The Top Regular Savers Discussion Thread

WillPS

liamcov said:

My Saffron Small Saver is due to mature on 31st - having just checked online to see if I can send maturity instructions, I saw the interest rate listed is 4.4%

I have on my spreadsheet it should be 5.75% and is a fixed account.

Can anyone shed any light on this (and also whether it is possible to give maturity instructions etc)?

It was not fixed and has fallen with base rate (+0.35%)

https://web.archive.org/web/20230901200600/https://www.saffronbs.co.uk/savings/regular-savings-accounts/small-saver

Kim_13

liamcov said:

My Saffron Small Saver is due to mature on 31st - having just checked online to see if I can send maturity instructions, I saw the interest rate listed is 4.4%

I have on my spreadsheet it should be 5.75% and is a fixed account.

Can anyone shed any light on this (and also whether it is possible to give maturity instructions etc)?

Saffron changed to variable rate Small Savers in 2023, after what would have been a period of repeated messages from customers (mainly MSErs, probably) asking to switch to the latest fixed rate version as rates rose. Mine had very little in it so I’m not sure I switched as soon as the variable issue came out paying more than my fixed issue, but that variable matured in early October 2024 so there won’t be any fixed rate Small Savers left out there. 5.75% rings a bell as the rate the variable Small Saver was paying at launch.

The only fixed Saffron Regular Savers left are the Members’ Month ones and the Refer A Friend issue. 

I didn’t submit maturity instructions for my Small Saver, as I didn’t want to renew it - with £1.07 in it and as my oldest account it will sit there until there is something worth asking them to switch it to. The Members’ Month one worked ok though (and could be amended after initially setting, as the 2025 version didn’t appear as an option until the day before it matured.) It appeared on the app as a Maturity Manager tile, close to where the Account Info is.

jameseonline

Ha yeah I kept getting Saffron to product switch because they kept releasing new issues of small saver, not had a small saver for a while now, just got the members month & a easy access with them now

Bridlington1

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Bridlington1

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

ForumUser7

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

flaneurs_lobster

ForumUser7 said:

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

I've got the 7% maturing 04/08, swithering about closing it now to get the new issues or leaving it to term.

Bridlington1

ForumUser7 said:

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

Fair enough, I'd only opened mine in late June so I didn't have as much to lose in that respect as I'm only putting on the maturity date by a month.

clairec666

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good detective work! I suspect this might be an oversight by Skipton (similar to Principality's "one of each issue" rule) and they might update their T&Cs for the Members RS at some point. For now though, both accounts track the base rate, so no harm in closing and re-opening.

Bridlington1

clairec666 said:

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good detective work! I suspect this might be an oversight by Skipton (similar to Principality's "one of each issue" rule) and they might update their T&Cs for the Members RS at some point. For now though, both accounts track the base rate, so no harm in closing and re-opening.

Thanks. It's also worth noting too whilst I'm at it that Skipton are one of those who don't begin their account terms till the day of first deposit and you've 30 days to make your first deposit so if you wanted to play it safe you could open both accounts now and then fund on 31st to get the most benefit out of the accounts.