The Top Regular Savers Discussion Thread

spreadsheeterapple

someone said:

Re Santander thinking about exiting the UK market

Any exit is going to involve some sort of sale of the UK business. Virgin fattened up the customer books for a few years prior to their sale to Nationwide. They have or had 10% regular savers, high interest current accounts, good fixed term and instant access ISAs, along with good switching offers. 

What will happen with Santander is anyone’s guess. In a way they have already said “we can’t make the profits we want” so it’s not too attractive for buyers. The only exception would be if they had some different business model. Maybe it would be attractive to one of these newer banks, allowing them to buy up a few million customers. But their business model seems to be streamlined and limited product offering, not really what Santander offers.

re. if Santander selling up - they have hefty assets to put forward for any bidding buyer. They are in fact no.5 in the UK behind the Big 4 in terms of assets, and the 4 don't have the spare cash to buy such a big Santander, not on their own anyway and not even the biggest (HSBC) would necessarily have the business appetite to increase their UK-dependent business to that extent, and nor do the big building societies behind them. Nationwide & Coventry only just deployed considerable sums acquiring VirginMoney & Co-opBank respectively; Barclays have bought TescoBank, NatWest are I think buying Sainsbury'sBank; there's a lot of acquisitions going on !
- "Assets" of course for a bank doesn't just mean buildings/property in respect of high street branches/head office & their retained cash; assets are mainly people's mortgage balances (people's savings balances are the bank's liabilities). It isn't unusual for banks to sell their loan book in part-portions though; Metro did so last year, and many have done so in the past.

The upshot of what I'm saying is that it can be possibly expected that Santander's exit would either be by several financial institutions taking on portions of Santander's loan book & savings book, or by entirely new external institution/s buying big chunks in order to enter the UK market. UK isn't necessarily that attractive though.
- whoever buys Santander or parts of it, and that might take some considerable time, may seek to raise funds both before & after acquisition by offering high-ish savings rates to the likes of us. Personal Savings in total are many many billions; we are a big market, and even at what we view as good savings rates we are cheaper for them to borrow from than commercial markets in most cases.

If more new good savings rates ARE offered due to these potential acquisitions, they may come with strings attached such as existing-member-only or pre-existing for x number of months.
- all the more reason to keep a foothold in several bank & building society savings accounts, possibly, I won't be closing any for sure. For myself I include footholds by doing some of the lower Regular Savers below 5% say, I don't mind having some cash deployed at 4.75% especially if low minimum deposits, or fixed which may become quite attractive 6 months later.

figgyc

Just got an email that the Progressive Building Society Online Regular Rainy Day Saver (currently not available for new customers) is lowering from 7% to 6.75% as of Feb 3rd:

Hello [name],

Re: Change in interest rate on your account

This email is to advise that the Society has reviewed the interest rate payable on your Online Regular Rainy Day Saver. The interest rate will reduce from 7.00% Gross*/AER** (variable) to 6.75% Gross*/AER** (variable) and the change will be effective from Monday 3rd February 2025.

On maturity, your Online Regular Rainy Day Saver will roll into a variable rate online instant access account, at the interest rate available at that time.

If you have any questions, please login and Submit an Enquiry through our online portal or contact our Support Team on 0800 0294 997. Line opening times can be found at theprogressive.com/opening-hours.

surreysaver

figgyc said:

Just got an email that the Progressive Building Society Online Regular Rainy Day Saver (currently not available for new customers) is lowering from 7% to 6.75% as of Feb 3rd:

Hello [name],

Re: Change in interest rate on your account

This email is to advise that the Society has reviewed the interest rate payable on your Online Regular Rainy Day Saver. The interest rate will reduce from 7.00% Gross*/AER** (variable) to 6.75% Gross*/AER** (variable) and the change will be effective from Monday 3rd February 2025.

On maturity, your Online Regular Rainy Day Saver will roll into a variable rate online instant access account, at the interest rate available at that time.

If you have any questions, please login and Submit an Enquiry through our online portal or contact our Support Team on 0800 0294 997. Line opening times can be found at theprogressive.com/opening-hours.

I came here at 13.53 to post the same thing 

fergie_

wmb194 said:

granta said:

ToastLady said:

PowerSavingMode said:

ToastLady said:

Slinky said:

Bigwheels1111 said:

GetRichOrDieSaving said:

silvercar said:

Coventry loyalty seasonal saver, 6%, max £250 per month, 12 month term, 30 days loss of interest on amount withdrawn before 31/10/25 , then free access. 

Seems I can now pick this one up, presumably because I’ve been a member now long enough to meet the criteria. 

If I opened and funded on 31st Jan could I then fund again on 1st Feb? Anyone know? 

Coventry and First Direct are the only 2 that don’t allow this.
The day it’s opened is the day you make the next payment.
Opened on the 18th of January, next payment on the 18th of February.

Zopa RS doesn't either.

Regarding Zopa, it is worth signing up for the waiting list. I was only on it for about a month-6 weeks before getting the invite for the CA

Don't know when you applied for Zopa current account, but was 15 days for me in November from added to waitlist to being offered current account. 

Zopa current account / RS

I've been on the waitlist for at least a few months and nada so far...

Have you checked your app? Invitation doesn't come via email.

So if I download the app, do I have to take out a product first? I haven't downloaded it as I'm not a customer currently. But happy to take out a current account if they offer it to me.

Zopa current account/RS

I opened a savings account, deposited a pound and then one or two weeks later an invite to open the current account appeared in the app. I had to keep checking the app, though. I didn't receive an email or an app alert.

I opened my savings account and flexible cash ISA (which is quite competitive for small sums) on 1st of January and signed up for current account notifications a week or so ago. The invite was in the app today, so took a few minutes (photos and ID required) to open the CA and then seconds to open the RA it then allows.

ForumUser7

figgyc said:

Just got an email that the Progressive Building Society Online Regular Rainy Day Saver (currently not available for new customers) is lowering from 7% to 6.75% as of Feb 3rd:

Hello [name],

Re: Change in interest rate on your account

This email is to advise that the Society has reviewed the interest rate payable on your Online Regular Rainy Day Saver. The interest rate will reduce from 7.00% Gross*/AER** (variable) to 6.75% Gross*/AER** (variable) and the change will be effective from Monday 3rd February 2025.

On maturity, your Online Regular Rainy Day Saver will roll into a variable rate online instant access account, at the interest rate available at that time.

If you have any questions, please login and Submit an Enquiry through our online portal or contact our Support Team on 0800 0294 997. Line opening times can be found at theprogressive.com/opening-hours.

Ah that’s a relief - thought I’d read 6.25% on the email lol

Dizzycap

fergie_ said:

wmb194 said:

granta said:

ToastLady said:

PowerSavingMode said:

ToastLady said:

Slinky said:

Bigwheels1111 said:

GetRichOrDieSaving said:

silvercar said:

Coventry loyalty seasonal saver, 6%, max £250 per month, 12 month term, 30 days loss of interest on amount withdrawn before 31/10/25 , then free access. 

Seems I can now pick this one up, presumably because I’ve been a member now long enough to meet the criteria. 

If I opened and funded on 31st Jan could I then fund again on 1st Feb? Anyone know? 

Coventry and First Direct are the only 2 that don’t allow this.
The day it’s opened is the day you make the next payment.
Opened on the 18th of January, next payment on the 18th of February.

Zopa RS doesn't either.

Regarding Zopa, it is worth signing up for the waiting list. I was only on it for about a month-6 weeks before getting the invite for the CA

Don't know when you applied for Zopa current account, but was 15 days for me in November from added to waitlist to being offered current account. 

Zopa current account / RS

I've been on the waitlist for at least a few months and nada so far...

Have you checked your app? Invitation doesn't come via email.

So if I download the app, do I have to take out a product first? I haven't downloaded it as I'm not a customer currently. But happy to take out a current account if they offer it to me.

Zopa current account/RS

I opened a savings account, deposited a pound and then one or two weeks later an invite to open the current account appeared in the app. I had to keep checking the app, though. I didn't receive an email or an app alert.

I opened my savings account and flexible cash ISA (which is quite competitive for small sums) on 1st of January and signed up for current account notifications a week or so ago. The invite was in the app today, so took a few minutes (photos and ID required) to open the CA and then seconds to open the RA it then allows.

WOW that was good going! I had to wait weeks, so good for you

s71hj

fergie_ said:

wmb194 said:

granta said:

ToastLady said:

PowerSavingMode said:

ToastLady said:

Slinky said:

Bigwheels1111 said:

GetRichOrDieSaving said:

silvercar said:

Coventry loyalty seasonal saver, 6%, max £250 per month, 12 month term, 30 days loss of interest on amount withdrawn before 31/10/25 , then free access. 

Seems I can now pick this one up, presumably because I’ve been a member now long enough to meet the criteria. 

If I opened and funded on 31st Jan could I then fund again on 1st Feb? Anyone know? 

Coventry and First Direct are the only 2 that don’t allow this.
The day it’s opened is the day you make the next payment.
Opened on the 18th of January, next payment on the 18th of February.

Zopa RS doesn't either.

Regarding Zopa, it is worth signing up for the waiting list. I was only on it for about a month-6 weeks before getting the invite for the CA

Don't know when you applied for Zopa current account, but was 15 days for me in November from added to waitlist to being offered current account. 

Zopa current account / RS

I've been on the waitlist for at least a few months and nada so far...

Have you checked your app? Invitation doesn't come via email.

So if I download the app, do I have to take out a product first? I haven't downloaded it as I'm not a customer currently. But happy to take out a current account if they offer it to me.

Zopa current account/RS

I opened a savings account, deposited a pound and then one or two weeks later an invite to open the current account appeared in the app. I had to keep checking the app, though. I didn't receive an email or an app alert.

I opened my savings account and flexible cash ISA (which is quite competitive for small sums) on 1st of January and signed up for current account notifications a week or so ago. The invite was in the app today, so took a few minutes (photos and ID required) to open the CA and then seconds to open the RA it then allows.

Yep. My wife had no email but just logged in to the app and there was an icon bottom right corner of the front page with the opportunity to apply.

spreadsheeterapple

Skipton Member Regular Saver issue 3 at 7% fixed NLA

new issue 4 up now, different interest rate terms, this one is variable and tied to base rate, check below.

Member Regular Saver Issue 4	No withdrawals, early closure allowed. Exclusively for Skipton members who joined on or before 20/01/25.	Save from £1. If you save the   maximum of £250 a month for the   12 month term, your savings   including interest could total   £3,109	6.75%gross pa/AER   variable for 12 months.   Tracks 2.00% above Bank of England base rate for 12   months

• You can only hold one Member Regular Saver in your name at any one time (either a Member Regular Saver or a Branch Member Regular Saver)
• Joint accounts aren’t allowed

SonOfPearl

spreadsheeterapple said:

Skipton Member Regular Saver issue 3 at 7% fixed NLA

new issue 4 up now, different interest rate terms, this one is variable and tied to base rate, check below.

Member Regular Saver Issue 4	No withdrawals, early closure allowed. Exclusively for Skipton members who joined on or before 20/01/25.	£1. If you save the maximum of £250 a month for the 12 month term, your savings including interest could total £3,109	6.75%gross pa/AER variable for 12 months. Tracks 2.00% above Bank of England base rate for 12 months

Also...

                                

chris_the_bee

Skipton Member Regular Saver issue 3

• Joint accounts aren’t allowed.
• You can only hold one Member Regular Saver in your name at any one time (either a Member Regular Saver or a Branch Member Regular Saver).

Shame.