Regular Savings Accounts: The Best Currently Available List!
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Hi guys, didn't see it posted so thought I'd share.
Bank of Scotland and Halifax regular savers going from 2.0% to 2.5% on December 1st. Club Lloyds going back to 3% where it was in October.0 -
FriendlyFoe wrote: »Hi guys, didn't see it posted so thought I'd share.
Bank of Scotland and Halifax regular savers going from 2.0% to 2.5% on December 1st. Club Lloyds going back to 3% where it was in October.
Thanks :T Some place for BOS money then without having to find DD s other than Tesco
Where did you find the info ? Edit....Sorry found it0 -
Will it be automatic or new accounts only? Do you mean the Club Lloyds current account or the Club Lloyds Monthly Saver?
How will I know if the interest rate of my account is affected?
If you have a savings account which:- tracks the Bank Rate, your rate will change on 1 December 2017.
- has a fixed rate of interest, your account will not be affected by this change.
- has a variable rate of interest, see how your interest rate will change.
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Yes seems like all 3 need you to apply 1st Dec onwards to get the higher rates.
I had a Lloyds RS saver mature at 3% mid Oct Held off renewing as the rate fell down to 2.5% People who renewed at 2.5% are going to be peeved it's gone back to 3% a few weeks later0 -
Halifax increase: "
On 2nd November 2017 the Bank of England announced an increase in the Bank of England Base Rate from 0.25% to 0.50%.
What is the Base Rate (also known as the Bank Rate)?
The Base Rate is set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. The Base Rate is reviewed regularly and can be increased or decreased by the Bank of England at any time.
What does it mean for my savings account?
The Bank of England Base Rate is one of a number of factors we take into account when reviewing interest rates. Any change in the Base Rate will form part of ongoing rate reviews across our savings product range.
How will I know if the interest rate of my account is affected?
If you have a savings account which:
tracks the Bank Rate, your rate will change on 1st December 2017.
has a fixed rate of interest, your account will not be affected by this change.
has a variable rate of interest, see how your interest rate will change.
In addition, new Regular Saver and Kids Regular Saver accounts opened from 1st December onwards will receive a 0.5% increase to the current available rate.
If you are unsure which type of account you hold, please refer to your account conditions."
Taken from here: https://www.halifax.co.uk/savings/options-for-existing-customers/base-rate/
The BOS version is here: https://www.bankofscotland.co.uk/savings/options-for-existing-customers/base-rate/ . Much the same text as the Halifax one, minus the kids part.
Nothing to suggest that the cuts to interest rates/rewards from Lloyds/Halifax/BOS current accounts after last year's cut are being changed.0 -
Nationwide8 wrote: »Yes seems like all 3 need you to apply 1st Dec onwards to get the higher rates.
I had a Lloyds RS saver mature at 3% mid Oct Held off renewing as the rate fell down to 2.5% People who renewed at 2.5% are going to be peeved it's gone back to 3% a few weeks later
This is correct. The regular savers are fixed rate accounts and the new rate doesn't become payable until December 1st, so savers should hold off to fix at the higher rate.
Fixed is just that, it is immaterial whether change is to the customer's advantage or disadvantage.0 -
Looks like if you opened the Lloyds Reg at 2.5%, you're stuck with it until it matures.
If you close the account early, you won’t be able to open another one before the first anniversary of opening the first account.0 -
Speculator wrote: »Looks like if you opened the Lloyds Reg at 2.5%, you're stuck with it until it matures.
If you close the account early, you won’t be able to open another one before the first anniversary of opening the first account.
I'm yet to find such a clause with the Halifax, but they do state that there may be a charge to close a Regular Saver early. See here: https://www.halifax.co.uk/aboutonline/things-you-can-do/managing-your-accounts/closing-accounts/close-a-savings-account/default.asp , under the overview drop down:
"Bear in mind
Fixed rate and monthly savers cannot be closed online - this is because they are structured to pay interest at the end of a fixed period. You might be charged for closing this type of account early. We have not made it possible to close these accounts online to protect you from accidentally being charged.
Not all accounts that meet the criteria are eligible, due to for example, periods of inactivity or restrictions on your account.
Your account will not be fully closed until the day after your request when it will disappear from your accounts homepage. You may not be able to open additional savings accounts until the account is fully closed."
BOS have the same clause as Lloyds about not being able to open another until the first anniversary: https://www.bankofscotland.co.uk/savings/accounts/monthly-saver/0 -
Wonder if TSB will be next ? 2% to 2.5 %
Although as above couldn't open another RS there until March when my current one matures.It's the same anniversary date clause0 -
This rush of good news rather puts Virgin's continuing 2.25% in the shade.0
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