Regular Savings Accounts: The Best Currently Available List!

OneUser1

Thanks to Malchester I tried the App again. The Regular Saver was listed again. Unlike the other day, this time it appears to have accepted my application and I seem to have opened the account. If it has worked it was very simple - As it should be for an existing member.

That said the Tipton website still lists it as branch and postal applications only.

OneUser1

Update 1

My new Tipton Regular Saver is showing as open in the App. I have already made a payment from my bank. I will update again when the balance shows.

Bridlington1

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

fabsaver

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Thank you for letting us know. They really should make that clearer in the terms.

It does make the account a little more appealing. I was struggling to see the appeal with no access and one year fixed term rates elsewhere already over 6%. I suppose with it being variable it might have an advantage over those accounts if rates continue to rise.

ForumUser7

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Their FRBs say withdrawals and closure aren’t allowed - RS just says withdrawals aren’t allowed - thanks for clarifying that for us, they really aught to have.

This is approximately The Tipton Regular Saver 90 Day Notice then haha

fabsaver said:

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Thank you for letting us know. They really should make that clearer in the terms.

It does make the account a little more appealing. I was struggling to see the appeal with no access and one year fixed term rates elsewhere already over 6%. I suppose with it being variable it might have an advantage over those accounts if rates continue to rise.

And if they decrease the rate, we should be able to withdraw if we wish

Bridlington1

ForumUser7 said:

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Their FRBs say withdrawals and closure aren’t allowed - RS just says withdrawals aren’t allowed - thanks for clarifying that for us, they really aught to have.

This is approximately The Tipton Regular Saver 90 Day Notice then haha

fabsaver said:

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Thank you for letting us know. They really should make that clearer in the terms.

It does make the account a little more appealing. I was struggling to see the appeal with no access and one year fixed term rates elsewhere already over 6%. I suppose with it being variable it might have an advantage over those accounts if rates continue to rise.

And if they decrease the rate, we should be able to withdraw if we wish

It can be a bit better than that though. You need to miss 3 deposits in total not 3 consecutive deposits for them to convert the account.

Say the rate lags behind at any point in the future and you miss 2 deposits before the rate jumps. If you make a deposit again, you would only need to miss 1 more deposit for them to convert the account so it can become more of a 30 day rather than a 90 day notice under those circumstances.

ForumUser7

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Tipton terms now updated. I guess those of us who opened it before this clause was added don't have to follow it? Or maybe we do? Idk, I suppose if we have to follow it they'll have to write to us individually to inform us of the terms change, and give the relevant required notice for it to come into effect?

where_are_we

Tipton & Coseley RS@5.5% - after being asked on the app at the weekend for id and address documents to complete application, I applied again today and got account opened without need for documents (I have had a small amount with them for several years). Account will not show up in the app for 48 hours. I deposited £500 immediately using payee Tipton & Coseley Building Society, Business account, 20-27-33 (Barclays Bank), 70885096 and your new account number as reference - COP worked. Remember to then set up 12 SO`s 1/8/23 monthly to 1/7/24. This account allows 13 monthly payments, maximum £6500 because maturity is 31/7/24. You must make opening deposit within 10 days of opening the account.

allegro120

ForumUser7 said:

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Apologies if it's been mentioned already but according to moneyfacts Tipton and Cosley BS will launch a 5.5% regular saver tomorrow. It's branch/post opening, allows deposits of £50-£500/mth.

They'll also be launching an app version at the same rate.

I looked at the info. It says you can't withdraw, but I can't see anything about closure. Do you know if closure is permitted?

I've just had a phone call from Tipton & Cosley. Early closure is not permitted so the only way to withdraw early is to miss 3 payments and let the account convert into an Easy Access Maturity Saver. If this happens you will still receive the regular saver rate until the account is converted.

Tipton terms now updated. I guess those of us who opened it before this clause was added don't have to follow it? Or maybe we do? Idk, I suppose if we have to follow it they'll have to write to us individually to inform us of the terms change, and give the relevant required notice for it to come into effect?

I've got the account number and reference now, but not sure if it worth depositing.  I don't really like RSs that don't permit closures.  I've made deposits to Beehive, but they pay 6% which is likely to stay competitive for the next 5 months or so and then I have an option to stop paying in and wait for maturity date at 6%... 5.5% isn't good enough to get stuck with. If Tipton gave some guarantee that they will track BoE rate in one way or another then it would be worth keeping money there.  What if they decide to lower the rate like H&R did?

where_are_we

Another quirk of the Tipton RS is that there are 2 interest payments - one on 31/12/23 and second at maturity 31/7/24. Might be of interest to anyone who is in danger of breaching their PSA this tax year?