Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi bristolleedsfan,

On this page it says,

With high rates of interest for regular savings, the ideal way to save for the future.
AER Gross p.a. Net p.a.
6.20% 6.45% 5.16%

...which made me wonder if there was some sort of introductory (e.g. first 6 months) bonus involved. I cannot see any mention of this on the rest of the website.

Looking at that page of interest rates that you have quoted above makes me suspect that they just forgot to update the AER on the page that I found as I see that the old interest rate was 6.20%.

What does it say on the leaflet and / or application form they sent you (at super-quick speed)?

The thing that worries me about this account is that there is no interest rate guarantee and there is a 3% penalty for withdrawing money or closing the account within 5 years. What is to stop them from dropping the interest rate once people have deposited a fair amount of money?

I suppose you could try to carpetbag them by depositing £100 initially then saving £10 per month. (Whether or not you will get a windfall despite sign away clauses in the event of a building society conversion or merger is the topic of many other threads on this forum.)

The fact that this account only pays 0.05% gross p.a. more than the B&B Internet Saver account and the fact that there is a 3% penalty for withdrawing money or closing the account within 5 years makes me very tempted not to add this to the first post of this thread.

Bristolleedsfan, I hope you are not offended if I omit this one from the first post. I am impressed that you found this account though - I am continually amazed by the knowledge and discoveries of people on this forum!

bristolleedsfan

"Looking at that page of interest rates that you have quoted above makes me suspect that they just forgot to update the AER on the page that I found as I see that the old interest rate was 6.20%."

i believe the above is correct assumption, leaflet said 6.45% AER


"The thing that worries me about this account is that there is no interest rate guarantee and there is a 3% penalty for withdrawing money or closing the account within 5 years. What is to stop them from dropping the interest rate once people have deposited a fair amount of money?"

obv is intended to be long term account, newbury BS has similar withdrawal restrictions albeit newbury reg saver is 3 year term from memory, furness have passed on all recent base rate increases in full, their is of course nothing to stop any savings account losing "interest"

"I suppose you could try to carpetbag them by depositing £100 initially then saving £10 per month. (Whether or not you will get a windfall despite sign away clauses in the event of a building society conversion or merger is the topic of many other threads on this forum.)"

u giving me lessons on "carpetbagging now, :rotfl:, i look forward to more advice and help from you in the future on that subject :cheesy:

"The fact that this account only pays 0.05% gross p.a. more than the B&B Internet Saver account and the fact that there is a 3% penalty for withdrawing money or closing the account within 5 years makes me very tempted not to add this to the first post of this thread."

personally i believe that apart from for people that want to be disciplined to save ongoing reg savers are now yesterdays savings marketing tools ( for new savers) being as internet accounts and 1 year fixes are close and/or higher than many ongoing savers, however it should be noted that bradford +B internet account only interest rate guarantee is that
"Interest guaranteed to at least match the Bank of England Base Rate until 1st January 2009."


"Bristolleedsfan, I hope you are not offended if I omit this one from the first post. I am impressed that you found this account though - I am continually amazed by the knowledge and discoveries of people on this forum!"

my post on the subject was merely to make people aware that furness had done away with previous minimum 50.00 per month payments for non locals and for the benefit of those who collect building society passbooks that have relatively small entry levels :whistle:

steady__eddie

Newbury, did someone mention Newbury ? Is this one that I've missed ?
Oh I can see it now, local yokels only.
Well if they can't be bothered to let me save with them then I can't be bothered to have my next mortgage from them :rotfl:

bristolleedsfan

steady__eddie wrote: »

Newbury, did someone mention Newbury ? Is this one that I've missed ?
Oh I can see it now, local yokels only.
Well if they can't be bothered to let me save with them then I can't be bothered to have my next mortgage from them :rotfl:

definitions of "local" never cease to amaze, bristol is regarded as being local to newbury :j despite having no newbury branches or agencies. :think:


http://www.newbury.co.uk/branches/products/branchFinder.html

butterfly72

keren29 wrote: »

does anyone have a Leek Utd 7.5% savings account? Any feedback on them as somewhere to move money?

I've just opened this RS. I downloaded the forms from their website, sent them off with a £250 cheque (with required ID in seperate envelope) and my account was opened in days! Very efficient and easy. Lets see if my first payment by SO comes out with no problems! I know that there are limitations on this account but I like the rate.

I've also been running a Halifax RS for a few years now, which I use to pay into my ISA.

Special_Saver2

Unfortunately I am no expert at collecting building society passbooks that have relatively small entry levels.

Thanks for posting your find on this thread. Even though it has not been stickied, this thread is managing to survive.

I am waiting for more regular saver accounts to appear - with all the banks wanting our money at the moment, I am surprised that First Direct are the only organization so far to launch a new high paying regular savings account.

Afahmaep

Having started Regular Savers almost over 3 years ago I have kept spreadsheets to check their progress. I was fortunate to be able to take advantage of the recent Stroud & Swindon 7.05% 1 Year Bond but couldn't put as much as I wanted into it because my savings were tied up in the Regular Savers but am staying fractionally ahead by so doing. I have shown below the number of Reg Savers running per month, the total amount sitting in them and the GROSS return. I have already projected next months payments which will virtually all go in on the 1st of October.

Apr 2007 29 £61,735 6.79%
May 2007 29 £63,380 6.87%
Jun 2007 29 £70,275 6.92%
Jul 2007 29 £62,720 6.86%
Aug 2007 27 £57,525 6.97%
Sep 2007 24 £65,950 7.07%
Oct 2007 23 £60,325 7.20%

bristolleedsfan

butterfly72 wrote: »

I've just opened this RS. I downloaded the forms from their website, sent them off with a £250 cheque (with required ID in seperate envelope) and my account was opened in days! Very efficient and easy. Lets see if my first payment by SO comes out with no problems! I know that there are limitations on this account but I like the rate.

I've also been running a Halifax RS for a few years now, which I use to pay into my ISA.

Chorley BS have another one year reg saver paying 7.5% Gross AER, its an affinity account called galloways ( society for the blind) reg saver, not sure if its on chorley web page,info was on mailing i had fron chorley ( 20-250 fixed monthly saver, funds go to a nominated account on anniversary of account opening, monthly savings can then continue)

i not a fan of reg savers that finish after year, some people like them though.

mary

Can you have more than one Chorley Reg Saver, but of different types then?

bristolleedsfan

mary wrote: »

Can you have more than one Chorley Reg Saver, but of different types then?

personally i have no idea, info on chorleys galloway infinity accounts arrived cos i wasnt happy that chorley BS dont pay the bonus on its ongoing reg saver ( worden 2) unless you open the account in june or july of any given year, this is despite fact that chorley launched its worden 2 in "a" march of a year in full knowledge that nobody would get the bonus rate of interest for nearly four months of the first life of the account.