The Top Regular Savers Discussion Thread

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.

friolento

Finally had my initial deposit to Teachers RS confirmed today. Sent the payment on June 3, they credited it June 4. Letter with actual account number is apparently in the post - what a waste of paper and postage - but I can see the account number online now, so was able to set up the SOs for the next 11 months.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82029075#Comment_82029075

Teachers

Thank you, this prompted me to login. My deposit wasn't showing this morning, but showing now. Sent on 5th and credited 5th.

Dizzycap

Re Teachers BS.

Both The Teachers @6.5% and Open to Everyone @6% RS are showing in my online account this evening. Both credited with the £250 payments sent with temp details on Friday 5th and both payments are dated 5th. Email received to say letter on the way with further details.

allegro120

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

There might be exceptions, but in my experience all variable rate RSs had an escape route. If the rate goes down to unacceptable you can close the account and redeploy your funds to a better place, the interest will be paid up to date of closure, no penalties.

Kim_13

Dudley

Anyone who has asked for early closure of one of their passbook accounts not otherwise allowing withdrawals, did you send in the nominated account form at the same time as the faster payment withdrawal form, ticking the closure box? If that does not work, is the postal form for a cheque sufficient or do you also need to include a covering letter with the passbook?

Thank you