Regular Savings Accounts: The Best Currently Available List!

Nick_C

castle96 said:

ah "

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months."

so I couldn't open another/new, anyway ?

See this thread https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits/p1 and this very helpful post https://forums.moneysavingexpert.com/discussion/comment/79879297/#Comment_79879297 from descrabled

EthicsGradient

flaneurs_lobster said:

castle96 said:

So............Why??? surely 1% more for 4 months would give a greater gain.

Yes and no, you have to consider the (up to) £3200 that is in the old account already, earning 4.25 APR. If you close the account then these funds must be withdrawn and there is no equivalent account to re-deposit them. 

But you now have an account paying 5.25% for 12 months rather than one paying 4.25% for another 4 months.

Hanley Economic BS has an account that can be operated by post, with once a month cheque withdrawals, that pays 4.25% now, and will increase to 4.5% in 1st June (it's a base rate tracker). There's also a Cynergy 120 day notice (ie 4 months) account paying 4.31%. So there are place to profitably park the £3200 in if you want. 

ForumUser7

flaneurs_lobster said:

castle96 said:

So............Why??? surely 1% more for 4 months would give a greater gain.

Yes and no, you have to consider the (up to) £3200 that is in the old account already, earning 4.25 APR. If you close the account then these funds must be withdrawn and there is no equivalent account to re-deposit them. 

But you now have an account paying 5.25% for 12 months rather than one paying 4.25% for another 4 months.

If I'm not mistaken:

OP is referring to the CLMS, not the LMS. The rate was 5.25% AER fixed, not 4.25% AER fixed. The new rate is now 6.25% AER fixed, not 5.25% AER fixed.

So if OP closed and reopened, they would have an account paying 6.25% AER fixed for 12 months, rather than one paying 5.25% AER fixed for another 4 months.

I personally look to maximise interest in the long term when it comes to RMSs, so I would close and reopen. OP may need to consider any tax implications etc. first, in addition to where to store funds, to determine which approach would be best for them.

EDIT:

I've double checked, the rate was definitely 5.25%, not 4.25%

https://www.lloydsbank.com/assets/media/pdfs/savings/interest-rates.pdf

EthicsGradient said:

flaneurs_lobster said:

castle96 said:

So............Why??? surely 1% more for 4 months would give a greater gain.

Yes and no, you have to consider the (up to) £3200 that is in the old account already, earning 4.25 APR. If you close the account then these funds must be withdrawn and there is no equivalent account to re-deposit them. 

But you now have an account paying 5.25% for 12 months rather than one paying 4.25% for another 4 months.

Hanley Economic BS has an account that can be operated by post, with once a month cheque withdrawals, that pays 4.25% now, and will increase to 4.5% in 1st June (it's a base rate tracker). There's also a Cynergy 120 day notice (ie 4 months) account paying 4.31%. So there are place to profitably park the £3200 in if you want. 

These are good rates, but unfortunately they aren't better than the 5.25% AER fixed that OP currently has the £3,200 at.

Wish_I_Could_Save_More

Santander Regular eSaver now 5.0%, from 2.75%.  £200 pcm max with instant access to money if required.  Need current account.  Not a market leader but not too shabby.

[Apologies as just noted that this was picked up last week] 

allegro120

EthicsGradient said:

flaneurs_lobster said:

castle96 said:

So............Why??? surely 1% more for 4 months would give a greater gain.

Yes and no, you have to consider the (up to) £3200 that is in the old account already, earning 4.25 APR. If you close the account then these funds must be withdrawn and there is no equivalent account to re-deposit them. 

But you now have an account paying 5.25% for 12 months rather than one paying 4.25% for another 4 months.

Hanley Economic BS has an account that can be operated by post, with once a month cheque withdrawals, that pays 4.25% now, and will increase to 4.5% in 1st June (it's a base rate tracker). There's also a Cynergy 120 day notice (ie 4 months) account paying 4.31%. So there are place to profitably park the £3200 in if you want. 

There are also fix term accounts offering 5%...  I think the most effective way of using RSs is drip feeding from IA accounts. Requesting cheques every months is quite a lot of hassle and it creates cash drag. 120 days notice will work, but you need to build up 4 months worth of scheduled withdrawals first. 

Kazza242

The Suffolk BS Smart Save Monthly and Holiday Save Monthly regular saver account interest rates will increase from 4.60% to 4.80% from 1st June 2023.

The interest rate is made up of a conditional bonus of 3.00% plus 1.80%.

Both accounts are NLA.

See here (PDF).

Special_Saver2

Hi Everybody,

I have updated page 1 of this thread.

- Saffron BS Small Saver interest rate increased to 4.8%

- Saffron BS 12 Month Members' Regular Saver interest rate increased to 4.5%

- Leeds BS Home Deposit Saver interest rate increased to 4.4% gross p.a. variable from 1st June 2023

- Leeds BS Regular Saver (Issue 40) interest rate increased to 4.25% gross p.a. variable from 1st June 2023

- For both of the Leeds accounts above the new interest rate is already on their website as a current interest rate whilst this page says the new interest rates are from 1st June 2023 so I am not sure exactly when the interest rate increase kicks in but I do not think it makes a big difference either way 

- Hinckley and Rugby BS Regular Saver 30 Day Notice Account interest rate increased to 4.5% gross p.a. variable from 9th June 2023

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

SS2

---

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

Special_Saver2 said:

Hi Everybody,

I have updated page 1 of this thread.

- Saffron BS Small Saver interest rate increased to 4.8%

- Saffron BS 12 Month Members' Regular Saver interest rate increased to 4.5%

- Leeds BS Home Deposit Saver interest rate increased to 4.4% gross p.a. variable from 1st June 2023

- Leeds BS Regular Saver (Issue 40) interest rate increased to 4.25% gross p.a. variable from 1st June 2023

- For both of the Leeds accounts above the new interest rate is already on their website as a current interest rate whilst this page says the new interest rates are from 1st June 2023 so I am not sure exactly when the interest rate increase kicks in but I do not think it makes a big difference either way 

- Hinckley and Rugby BS Regular Saver 30 Day Notice Account interest rate increased to 4.5% gross p.a. variable from 9th June 2023

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

SS2

---

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

Thank you @special_saver2

Just to mention, on the front page there are 2 entries for the Darlington BS RMS. The rate is currently 4%, the 3.8% had a rate increase

IanManc

Special_Saver2 said:

Hi Everybody,


- Leeds BS Regular Saver (Issue 40) interest rate increased to 4.25% gross p.a. variable from 1st June 2023

- For both of the Leeds accounts above the new interest rate is already on their website as a current interest rate whilst this page says the new interest rates are from 1st June 2023 so I am not sure exactly when the interest rate increase kicks in but I do not think it makes a big difference either way 

---

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

The new interest rate on the Leeds Regular Savers is 4.5% from 1st June @Special_Saver2 . It says that on the page you've linked to with the "this page" link.

The Regular Saver Issue 40 page is currently showing the existing rate of 4,25%, which isn't the new rate that is coming.

Special_Saver2

Thanks a lot for pointing those items out.

I have just removed the duplicate Darlington BS account that had the old interest rate (and kept the entry that was correct) and I have updated the Leeds BS Regular Saver (Issue 40) entry to show the interest rate increases to 4.5% gross p.a. variable from 1st June 2023.

SS2

---

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