4% gross interest at Kent Reliance

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penny_pincha wrote: »

Glad that you found my post useful namecheck

Woops..was in a rush.

penny_pincha

Just reading the T&Cs of this on the KRBS site. I mentions indirectly that payments must be regular each month. I was going to recommend that my daughter (who is 17 so is limited to which accounts she can open) who has £1000 to save should open one. She can't pay into it regularly but could drip feed 2 x £500. Anyone help here? (She wants instant access to her money)

Answering my own question now. I have just called KRBS. Once you have made the initial minimum deposit of £25 you only need to pay in £1 per month to keep your savings earning 4%. If you do not it reverts to one of their Easy Access Savings accounts within interest rate of currently 1.5%.

deeboy1

I just wanted to say thank you to Penny Pincha for highlighting this as I was able to pop into a branch near Southampton I wouldn't even have imagined existed, while down with the family the other Saturday morning, and me and mum are now both all signed up for a generous £500 a month

For those who prefer, there is also a branch in Littlehampton (without Saturday opening) so no need to be in Kent at all then.

Thanks again.

Deeboy

MoneySaverLog

My nearest branch is miles away unfortunately this account can only be opened in branch ;-(

exel1966

Reaper wrote: »

There are various other regular savings paying 4 - 6%
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

That's an OK place to look, but a much better, more comprehensive and up to date thread on Regular Savers can be found HERE

It will also tell you that it has been possible to open an account by post with a branch if you can obtain an application form.

Alex92_2

Once this has been setup, is it possible to withdraw money using online banking? Or telephone? Or do I have to go back to the branch or request a cheque?

May look into this shortly as my 3x4% classic vantage accounts with lloyds expire on 31st October.

Although the interest rate isnt fantastic, the ability to add in £500 PCM makes up for it. Unless you are already with M&S or HSBC, I think it's safe to say this is the 2nd best Regular Saver after FD 6% account.

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Alex92 wrote: »

Once this has been setup, is it possible to withdraw money using online banking? Or telephone? Or do I have to go back to the branch or request a cheque?

No - you cannot use online banking as the RS has to be opened in branch. Online withdrawals would be possible only for accounts which can be set up online.

Cash withdrawals can only be made at branches, with the passbook, and two working days' notice is needed for a cash withdrawal over £500.

I think you can apply by post for a withdrawal via BACS or SO,but this would take a number of working days.

All rather quaint.