Regular Savings Accounts: The Best Currently Available List!

TiVo_Lad

Middle_of_the_Road said:

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.

LBS answered the question that was asked:

Q - Are you going to review the RS Account rate?

A - Yes at the next set of reviews.

The member should have asked something like "Why are the rates that LBS offer on their RS Accounts consistently lower than the market leaders?" They might have got a more revealing answer.

Middle_of_the_Road

TiVo_Lad said:

Middle_of_the_Road said:

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.

LBS answered the question that was asked:

Q - Are you going to review the RS Account rate?

A - Yes at the next set of reviews.

The member should have asked something like "Why are the rates that LBS offer on their RS Accounts consistently lower than the market leaders?" They might have got a more revealing answer.

Quite possibly, but I think more likely, they would have received exactly the same response. Call me cynical if you like

OneUser1

Chorley Regular Saver rises from 3.5% up to 3.75% on April 21st. Not a leading rate (but far better than Hanley Economic!)

OneUser1

Suffolk have a new 1yr Regular Saver (matures June 2024) but it only pays 3.5% which is fixed although it allows £500 in per month and withdrawals. Only for locals and existing members.

Middle_of_the_Road

5% Regular saver ISA. £1,600 pm

This is branch opening, then standing order.

Starter ISA Issue 11 | Nottingham Building Society (thenottingham.com)

Might be good if local-ish.


Another-

Regular saver ISA. 

Open branch or post only, manage online.

Regular Saver ISA | Saffron Building Society (saffronbs.co.uk)


Thanks t1redmonkey

iwblue

Is the 5% just Nottingham....I can't see 5% on Saffron? Cheers 

Bridlington1

iwblue said:

Is the 5% just Nottingham....I can't see 5% on Saffron? Cheers 

Saffron's 4.25%.

Nick_C

Saffron Regular Saver ISA is 4.25%

Not 5%

Unfortunately

Rich2808

Nick_C said:

Saffron Regular Saver ISA is 4.25%

Not 5%

Unfortunately

They also have different investment limits - up to £2,400 in month 1 for Nottingham and then up to £1,600 per calendar month but you can top it up to £20,000 in March 2024 if you miss any payments. The Saffron BS one is more restrictive as you can pay £1,850 in month 1 and up to £1,650 thereafter per month - but if you miss any payments you cannot top it up to £20k (or by any sum) by year end.

https://www.thenottingham.com/~/media/files/savings/factsheets/starter-isa-issue-11.pdf

https://www.saffronbs.co.uk/savings/cash-isa-savings-accounts/regular-saver-isa

spider42

Word of warning re the Nottingham account, as there seems to be some confusion on their part over whether the interest is fixed or variable.

The webpage for the account says "Annual interest is 5.00% tax-free p.a./AER*. The interest on this account is variable, this means that it can go up or down."

The pdf of the key product information linked to above says "5.00% tax-free p.a./AER fixed until 5th April 2024" at the top, and the "What is the interest rate?" section also says it is fixed until 5/4/24. But then it also says "Can The Nottingham change the interest rate? Your interest rate is variable, which means we may increase or decrease your interest rate."