Regular Savings Accounts: The Best Currently Available List!

Kazza242

Special_Saver2 - Abbey have launched issue 2 of their Super Monthly Saver, paying 10%. In order to qualify you must open a regular investment, Pension or Protection plan. Feeding £1,000 into an Abbey current account is no longer part of the qualifying criteria. See here.

Alliance & Leicester have increased their Save & Protect account rate from 12% to 14%. See here.

Special_Saver2

Thanks Kazza, I have now updated the first post with that information.

Special_Saver2

I have updated the first post of this thread with the following information:

1. Added Hanley Economic Regular Saver to the section for regular savers with no maturity date but note that it is only available to people who live within 25 miles of their head office in Stoke-on-Trent and this regular saver only pays marginally more than the best savings accounts - ICICI HiSave / Alliance and Leicester Direct Saver / Birmingham Midshire Online Saver all currently pay 6.30% AER.

2. Removed the warning against the Abbey Regular Saver accounts regarding them not honouring their own terms and conditions. Abbey have now fixed their mistake and have been paying people for the 13th month at the correct rate as per their own terms and conditions.

3. Amended my entry regarding the Sainsbury's Bank Internet Saver account in the Feeder Account section. I have now discovered from money savers on this forum who have one of these accounts that it does not allow future-dated transfers to be set up.

anniecave

First Direct will be offering a regular saver too, only available to their current account holders. £300 per month can be paid in for a year. Rate of 8% I think. There is a penalty for closing early, I didn't notice what the conditions were on missed payments.

Special_Saver2

anniecave wrote: »

First Direct will be offering a regular saver too, only available to their current account holders. £300 per month can be paid in for a year. Rate of 8% I think. There is a penalty for closing early, I didn't notice what the conditions were on missed payments.

Thanks for the information. Unfortunately I cannot see information about it on their website. Where did you hear about it?

I shall keep an eye out for this account and add it to my list.

Looking at their website, they do seem to have pretty poor interest rates on all their accounts. I note that their current account charges you a £10 per month "banking fee" unless you credit £1,500 per month (excluding internal transfers), or maintain a £1,500 per month balance (paid at 2% AER interest) or hold another product with them. Actually, looking at it more closely you could open an eSavings account with £1 to avoid any fees. So I suppose you could open the current account with £1, eSavings account with £1 and take advantage of their offer if you wanted to.

I have to admit that I am not so keen on these 12 month accounts any more - with good rates on simple internet savings accounts (and even better rates on fixed rate bonds if you have a lump sum that you don't need access to) since all the base rate rises, the 12 month regular savings accounts don't seem so attractive. The same could be said of the regular savings accounts with no maturity date but at least you can build up a fair amount of money in these at a decent interest rate with little hassle and instant access should you need it.

Anyway, I shall wait for further details on First Direct's offering and add it to the list. Thanks for the heads up.

Special_Saver2

Sorry everybody, I had not seen mary's earlier thread on this.

There are more details on the First Direct account in her thread here.

I have to get off the computer now but will add those details on Saturday to the first post of this thread.

Special_Saver2

Hi everybody,

I have updated the first post of this thread as follows:

1. I have changed the best instant access savings account against which I compare the regular savers from the ICICI HiSave account (paying 6.3%) to the new Bradford and Bingley Internet Saver account (paying 6.4%) and have given a link to the relevant forum thread about it.

2. I have removed the Hanley Economic BS Regular Saver (paying 6.35%) and the Skipton BS Regular Saver (the one paying 6.4%, not the Christmas Saver which I have left on the list). I have removed these accounts as they do not beat the B&B Internet Saver account, and I needed space to make room for...

3. Have added the First Direct 8% Regular Saver account under the section which deals with accounts that mature after 12 months and require another product.


I will also take this opportunity to mention something that I discovered in another thread. Nick_C has mentioned in another thread the following interest rate comparison website: http://www.fsa.gov.uk/tables

You can use it to compare regular savings accounts, other savings accounts and a range of other financial products. It is similar to moneysupermarket and moneyfacts but I think it is slightly better.

bristolleedsfan

Furness BS 6.45% variable rate gross 5 year ongoing saver no longer requires min 50.00 a month from non locals i discovered by chance upon phoning them on friday, ( is 10.00 -200.00 a month, amounts can be varied )

i asked for app forms at 4.20 pm yesterday, arrived for breakfast today. :j might not be highest reg saver rate, a lot of people would rather deal with a friendly smaller society. :beer:

Special_Saver2

Thanks a lot. I have to go out now but I will have a look at this later.

I have found details on their website here. I notice that the AER is only 6.20%. I will have to read the terms and conditions more closely later.

bristolleedsfan

Special_Saver2 wrote: »

Thanks a lot. I have to go out now but I will have a look at this later.

I have found details on their website here. I notice that the AER is only 6.20%. I will have to read the terms and conditions more closely later.

my eyes see 6.45% AER, perhaps my eyes are deceiving me :cheesy:

http://www.furnessbs.co.uk/resources/documents/savings_rate_history.pdf

i rewarded furness BS speed with sending out app form by bunging them 100.00 today. :cool: