Regular savers - higher amounts

cygnusfig

Why are regular savers capped at quite low amounts per month? Highest I can see is £300 p/m I know you can open multiple accounts but just curious why not allow higher amounts paid in?

soulsaver

cygnusfig said:

Why are regular savers capped at quite low amounts per month? Highest I can see is £300 p/m I know you can open multiple accounts but just curious why not allow higher amounts paid in?

See the regular saver thread, navigate to first pages.
Regular Savings Accounts: The Best Currently Available List! - Page 1150 — MoneySavingExpert Forum

BoGoF

Because the higher the amounts the more interest they would have to pay - so they would not be offering 7/8% on higher deposits.

ColdIron

cygnusfig said:

Why are regular savers capped at quite low amounts per month? Highest I can see is £300 p/m I know you can open multiple accounts but just curious why not allow higher amounts paid in?

Because they are loss leaders with rates way above what you can get elsewhere. Maximums allow the banks to limit the inflows. Club Lloyds allows £400

Middle_of_the_Road

Coventry £500 pm, only 5% variable though-

Regular Saver (6) (coventrybuildingsociety.co.uk)

flaneurs_lobster

Middle_of_the_Road said:

Coventry £500 pm, only 5% variable though-

Regular Saver (6) (coventrybuildingsociety.co.uk)

Cov's First Home Saver is 5.05% and £1K / mth.

Middle_of_the_Road

flaneurs_lobster said:

Middle_of_the_Road said:

Coventry £500 pm, only 5% variable though-

Regular Saver (6) (coventrybuildingsociety.co.uk)

Cov's First Home Saver is 5.05% and £1K / mth.

I opened the FHS but gave notice when the easy access rate overtook it. It's still open with £1 in case it becomes worthwhile again. It also matures at 36 months, which is a plus.

flaneurs_lobster

Middle_of_the_Road said:

flaneurs_lobster said:

Middle_of_the_Road said:

Coventry £500 pm, only 5% variable though-

Regular Saver (6) (coventrybuildingsociety.co.uk)

Cov's First Home Saver is 5.05% and £1K / mth.

I opened the FHS but gave notice when the easy access rate overtook it. It's still open with £1 in case it becomes worthwhile again. It also matures at 36 months, which is a plus.

I was lucky enough to snag v1 which is at 5.6 and still has 24 mths to run.

Middle_of_the_Road

flaneurs_lobster said:

Middle_of_the_Road said:

flaneurs_lobster said:

Middle_of_the_Road said:

Coventry £500 pm, only 5% variable though-

Regular Saver (6) (coventrybuildingsociety.co.uk)

Cov's First Home Saver is 5.05% and £1K / mth.

I opened the FHS but gave notice when the easy access rate overtook it. It's still open with £1 in case it becomes worthwhile again. It also matures at 36 months, which is a plus.

I was lucky enough to snag v1 which is at 5.6 and still has 24 mths to run.

I missed out on that one as was debating if it was right to open one, being that it really wouldn't have been savings for anyone's home.

Did manage to get the Hanley BS £1000pm before it was withdrawn, which is also a decent rate @ 5.5%

Newbie_John

Nationwide 8% - £200
First 7% - £300

They're not there really to pay you big interests, but more to convince you to open an account with them - typically banks offer £150 for switches - and people switch and then leave, this way they ensure you stay for a year 

35har1old

Newbie_John said:

Nationwide 8% - £200
First 7% - £300

They're not there really to pay you big interests, but more to convince you to open an account with them - typically banks offer £150 for switches - and people switch and then leave, this way they ensure you stay for a year 

There are regular savers that allow deposits of £1000 but the interest rates are less than many easy access accounts