Regular Savings Accounts and Withdrawals

Fatman

Ive been readin up about reg saver accounts here at MSE.

However, i need to be able to access my money.

Does anyone have a list or advice on which provider to go for if i need access to my money bit want to get a good rate as well?

i see the lloyds TSB one is 8% with unlimited withdrawals but requires a current account with lloyds too.

What are my options?

emma396

who do u have a current account with the at moment?

Fatman

Barclays - not great but been there for ages and had no issues

RayWolfe

The only regular saver that gives you unlimited access to your account is Nationwide's Regular Savings Account

Milarky

Fatman wrote: »

Ive been readin up about reg saver accounts here at MSE.

However, i need to be able to access my money.

Does anyone have a list or advice on which provider to go for if i need access to my money bit want to get a good rate as well?

i see the lloyds TSB one is 8% with unlimited withdrawals but requires a current account with lloyds too.

What are my options?

Probably a building society as none of these (except for N&P) links their regular saver accounts to a current account. Also many of these offer 'ongoing' reg savers rather than 12 month savers at silly rates of interests. Their terms are more straightforward too: typically you can miss one payment and/or make one withdrawal per year without losing the 'bonus' interest. The bonus element is generally about half of the total

I would mention

Yorkshire Regular Saving : Pays 7% (variable) you can pay in between £10 and £500 per month - one free withdrawal per year. Payments by over the counter or standing order (including cheque) and more than one payment is permitted towards the total

Scarborough 'My Savings' : 6.55% (variable) pay in between £10 and £250 per month. One withdrawal per year. Notable for having an ISA version with the same terms as the taxable one

Monmouthshire 'Saver Plus': Pays 6.5% (variable) pay in between £20 and £1000 one free withdrawal per year. Payments are collected by Direct Debit

[In comparison, Nationwide's top rate is 6.5% - rising to 6.75% next month - but pays 2% less in any month you make a withdrawal or fail to pay in at lest £100. Although NW pays 4.50% on 'static' balances, therefore, it is effectively a '£100 minimum' account to get the half-decent middle rate of 6.00%. So although you do get unfettered access to your savings, you might as well keep these savings in an instant-access account like ICEsave in the first place and suffer no withdrawal penalties. Also monthly interest is better for keeping track of things]

Special_Saver2

You might want to have a look at an on-going thread of mine which I regularly update (about to update it now actually):
Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

Milarky wrote: »

I would mention

Nationwide's top rate is 6.5% - rising to 6.75% next month - but pays 2% less in any month you make a withdrawal or fail to pay in at least £100. Although NW pays 4.50% on 'static' balances, therefore, it is effectively a '£100 minimum' account to get the half-decent middle rate of 6.00%. So although you do get unfettered access to your savings, you might as well keep these savings in an instant-access account like ICEsave in the first place and suffer no withdrawal penalties. Also monthly interest is better for keeping track of things

excellent description of NW reg saver, should be made a sticky imo :rotfl:

[Deleted User]

Milarky wrote: »

[In comparison, Nationwide's top rate is 6.5% - rising to 6.75% next month - [B]but pays 2% less in any month you make a withdrawal[/B] or fail to pay in at lest £100. Although NW pays 4.50% on 'static' balances, therefore, it is effectively a '£100 minimum' account to get the half-decent middle rate of 6.00%. So although you do get unfettered access to your savings, you might as well keep these savings in an instant-access account like ICEsave in the first place and suffer no withdrawal penalties. Also monthly interest is better for keeping track of things]

Thats not quite right. To work out the interest rates they calculate money paid in mius money withdrawn and then check it against their interest rates thresholds. Therefore, for example, if in 1 month you pay in the maximum of £250 but withdraw £49, you still get the top level of interest of 6.5%, or 6.75% from next month, as you paid in £201.

bristolleedsfan

Deleted_User wrote: »

Thats not quite right. To work out the interest rates they calculate money paid in mius money withdrawn and then check it against their interest rates thresholds. Therefore, for example, if in 1 month you pay in the maximum of £250 but withdraw £49, you still get the top level of interest of 6.5%, or 6.75% from next month, as you paid in £201.

thats correct, equally if u pay in 250 and withdraw 51.00, u get a lower rate of interest on the whole balance for that month, if you pay in 250 and withdrawal over a certain amount, ( im not checking how much) then u get 2% lower than top rate on whole balance for that month.

what malarky was saying is average person who wants to make a capital withdrawal in any given month of a reasonable sum will get 2% less than the top rate for that month on the whole balance. ( thats the world according to the worlds largest building society )

the higher the actual balance saved in nationwides reg saver the more they will lose in the month (s) they make a capital withdrawal.

RayWolfe

Cor blimey BLF, you are flogging this horse!
You work it like you do other accounts. With YBS you take out a little and reduce your monthlies when you get close to the 20K. With NW, you take out a lot. It's just a question of manipulating the different terms that the suppliers offer TO SUIT YOU.
It ain't a brilliant account but it ain't all bad.

bristolleedsfan

RayWolfe wrote: »

It ain't a brilliant account but it ain't all bad.

in two months this is the first time uve nearly given a negative to the NW RS account, i was convinced u was on commission to give it positives. :T :j

i doubt if yorkshire BS R/S will remain competitive enough for long enough to get anywhere near 20000 :rotfl: