Regular Savings Accounts: The Best Currently Available List!

fabsaver

Bridlington1 said:

ForumUser7 said:

allegro120 said:

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?

Be good if anyone can confirm this - but usually if rates are lowered, you have to be permitted to withdraw for a period of time.

Well it isn't changing on 11/7/23 anyway.

Source:
https://www.thetipton.co.uk/media/3600/current-savings-rates-3-july-2023.pdf

It looks like they have made a mistake on that document. The minimum balance for interest on the Regular Saver is £50 not £1,000 as stated in the above table.

Given that the account has only just launched with a maximum monthly deposit of £500 it would be very unfair to make savers wait until they had deposited £1,000 before earning any interest.

OneUser1

Update 2

Took nearly 24 hours to arrive but the Tipton Regular Saver is now funded. So as an existing Tipton member with existing App usage I was initially unable to open the account online. Then the option to apply online was removed. Then it returned and I was able to open the account in literally less than a minute. Then I sent a deposit using online banking and that took the 24 hours which was making me nervous - Had I used the wrong number somewhere? 

But all sorted.

Kazza242

If you had a Chorley Building Society Regular Saver, which paid 4.00%, and matured on the 30th June 2023:

Please note that their follow-on regular saver for customers who had the above account was initially going to be 4.00%, but they have reviewed the interest rate on this account and the new rate will be 5.00% variable from 20th July 2023.   

Chorley rolls over £1 from the old RS to the new RS (if you selected that maturity option) and you keep the same account number and SO.

The new account matures on 30th June 2024.  Maturing funds are sent to the nominated bank account.  

As the account interest rate is variable and The Chorley has been increasing the rates on their regular savers during the last year, I'll be keeping mine.

ForumUser7

Kazza242 said:

If you had a Chorley Building Society Regular Saver, which paid 4.00%, and matured on the 30th June 2023:

Please note that their follow-on regular saver for customers who had the above account was initially going to be 4.00%, but they have reviewed the interest rate on this account and the new rate will be 5.00% variable from 20th July 2023.   

Chorley rolls over £1 from the old RS to the new RS (if you selected that maturity option) and you keep the same account number and SO.

The new account matures on 30th June 2024.  Maturing funds are sent to the nominated bank account.  

As the account interest rate is variable and The Chorley has been increasing the rates on their regular savers during the last year, I'll be keeping mine.

Thanks @Kazza242

I didn't hold an RS with them.

Their website shows no RSs available, but if you log into Chorley Online it shows the Regular Saver (30.06.2024) @4%

Where did you find out that the rate was going to 5.00% please? I couldn't see anything about it on their website.

Thank you

Kazza242

ForumUser7 said:

Kazza242 said:

If you had a Chorley Building Society Regular Saver, which paid 4.00%, and matured on the 30th June 2023:

Please note that their follow-on regular saver for customers who had the above account was initially going to be 4.00%, but they have reviewed the interest rate on this account and the new rate will be 5.00% variable from 20th July 2023.   

Chorley rolls over £1 from the old RS to the new RS (if you selected that maturity option) and you keep the same account number and SO.

The new account matures on 30th June 2024.  Maturing funds are sent to the nominated bank account.  

As the account interest rate is variable and The Chorley has been increasing the rates on their regular savers during the last year, I'll be keeping mine.

Thanks @Kazza242

I didn't hold an RS with them.

Their website shows no RSs available, but if you log into Chorley Online it shows the Regular Saver (30.06.2024) @4%

Where did you find out that the rate was going to 5.00% please? I couldn't see anything about it on their website.

Thank you

Chorley BS sent me a letter today to confirm that my maturity instructions have been processed and to advise of the new 5.00% interest rate on their new Regular Saver.  The rate will be effective from 20th July 2023.

I selected the option on my old regular saver maturity form to roll-over £1 into this new RS account.  

The Chorley may add this regular saver to their website later this month, so that it is open to all (and not just maturing Chorley RS customers).  

KTF

Beehive regular saver. 6%/£250 a month with no withdrawals until 31/07/24

https://www.beehivemoney.co.uk/savings/regular-saver/ 

where_are_we

I have the Chorley Seasonal Saver 3 maturity 30/11/23 which is very similar to their RS both paying 4%. I can confirm that the SS3 is also increasing to 5% on July 20. Both products do not allow closure or withdrawal and I was very close to ditching the SS3 but I will hang in there for now. There is a way to get out without losing interest - you stop making monthly payments and the account reverts to a Chorlean Easy Access account and your interest up to that point is added. You can then withdraw.

ForumUser7

where_are_we said:

I have the Chorley Seasonal Saver 3 maturity 30/11/23 which is very similar to their RS both paying 4%. I can confirm that the SS3 is also increasing to 5% on July 20. Both products do not allow closure or withdrawal and I was very close to ditching the SS3 but I will hang in there for now. There is a way to get out without losing interest - you stop making monthly payments and the account reverts to a Chorlean Easy Access account and your interest up to that point is added. You can then withdraw.

This clause only seems to apply to the seasonal saver and not the currently available through online portal Regular Saver unfortunately.

ForumUser7

Cumberland BS RS Issue 3 -> 5% effective 6 july
cumberland bs first home issue 2 -> 4.10% effective 6 july
Oddly Penrith BS RS300 showing as 3% on MoneyFacts

ForumUser7

Effective 13th July DRS rate for balances over £5,000 increases from 1.11% AER to 1.41% AER.