Regular Savings Accounts: The Best Currently Available List!

allegro120

pookey said:

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 😊

I've opened it, but several days later Coventry offered a better deal at 4.40% (fixed for 1 year) so I went for Coventry instead.  You never know what"s coming next, but it is good to be 'loyal' to building societies

happybagger

The first change by Earl Shilton BS to their rates since 14 November last year, results in a poor increase of 0.40% in their Regular Saver:

New rate from 1 June 2023: 3.70%

source

happybagger

And Loughborough BS have made changes to their rates effective today - but yet again the Regular Saver has not budged.

This was launched last summer and has never moved. Still stuck at 2.5%

source

Special_Saver2

Hi Everybody,

I have updated page 1 of this thread.

- Leek BS Regular Saver interest rate updated to 4.3% gross p.a. variable from 12th May 2023

- Coventry BS Regular Saver (Issue 5) interest rate updated to 4.4% gross p.a. variable from 1st June 2023

- Coventry BS First Home Saver (Issue 2) interest rate updated to 4.4% gross p.a. variable from 1st June 2023

I will do the next update within the next 2 weeks.

SS2

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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

ForumUser7

To those who have a large RS portfolio, how have you found the Coventry RS 5 please? Does it tend to keep up with the others? Is it usually mid market? Does it ever get that far left behind?

I’m considering opening it to get some more EA funds into RSs, but I’m a bit wary due to the potential 30 day interest penalty upon withdrawal. I’m currently funding RSs paying as low as 4%, but that feels less risky because they allow limited withdrawals, or penalty free closure.

I’m wondering about opening it 1st June, to get the account month to correlate with a calendar month, but I don’t want it to be withdrawn before of course.

Thanks!

Bridlington1

ForumUser7 said:

To those who have a large RS portfolio, how have you found the Coventry RS 5 please? Does it tend to keep up with the others? Is it usually mid market? Does it ever get that far left behind?

I’m considering opening it to get some more EA funds into RSs, but I’m a bit wary due to the potential 30 day interest penalty upon withdrawal. I’m currently funding RSs paying as low as 4%, but that feels less risky because they allow limited withdrawals, or penalty free closure.

I’m wondering about opening it 1st June, to get the account month to correlate with a calendar month, but I don’t want it to be withdrawn before of course.

Thanks!

I've found it generally keeps up with the rest, though I can't remember it ever being market leading. It once lagged behind for a month or so (October/November 2022 IIRC) but not by a massive amount and it soon shot up again.

Therefore I'd say open it. If it lags behind you can always skip months if need be.

allegro120

ForumUser7 said:

To those who have a large RS portfolio, how have you found the Coventry RS 5 please? Does it tend to keep up with the others? Is it usually mid market? Does it ever get that far left behind?

I’m considering opening it to get some more EA funds into RSs, but I’m a bit wary due to the potential 30 day interest penalty upon withdrawal. I’m currently funding RSs paying as low as 4%, but that feels less risky because they allow limited withdrawals, or penalty free closure.

I’m wondering about opening it 1st June, to get the account month to correlate with a calendar month, but I don’t want it to be withdrawn before of course.

Thanks!

Can't comment on this specific issue (5). I have an old RS (NLA) that has no end date.  Running it since April 2010.  Also had other Coventry RSs running alongside in the past 10 years.  Sometimes they were at the top of the table, sometimes not very competitive (at the moment for example), but always delivered a decent rate (i.e. they never go ridiculously low).  This is why I never gave up my old Coventry RS, never made a withdrawal either.

ColdIron

I opened it after using the usual suspects paying a higher rate. It's not market leading but better than easy access and I like the larger £500 monthly contribution

ForumUser7 said:

but I’m a bit wary due to the potential 30 day interest penalty upon withdrawal. I’m currently funding RSs paying as low as 4%

If you have other regular savers, if push came to shove, you could raid the ones without penalty first. How likely is it that you would need access to all of them together?

Edit: It's increasing to 4.40% on the 1st of June

ForumUser7

Thanks everyone - I’ll give it a go. I’ve realised my first direct and HSBC standing orders are around this time of the month anyway, so I’ll open it now rather than waiting till 1st June in case it is withdrawn.

ColdIron said:

If you have other regular savers, if push came to shove, you could raid the ones without penalty first. How likely is it that you would need access to all of them together?

It’s unlikely I’d need to access them all, I only really move funds out of RSs to put into higher paying RSs. In terms of instant access funds, I have some funds in the flex direct at 5%, blue reward RDS at 5.12% and some in the TSB student account 5% (not eligible for HSBC Student with OD, CC etc. yet). These would all be raised first in case of emergency, then topped up from lower paying penalty free withdrawal RSs

Big_W

JamesRobinson48 said:

Monmouthshire BS has today withdrawn its Coronation Regular Saver Account (5.60% variable).

On the subject of Monmouthshire Coronation Regular Saver; We were aware of earlier IT problems with Monmouthshire. Thought these were fixed, but I then tried another "test" £10 standing order (I wasn't up to the monthly limit) that went on the 9th May, but did not appear in Monmouthshire's online banking until today 13th May - 4 days later.

Has anybody else noticed this continuing delay with payments to Monmouthshire, or with any other BS using the same IT platform that many smaller BS use?