Regular Savings Accounts: The Best Currently Available List!

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... 

drphila

where_are_we said:

Culling our RS`s. Furness RS5 @4.75%. Can close with no penalty. To close, post passbook + copy of ID (passport or driving license) + instructions to close + faster payment to bank,account name, sort code and account number + your name and signature. You are not able to do it online.

Didn't close mine but withdrew all but the minimum (in case they have any upcoming member only accounts)

Did it over the phone. Very straightforward process considering its a branch/post account, unlike some of the other small BSs