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Regular Savings Accounts: The Best Currently Available List!

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  • ForumUser7
    ForumUser7 Posts: 2,445 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    kaMelo said:
    How the hell did you find an account to apply for before it is listed any where?
    Just change the number at the end of the link - you can also apply for previous issues, but you may find it has a lower rate (maturity rate)
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • ForumUser7
    ForumUser7 Posts: 2,445 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 9 June 2023 at 1:52PM
    Starting to wonder if perhaps rather than paying into 5% RSs without penalty free access/closure (such as HSBC, Loughborough BS), I should be paying those funds into 1 year bonds, which pay a higher rate (up to 5.20% on £750 deposit). I would leave open the RSs, and then have the security of the fixed rate down the line if the rates available on new FRBs dropped. Unfortunately I don't think I can get the funds out of Loughborough or HSBC penalty free, but I could stop paying in from here on out. Thoughts?
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Bridlington1
    Bridlington1 Posts: 3,711 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Starting to wonder if perhaps rather than paying into 5% RSs without penalty free access/closure (such as HSBC, Loughborough BS), I should be paying those funds into 1 year bonds, which pay a higher rate (up to 5.20% on £750 deposit). I would leave open the RSs, and then have the security of the fixed rate down the line if the rates available on new FRBs dropped. Unfortunately I don't think I can get the funds out of Loughborough or HSBC penalty free, but I could stop paying in from here on out. Thoughts?
    It's difficult to say given that there are so many factors at play here, such as when you opened them, what other regular savers you hold, where you think fixes will end up in the next year or so, when you will need the funds etc. There's too many unknown variables at play the answer without relying on speculation.

    I am personally holding off fixing large amounts for now since I hope to buy my first home in a year or so. I opened HSBC in December so for me it makes more sense to compare HSBC to a 6 month fix. The top 6 month fix I can find pays 4.9%. I shall continue funding HSBC for this reason. If you opened HSBC later than this and/or won't need the funds for comfortably over a year I would say reduce to the minimum and possibly fix now though it depends when you think fixes will peak (I don't know when this will be).

    For Loughborough it's more difficult to judge. I currently hold a fair few regular savers and once I open Loughborough at 5% it will be joint 9th if you go purely on interest rate with 4 other regular savers (3 of which are fixed). In terms of my funding priorities it would sit at number 13 out of 27 that I am currently funding fully if I go purely on interest rate so if it allowed penalty free withdrawals/closure or paid a higher interest rate I'd be fully funding it but the lack of withdrawal ability means I shall pay the minimum in for now and reassess later on.

    One thing that I would say is that the top 1Y fix that lets you deposit £500 (Loughborough's max monthly deposit) pays 5.2% according to moneyfacts so for the first month's deposit at least it would make more sense to deposit the minimum in Loughborough and put £500 in a 1Y fix since the maturity date would be about the same. After that who knows.
  • phillw
    phillw Posts: 5,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 9 June 2023 at 2:56PM
    I've never really understood the whole feeder account thing. 

    What's wrong with just having an instant access account with a much higher rate (e.g. Chip), and then just moving the money for the RS into any old account (in my case a Barclays current account) either the day before an RS is due to collect (if you have a standing order that's collecting it) or even just moving it across on the day itself? 

    Is there a bigger advantage that I'm not seeing or do people just use feeder accounts for convenience even if they're getting a lower rate?
    What you've described is drip-feeding. It's what you're already doing

    Feeder accounts are a different thing, but when discussing regular savers then it's most likely people mean drip-feeding.

  • Growingold
    Growingold Posts: 463 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Principality will be launching a new Regular Saver Bond Issue 33 soon. I don't know what the interest rate will be but I've opened and sent some money across to it by faster payment so should be able to update you with what the interest rate will be soon. See:
    https://online.principality.co.uk/Originations/launchpage.aspx?productType=RegularSaver&productCode=6078#!
    How can they open an account though if it has not yet been launched let alone you have actually funded it?
  • someone
    someone Posts: 837 Forumite
    Part of the Furniture 500 Posts Name Dropper
    How can they open an account though if it has not yet been launched let alone you have actually funded it?

    I would be a little cautious of this route, if you haven't provided the relevant details then they will have failed to meet the regulators requirements. It may appear a minor transgression but either the sale of a product is compliant or not.

  • someone said:
    How can they open an account though if it has not yet been launched let alone you have actually funded it?

    I would be a little cautious of this route, if you haven't provided the relevant details then they will have failed to meet the regulators requirements. It may appear a minor transgression but either the sale of a product is compliant or not.

    Like Bridlington1, Principality already have my details, so regulatory requirement already met.

    Might be different if trying to apply as a new customer.
  • Malchester
    Malchester Posts: 986 Forumite
    Eighth Anniversary 500 Posts Photogenic Name Dropper
    Have been Principality customer in the past but details not recognised so applied for the new regular saver in hop / on spec. Have got user ID and account number and system says I have registered but cannot log in. Will wait and see
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