Regular Savings Accounts discussion

grumbler

Welome to MSE!

G00SE wrote:

...Does anyone know exactly how long the transfer takes and whether it is worth considering?

See when a regular saver is worth it: thread ... and be prepared for some maths :think: ...

kgwc2005

Can someone offer me some advice on setting up a regular saver account? I recently opened a Newcastle net savings ac, as my 'pot', and then a Leeds BS Regular Savings account to 'drip feed' into. Newcastle tell me that they are unable to pay money into my Leeds account as it's not a 'personal account' .. it's a clearing account, with an associated reference number. Leeds insist that the info. they've given me should be fine. What to do??!

stamfordblue

G00SE wrote:

Hi,

I'm thinking of opening a Regular Savings Account and paying into it from my ING account, as recommended by Martin. However it was pointed out to me that the time taken between the payment leaving ING and hitting the the Regular Savings Account could make significant inroads into the interest gained.

Does anyone know exactly how long the transfer takes and whether it is worth considering?

I'm fairly new to much of this so advice is greatly appreciated!

I recently transferred money from ING into my bank account and it took just 2 working days

blade_3

I would like all to know I started the regular saver with Halifax after taking Martins advice!, and saved the max per month £250. After the 12 months was up, I recieved £113.86 (interest) gross,with tax of £22.77, So I ended up with £91.09 which I must admit was not what I thought :mad: "Get a rate of 7% on your savings from Halifax". but then I should have taken the time & worked it all out, They will not inform you when the 12 months are up, so keep your eye on the date of maturity so just beware these things are not all they seem to be.
This is no reflection on Martins advice.
Regards
Blade.

Aark

After the 12 months was up, I recieved £113.86 (interest) gross,with tax of £22.77, So I ended up with £91.09 which I must admit was not what I thought

That seems roughly right as you get approximately £250 x 12 / 2 x 7% which comes to £105 gross interest. You have to divide by two because the balance in the account during the year ranges between Nil and £3,000, so on average is half of the end balance.

Tax of 20% will be deducted from all savings interest unless you complete a form to get interest paid without deduction of tax, for which you need to have income of less than £4,895 in the tax year to 5 April 2006.

"Get a rate of 7% on your savings from Halifax".

In common with most UK banks and building societies, the Halifax have a policy of only paying interest on money that is actually in the account with them.

They will not inform you when the 12 months are up, so keep your eye on the date of maturity so just beware these things are not all they seem to be.

My first Halifax Regular Saver rolled over into the Web Saver in March/April. Unless the Halifax have changed the rules since, if you simply continue the standing order into the account, they start up a new Regular Saver for you at the current fixed rate.

dptumula

In the month of November 2004, I have started a regular savings account with Scottish Bank. At the time of opening the account I was told that immediately after the completion of one year the original amount plus interest will be transferred to my online savings account so that I can use it for expenses.

However, due to the fault in the computer systems (due to the Bank’s fault) the money was not made available to me for withdrawal until after 10th December (more than 40 days later). In the mean time I requested the bank several times for the release of the amount. I was neither paid any interest for those 40 days.

I would like to know what options I have to get compensation from the Bank. Your suggestions and help in this regard is highly appreciated.

With regards,

tumula

steady__eddie

I am no formal expert in these matters but I have had a lot of experience of dealing with non-cooperative inefficient financial institutions.
I would presume that Scottish Bank subscribes to the Bankng Code, have a look here http://www.bankingcode.org.uk/home.htm . On the drop down menu, select the first option (The Banking Code) and section 15 looks appropriate. Unfortunately it's a pdf file and my machine won't let me post the direct link. From your experience, have they adhered to the code ?

david78

I am thinking of opening one of these but have a question. Perhaps someone who has opened an account could comment?

The account runs from 1 August one year, to 31 July the next year. (It then rolls on into subsequent years until it is closed). Interest is paid into the account at the end of the year (i.e. on 31 July). Interest is either paid at the standard rate (currently 2.7% AER/GROSS) or the bonus rate (currently 5.4% AER/GROSS).

If I open an account in February this year, I will only make payments into the account for 6 months (February to July). So will I get the bonus rate when interest is credited on 31 July?

It seems to suggest in the account special terms that I would get the bonus rate, i.e.

3.3. If your account is open at the end of an account year
and in that account year you have complied with the
following:

a you have made the qualifying payments under
Special Condition 2.3 in all or all but one of the months
during which your account was open, and

b you have not made more than one withdrawal in such
a period

you will qualify for interest at the bonus rate for that
account year.

steady__eddie

I opened one of these very same accounts in February a few years back and they paid me the bonus in July.

snezhinskproject

Barclays 10% Regular Saver out tomorrow. However, it has the usual catches which make you wonder whether it's worth bothering:

http://forums.moneysavingexpert.com/showthread.html?t=151841