Regular Savings Accounts: The Best Currently Available List!

SavingsBoo

Bridlington1 said:

SavingsBoo said:

I am relatively new to this whole savings malarkey and have been enjoying moving pots of money round and deciding what to do next! The posts about Monmouthshire’s new regular savings where people have obviously had prior experience of previous account issues has made me wonder if it’s worth keeping any of my ‘still open but no longer top of the table’ accounts open with minimum deposits so that I qualify for any loyalty regular savings accounts? 

I am thinking specifically of Yorkshire BS and Family BS… I noticed on the interest rates PDF on YBS website there’s a NLA Loyalty Regular saver but not sure when it was originally released and whether it’s an annual event or more sporadic? 

I'd say it's worth keeping some accounts with minimal balances in order to get loyalty products in the future and if you haven't already it may be worth opening some EA accounts with the minimal balance with some building societies in order to qualify for any future loyalty rate regular savers. If it's any help off the top of my head I can recall the following offered savings accounts (not always regular savers) in the past that have been restricted to existing members or those living in certain postcodes:

• Bath BS
• Cambridge BS
• Coventry BS
• Darlington BS
• ESBS
• Leek BS
• Mansfield BS
• Market Harborough BS
• Monmouthshire BS
• Newbury BS
• Penrith BS
• Saffron BS
• Skipton BS
• SRBS
• YBS

There will likely be others but these are the only ones I can think of at the moment. Most of these offer EA accounts that can be opened with £1 or a regular saver with a good rate of interest.

That’s really helpful thank you! I have three of these already so I’ll have a look at the rest.

AndyTh_2

SavingsBoo said:

AndyTh_2 said:

YBS Loyalty Regular saver was sporadic but there are loyalty products I've gotten (or missed) from them over the years, so I count it as one to keep £1+ in.

Also I count Skipton as one too.

Thank you! My YBS is an ISA that I was going to transfer so before I do that I’ll open up an easy access account, I think it’s a £1 minimum deposit.

Very annoyingly I did open a Skipton account last year but didn’t fund it 😆

It's best to keep one account open for the long term though, as their online 12 month check for loyalty products doesn't usually check closed accounts to see the length of time you've had accounts with them. It doesn't stop you from applying through their mail/branch accounts though, as that way they check manually including closed accounts with overlap.

So the easy access account you open you should keep open indefinitely, so that at least 12 months from now the online apply for loyalty products will work.

Or alternatively if previous tax years ISA subscriptions, keep back £1 in the ISA account rather than doing the full amount in the ISA transfer, and the 12 months would be from when that account was first funded. Sadly can't do that if it was only current tax year subscriptions, as they have to be transferred in full.

friolento

Section62 said:

lcooper said:

Section62 said:

lcooper said:

Fingers xed we will be able to make the initial deposit before the end of the month

To stand the best chance, enclose a cheque with the paper forms they send you to be completed and signed - the process to find out your account number to be able to deposit electronically takes longer.

If you send them a cheque this gets applied to the account on (sometimes before) the date they process the returned forms and post out the passbook.

Unless they force me to send a cheque, I'll send it by FP

You won't be able to send it by FP until you know your account number.  You find out your account number when you receive your passbook in the post, and the passbook won't go in the post until Monmouth have recieved your completed form(s) and processed them.

6 working days is cutting it fine to get your passbook especially when Monmouth are likely to be inundated with applications.  Their process also involves farming applications out to local branches to process, which again can add to delays.

Based on past experience people who choose to send a cheque with their application form stand a better chance of getting the deposit added to their account before the end of the month.  Nobody is forced to do so though.

This is how it worked in the past. I have been told by MBS today that the confirmation letter will contain the payment details and that I can make the initial deposit by FP, or by cheque or cash if I prefer. If I was given incorrect information, you are of course correct and sending a cheque would then be the best option.

SavingsBoo

AndyTh_2 said:

SavingsBoo said:

AndyTh_2 said:

YBS Loyalty Regular saver was sporadic but there are loyalty products I've gotten (or missed) from them over the years, so I count it as one to keep £1+ in.

Also I count Skipton as one too.

Thank you! My YBS is an ISA that I was going to transfer so before I do that I’ll open up an easy access account, I think it’s a £1 minimum deposit.

Very annoyingly I did open a Skipton account last year but didn’t fund it 😆

It's best to keep one account open for the long term though, as their online 12 month check for loyalty products doesn't usually check closed accounts to see the length of time you've had accounts with them. It doesn't stop you from applying through their mail/branch accounts though, as that way they check manually including closed accounts with overlap.

So the easy access account you open you should keep open indefinitely, so that at least 12 months from now the online apply for loyalty products will work.

Or alternatively if previous tax years ISA subscriptions, keep back £1 in the ISA account rather than doing the full amount in the ISA transfer, and the 12 months would be from when that account was first funded. Sadly can't do that if it was only current tax year subscriptions, as they have to be transferred in full.

Oh how annoying! I’ve already done a transfer of last year’s subscription and so it’s either transfer in full or keep as is 🤔 

surreysaver

Nick_C said:

Section62 said:

lcooper said:

Fingers xed we will be able to make the initial deposit before the end of the month

To stand the best chance, enclose a cheque with the paper forms they send you to be completed and signed - the process to find out your account number to be able to deposit electronically takes longer.

But if you send a cheque for £300, then you need to leave £300 in a current account to cover it, probably not earning interest. 

If you have an account with an overdraft you don't. Just pay the money in when the cheque's cashed

AndyTh_2

SavingsBoo said:

AndyTh_2 said:

SavingsBoo said:

AndyTh_2 said:

YBS Loyalty Regular saver was sporadic but there are loyalty products I've gotten (or missed) from them over the years, so I count it as one to keep £1+ in.

Also I count Skipton as one too.

Thank you! My YBS is an ISA that I was going to transfer so before I do that I’ll open up an easy access account, I think it’s a £1 minimum deposit.

Very annoyingly I did open a Skipton account last year but didn’t fund it 😆

It's best to keep one account open for the long term though, as their online 12 month check for loyalty products doesn't usually check closed accounts to see the length of time you've had accounts with them. It doesn't stop you from applying through their mail/branch accounts though, as that way they check manually including closed accounts with overlap.

So the easy access account you open you should keep open indefinitely, so that at least 12 months from now the online apply for loyalty products will work.

Or alternatively if previous tax years ISA subscriptions, keep back £1 in the ISA account rather than doing the full amount in the ISA transfer, and the 12 months would be from when that account was first funded. Sadly can't do that if it was only current tax year subscriptions, as they have to be transferred in full.

Oh how annoying! I’ve already done a transfer of last year’s subscription and so it’s either transfer in full or keep as is 🤔 

well there's one trick you could do if you ISA transfer some of the previous tax year's subscriptions back, then you can transfer the current tax year's subscriptions out, so not to close the account. I've never done a ISA transfer of £1 though before

kaMelo

Section62 said:

lcooper said:

Section62 said:

lcooper said:

Fingers xed we will be able to make the initial deposit before the end of the month

To stand the best chance, enclose a cheque with the paper forms they send you to be completed and signed - the process to find out your account number to be able to deposit electronically takes longer.

If you send them a cheque this gets applied to the account on (sometimes before) the date they process the returned forms and post out the passbook.

Unless they force me to send a cheque, I'll send it by FP

You won't be able to send it by FP until you know your account number.  You find out your account number when you receive your passbook in the post, and the passbook won't go in the post until Monmouth have recieved your completed form(s) and processed them.

6 working days is cutting it fine to get your passbook especially when Monmouth are likely to be inundated with applications.  Their process also involves farming applications out to local branches to process, which again can add to delays.

Based on past experience people who choose to send a cheque with their application form stand a better chance of getting the deposit added to their account before the end of the month.  Nobody is forced to do so though.

That's not quite accurate. There is no need to wait for a passbook to be issued as the original welcome letter contains all the details needed to deposit money via faster payment. The passbook is only required for withdrawals but once you've registered a current account and had that verified you can withdraw via faster payment with no need of the passbook.

Section62

kaMelo said:

Section62 said:

lcooper said:

Section62 said:

lcooper said:

Fingers xed we will be able to make the initial deposit before the end of the month

To stand the best chance, enclose a cheque with the paper forms they send you to be completed and signed - the process to find out your account number to be able to deposit electronically takes longer.

If you send them a cheque this gets applied to the account on (sometimes before) the date they process the returned forms and post out the passbook.

Unless they force me to send a cheque, I'll send it by FP

You won't be able to send it by FP until you know your account number.  You find out your account number when you receive your passbook in the post, and the passbook won't go in the post until Monmouth have recieved your completed form(s) and processed them.

6 working days is cutting it fine to get your passbook especially when Monmouth are likely to be inundated with applications.  Their process also involves farming applications out to local branches to process, which again can add to delays.

Based on past experience people who choose to send a cheque with their application form stand a better chance of getting the deposit added to their account before the end of the month.  Nobody is forced to do so though.

That's not quite accurate. There is no need to wait for a passbook to be issued as the original welcome letter contains all the details needed to deposit money via faster payment. The passbook is only required for withdrawals but once you've registered a current account and had that verified you can withdraw via faster payment with no need of the passbook.

Have you ever had a welcome letter from MonBS which didn't come in the same envelope as the passbook?

kaMelo

Section62 said:

kaMelo said:

Section62 said:

lcooper said:

Section62 said:

lcooper said:

Fingers xed we will be able to make the initial deposit before the end of the month

To stand the best chance, enclose a cheque with the paper forms they send you to be completed and signed - the process to find out your account number to be able to deposit electronically takes longer.

If you send them a cheque this gets applied to the account on (sometimes before) the date they process the returned forms and post out the passbook.

Unless they force me to send a cheque, I'll send it by FP

You won't be able to send it by FP until you know your account number.  You find out your account number when you receive your passbook in the post, and the passbook won't go in the post until Monmouth have recieved your completed form(s) and processed them.

6 working days is cutting it fine to get your passbook especially when Monmouth are likely to be inundated with applications.  Their process also involves farming applications out to local branches to process, which again can add to delays.

Based on past experience people who choose to send a cheque with their application form stand a better chance of getting the deposit added to their account before the end of the month.  Nobody is forced to do so though.

That's not quite accurate. There is no need to wait for a passbook to be issued as the original welcome letter contains all the details needed to deposit money via faster payment. The passbook is only required for withdrawals but once you've registered a current account and had that verified you can withdraw via faster payment with no need of the passbook.

Have you ever had a welcome letter from MonBS which didn't come in the same envelope as the passbook?

My first account with them didn't include a passbook with the welcome letter, the passbook was delivered separately a week or two later after I'd returned a signature.. Every account I've subsequently opened has included the passbook with the welcome letter, weirdly they still ask for a new signature for every account opened.

Anyway, my point was after opening an account online, which both of these regular savers allow, the very first communication received from MonBS will be a welcome letter which contains all the details needed to make an electronic payment.
If however MonBS restrict how you can open an account, such as branch or post only, then sending a cheque in the post with the application form is a decent option.

Growingold

Looks like the Monmouthshire Regular Saver at 7% NLA   Only the Exclusive Regular Saver at 8% showing on  their website now.