Regular Savings Accounts: The Best Currently Available List!

subjecttocontract

OceanSound said:

subjecttocontract said:

Initially I decided to only open regular savers that were 4.5% or better. I've got 17 now but only 5 are below 5%.
H & R at 4.5% can easily be bettered.

 Any chance of the 17?

I've only the Club Lloyd's Monthly saver, Nationwide continue to save (only £50 per month - kept it for the prize draw mainly)

Couple of days ago opened First Direct Regular Saver. I'm thinking of expanding my regular saver portfolio. 

First direct, tsb, halifax, hsbc, pricipality, bos, monmouth x2, coventry, nationwide, lloyds, h&r, yorkshire, furness, rbs, Santander, natwest.

Bridlington1

Kazza242 said:

I kept my H&R Regular saver open when they reduced the rate to 4.25% in early May, as I felt it was still a good rate and I already have most of the other regular savers paying more.

I am taking advantage of these higher savings rates while they are available.  I think that once inflation falls sufficiently, the Bank of England will be wanting to reduce the base rate.  When that happens it will be difficult to get these savings rates.

Just something to bear in mind.  

I would agree that once inflation falls enough the BOE will be wanting to reduce the base rate so ordinarily I would be hedging my bets a bit and preserving some of the fixed rate regular savers.

In my case though there is a complication, which is that I am hoping to buy my first home once I've finished uni, which will be in 2024, possibly 2025 if I decide to do a masters degree. When I do this I shall be decimating my collection of regular savers. So for me so far as regular savings rates are concerned I'm only really considering what happens in the next year or so, after that I shall probably empty all barring around the top few regular savers regardless of whether they are fixed or variable.

Out of my top regular savers Natwest and RBS have consistently been some of the highest and I'll soon be adding the Bath BS 16-25 regular saver into the mix, which again has consistently been one of the most competitive. As things stand it looks like these will be the only ones that will survive with cash in them after I buy. So the question in my case becomes how do I maximise the interest I can get within the next year?

I suspect we will see these high rates for the bulk of the next year and a lot of my competitive variable rate accounts either don't mature within the next year, such as Natwest, RBS, Nationwide etc or have pretty high monthly deposits, such as Coventry FHS, and the Principality FHS so I suspect overall I will likely be best off prioritising those with a high rate that are variable since they could easily rise further in the short term, even if they do start to drop later on.

I have the Coventry regular saver maturing next month, which I intend to restart again but I shall most likely make that one the last 1Y regular saver that doesn't allow penalty free withdrawals/closure that I will open for the next few years. I closed the 4% Principality regular saver earlier this month to fund my other regular savers and will likely empty the Saffron regular saver ISA in the next few months given that my higher paying regular savers should be able to absorb the contents pretty easily.

OceanSound

Wheres_My_Cashback said:

Kazza242 said:

Hinckley & Rugby BS will be increasing the interest rate paid on their 30 Day Notice Regular Saver, from 4.25% to 4.50% w.e.f 9th June 2023.

See https://www.hrbs.co.uk/wp-content/uploads/2023/05/Interest-rates-notice-9-June-23-Future-notice-web.pdf

So they reduced from 4.50% to 4,25% on 5th May and probably had a number of account closures and now back to 4.50% on 9th June. The mind boggles !

To: Everyone (not the forumite I'm replying to per se, as he/she/they may be aware of what I'm going to say):

Something to look out for when choosing a regular saver I think. 

With this H & R RS, they are free to change the interest rate. Whereas there are other regular savers such as the Lloyds and Club Lloyds which offer fixed interest rate. I looked through the screenshots of when I opened that RS and one of features they advertise is the fixed element - it says on the product description 'fixed interest gives peace of mind'.

Of course, the downside is that irrespective of the BoE increasing the interest rate the fixed interest rate of the Lloyds RS's will definitely remain the same, whereas, I'm guessing that with H & R RS's there is a chance that it may increase? (or going by their history, perhaps not?)

SFindlay

OceanSound said:

Wheres_My_Cashback said:

Kazza242 said:

Hinckley & Rugby BS will be increasing the interest rate paid on their 30 Day Notice Regular Saver, from 4.25% to 4.50% w.e.f 9th June 2023.

See https://www.hrbs.co.uk/wp-content/uploads/2023/05/Interest-rates-notice-9-June-23-Future-notice-web.pdf

So they reduced from 4.50% to 4,25% on 5th May and probably had a number of account closures and now back to 4.50% on 9th June. The mind boggles !

To: Everyone (not the forumite I'm replying to per se, as he/she/they may be aware of what I'm going to say):

Something to look out for when choosing a regular saver I think. 

With this H & R RS, they are free to change the interest rate. Whereas there are other regular savers such as the Lloyds and Club Lloyds which offer fixed interest rate. I looked through the screenshots of when I opened that RS and one of features they advertise is the fixed element - it says on the product description 'fixed interest gives peace of mind'.

Of course, the downside is that irrespective of the BoE increasing the interest rate the fixed interest rate of the Lloyds RS's will definitely remain the same, whereas, I'm guessing that with H & R RS's there is a chance that it may increase? (or going by their history, perhaps not?)

Not  completely true, many "Fixed" rates have increased by institutions either by increasing existing customers accounts like First Direct did just last year or by allowing customers to close existing regular savers and open a new one at higher paying rate like Santander did last year and again this month. 

OceanSound

SFindlay said:

OceanSound said:

Wheres_My_Cashback said:

Kazza242 said:

Hinckley & Rugby BS will be increasing the interest rate paid on their 30 Day Notice Regular Saver, from 4.25% to 4.50% w.e.f 9th June 2023.

See https://www.hrbs.co.uk/wp-content/uploads/2023/05/Interest-rates-notice-9-June-23-Future-notice-web.pdf

So they reduced from 4.50% to 4,25% on 5th May and probably had a number of account closures and now back to 4.50% on 9th June. The mind boggles !

To: Everyone (not the forumite I'm replying to per se, as he/she/they may be aware of what I'm going to say):

Something to look out for when choosing a regular saver I think. 

With this H & R RS, they are free to change the interest rate. Whereas there are other regular savers such as the Lloyds and Club Lloyds which offer fixed interest rate. I looked through the screenshots of when I opened that RS and one of features they advertise is the fixed element - it says on the product description 'fixed interest gives peace of mind'.

Of course, the downside is that irrespective of the BoE increasing the interest rate the fixed interest rate of the Lloyds RS's will definitely remain the same, whereas, I'm guessing that with H & R RS's there is a chance that it may increase? (or going by their history, perhaps not?)

Not  completely true, many "Fixed" rates have increased by institutions either by increasing existing customers accounts like First Direct did just last year or by allowing customers to close existing regular savers and open a new one at higher paying rate like Santander did last year and again this month. 

My point is that the 'fixed' even if they increase rates or allow customer to close and open a new one at higher paying rate (as you say) would offer peace of mind against decreases. 

SFindlay

OceanSound said:

SFindlay said:

OceanSound said:

Wheres_My_Cashback said:

Kazza242 said:

Hinckley & Rugby BS will be increasing the interest rate paid on their 30 Day Notice Regular Saver, from 4.25% to 4.50% w.e.f 9th June 2023.

See https://www.hrbs.co.uk/wp-content/uploads/2023/05/Interest-rates-notice-9-June-23-Future-notice-web.pdf

So they reduced from 4.50% to 4,25% on 5th May and probably had a number of account closures and now back to 4.50% on 9th June. The mind boggles !

To: Everyone (not the forumite I'm replying to per se, as he/she/they may be aware of what I'm going to say):

Something to look out for when choosing a regular saver I think. 

With this H & R RS, they are free to change the interest rate. Whereas there are other regular savers such as the Lloyds and Club Lloyds which offer fixed interest rate. I looked through the screenshots of when I opened that RS and one of features they advertise is the fixed element - it says on the product description 'fixed interest gives peace of mind'.

Of course, the downside is that irrespective of the BoE increasing the interest rate the fixed interest rate of the Lloyds RS's will definitely remain the same, whereas, I'm guessing that with H & R RS's there is a chance that it may increase? (or going by their history, perhaps not?)

Not  completely true, many "Fixed" rates have increased by institutions either by increasing existing customers accounts like First Direct did just last year or by allowing customers to close existing regular savers and open a new one at higher paying rate like Santander did last year and again this month. 

My point is that the 'fixed' even if they increase rates or allow customer to close and open a new one at higher paying rate (as you say) would offer peace of mind against decreases. 

Agreed, however you forget many of those "fixed" accounts that are no longer competitive and have penalties for early closure. For example I still have a Cambridge Reward Regular Saver that is fixed at 3% which was highly competitive when opened however not even close now, it has penalties for early closure so not worth doing though thankfully doesn't require a monthly payment so not been topped up for many months there are however many that require monthly payments so you could really be screwed on an uncompetitive fixed rate requiring monthly deposits. 

The truth is every account needs to be carefully considered by individuals, don't be fooled by the advertising hype and make sure the account is suitable for you before opening it. What's right for one person might not be right for the next. 

OceanSound

SFindlay said:

OceanSound said:

SFindlay said:

OceanSound said:

Wheres_My_Cashback said:

Kazza242 said:

Hinckley & Rugby BS will be increasing the interest rate paid on their 30 Day Notice Regular Saver, from 4.25% to 4.50% w.e.f 9th June 2023.

See https://www.hrbs.co.uk/wp-content/uploads/2023/05/Interest-rates-notice-9-June-23-Future-notice-web.pdf

So they reduced from 4.50% to 4,25% on 5th May and probably had a number of account closures and now back to 4.50% on 9th June. The mind boggles !

To: Everyone (not the forumite I'm replying to per se, as he/she/they may be aware of what I'm going to say):

Something to look out for when choosing a regular saver I think. 

With this H & R RS, they are free to change the interest rate. Whereas there are other regular savers such as the Lloyds and Club Lloyds which offer fixed interest rate. I looked through the screenshots of when I opened that RS and one of features they advertise is the fixed element - it says on the product description 'fixed interest gives peace of mind'.

Of course, the downside is that irrespective of the BoE increasing the interest rate the fixed interest rate of the Lloyds RS's will definitely remain the same, whereas, I'm guessing that with H & R RS's there is a chance that it may increase? (or going by their history, perhaps not?)

Not  completely true, many "Fixed" rates have increased by institutions either by increasing existing customers accounts like First Direct did just last year or by allowing customers to close existing regular savers and open a new one at higher paying rate like Santander did last year and again this month. 

My point is that the 'fixed' even if they increase rates or allow customer to close and open a new one at higher paying rate (as you say) would offer peace of mind against decreases. 

Agreed, however you forget many of those "fixed" accounts that are no longer competitive and have penalties for early closure. For example I still have a Cambridge Reward Regular Saver that is fixed at 3% which was highly competitive when opened however not even close now, it has penalties for early closure so not worth doing though thankfully doesn't require a monthly payment so not been topped up for many months there are however many that require monthly payments so you could really be screwed on an uncompetitive fixed rate requiring monthly deposits. 

The truth is every account needs to be carefully considered by individuals, don't be fooled by the advertising hype and make sure the account is suitable for you before opening it. What's right for one person might not be right for the next. 

I opened the club Lloyd's Monthly saver in October 2022 with a fixed rate at 5.25%. I read all the terms and conditions (including the part about rate being fixed). It is still competitive. I don't believe I was fooled by any advertising hype.

Wheres_My_Cashback

Don't think it's been reported here that Leeds BS are increasing rates on the following on 1st June

Regular Savers Issues 23 to 40  4.25% ↑ 4.50%  £100 - £6K

Home Deposit Saver 4.00% ↑ 4.40%

PloughmansLunch

Wheres_My_Cashback said:

Don't think it's been reported here that Leeds BS are increasing rates on the following on 1st June

Regular Savers Issues 23 to 40  4.25% ↑ 4.50%  £100 - £6K

Home Deposit Saver 4.00% ↑ 4.40%

I'm afraid you've got to be up pretty early to beat ForumUser7

ForumUser7

Wheres_My_Cashback said:

Don't think it's been reported here that Leeds BS are increasing rates on the following on 1st June

Regular Savers Issues 23 to 40  4.25% ↑ 4.50%  £100 - £6K

Home Deposit Saver 4.00% ↑ 4.40%

https://forums.moneysavingexpert.com/discussion/comment/80070220/#Comment_80070220

Leeds BS have seen the error of their ways, and now changed issue 40 and the HDS away from saying 'tax-free'