Regular Savings Accounts: The Best Currently Available List!

allegro120

t1redmonkey 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?

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.

This is exactly how I see it. Locking £10 for a year at 6% won't do any harm, but having this account can be beneficial in future.  We can't assume that the rates will be raising forever.  My dilemma is whether to continue funding the previous issue I've opened in June or put a pause on it.  Paid in £1000 already, but it's probably time to stop doing it in October.

TheWoodler

Interesting about the Nottingham/Beehive Ts&Cs because the branch-based version (Nottingham) is clear that you can only have ‘one of this product’, which suggests that you can have other RS products, but the app-based version (Beehive) says that you can only have one regular saver at a time. 

As PP, I’ve been able to open a second one, ie the app didn’t tell me I was ineligible and block my application. In fact, as soon as I opened the Beehive app, there was a banner alerting me to new products, so they seem to be promoting it to all customers.

I suspect that as @mac20 above said, it’s a specific UK Savings Week product, in which case it looks like they’ve followed Saffron with an ‘exception’ limited-issue RS product tying in with a promotion - you can normally only have one RS with the Saffron, but they made an exception for their limited issue with their Members’ Month product. But IIRC Saffron were clearer about the Ts&Cs. 

happybagger

subjecttocontract said:

Whoever came up with this wacky idea, it needs a rethink.

They won't rethink. There's enough people who are into it for them to fulfil their funding requirements.
I had the same nonsense from Natwest trying to open their ISA  - they sent six texts requesting a selfie despite saying they'd send a letter. 

Plenty of alternatives around.

PowerSavingMode

FishInGlass said:

I think I'll hold fire anyway on Beehive for now. I have the June 23 iteration which I have paused funding at least until my Santander Edge saver is full.

However the T&Cs say 'Regular saver products are limited to one per customer.'

Do you think they mean one per issue or only one active per customer at any time? Another woolly statement.

I'd say one regular saver per customer at any one time, but agree it's not overtly clear.

flaneurs_lobster

DJDools said:

FishInGlass said:

I think I'll hold fire anyway on Beehive for now. I have the June 23 iteration which I have paused funding at least until my Santander Edge saver is full.

However the T&Cs say 'Regular saver products are limited to one per customer.'

Do you think they mean one per issue or only one active per customer at any time? Another woolly statement.

I'd say one regular saver per customer at any one time, but agree it's not overtly clear.

Just open the second Beehive RS, it's clearly possible to do so. If Notts BS suddenly realise that they've made an appalling error by allowing this to to happen (they won't) then they'll close the account and give you your money back (probably with interest).

drphila

t1redmonkey 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?

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.

Good logic but is it really worth it for the amounts involved? Say in 6 months the best 6-month notice account is 5%, ie 1% less.So the difference over the last 6 months =.01x(£1500/2)/2 = £3.75

Special_Saver2

Hi Everybody,

I just completed an update for the first page of this thread. Here are the items that I have updated.

- Leek BS Regular Saver interest rate increasing to 5.25% gross p.a. variable from 1st October 2023

- For Coventry BS Regular Saver (Issue 5) I can see a post saying the interest rate is going up to 5.5% but I cannot see this on their website anywhere so I will edit this with my next update

- BeehiveMoney UK Savings Week Regular Saver added to page 1 paying 6% fixed on up to £250 until 30th September 2024 but no withdrawals allowed

- Nottingham BS UK Savings Week Regular Saver added to page 1 - same details as the account above but this one can only be opened in branch

I will do the next update next week.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

RG2015

Regular savers have become much less attractive to me. The Santander offering of 5.00% makes no sense when their easy access saver gives 5.20%.

I have First Direct at 7.00%, Skipton at 7.50% and Club Lloyds at 5.25%. I like that Club Lloyds is now 6.25% but I would have expected many more to have increased to above 6.00%.

The competition from easy access savers and 1 year fixed savers appears to be making many regular savers redundant. I cannot be the only one to have withdrawn from mine where possible and minimise the monthly payment where I cannot withdraw.

subjecttocontract

I agree, many regular savers have lost their appeal.
I have 20 regular savers with 10 paying 5.5% or more......I intend keeping these.
The 10 paying less than 5.5% are either currently being closed down or will mature before Christmas.

Wheres_My_Cashback

drphila said:

t1redmonkey 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?

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.

Good logic but is it really worth it for the amounts involved? Say in 6 months the best 6-month notice account is 5%, ie 1% less.So the difference over the last 6 months =.01x(£1500/2)/2 = £3.75

Personally I'd envisage 90 day notice accounts at >6% before 6 months. considering you can get 5.6% now and there are forecast to be at least 2 further base rate increases by year end and more going into spring before peaking early summer and then reductions if inflation has been brought back to a satisfactory level. 

I get why people are opening the Beehive though. The 6% will be a fairly good rate for a few months (4-6) so possibly worth maxing out until such time other accounts take over and in that is case you can just stop funding Beehive....as long as you're happy to have no access to the accrued balance for quite a few more months until maturity