Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

mac20 said:

dcs34 said:

ForumUser7 said:

Has anyone who already holds a regular saver with beehive successfully applied for the new regular saver please? Thanks

No because they are very strict in that you can only have one regular saver (of whatever issue) at a time, and can't close early.

So anyone who already holds one won't be able to apply or open this new one.

I just did and put in £10. It's specifically labeled as 'UK Savings Week RS', so it's likely a completely separate thing.

I have Home Starter regular Saver 2 and successfully opened the new Regular Saver. This is despite them saying only one regular saver can be held. If you select fixed rate accounts when logged in, then select the 6% RS, it will say if you are eligible to open it.

BlackthornU

Am I missing something? 
Why would you want a Beehive 6% fixed rate regular saver with no access for a year when you can get 6.2% fixed no access from NS&I?

chris_the_bee

BlackthornU said:

Am I missing something? 
Why would you want a Beehive 6% fixed rate regular saver with no access for a year when you can get 6.2% fixed no access from NS&I?

Exceedingly good point.

subjecttocontract

chris_the_bee said:

BlackthornU said:

Am I missing something? 
Why would you want a Beehive 6% fixed rate regular saver with no access for a year when you can get 6.2% fixed no access from NS&I?

Exceedingly good point.

I guess it's for the same reasons that people hold easy access money in accounts that pay way less than the 5.2% paid by Santander (now nla) or 5% paid by others or even a flexible ISA paying 5.75% or more !

trickydicky14

BlackthornU said:

Am I missing something? 
Why would you want a Beehive 6% fixed rate regular saver with no access for a year when you can get 6.2% fixed no access from NS&I?

You would need the cash up front for NS&I, Beehive you only need a monthly payment. Some don't have the ready cash.

ColdIron

£250 max deposit with Beehive, £500 min with GGB?

t1redmonkey

BlackthornU said:

Am I missing something? 
Why would you want a Beehive 6% fixed rate regular saver with no access for a year when you can get 6.2% fixed no access from NS&I?

The Beehive one is a 'hedge' of sorts, a way to lock in 6% until end of September 2024 on an account without having to commit anything more than £10 as there are no minimum monthly payments.

You can just pay in £10 to open it (anytime within first 90 days, don't even have to fund it straight away), then if it becomes worthwhile at any point between now and when it matures, you can start paying into it since you've basically reserved the 6% rate by depositing that £10.

Scenario: You do not see it as a useful account currently but want to open it in case it becomes useful at some point in the future.

- Deposit £10 by mid December 2023.  This keeps account open until end of September 2024.
- Several months in the future, let's say March 2024 for example, 6% is now a very good rate compared to other available accounts and you think it's worth putting in more.
- You can now start depositing up to £250 each month and get the 6% rate.

mattojgb

The Beehive account gives you an option to fund in x months an account fixed for 12-x months. So putting money in now which is fixed for 12 months doesn't seem an attractive option. But in 3 months it becomes a 9 month fixed rate account, and if at that point it beats other 9 month rates then it become an attractive option.

friolento

ForumUser7 said:

Has anyone who already holds a regular saver with beehive successfully applied for the new regular saver please? Thanks

Yes, I have just opened and funded no. 2 RS

soulsaver

friolento said:

ForumUser7 said:

Has anyone who already holds a regular saver with beehive successfully applied for the new regular saver please? Thanks

Yes, I have just opened and funded no. 2 RS

Ok ... I'm going for a No.2...