MSE News: Savings loophole allows under-35s to earn 5%

edited 21 January 2010 at 3:20PM in Savings & Investments
222 replies 41.2K views
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  • keet83keet83 Forumite
    226 Posts
    Looks like it has now come to an end, next week santanders first time home savers account will switch to a regular saving account. However at 3% it's still worth keeping as an easy access account as there aren't many other offers that good with free access.
    Is anyone else thinking differently?
    What are you doing with your savings from this account?
    [STRIKE]Beggars cant be choosers, but savers can![/STRIKE]
    That used to be the case :mad:
  • keet83keet83 Forumite
    226 Posts
    If anyone else is interested what to do with their savings, cheshire, derbyshire and dunfermline building societies all offer the 'same' account. A monthly saver at 5% allowing between £100 and £500 a month, they also allow 1 withdrawl and 1 missed monthly payment; they also allow more although the interest rate then drops to a pointless 1%. Although they are only 12 month regular savers, they allow £500 instead of the £300. They have to be opened in branch which is a downside if you have none of them near by.

    http://www.dunfermline.com/templates/Product.aspx?id=27168

    http://www.thecheshire.co.uk/Savings-and-Investments/Regular-savings/Platinum-Monthly-Saver/

    There are two other banks that can beat these however they are more restricted. First offer an 8% account paying in between £25-£300 each month. There's no withdrawls or missed payments allowed and you need a first direct current account too. Again this is just a 12 month account.

    http://www2.firstdirect.com/1/2/savings/regular-savings-account?clear=true

    The other one is Monmouthshire building society at 5%, (2% + 3% bonus if you open a morgage with them within 5 years of opening the account).It allows payments between £20-£1000 a month, although only £6000 in total each year (12000 for a joint account), so if you pay in £1000 for the first 5 months then £880 on the 6th month followed by £20 each month of 7-12, you will gain highest interest in total. They also allow 4 withdrawls a year with no penalties. You also need to have a face to face interview with one of their morgage advisers within the first 6 months.

    http://www.monbs.com/first-home-bonus-saver/
    [STRIKE]Beggars cant be choosers, but savers can![/STRIKE]
    That used to be the case :mad:
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