Regular Savings Accounts: The Best Currently Available List!

ForumUser7

Bridlington1 said:

ForumUser7 said:

Moneyfacts is showing:

Loughborough BS new Limited Access Monthly Saver at 3.75% (no increase to the current RS showing yet)

Now showing on their website:

I'm in two minds whether to go for this one. At present it's too low a rate to warrant funding it fully and Loughborough do deem to have a habit of not increasing the interest rate on their monthly savers much if ever so I doubt it will become competitive any time soon. On the other hand it requires a minimum monthly deposit of £1 so I would suffer a very low interest hit if I did open it with the minimum funding and the rate is variable so there is a small chance it could become competitive in the future.

The main reason I won’t be opening it is balances cannot even be viewed online. That said, Loughborough BS has recently partnered with a company to help with what seems like digital banking development: https://www.fintechfutures.com/2023/05/loughborough-building-society-taps-finastra-for-digital-banking-and-analytics-solutions/

ForumUser7

Not TOTP but for those with it for DD purposes, Ecology Regular Saver -> 3.30% from 3.05% effective 19/05/2023

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Moneyfacts is showing:

Loughborough BS new Limited Access Monthly Saver at 3.75% (no increase to the current RS showing yet)

Now showing on their website:

I'm in two minds whether to go for this one. At present it's too low a rate to warrant funding it fully and Loughborough do deem to have a habit of not increasing the interest rate on their monthly savers much if ever so I doubt it will become competitive any time soon. On the other hand it requires a minimum monthly deposit of £1 so I would suffer a very low interest hit if I did open it with the minimum funding and the rate is variable so there is a small chance it could become competitive in the future.

The main reason I won’t be opening it is balances cannot even be viewed online. That said, Loughborough BS has recently partnered with a company to help with what seems like digital banking development: https://www.fintechfutures.com/2023/05/loughborough-building-society-taps-finastra-for-digital-banking-and-analytics-solutions/

For me a lack of online banking doesn't bother me much at all. The thing that puts me off is their habit of not putting their interest rates up. I opened their EA monthly saver at 2.5% last summer and the interest rate never budged since and so consequently the account has stayed at a £10 balance since October.

What I may do is leave it until the one year anniversary of my opening the previous regular saver (the time the interest is credited to it) and if this regular saver is still available then I'll send my passbook for the old regular saver along with the application form plus cheque for the new one and ask for the balance on the old account to be reduced back to £10.

Bridlington1

ForumUser7 said:

Not TOTP but for those with it for DD purposes, Ecology Regular Saver -> 3.30% from 3.05% effective 19/05/2023

If this is all Ecology can come up with I'm glad I axed it a few weeks ago to be honest.

Wheres_My_Cashback

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Moneyfacts is showing:

Loughborough BS new Limited Access Monthly Saver at 3.75% (no increase to the current RS showing yet)

Now showing on their website:

I'm in two minds whether to go for this one. At present it's too low a rate to warrant funding it fully and Loughborough do deem to have a habit of not increasing the interest rate on their monthly savers much if ever so I doubt it will become competitive any time soon. On the other hand it requires a minimum monthly deposit of £1 so I would suffer a very low interest hit if I did open it with the minimum funding and the rate is variable so there is a small chance it could become competitive in the future.

The main reason I won’t be opening it is balances cannot even be viewed online. That said, Loughborough BS has recently partnered with a company to help with what seems like digital banking development: https://www.fintechfutures.com/2023/05/loughborough-building-society-taps-finastra-for-digital-banking-and-analytics-solutions/

LBS are really behind the times especially when there are off the shelf online platforms they could use.

They also, in the past couple of years have seemed to move away from competitive RS accounts

Zopa_Trooper

Quick question. If you have a regular saver, then switch away from the bank, what happens to it? 

allegro120

Zopa_Trooper said:

Quick question. If you have a regular saver, then switch away from the bank, what happens to it? 

I can't remember what bank it was, it was a while ago, but my regular saver stayed on until maturity.

It probably depends on the bank, but in general you don't need to completely switch away from the bank, you can normally open another current account with the same bank before switching.

Band7

Zopa_Trooper said:

Quick question. If you have a regular saver, then switch away from the bank, what happens to it? 

It depends on the T&Cs of your Regular Saver whether a current account is a pre-req. For some, it would matter, for others it wouldn't. Which one in particular are you thinking of?


NB. You don't switch bank. You only switch a current account, one at a time.

35har1old

When did Santander increase the Regular Saver to 5% ?

35har1old

where_are_we said:

Old existing Santander Monthly Saver customers don`t forget to reduce your balance to 0 before using "chat" to close it and upgrade. I had £1 in it. "chat" will then ask which account to transfer closing interest too.

Already have a Regular eSaver?

You’ll need to close your existing account as you can only have one Regular eSaver at a time. 

To do this, you’ll need to reduce the balance of the account to zero, then contact us to close the account.
 
It can take up to 2 working days for your account to close. Any accrued interest from your closed account will be moved to your Santander current account from which the standing order was paid.