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  • Special_Saver2
    • #5
    • 27th Nov 07, 10:36 PM
    • #5
    • 27th Nov 07, 10:36 PM
    Matures After 12 Months, Requires Another Account

    First Direct Regular Saver Account

    Interest rate: 5% gross p.a. fixed
    Monthly payment: £25-£300
    Miss any payments: No
    Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Saving Account interest rate
    Age of applicant: Not stated
    How to open account: Online or by telephone
    Special conditions: If you pay in less than £300 per month then you can make up the extra amount in future months - your maximum balance goes up by £300 per month. You must hold a First Direct 1st Account for as long as you hold this account. The 1st Account costs £10 a month, but it is free in certain circumstances - when you pay in at least £1,000 per month, maintain an average balance of £1,000 or hold a selected first direct additional product. As discussed in posts 1484 and 1488 of this thread (page 75), you can open up a new regular saver account online or by telephone as soon as the old one has matured. The matured account will still appear on the online banking on maturity day, but you will be able to apply for a new Regular Saver on the same day within internet banking. If you deposit £300 per month then First Direct say that your interest should be about £117 gross (£93 net).

    HSBC Regular Saver

    Interest rate: 5% gross p.a. fixed rate but only available if you have a HSBC Premier or Advance account
    Monthly payment: £25-£250
    Miss any payments: Yes, you can cancel and resume your standing order whenever you wish
    Penalty-free withdrawals: No, but you can close the account early (with interest paid at a lower rate for the entire term - paid at the standard Flexible Saver interest rate)
    Age of applicant: Same age as whichever current account is opened at the same time (which is age 16, 17 or 18 depending on the current account chosen)
    How to open account: In branch, online or telephone
    Special conditions: Must hold a current account with HSBC and the standing order must come from that account. If you pay in less than £250 per month then you can make up the extra amount in future months - your maximum balance goes up by £250 per month. For a version of this account which requires a current account that does not have a fee, see below. You may also have difficulty opening this account if you do not have a regular income - see page 85 of this thread. Advance account now available free of charge - see post 2895.

    Marks and Spencer Bank Monthly Saver

    Interest rate: 5% gross p.a. fixed
    Monthly payment: £25-£250
    Miss any payments: Yes, and you can make up any missing payments later
    Penalty-free withdrawals: No withdrawals but you can close the account early (with interest paid at a lower rate)
    Age of applicant: Not stated

    How to open account: Online or telephone
    Special conditions: Must also open a M&S Current Account. From 6th April 2016 you will also need to switch a current account to M&S and have two active direct debits in order to be able to open this account. For the practicalities of doing this and making the first deposit for the Monthly Saver account, see post 3000 onwards (pages 150 - 152) of this thread. You cannot bring forward the day of the month for the standing order although ernie-money reports it is possible (see posts 3410, 3411 and 3413 on page 171 of this thread).


    Nationwide BS Flexclusive Regular Saver

    Interest rate:
    5% gross p.a. variable from 13th July 2017
    Monthly payment: £1-£250
    Miss any payments: There are no stated penalties for any missed payments
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Age 18 years old or older
    How to open account: Online or in branch
    Special conditions: You must have a FlexOne or FlexAccount current account and have paid in £750 or more per month for the last 3 months or switched in the last 4 months using their switching service. Alternatively, you need to have a FlexDirect or FlexPlus account. You may have one Nationwide Regular Saver account or Flexclusive Regular Saver account. This can be held in sole or joint names.

    Santander Regular eSaver (Issue 6)

    Interest rate:
    3-5% gross p.a. fixed
    Monthly payment: £0-£200
    Miss any payments: Yes, but any missed payments cannot be made up at a later date
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Age 16 years old or older
    How to open account: Branch or online
    Special conditions: You must be a Santander current account holder and be a Santander 123 World or Santander Select member to earn the 5% interest rate, otherwise you will earn the 3% interest rate. The account month starts on the day that you open the account, e.g. if you open the account on the 16th of the month then the account will run from the 16th of one month to the 15th of the next month. Deposits must be made by standing order from your Santander current account. Y
    ou cannot open this account if you currently have another regular savings account with Santander.

    HSBC Regular Saver

    Interest rate: 3% gross p.a. fixed rate
    Monthly payment: £25-£250
    Miss any payments:
    Yes, you can cancel and resume your standing order whenever you wish
    Penalty-free withdrawals:
    No, but you can close the account early (with interest paid at a lower rate for the entire term - paid at the standard Flexible Saver interest rate)
    Age of applicant: Same age as whichever current account is opened at the same time (which is age 16, 17 or 18 depending on the current account chosen)
    How to open account: In branch, online or telephone
    Special conditions: You must open a "Bank Account" account (which does not charge a fee but requires £500 per month funding unless you are aged under 24), Bank Account Pay Monthly or a Graduate Bank Account.
    If you pay in less than £250 per month then you can make up the extra amount in future months - your maximum balance goes up by £250 per month.You may also have difficulty opening this account if you do not have a regular income - see page 85 of this thread.


    Swansea BS Regular Saver Account

    Interest rate: 2.5% gross p.a. variable (updated by me in August 2016)
    Monthly payment: £25-£500
    Miss any payments: No
    Penalty-free withdrawals: Yes, as many as you want.
    Age of applicant: Any age (including parents on behalf of a child)
    How to open account: Branch or post
    Special conditions: Interest paid monthly and must be paid to a different account with Swansea BS. On each anniversary, the account balance will be transferred to another account with Swansea BS. Only available to existing members or residents of Wales.

    Lloyds Bank Club Lloyds Monthly Saver

    Interest rate: 2.5% gross p.a. fixed
    Monthly payment: £25-£400 (forum members in posts on page 163 of this thread think it is possible to make a 13th payment)
    Miss any payments: No stated penalty for missing a payment
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Minimum 18 years old

    How to open account: In branch or online
    Special conditions: Must also open a Lloyds Club current account. In post 3266, numbers123 says it is possible to close this account online upon maturity.

    Cumberland BS Regular Saver (Issue 3)

    Interest rate: 2.05% gross p.a. variable from 1st October 2016
    Monthly payment: £25-£250
    Miss any payments: One per subscription year
    Penalty-free withdrawals:
    One per subscription year

    Age of applicant: Aged 16 years or older (stated on interest rates document)
    How to open account: Branch
    Special conditions: You must have a Cumberland BS current account. Maximum balance £15,000.

    Bank of Scotland Monthly Saver

    Interest rate:
    2% gross p.a. fixed
    Monthly payment: £25-£250
    Miss any payments: Yes, but any missed payments cannot be made up at a later date
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Age 16 years old or older
    How to open account: Online or branch
    Special conditions: You must have a Bank of Scotland current account.

    Lloyds Bank Monthly Saver

    Interest rate:
    2% gross p.a. fixed
    Monthly payment: £25-£250
    Miss any payments: Yes, but any missed payments cannot be made up at a later date
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Age 16 years old or older
    How to open account: Online or branch
    Special conditions: You must have a Lloyds Bank current account.

    TSB Monthly Saver

    Interest rate:
    2% gross p.a. fixed
    Monthly payment: £25-£250
    Miss any payments: Yes, but any missed payments cannot be made up at a later date
    Penalty-free withdrawals: Yes, as many as you like
    Age of applicant: Age 16 years old or older
    How to open account: Online
    Special conditions: You must have a TSB current account.
    Last edited by Special_Saver2; 13-11-2017 at 12:35 AM.
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