Regular Saver accounts beyond 12 months

pavane

2 related questions regarding regular savings accounts I hope you can provide some feedback:

1) With most of the recommended ie high interest paying accounts e.g. from Lloyds Club, TSB, First Direct, etc. the account is generally automatically converted into another (non-regular) savings account with much lower interest rates at maturity which almost always is 12 months. I presume it possible to enter another 12 month cycle by opening another regular savings after the initial one comes to maturity (ie I close it)?

2) I like Nationwide's model which doesn't end after a 12 month cycle- it allows accumulation over the years, similar to the Cash ISA model. This is in line with their various other loyalty recognition. Are there any other providers offering similar schemes? I haven't been able to find any...

masonic

1) Yes you can

2) There are actually quite a few available: https://forums.moneysavingexpert.com/discussion/comment/6932751#Comment_6932751

Smidster

pavane wrote: »

2 related questions regarding regular savings accounts I hope you can provide some feedback:

1) With most of the recommended ie high interest paying accounts e.g. from Lloyds Club, TSB, First Direct, etc. the account is generally automatically converted into another (non-regular) savings account with much lower interest rates at maturity which almost always is 12 months. I presume it possible to enter another 12 month cycle by opening another regular savings after the initial one comes to maturity (ie I close it)?

2) I like Nationwide's model which doesn't end after a 12 month cycle- it allows accumulation over the years, similar to the Cash ISA model. This is in line with their various other loyalty recognition. Are there any other providers offering similar schemes? I haven't been able to find any...

For 1 my understanding is that you could open another account but would, in effect, be starting again - you wouldn't be able to get the compounding effect on the interest.

For 2) I agree the NW is good as you can build over a prolonged period

black_taxi_2

info here



https://www.savingschampion.co.uk

pavane

Thanks for the replies, useful info.

I'll take a closer look at the details in the list when I have some more time later this week, but on a 15 minute quick tour...

- it looks like many can only be opened in branch with no branches near me (London)

- many have monthly max of just 250 which isn't much... over the year, interest rate applies to yearly average 1500.. The difference between the 3% regular and highest instant access is about 1.5%, which is 20 quid.

20 quid is 20 quid but not being able to easily/quickly apply online (even by post, it's such a hassle getting things certified, etc.) it just doesn't seem worth it. I took a look at a few of the sites, looked a bit...amateur with a lot being done over correspondence. Reminds me of the Post Office with whom I had an account for about 2 weeks before closing it because it was black hole- money wouldn't come out, always 'technical difficulties'.

Anyway, rant over.

Regarding savingschampion link, this looks good, I'll have to register and read up.

Archi_Bald

Your answer is regular savers.................but what is your question?

There might be lots better ways to achieve your goals - what are your goals? What are your restrictions?

Regarding savingschampion link.................you generally get a lot better information on here.