Regular Savings Accounts: The Best Currently Available List!

Kazza242

35har1old said:

When did Santander increase the Regular Saver to 5% ?

Santander launched issue 17 of their Regular eSaver on the 16th May 2023.

Please see the bottom of the account Summary box on the Santander website, here.

Zopa_Trooper

Band7 said:

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.

I've just joined HSBC for the £200 switch offer and took out their 5% regular saver at the same time. However after spending  hours on the phone yesterday trying to clear a payment to a friend they kept stopping, I've realised that they are useless. My intention is to switch away as soon as the £200 arrives. 

Zopa_Trooper

allegro120 said:

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.

But if you don't it rules you out of getting the next switching bonus further down the line.

Band7

Zopa_Trooper said:

allegro120 said:

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.

But if you don't it rules you out of getting the next switching bonus further down the line.

This is going off-topic now but just to clarify: switching/closing a current account is no guarantee that you are eligible for any future switch offer.

Zopa_Trooper said:

Band7 said:

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.

I've just joined HSBC for the £200 switch offer and took out their 5% regular saver at the same time. However after spending  hours on the phone yesterday trying to clear a payment to a friend they kept stopping, I've realised that they are useless. My intention is to switch away as soon as the £200 arrives. 

This can happen at any bank. With ever increasing fraud figures, and with impending regulatory changes which will force banks to reimburse APP scams, we need to be prepared for a lot more of such checks. That aside, you do need an HSBC current account to get your money out of your HSBC Regular Saver once it matured or if you close it in a huff, and with loss of interest, before maturity.

jaypers

Halifax Regular Saver Question……I don’t have a current account with Halifax. Is the set-up linked to a nominated account etc? TIA.

Nick_C

@Zopa_Trooper

What you are experiencing with HSBC seems to have become normal when you open a new current account with one of the legacy banks. 

In the last 12 months I've opened new accounts with Barclays and NatWest, and had the same problems.  Multiple phone calls to get blocked payments released.  Sometimes two or three times in succession.

It is however worth the hassle if it gives you access to a savings account paying 5 or 6pc

I think the key to switching is never to switch an account that you rely on.  Switch secondary or spare accounts. 

MarkFromCornwall

jaypers said:

Halifax Regular Saver Question……I don’t have a current account with Halifax. Is the set-up linked to a nominated account etc? TIA.

I fund mine by a standing order from a Santander current account.

ForumUser7

Effective 1st June, Mansfield BS rates are increasing. Notably, their Regular eSaver 30 and Regular Saver 30 are increasing from 3.75% -> 4.25%

refluxer

jaypers said:

Halifax Regular Saver Question……I don’t have a current account with Halifax. Is the set-up linked to a nominated account etc? TIA.

I have one but don't have a Halifax current account. I don't remember setting up any specific linked account so you can pay into it from any account you like, IIRC.

They do open an 'Everyday Saver' account alongside it and money gets transferred to it on maturity. If you close the Everyday Saver (which I did immediately due to the poor rate) then your RS converts to one on maturity instead.

badger09

Bridlington1 said:

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.

Still a useful DD source though😉