Regular Savings Accounts

jo_knight

If you want to save more in Regular Savings then Supersaver with Norwich & Peterborough https://www.npbs.co.uk will take £1000 a month and after 9 months when you have £10,000 in the account the tiered interest will rise to 4.80% from fc4mkvtqj

Dunspendin_4

In the Regular Saver article it is stated that the Leeds and Holbeck account has a maximum monthly deposit of £250. This isn't strictly true - if you opened the account a little while ago (approx 1 year - sorry I can't be more precise), you can up the deposits to a max of £500. The T's & C's were changed to reduce the max a year or so ago. If your a/c predates the change you can get the higher deposit - you may need to haggle a little but it is worth the effort!

System

Hello,
The problem, (the way I see it) with regular savings accounts is that if after saving for a year one wants to transfer to a different regular savings account, one cannot move the lump sum. Is that correct?
If it is, this means that you are either stuck with a potentially lower rate, or have to start building your whole amount from scratch - a situation which can be made worse if one say, has 5 years worth of savings in a regular savings account. -- ??

System

Ive just read the article on Derbyshire BS's 5% account. If I open an account today and deposit at least £10 per month will I receive the bonus rate on 31/07/04 or not until 31/07/05?

murphydavid

Hi
I just did some sums
Derbyshire Building Society -
If you put £5500 in their savings account which is at 3.45% and £500 in the regular savers at 5% this being the start point for a lump sum of say £12000 then make a standing payment transfer of maximum £500 a month. Then after a year (not including tax) you would have £6262.13 (However if you put the whole £6000 in Ingdirect at 4.3% after a year you would have £6263.12. So you are down £1). After 14 months you break even at £12350 having put in another £6000 to each (to keep it going) after 24 months the Derbyshire would be £43 ahead at £12843.34 against £12800.90 in ingdirect
So if you have a lump sum and take the Derbyshire  option you need to keep it there for at least 14 months and
The Derbyshire needs to remain consistant for that period.
As I did the math I though I would share it with you.

DM

System

Re the Derbyshire's Regular Savings Account, what you will NOT find in any of their small print is the maximum amount of money you can open this account with - the figure is £1,000. Having tried to open an account with them on 13 Jan 2004 in Birmingham I found it advantageous to have done some homework in advance. The counter staff know surprisingly little, and assume potential customers are telepathic and can guess at such things as the maximum amount of money that can be used to open an account.

murphydavid

Derbyshire's REGULAR Savings Account is the one you add regular deposites to each month. According to their web site it allows a maximum regular monthly deposite of £500.00 and a minimum of £10 so you should be able to open it with £10. But you need to have £10.00 a month to add to it from then on.

Ref
http://www.thederbyshire.co.uk/savi/easyacc/easyacc_keyfeat_regsav.html

DM

MSE_Martin

I've just noticed this - the Derb BS account has a minimum opening balance of £10/month

martin

aagoren

Martin,
In your artile you wrote that the rate for Leeds & Holbeck BS regular saving is 5.0%, i've heked in their site and it is only 4.6%. did I miss something?
another question is regarding the bonus from Derb BS. as they pay the interest on July, if I open the aount now, will i get 5.0%? or only next year?

I also spoke with Derb BS customer service and told the maximum opening balance is £500.

MSE_Martin

yes you are missing something.

The date of the article. That's why I add the update note. As i've noticed a few people missing these - i am starting to add a note to check the date on all recent articles.

Martin