Regular Savings Accounts: The Best Currently Available List!

Section62

Aidanmc said:

Can anyone confirm its ok to change HSBC regular saver standing order date to 1st of month?

See here -
https://forums.moneysavingexpert.com/discussion/6443363/hsbc-regular-saver-changing-so-to-1st/p1

Possibly Ok, but possibly no advantage to be gained. Possible risk attached to doing so. Nobody knows the answers for sure. (probably not even HSBC)

Descrabled

HSBC Regular Saver

I had occasion last month to query the regular saver with HSBC. During the discussion with the customer service representative it was revealed that all my savings and current accounts had been reviewed for both First Direct and HSBC going back over 20 years. He informed me that such a review was routine if any problems arose with an account.

I was surprised at the detail that was revealed from this examination. I strongly recommend that you consider possible consequences of going out with their t&cs. Arguably HSBC are the most fussy bank in the UK presently.

I would never risk changing the date of the standing order for the regular saver.

allegro120

Descrabled said:

HSBC Regular Saver

I had occasion last month to query the regular saver with HSBC. During the discussion with the customer service representative it was revealed that all my savings and current accounts had been reviewed for both First Direct and HSBC going back over 20 years. He informed me that such a review was routine if any problems arose with an account.

I was surprised at the detail that was revealed from this examination. I strongly recommend that you consider possible consequences of going out with their t&cs. Arguably HSBC are the most fussy bank in the UK presently.

I would never risk changing the date of the standing order for the regular saver.

I never play games with HSBC, FD and (in the past) M&S. As you said, it's best to follow exactly what it says on the tin.  Not worth fiddling with dates for a sake of an extra couple of quid a year.

TheBanker

I'm going to open a First Direct regular saver, but the posts above concern me. What type of activity would lead to a review of 20 years of account history, and what are the actual consequences of changing the Standing Order date? (I don't change my dates to the 1st to try to maximise interest, I change them to the day after my salary arrives which is the middle of the month).

The way the above posts are worded I am worried I'll end up with a CIFAS marker or something!

RG2015

TheBanker said:

I'm going to open a First Direct regular saver, but the posts above concern me. What type of activity would lead to a review of 20 years of account history, and what are the actual consequences of changing the Standing Order date? (I don't change my dates to the 1st to try to maximise interest, I change them to the day after my salary arrives which is the middle of the month).

The way the above posts are worded I am worried I'll end up with a CIFAS marker or something!

I only opened First Direct and HSBC current accounts to qualify for their regular savers. After a few years their rates become less attractive and once the regular savers had matured I switched both away for switch incentives.

Two weeks later FD increased their RS to 3.50% and I opened a new FD current account and regular saver without any problem. My online ID was still active as I had not closed my FD savings account which was only there to hold maturing RS balances for a single day.

With HSBC, I wanted their bonus saver which I duly opened as I already had online access with an empty savings account and a balance transfer credit card. I then found that I could not set up a payee so had to open a new current account. They subsequently upped their RS rate so I opened one of them as well.

The point being that I have only used First Direct and HSBC to take advantage of their various offers. Despite this I have never had any issues at all with them.

I personally doubt that you would have any problems when opening a First Direct Regular Saver.

ForumUser7

YBS

Good news for variable rate savings accounts

In response we will be increasing our rates on all of our savings accounts by 0.25% on Wednesday 17 May 2023. 

You can find your new interest rate here.

Loyalty ReS -> 5.5% Christmas 2023 RS -> 5%

t1redmonkey

Hope we see some more Regular Saver rate rises now, it's been quiet on the Regular Saver front for a while!  Or maybe even a new bank/BS will launch a new one with a decent rate

ForumUser7

Coventry BS effective 1st June

First Home Saver I1 -> 5.10%
FHS I2 -> 4.40%

RS I5 -> 4.40%

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice-savings.pdf

Wheres_My_Cashback

t1redmonkey said:

Hope we see some more Regular Saver rate rises now, it's been quiet on the Regular Saver front for a while!  Or maybe even a new bank/BS will launch a new one with a decent rate

I'd anticipate Principality launching RS Iss 33 at 4.75% within the net week.

pookey

ForumUser7 said:

YBS

Good news for variable rate savings accounts

In response we will be increasing our rates on all of our savings accounts by 0.25% on Wednesday 17 May 2023. 

You can find your new interest rate here.

Loyalty ReS -> 5.5% Christmas 2023 RS -> 5%

Thank you for this update. I managed to open the branch loyalty isa this week and it's even more better with the new rate increase 😊