Regular Savings Accounts: The Best Currently Available List!

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  • aldershot
    aldershot Posts: 197 Forumite
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    edited 5 September 2017 at 10:36PM
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    Tesco have bumped up their fixed rate savings rates. They look pretty competitive at the moment.

    1y 1.5%
    2y 1.84%
    3y 2.1%
    5y 2.35%
  • colsten
    colsten Posts: 17,597 Forumite
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    aldershot wrote: »
    Tesco have bumped up their fixed rate savings rates. They look pretty competitive at the moment.

    1y 1.5%
    2y 1.84%
    3y 2.1%
    5y 2.5%
    These are not Regular Savers. One-off deposits only.
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    colsten wrote: »
    These are not Regular Savers. One-off deposits only.

    And the 5 year one is 2.35%, not 2.5
    I consider myself to be a male feminist. Is that allowed?
  • aldershot
    aldershot Posts: 197 Forumite
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    Fixed 5y rate. My bad.

    I guess I've posted on the wrong thread too but these are market leading rates so someone may find them useful.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Notts BS 2% offering is closing for new savers on Saturday.
  • Mee
    Mee Posts: 1,441 Forumite
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    edited 6 September 2017 at 3:57PM
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    Has anyone dealt with a matured Smart Save Monthly account from Ipswich Building Society?

    I should have checked the closing accounts in T&Cs. I am surprised to be told it would be a cheque with supplied I.D., or paying £25.00 for a transfer to a nominated account.
    Free thinker.:cool:
  • Ken68
    Ken68 Posts: 6,825 Forumite
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    Yes Mee, same here.
    Am consolidating so opted for the ID by post and received cheque and ID by return. This was mid August.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    Mee wrote: »
    Has anyone dealt with a matured Smart Save Monthly account from Ipswich Building Society?

    I should have checked the closing accounts in T&Cs. I am surprised to be told it would be a cheque with supplied I.D., or paying £25.00 for a transfer to a nominated account.
    I've made three withdrawals, over three years (most recent Feb 2017), no ID was required. Just wrote a letter which I signed and posted to them. Cheque came a few days later.

    They don't do BACS for Faster Payments, just CHAPS at £25.
  • schiff
    schiff Posts: 20,099 Forumite
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    edited 6 September 2017 at 8:08PM
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    I've popped in to a few Nationwide branches in recent weeks as my FlexDirect current account moves to 1% from Friday, trying to find out exactly what to do next. The young man I spoke to today was the most definite and most emphatic I've come across. If I want to have 5% on a FlexDirect current account next September, if the offer is still available of course, I have to close my current FlexDirect account. Definitely! I'm happy to do that.

    But I also have a Flexclusive Regular Saver that matures on Friday. I've had a very useful letter on the topic from Nationwide and the relevant bits read:

    "you can open a new Flexclusive Regular Saver and earn ... 5%. It's quick and easy to open another one..... online.
    But.... please wait until the day after your existing account has matured".

    There is nothing about keeping the FlexDirect account open and ongoing in the letter, and as far as I can see there is no requirement to that effect in the T&Cs of the Regular Saver on the website, except for:

    The one worm of worry is that the Flexclusives come to me via the FlexDirect account and if I don't have a FlexDirect account..........

    "If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and conditions of that account will apply and we'll contact you when we do this."

    I'm not paying for a FlexPlus account and I'm not 17 any more so it appears to me that I may not be able to open the new Regular Saver
    without keeping the FlexDirect open. 1% on the FlexDirect for the next 12 months is not attractive, but 5% on the Regular Saver is.

    May do it that way. Hope for the best next September. Twelve months is a long time.

    I might pop in to another branch tomorrow :)
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    schiff wrote: »
    There is nothing about keeping the FlexDirect account open and ongoing in the letter, and as far as I can see there is no requirement to that effect in the T&Cs of the Regular Saver on the website, except for:
    ...
    I'm not paying for a FlexPlus account and I'm not 17 any more so it appears to me that I may not be able to open the new Regular Saver without keeping the FlexDirect open. 1% on the FlexDirect for the next 12 months is not attractive, but 5% on the Regular Saver is.

    In the terms and conditions clauses 1(a), (b) & (c) set out the ways in which you can be eligible to hold a Flexclusive Regular Saver. Clause 4 states that if you no longer meet the eligibility criteria the account might be transferred.

    The other way of meeting the criteria is through 1(a)(i) with a standard FlexAccount, although to do so you have to have been paying in £750 per month for the last three months. So if you close your FlexDirect account and open a new FlexAccount then you would, in theory, have a three month gap where you were not eligible to hold a FlexRegSaver. But I suspect Nationwide might not exercise their right to transfer the account if they can see you are working towards meeting the criteria with the new FlexAccount.

    Whether or not you will be eligible for a new 5% FlexDirect account in 12 months time seems to vary from day to day and according to who speaks to who. My own view is there is no certainty the 5% offer will still be available, and no certainty that it will be available to anyone who has ever had it before (i.e. more like the switching bonus restrictions imposed by other banks).

    Therefore I took the decision to grab the 5% FlexRegSaver while it was still available, and retain the FlexDirect account at 1% because as a feeder account it offers nearly the best instant access interest rate. However, I also took the precaution of getting confirmation in writing from Nationwide that I would be eligible for the 5% FlexDirect offer (or whatever offer was available at the time) after a year of 1%. If they refuse to honour that then I'd consider a FOS complaint, depending on the situation at the time ;)
    "In the future, everyone will be rich for 15 minutes"
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