Regular Savings Accounts: The Best Currently Available List!

fabsaver

georged123 said:

If I have less than 1k in an easy access account, am I better off opening a Coventry FHS account at 5.05% and putting it in there as that still beats Tandem?

No because the latest version of the Coventry FHS is not instant access, so you are not comparing like with like.

Withdrawals need 60 days notice or an equivalent interest penalty is charged.

orange-juice

aaj123 said:

orange-juice said:

re closures: is there something better than the 5.5% Reg saver accounts? Just wondering why the cutoff at 6 or 7 %. Unless it’s due to being higher rate tax payers?

Tax is the main consideration. Paying 20, 40 or 45% tax on interest tends to more often than not make these reg savers inferior to ISAs. Ofcourse, they can still be worthwhile if you have already maxed your ISA allowance.

Yeah, I have the ybs loyalty isa (5.2%) wondering whether to fill that from my 5.5 Reg savers, as I assume the isa rate will probably plummet after a year.

Catplan

orange-juice said:

aaj123 said:

orange-juice said:

re closures: is there something better than the 5.5% Reg saver accounts? Just wondering why the cutoff at 6 or 7 %. Unless it’s due to being higher rate tax payers?

Tax is the main consideration. Paying 20, 40 or 45% tax on interest tends to more often than not make these reg savers inferior to ISAs. Ofcourse, they can still be worthwhile if you have already maxed your ISA allowance.

Yeah, I have the ybs loyalty isa (5.2%) wondering whether to fill that from my 5.5 Reg savers, as I assume the isa rate will probably plummet after a year.

When did you open the ybs loyalty isa, I’m sure it matures after a year. So likely the current rate for isa of 3.95 unless they offer another loyalty product.

Wheres_My_Cashback

Catplan said:

orange-juice said:

aaj123 said:

orange-juice said:

re closures: is there something better than the 5.5% Reg saver accounts? Just wondering why the cutoff at 6 or 7 %. Unless it’s due to being higher rate tax payers?

Tax is the main consideration. Paying 20, 40 or 45% tax on interest tends to more often than not make these reg savers inferior to ISAs. Ofcourse, they can still be worthwhile if you have already maxed your ISA allowance.

Yeah, I have the ybs loyalty isa (5.2%) wondering whether to fill that from my 5.5 Reg savers, as I assume the isa rate will probably plummet after a year.

When did you open the ybs loyalty isa, I’m sure it matures after a year. So likely the current rate for isa of 3.95 unless they offer another loyalty product.

Has no maturity timescale, just a standard variable rate product. I'm sure they'll be more info in the ISA forum if you need it.

wiseonesomeofthetime

Catplan said:

orange-juice said:

aaj123 said:

orange-juice said:

re closures: is there something better than the 5.5% Reg saver accounts? Just wondering why the cutoff at 6 or 7 %. Unless it’s due to being higher rate tax payers?

Tax is the main consideration. Paying 20, 40 or 45% tax on interest tends to more often than not make these reg savers inferior to ISAs. Ofcourse, they can still be worthwhile if you have already maxed your ISA allowance.

Yeah, I have the ybs loyalty isa (5.2%) wondering whether to fill that from my 5.5 Reg savers, as I assume the isa rate will probably plummet after a year.

When did you open the ybs loyalty isa, I’m sure it matures after a year. So likely the current rate for isa of 3.95 unless they offer another loyalty product.

Indeed it does.

"On the first anniversary of your account opening, your savings will be transferred into an easy access e-ISA."

- from Factsheet-YB941685W.pdf

Despite having 11 Regular Savers, and six savings accounts with YBS, just noticed/realised that not one of my RS products is with YBS. Hmm.

Ah, because it matured 11 days ago and the current rate is lower

MiserlyMartin

simonsmithsays said:

MiserlyMartin said:

ForumUser7 said:

OneUser1 said:

Penrith Building Society have sent me an email saying they have increased their variable rates. But you have to contact them to find out the new rates. Anyone know whether this means the 6% Regular Saver has increased? 

The find out more button brings you to a page that has a button for information on current rates. No RS300 increase yet

If you go to their website https://www.penrithbs.co.uk/news/interest-rates/
it has details of the rate increase happening on 22/08/2023. Many accounts eg the RG 200 is going up, but no mention of the RS 300, so therefore we can take it that there is no increase, which is pretty poor.

That document is from 2022.

It's already been identified on this thread that the RS200 (or RS300) has no increase this
time and will remain at 4 and 6% respectively.

Yes that was my point, it was outdated info from 2022, and I seemed to have linked to it  - apologies. It's definitely on their website somewhere that there is no mention of increases to the RS 300. Seems that reg savers are on the down. Darlingtons RS is taking over a month to raise to 4.75% on Sept 1st, and they already have been beaten by instant access savings accounts. The next Boe rise IF there is one is not until end of Sept and then it will take Darlo another month to raise, if they even do. You might as well take the money out and put it in a 4.8% account now.

Bridlington1

Just a reminder the new Leeds BS rates come into force today. Notably:
Regular Saver issues 23-43 now pays 5.25%
Home Deposit Saver now pays 5.15%

simonsmithsays

Bridlington1 said:

Just a reminder the new Leeds BS rates come into force today. Notably:
Regular Saver issues 23-43 now pays 5.25%
Home Deposit Saver now pays 5.15%

My 23 still showing as 5%

Hopefully it'll change sometime today

Bridlington1

Tipton & Cosley BS regular saver to 31/7/24 (NLA) will rise from 5.5% to 5.75% on Saturday. Source: Facebook chat:

kaMelo

Nick_C said:

aaj123 said:

Bridlington1 said:

Just a reminder the new Coventry BS rates come into force today. Notably:
FHS Issue 1 (NLA) now pays 5.6%
FHS Issue 2 now pays 5.05%
Regular Saver Issue 5 now pays 5.05%

Useless for most who pay any kind of tax. And even if not, these are so close to simple easy access account rates. Why even bother?

Coventry FHS Iss 1 is a key component of my small and dwindling portfolio of savings accounts.

£350 in Saffron RS @ 9% = £31.50 interest
£1750 in Skipton RS @ 7.5% = £131.25
£5000 in NatWest Digital RS @ 6% = £300
£2800 in Club Lloyds RS @ 6.25% = £175  
£6000 in Coventry FHS @ 5.6% = £336

Average balances over the year.

So the Coventry account is, for me, worth £36 a year compared to Tandem, and has a track record of increasing interest rates which has kept it competitive. 

£974 taxable interest and a bit of breathing space.  The rest of my cash is in a YBS ISA @ 5%.

Just to note the YBS ISA is now 5.2%