Regular Savings Accounts: The Best Currently Available List!

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.

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.