Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale · 24 November 2020 at 1:03PM

wiseonesomeofthetime said:

First Direct gone the same way:

@cricidmuslibale - As you expected.

Thank you very much for confirming this! Very sad indeed! The regular savers with 'big banks' were one good way to kickstart a savings habit for people (like my mother) with far too much money in current accounts with these banks because they simply haven't put the effort into saving money regularly. The danger now is that people like this won't bother at all with any sort of saving (because a 1% regular saver is no incentive whatsoever to do so), let alone investing, and a lot of money will end up being left in current accounts earning basically nothing at all!

Newly_retired · 24 November 2020 at 2:13PM

Just got my FD and HSBC renewals in in time.

Ken68 · 24 November 2020 at 2:33PM

Just opened a First Direct, though waiting for something in the post, Looks like a no no for the RS.

JamesRobinson48 · 24 November 2020 at 2:50PM

Chorley BS has just announced a Seasonal Regular Saver, available from 1st December, paying 1.25% variable: max £250 pm, matures on 30th November 2021.

Importantly, this product won't be available to those of us with an existing Chorley seasonal saver. We've separately been offered a follow-on RS.

For those unfamiliar with the Chorley's approach to regular savers, for some years now they've had a practice of providing an invitation-only, follow-on RS product when an existing RS matures, typically at a slightly better rate than available to the general public. So even if today's new issue isn't a market-leading variable rate, one might ultimately find it reasonably worthwhile if past form is anything to go by.

cricidmuslibale · 24 November 2020 at 2:54PM

How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?

cricidmuslibale · 24 November 2020 at 3:06PM

JamesRobinson48 said:

cricidmuslibale said:

How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?

If you take a look at their Identification Requirements page you'll see that, like many BSs, they say that they first attempt electronic verification and only ask you for docs later on if that fails. Personally, touch wood, I've never had any ID issue with them.

Thanks very much! Yes I've also just had a look at their website myself for the very 1st time and this does indeed seem to be the case. As it happens I don't live a million miles away from Chorley (about 25 miles in fact) so in the worst case scenario I would be prepared to travel to one of their branches for a one-off visit if necessary.

Every_Penny_Counts · 24 November 2020 at 3:08PM

Re Chorley RS

How good are the maturity arrangements please? They say that they use BAC's which can take up to 5 days or into an easy access account, can this be accessed online?

Thank you

EPC

SFindlay · 24 November 2020 at 3:18PM

cricidmuslibale said:

JamesRobinson48 said:

cricidmuslibale said:

How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?

If you take a look at their Identification Requirements page you'll see that, like many BSs, they say that they first attempt electronic verification and only ask you for docs later on if that fails. Personally, touch wood, I've never had any ID issue with them.

Thanks very much! Yes I've also just had a look at their website myself for the very 1st time and this does indeed seem to be the case. As it happens I don't live a million miles away from Chorley (about 25 miles in fact) so in the worst case scenario I would be prepared to travel to one of their branches for a one-off visit if necessary.

The seasonal saver has to be opened by post or in branch, there is no online applications so no electronic verification of identity and need to send ID and deposit with application.

Former_MSE_Naomi · 24 November 2020 at 3:25PM

Hi all,
We've seen you're discussing the HSBC and First Direct rate drops today - here is MSE's most recent news story on the reductions:

HSBC and First Direct have cut the interest paid on their regular savings accounts from 2.75% to 1% for new customers, just days after MoneySavingExpert.com warned a rate reduction was on the cards...

Read the full story:

'HSBC and First Direct cut top regular savings rates to 1% after MSE warning '

jen49 · 24 November 2020 at 3:41PM

JamesRobinson48 said:

Chorley BS has just announced a Seasonal Regular Saver, available from 1st December, paying 1.25% variable: max £250 pm, matures on 30th November 2021.

Importantly, this product won't be available to those of us with an existing Chorley seasonal saver. We've separately been offered a follow-on RS.

For those unfamiliar with the Chorley's approach to regular savers, for some years now they've had a practice of providing an invitation-only, follow-on RS product when an existing RS matures, typically at a slightly better rate than available to the general public. So even if today's new issue isn't a market-leading variable rate, one might ultimately find it reasonably worthwhile if past form is anything to go by.

Many thanks for this as was looking for something to replace an existing RS thats due to mature in a couple of months

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Regular Savings Accounts: The Best Currently Available List!

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