Regular Savings Accounts: The Best Currently Available List!

max2002ad

Whats the best feeder account available at the mo?
Ie high interest rate savings account that lets you do transfers to other accounts not just a nominated account.

Special_Saver2

I am interested in including something on feeder accounts for this thread, particularly as I can see that people have just posted a question about this in 3 separate threads.

At the moment, I am using a Coventry First account paying 6.10% but my first year bonus rate will end later this year and I am going to need to either reduce the amount that I am paying in to my regular savers or find a good feeder account.

I suppose I could close down the Coventry First account and re-open it to get another first year bonus. If I remember correctly, the terms and conditions on the Coventry First account say that they will keep the account open for a month after you ask them to close it so that all transactions are up-to-date when they close it. So you would have to wait a bit before closing and re-opening the account and they could always refuse to open a new account for you. Also, reopening the account would involve a credit check as there is an automatic £250 overdraft with the account. Have any of you closed and re-opened a Coventry First account? Was the hassle worth it?

The best account that I currently have is an old Cahoot savings account that I have not used in some time. I used to use it as a feeder account when it had a competitive interest rate and it worked very well, allowing me to make transfers directly without needing to transfer money to a current account first. That account is currently paying 5.50% gross AER.

Can any of you do better than that?

I am sure that you can! Post your answers here and I will incorporate it into the first post of this thread.

Let me also take this opportunity to thank bristolleedsfan again (who has pointed out the Bath, Leek United, Britannia, BMW accounts) and mary for post 6 above. I have now updated the first post in this thread to include the information from all the posts above including all the Ipswich information (have put it all into the last part of the Ipswich Target Saver 3 entry). I have also added a line in the introduction where I will thank people.

mary

Coventry First. The 1 year excellent rate, cannot be repeated by closing and opening 1 month, or 3 months or whatever later. It is a once in a life time event! I'm in the same position, come August, when my anniversary is due. Been excellent. Originally I was told, there's nothing to stop you closing one day and opening a second one the next day, but upon further enquiry, that isn't apparently the case.

Special_Saver2

Well, it sounds like Sainsbury's Bank might have the best account for a feeder account - I have just seen that many of you have already been discussing it here:

http://forums.moneysavingexpert.com/showthread.html?t=475213

Mary, thanks for your message above - it looks like I won't be able to rely on Coventry First once my first year runs out. I am glad I joined this forum!

Froglet

Just a small point about the HSBC regular saver.You must have your monthly salary or pension paid in to your current account in order to open this savings account.

My second issue is about to come to full term.As a very long standing member of the HSBC i can fully recommend this one.

jdavtz

You can only pay up to £150 per month into the Skipton Christmas Saver according to their website.

Special_Saver2

Thanks Froglet and jdavtz, have updated the first post of this thread with your info.

jdavtz

Can we ask one of the mods to sticky this post like the Best Mini Cash ISA one is stickied in the ISAs forum?

mary

Better keep an eye on this one, as on Moneyfacts it's showing as 7.25%, but on Abbey's own website it's still 7%

http://www.moneyfacts.co.uk/searches/savingdetails.aspx?moneyfactsid=SAVINGS001159401OnMaturity

tiptoe_mouse

bump - this should be a sticky

tiptoe