Regular Savings Accounts: The Best Currently Available List!

SFindlay

pecunianonolet said:

Looking for some guidance, can't see the woods because of too many trees...

31st May pay in 1000 to Coventry First Home Saver at 5.1%
1st June pay in 1000 to Coventry First Home Saver at 5.1%
= 30th June total balance of 2000

1st June pay in 400 to Club Looyds with now total balance of 520 in Lloyds Reg Saver at 6.25%

Now on 7th July the Cov FHS rate goes up to 5.45%

If I am not mistaken, I make more interest if from 1st July split the available 1000 and I pay only 600 into Cov FHS and 400 in Club Lloyds Reg Saver instead of putting the full 1000 only in Coventry?

Essentially, achieving a higher return because of an overall higher blended rate. Can anyone confirm if my thinking is right and the blended rate would be 5.85%

Cheers!

Ordinarily you're thinking would be correct however with the Coventry account being a 36 month long account you would be better still paying £1000 into that because you'll have a higher amount for longer in effect 2 years longer than the Club lloyds (tgats presuming you intend keeping it in there for that long).... all assuming the interest rate of the homesaver does not reduce as it is a variable rate. 

simonsmithsays

PENRITH REGULAR SAVER 200

Apologies if mentioned previously but I've noticed tonight that this is now 4%

OneUser1

I just looked at the Penrith site. Although the ‘Regular Saver’ page comes up empty, the page listing all interest rates has a Regular Saver 300 listed offering 6%. However it is described as ‘Heartland Only’ which seems to mean it’s only for people living in the North of England. 

pecunianonolet

SFindlay said:

pecunianonolet said:

Looking for some guidance, can't see the woods because of too many trees...

31st May pay in 1000 to Coventry First Home Saver at 5.1%
1st June pay in 1000 to Coventry First Home Saver at 5.1%
= 30th June total balance of 2000

1st June pay in 400 to Club Looyds with now total balance of 520 in Lloyds Reg Saver at 6.25%

Now on 7th July the Cov FHS rate goes up to 5.45%

If I am not mistaken, I make more interest if from 1st July split the available 1000 and I pay only 600 into Cov FHS and 400 in Club Lloyds Reg Saver instead of putting the full 1000 only in Coventry?

Essentially, achieving a higher return because of an overall higher blended rate. Can anyone confirm if my thinking is right and the blended rate would be 5.85%

Cheers!

Ordinarily you're thinking would be correct however with the Coventry account being a 36 month long account you would be better still paying £1000 into that because you'll have a higher amount for longer in effect 2 years longer than the Club lloyds (tgats presuming you intend keeping it in there for that long).... all assuming the interest rate of the homesaver does not reduce as it is a variable rate. 

Based on the assumption keeping it in for the full duration you are right but that would have tax implications. The aim is to maximise PSA as fast as possible and move to an ISA ideally by Jan 24 or earlier (few bonds maturing around that time), when we're near the interest peaks and fix then. Funds are required for a property and were thinking to buy in H2 2024 but it's probably now looking more like H1 2025 or even H2 2025 when mortgage rates start to fall again. Purchase would most likely be in the € zone so makes it more complicated.

rallycurve

soulsaver said:

Principality need to extract a digit:  Their First Home Reg Savers were brill... but their top tier 4.25% is below best easy access acs now..! 

I suppose they'll up it soon but I don't expect them to pass on the full 0.5%, based on previous increases. It used to offer a very good rate but it is no longer competitive so I am taking my money elsewhere...

happybagger

OneUser1 said:

I just looked at the Penrith site. Although the ‘Regular Saver’ page comes up empty, the page listing all interest rates has a Regular Saver 300 listed offering 6%. However it is described as ‘Heartland Only’ which seems to mean it’s only for people living in the North of England. 

Yes I spotted that yesterday and was waiting for the website to update with more details - it hasn't. 

Last time I tried to open an account that was 'cumbria only' they declined it. As an existing customer it made no difference. I might try this one when details appear.

Unusual to see one as 'heartland only' which widens it down to all of Lancashire.

kaMelo

happybagger said:

OneUser1 said:

I just looked at the Penrith site. Although the ‘Regular Saver’ page comes up empty, the page listing all interest rates has a Regular Saver 300 listed offering 6%. However it is described as ‘Heartland Only’ which seems to mean it’s only for people living in the North of England. 

Yes I spotted that yesterday and was waiting for the website to update with more details - it hasn't. 

Last time I tried to open an account that was 'cumbria only' they declined it. As an existing customer it made no difference. I might try this one when details appear.

Unusual to see one as 'heartland only' which widens it down to all of Lancashire.

Penrith is in Cumbria (or Cumberland if you're that way inclined)

happybagger

I know, I've visited the branch once. Lovely old wooden post office feel and smell to it!

But I'm in Wales so extending it to Lancashire doesn't cover it lol

kaMelo

Lol,

My misinterpretation.

intalex

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...