The Top Regular Savers Discussion Thread

Section62

https://forums.moneysavingexpert.com/discussion/comment/82028360#Comment_82028360

Saffron

I've got June 2023 as my first Member Loyalty Reward account. At that time the standard Saffron RS account was paying 4%, increasing to 4.8% that month.

Which for the time wasn't a bad rate - so a lot of us would have had £100+ in the standard account when the new Member Loyalty Reward account came out.

The difference now is the other Saffron RS accounts aren't worth keeping £100 in them, unless for retaining member rights and benefits.

Edit: 'Loyalty' not 'Reward'

Section62

https://forums.moneysavingexpert.com/discussion/comment/82028393#Comment_82028393

Same goes for Nationwide's fairer share bonus - their criteria are intended to identify people who are genuinely using their account, although it's easy to "play the system" and just shunt a bit of money around for a couple of months to make sure you qualify.

Off topic, but no. Their criteria are designed as an easy way to filter out 'x' million current account customers, where 'x' * £100 equals the sum of money set aside for the promotion. Nationwide's own words refer to having a 'deeper relationship' with the building society.

(happy to expand on this in the right thread)

bristolleedsfan

Accidently sent Teachers B.S deposit from wrong account, did not bounce back automatically on 3rd, phone call received today to say will be returning deposit.

edinburgher

We are recent converts to RS. Rates seem to have dropped quite a bit since we opened our 7%+ Principality accounts last year and I note that the top couple of "what we'd go for" accounts in the MSE article are variable rate. How common is it for variable rate account interest rates to drop before the term is reached? I don't fancy tucking away £500/mth (for example), if the rate could tank at any time.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82028813#Comment_82028813

Talking of Edinburgh, the last variable rate account I recall dropping their rates with a bump was Scottish BS, dropped from 6.5 to 6% after a 25bps reduction by the BoE, 2 months after launching the account.

badger09

https://forums.moneysavingexpert.com/discussion/comment/82028813#Comment_82028813

I have known variable rate RS accounts to reduce their rate. However, as those accounts usually (always?) allow unlimited withdrawals and or early closure, you simply drain or close them if they no longer appeal.

edinburgher

https://forums.moneysavingexpert.com/discussion/comment/82028848#Comment_82028848

Thank you - I hadn't picked up on that feature of these variable accounts - obvious now I look back at the article! Much appreciated, time to plan an extended ladder 😊

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82028813#Comment_82028813

Variable rate RS' often track downward changes in Bank rate but there aren't many that aren't instant access or allow closure without penalty so it's not a major problem.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82028813#Comment_82028813

Two of the top variable rate accounts, Nationwide and Cooperative, have remained at 6.5% and 7% respectively despite cuts to the base rate. And both allow withdrawals (limited in Nationwide's case) so if the rate plummets you can withdraw your money.

Other rates I recall dropping over the last year are Darlington (6% to 5.75%), Progressive (7% to 6.75%), Skipton (which tracks the base rate so wasn't unexpected) and Natwest/RBS which dropped by quite a large amount. Principality's recent offerings have dropped, but they're fixed rate, so you won't lose out if you opened at a higher rate.

If you want the guarantee of a fixed rate, First Direct is good, but if you withdraw you'll lose most of your interest. Lloyds is also a good fixed rate AND allows unlimited withdrawals.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82028859#Comment_82028859

To be considered though, since if rates drop there is only so quickly you can add the funds to alternative accounts. For this reason I have been funding Cambridge 6% and West Brom Winter Ready 6% (both fixed) even though I could have put the money in Nationwide at 6.5% or HEBS 6.3% for much of the time.