and not increased any of the legacy variable rates at all.

Bridlington1

Dietofsoup said:

Principality

For those who noticed their 'We are still mulling what affect the latest interest rate will have on Savers' type splash message and were wondering...

Well they've now ditched the message (it was there weeks) and appear to have done a Nationwide and not increased any of the legacy variable rates at all.

Though to be fair to them in the last few weeks (whilst the notice was up) they did launch new issues of their regular savers, including their regular saver bond which now sits at 4.5% as opposed to the 4% they were offering before, so they have done something positive at least.

I agree however that it would've been nice if they'd upped their variable rates too.

Nick_C

Principality had a regular saver at 5pc six months ago. 

ForumUser7

Nick_C said:

Principality had a regular saver at 5pc six months ago. 

That was their Christmas Regular Saver. It had a lower monthly maximum deposit of £125 a month rather than £250 - I wonder if that helped them give a higher rate, idk

guli

Band7 said:

flaneurs_lobster said:

ForumUser7 said:

YBS re Christmas RS 2023

Hello ForumUser7,

 

When you took out your Christmas 2023 Regular e-Saver account, we provided you with a factsheet which contained important information about your account. Unfortunately the factsheet contained an incorrect projected interest illustration. Please accept our apologies for this. 

I'm frankly astonished that no member of this learned board didn't spot this error before YBS did. 

Does the rate increase from 5 April make up the lost £13.10 from the original projection (haven't done the sums).

I would say it wouldn't make up for the erroneous projection because the increase would almost certainly have happened even if the projection had been correct.

I won't be one of the ones who will be chasing for compo as I never base my decisions to take out an account based on the interest projections. I merely look at the interest rate, and if that is good enough for my liking, I take out the account. The interest I get from the Xmas saver is no less than I expected it to be.

In addition, I have held many YBS accounts over the years, without any issues ever. I also have a massive soft spot for YBS for still running the old Egg Money savings account, which I have held since 2009 (but which has been NLA ever since YBS took it over from Egg), and which has even seen interest rate rises. Other holders of this account will know what's so fabulous and precious about it, so I won't brag further.....

I'll forgive YBS for the minor human error - and for being honest enough to admit this minor error.

I remember those days! Such a blast from the past  

Wheres_My_Cashback

Dietofsoup said:

Principality

For those who noticed their 'We are still mulling what affect the latest interest rate will have on Savers' type splash message and were wondering...

Well they've now ditched the message (it was there weeks) and appear to have done a Nationwide and not increased any of the legacy variable rates at all.

I wouldn't read anything into that. Obviously, being the last day of the tax year they are going to highlight ISAs as a priority.

ForumUser7

Loughborough BS's response to a question a member raised re their RS rate at their 2023 AGM:

'Question: Currently the interest rate on a regular savers account is lower than other market instant access accounts is this something the Society is planning to review?

Response: The Society’s Savings Product Committee meet fortnightly to review products through a cycle. This product will be included within the next set of reviews.'

Middle_of_the_Road

ForumUser7 said:

Loughborough BS's response to a question a member raised re their RS rate at their 2023 AGM:

'Question: Currently the interest rate on a regular savers account is lower than other market instant access accounts is this something the Society is planning to review?

Response: The Society’s Savings Product Committee meet fortnightly to review products through a cycle. This product will be included within the next set of reviews.'

That very politician like response, would be reason enough for me to never save with this organisation.