The Top Regular Savers Discussion Thread

Speculator

Co-op regular saver maturing 28th Feb 2025. I am assuming 13th payment is ok because can't see anything about a maximum balance in the T&Cs.

jaypers

Aidanmc said:

Cobbler_tone said:

Current regular savers I use, what am I missing as a new customer that is worth the while?

Zopa: 7.5% AER £300 PM
Nationwide: 6.5% £200 PM
Santander: 5% £200 PM
Nat West: 6.17% AER £150 PM

The rest in Gatehouse 4.65% AER

Read the first few pages of this thread

Principality have a number of accounts that will interest you. Been very impressed with them too.

changearound1

Speculator said:

Co-op regular saver maturing 28th Feb 2025. I am assuming 13th payment is ok because can't see anything about a maximum balance in the T&Cs.

That's my assumption too. Hope we're not heading for another Gatehouse situation

surreysaver

Speculator said:

Co-op regular saver maturing 28th Feb 2025. I am assuming 13th payment is ok because can't see anything about a maximum balance in the T&Cs.

There's nothing in the T&Cs saying we can't.  Unless they do a Gatehouse and spit the money back at us!

Kim_13

gt94sss2 said:

You’ll automatically be switching to our First Home Steps Account Issue 5 on the 6 March 2025.

We’re making changes to the account features to bring you a savings account shaped by Member feedback. Here’s what’s new:

save up to £50,000
deposit up to £1,000 a month
no fixed end date

What happens if you have multiple accounts?

As you have multiple savings accounts affected by this change, we'll combine them into a single First Home Steps Account Issue 5, using your oldest account number ********. Please ensure to update or cancel any standing orders accordingly.

Yes, they are doing this to all the old issues.

My questions are what happens if your existing account balances combined would already exceed £50,000 and if you have already opened an issue 5 can you have two running at once (as that account is not mentioned in their email)?

Also to note, for those who worry about such things, the extra interest payment may impact your personal savings allowance.

My question is what is the interest rate - the only mention of interest in my email was the extra payment. On logging in to check, it is 4.85%, the same as Issue 5 so no change coming from the First Home Steps Online either (no number given so possibly Issue 1.)

The move to open ended is welcome.

I am surprised the providers are allowed to do extra payments (Nationwide are also doing this in February when they remove the passbooks) since they are unilaterally deciding on a change which could negatively impact the customer’s tax position. Closing the account if you don’t agree to the change is still going to result in interest being paid in 24/25 that would have been expected in 25/26, just less of it if you close the account now rather than allowing the change to take effect in March.

AndyTh_2

Kim_13 said:

gt94sss2 said:

You’ll automatically be switching to our First Home Steps Account Issue 5 on the 6 March 2025.

We’re making changes to the account features to bring you a savings account shaped by Member feedback. Here’s what’s new:

save up to £50,000
deposit up to £1,000 a month
no fixed end date

What happens if you have multiple accounts?

As you have multiple savings accounts affected by this change, we'll combine them into a single First Home Steps Account Issue 5, using your oldest account number ********. Please ensure to update or cancel any standing orders accordingly.

Yes, they are doing this to all the old issues.

My questions are what happens if your existing account balances combined would already exceed £50,000 and if you have already opened an issue 5 can you have two running at once (as that account is not mentioned in their email)?

Also to note, for those who worry about such things, the extra interest payment may impact your personal savings allowance.

My question is what is the interest rate - the only mention of interest in my email was the extra payment. On logging in to check, it is 4.85%, the same as Issue 5 so no change coming from the First Home Steps Online either (no number given so possibly Issue 1.)

The move to open ended is welcome.

I am surprised the providers are allowed to do extra payments (Nationwide are also doing this in February when they remove the passbooks) since they are unilaterally deciding on a change which could negatively impact the customer’s tax position. Closing the account if you don’t agree to the change is still going to result in interest being paid in 24/25 that would have been expected in 25/26, just less of it if you close the account now rather than allowing the change to take effect in March.

well, on the plus side, the normally 4.85% AER of the annual interest will be higher with the 6th March interest payment (or interest from closing it earlier), due to that interest compounded. Would have been nice though that if did it after 6th April.

allegro120

Aidanmc said:

Cobbler_tone said:

Current regular savers I use, what am I missing as a new customer that is worth the while?

Zopa: 7.5% AER £300 PM
Nationwide: 6.5% £200 PM
Santander: 5% £200 PM
Nat West: 6.17% AER £150 PM

The rest in Gatehouse 4.65% AER

Read the first few pages of this thread

The best RS guide I've ever seen   Thanks to @Bridlington1  

allegro120

Speculator said:

Co-op regular saver maturing 28th Feb 2025. I am assuming 13th payment is ok because can't see anything about a maximum balance in the T&Cs.

Should be fine.  I've scheduled my 13th payment for 3rd February.

chris_the_bee

allegro120 said:

Speculator said:

Co-op regular saver maturing 28th Feb 2025. I am assuming 13th payment is ok because can't see anything about a maximum balance in the T&Cs.

Should be fine.  I've scheduled my 13th payment for 3rd February.

Co-op regular saver
Please let us know if it is successful.

jameseonline

Cobbler_tone said:

Current regular savers I use, what am I missing as a new customer that is worth the while?

Zopa: 7.5% AER £300 PM
Nationwide: 6.5% £200 PM
Santander: 5% £200 PM
Nat West: 6.17% AER £150 PM

The rest in Gatehouse 4.65% AER

You should really be looking at 1st page but consider RBS in addition to your NatWest, Club Lloyds, standard Lloyds, First Direct, CO OP, Santander Edge Saver, TSB, Principality, BOS & Halifax, basically anything over 5% is good & ones you can take money out of without penalties.