Regular Savings Accounts: The Best Currently Available List!

exel1966

There will be an interest rate rise to The Target Saver 3 at 6.9% effective 01/08, though how much is not yet known.

Special_Saver2

Joscar wrote: »

I have an invest direct account with nationwide, but as the rate is not the best I was looking at moving the money elsewhere. I saw their regular saver account, if I request online banking, can I drip feed from Nationwide Invest Direct to Nationwide regular saver? Or does the £250 per month (to get the best rate) need to be 'new money' from outside of Nationwide.

If it is OK to transfer can I do it via post using the Invest Direct post service instead of setting up online banking ?

I have looked on their web site but did not find the answer to the above.

Or would I be better off transferring elsewhere?

Thanks

Nationwide's online banking is pretty good - the security seems pretty good (with drop down menus to thwart keystroke logging programmes) and there is online secure messaging. I had too much money in a Nationwide eSavings account when the Regular Savings account was launched so it was perfect for me - I used the online banking to transfer money from eSavings to Flexaccount and then to Regular Savings at the beginning of each month. Each transfer happened instantly without any loss of interest.

If you don't fancy registering for the online banking then I completely agree with bristolleedsfan's idea of withdrawing cash from your InvestDirect account at a cash machine and then paying it straight back in to the Regular Savings account at the same cash machine. You will probably lose a day or two interest each time (usually cash paid into a cash machine with any bank does not earn interest straight away) but it would be worth it to get your money out of the InvestDirect account.

Special_Saver2

I see that Kazza has managed to update his/her best cash ISA thread with some new interest rates. I have just checked all the rates for the accounts listed here - no updated rates yet (apart from Nationwide's which I had already put up as I knew it would rise due to the interest rate guarantee).

In the style of Kazza's thread, I have tried adding a "new rate" thing with a symbol either side (see my entry for Nationwide's new rate on the first post of this thread) but I might change it as I cannot find a symbol that I like! I might ask Kazza if I can copy his/her star symbol!

I will re-check the interest rates each weekend and update this thread as appropriate. In August, once all the interest rates have settled, I think I will add the section on feeder accounts. If I don't hear from anybody else, I will assume that the Sainsbury's account is suitable for this purpose but will include a link to the previous discussion where this was queried.

Does anybody know whether the new Tesco account with the attractive short term bonus would be any good as a feeder account? Does it allow BACS transfers to any account?

bristolleedsfan

Special_Saver2 wrote: »

Does anybody know whether the new Tesco account with the attractive short term bonus would be any good as a feeder account? Does it allow BACS transfers to any account?

tescos rates for balances of under 5000 are extremely poor even with the 1% introductory bonus, these are the current rates including the introductory bonus

http://www.tescofinance.com/personal/finance/savings/savings/interestrates.html

Kazza242

Special_Saver2 wrote: »

In the style of Kazza's thread, I have tried adding a "new rate" thing with a symbol either side (see my entry for Nationwide's new rate on the first post of this thread) but I might change it as I cannot find a symbol that I like! I might ask Kazza if I can copy his/her star symbol!

If you want to use the star symbols: when you edit your thread click on the 'Advanced' button. On the right of the editing window you'll see a number of Smilies. Click on '[More]' which will open the full smilie list where you'll find both of the stars.

Back 'on topic' I see that Moneyfacts is again listing the Leek United Building Society 7.50% regular savings account. They took this off their list when Leek made it available to only those who were existing members or visiting a branch to open the account. Leek's website suggests that the restricted opening conditions do still exist - but (as I write) Moneyfacts isn't listing this information, see here.

The_Fiddler_2

Special_Saver2 wrote: »

Nationwide's online banking is pretty good - the security seems pretty good (with drop down menus to thwart keystroke logging programmes) and there is online secure messaging. I had too much money in a Nationwide eSavings account when the Regular Savings account was launched so it was perfect for me - I used the online banking to transfer money from eSavings to Flexaccount and then to Regular Savings at the beginning of each month. Each transfer happened instantly without any loss of interest.

I agree and that is how I operate my Nationwide RS

Special_Saver2

Kazza242 wrote: »

Moneyfacts is again listing the Leek United Building Society 7.50% regular savings account. They took this off their list when Leek made it available to only those who were existing members or visiting a branch to open the account. Leek's website suggests that the restricted opening conditions do still exist - but (as I write) Moneyfacts isn't listing this information, see here.

Thanks for the info Kazza (and thanks also for the info on the stars). Looking at the Leek United website, I no longer see anything saying that you have to live locally or be an existing member. I have also looked at the terms and conditions and the application form and cannot see anything to that effect. (It did say that before on the website, Kazza and I are not making this up!) I have sent them an e-mail to clarify the situation. I will let you know when I have the answer.

Actually, looking here on their website it says "Please note: Savings products are available to UK residents only" which would suggest that anybody in the UK can now open an account. Anyway, I will let you know when I receive the reply.

I have updated the first post of this thread to make the terms and conditions a little clearer in my summary, including the fact that the interest rate you receive is fixed when you open the account. The terms and conditions are very restrictive - you have to decide how much to save at the outset, cannot miss any payments, cannot get your money back early at all and the account only lasts 12 months. Compare that with a number of other regular savings accounts that last longer than 12 months, allow one penalty-free withdrawal and allow you to vary the amount you pay in.

Kazza242

Special_Saver2 wrote: »

Looking at the Leek United website, I no longer see anything saying that you have to live locally or be an existing member. I have also looked at the terms and conditions and the application form and cannot see anything to that effect. (It did say that before on the website, Kazza and I are not making this up!) I have sent them an e-mail to clarify the situation. I will let you know when I have the answer.

Yes, last night they removed the condition (from their website) where you had to be a Leek BS member or visit a branch to open their regular saver. The condition (written in red letters) used to be at the top of the account terms and conditions page. I noticed on the 18th July that Moneyfacts were again listing the account on their regular savings accounts list. Leek are no longer operating restricted opening conditions on this account, as of last Wednesday, so anyone (both non-members and members) can now apply to open one by post.

Special_Saver2

Thanks a lot Kazza, I will go back and amend my first post again to reflect this.

bristolleedsfan

Special_Saver2 wrote: »

Thanks a lot Kazza, I will go back and amend my first post again to reflect this.

has to be said that with 1 year fixed rate bonds paying 6.70% gross drip feeding 250.00 per month into a regular saver paying 7.5% gross which finishes after 12 months does not appear to be a productive exercise.