Regular Savings Accounts: The Best Currently Available List!

Reg_Smeeton

Satisfied Monmouthshire customer here, two letters arrived over the weekend and two accounts funded as of this morning. Their very competitive rates at the moment more than outweigh any minor procedural clunkiness. IMO.

gwapenut

When I try to withdraw from my Darlington accounts, it only gives me options to withdraw from 3 of my 5 regular saver accounts in the pull down menus, despite them having nominated accounts. Same for anyone else?

jaypers

If anyone still has a Santander RS paying 5%, you may as well bin it. They have today launched a limited edition Easy Access account paying 5.2% (available until 17/9), so you may as well open that and put your money in there. Full discussion on Easy Access thread. 

subjecttocontract

I had to chuckle about this one.
£200 pcm @ 5% = £65 interest.
£200 pcm @ 5.2% = £67
I really won't be changing anything to gain £2 extra at the end of the year.

gt94sss2

jaypers said:

If anyone still has a Santander RS paying 5%, you may as well bin it. They have today launched a limited edition Easy Access account paying 5.2% (available until 17/9), so you may as well open that and put your money in there. Full discussion on Easy Access thread. 

Also raises the question about what to do re: other regular savers paying less than 5.2% especially if they allow withdrawals.

For instance:

- you can reduce your HSBC RS to £25,/month
- withdraw balances from Principality Home saver accounts (perhaps maintain £7.5k)

It also makes the SRBS offer to fund their RS with a one off(up to) £12k less attractive 

I expect someone (@Bridlington1?) will be here shortly with chapter and verse of suggestions..

BestSeagull

subjecttocontract said:

I had to chuckle about this one.
£200 pcm @ 5% = £65 interest.
£200 pcm @ 5.2% = £67
I really won't be changing anything to gain £2 extra at the end of the year.

If you have more than £200 a month available to save, you'll do correspondingly better than that though. 

Wheres_My_Cashback

jaypers said:

If anyone still has a Santander RS paying 5%, you may as well bin it. They have today launched a limited edition Easy Access account paying 5.2% (available until 17/9), so you may as well open that and put your money in there. Full discussion on Easy Access thread. 

Every now n again someone comes along and rocks the boat!

It's meant a busy morning closing accounts, withdrawing balances to minimums, reducing S/Os to minimums, cancelling S/Os, cancelling/emptying round ups, emptying other EA and updating my spreadsheet.

Love it !

dealyboy

@Wheres_My_Cashback said:

jaypers said:

If anyone still has a Santander RS paying 5%, you may as well bin it. They have today launched a limited edition Easy Access account paying 5.2% (available until 17/9), so you may as well open that and put your money in there. Full discussion on Easy Access thread. 

Every now n again someone comes along and rocks the boat!

It's meant a busy morning closing accounts, withdrawing balances to minimums, reducing S/Os to minimums, cancelling S/Os, cancelling/emptying round ups, emptying other EA and updating my spreadsheet.

Love it !

Can you declare your interest as earnings then? 

Bridlington1

gt94sss2 said:

jaypers said:

If anyone still has a Santander RS paying 5%, you may as well bin it. They have today launched a limited edition Easy Access account paying 5.2% (available until 17/9), so you may as well open that and put your money in there. Full discussion on Easy Access thread. 

Also raises the question about what to do re: other regular savers paying less than 5.2% especially if they allow withdrawals.

For instance:

- you can reduce your HSBC RS to £25,/month
- withdraw balances from Principality Home saver accounts (perhaps maintain £7.5k)

It also makes the SRBS offer to fund their RS with a one off(up to) £12k less attractive 

I expect someone (@Bridlington1?) will be here shortly with chapter and verse of suggestions..

In my case my regular saver plans have shifted somewhat over the last month since I was using the NLA HEBS branch saver so that caused me to empty a few regular savers earlier than planned (notably Darlington, Principality and Bath Homestart RS among others) but I have since closed it as it won't allow additional deposits from next month and I can't imagine I would have enough funds outside regular savers to warrant keeping it, plus it was one of the only accounts that I deemed to be simply not worth the hassle for me. 

I reduced HSBC to £25/mth a couple of months ago due to having HEBS. I opened the account on 6/12/22 so I've also moved the SO to 2nd since I can't imagine it will beat EA rates before the end of the term (unless they increase their existing customer's "fixed" rates again but I wouldn't bank on that myself).

I closed Principality FHS a while back since I had the NLA HEBS tracker account and couldn't see Principality's FHS beating the base rate for a while. If I still had the account I would be unsure over what to do about it as I'd say it could go either way. I would probably hedge my bets and hold on for now as I did earlier this year but reduce the balance to £7501, whatever you do though don't reduce to £7.5k exactly since that'll still earn tier 2's interest rate. Now that I've closed Principality's FHS I doubt I'll be funding it again since I can't imagine it will be competitive enough for me to warrant having money in those lower tiers for months on end, even if the top rate became competitive again.

SRBS now looks much more vulnerable now. They will only be rising to 5.15% next month so as long as Santander don't reduce their limited edition EA rate in the near future I would imagine it would be at least November, if not December by the time they stand any chance of beating my top EA accounts again. I think I'll empty SRBS now since it looks like I'll probably be back to having emptying regular savers in the next couple of months and it was likely going to soon be on my hitlist for accounts to empty to fill other regular savers up anyway. I can't imagine I'll have more than £12k free to put in it before the end of the year so can just use my one off payment in December to replace the withdrawn funds if it does become competitive again. Note they will not let you split the one off £12k deposit into multiple smaller transactions so I'd say hold off making the one off deposit till November/December.

Coventry at 5.05% will likely still receive funding from me, though I'll probably fund it towards the end of the month for now since they've rarely been uncompetitive for the time I've had the account. I wouldn't empty the account though due to the interest penalty so it just makes more sense to me to fund at the end of its month in my case.

Leeds Home Deposit at 5.15% received full funding from me on 1st and the 0.05% gap between that and Santander is too small for me to risk emptying it for now and will still likely receive full funding from me since I'll still have free funds in EA accounts in October once SRBS is empty so will hedge my bets a bit. I made the error of emptying Coventry's FHS last year when it paid 2.95% when EA rates were 3% so don't want to make the same error with Leeds over the same 0.05% gap.

In the absence of a crystal ball the above could prove to be a complete load of nonsense as it is largely just me speculating what will happen to some regular savers but it's the logic I'm currently using if it's any use to anyone.

soulsaver

@Bridlington1
Think it was you who did a list of RS acs you (one) can close without notice or penalty?
It'd be really useful to have 'to hand' since the Santander 5.2% ripples, but I can't find it now - do you have a link?