what other 5% accounts are there

GTR_King

Other than
TSB Classic Plus 5%
TSB Reg saver 5%
Nationwide Flex Direct 5%

what other current/savings accounts offer 5%???

RichyRich

First Direct/HSBC/ M&S Bank all have 6% regular savers with a maximum monthly deposit of £300/£250/£250 respectively.

Nationwide Building Society has a 5% regular saver with a maximum monthly balance increase of £500.

The three HSBC brands must be funded from a linked current account on the same date each month. The Nationwide account requires a linked current account but can be funded from a different account on any day within each month.

The Nationwide account permits early withdrawals with no penalty. The HSBC ones only permit early withdrawals if the account is closed and the lion's share of the interest will be forfeited.

GTR_King

I am tempted to go for the nationwide A/C and deposit £100/£250 in it....(All I wanna deposit each month can't afford much more)

Look at HSBC But you need advance A/C which need £1,750 deposited in each month (Can't do that)

1st Direct you need A/C with them & £10 a month A/C Fee

M&S Don't much about that A/C

RichyRich

The Nationwide is the most flexible of the regular savers in that (a) you don't have to make a payment each month (b) you can pay in from any account (c) you can make withdrawals (c) you can make deposits on any day and indeed multiple deposits as long as the monthly balance increase is not more than £500.

However just on a point of accuracy I would point out that the £10 monthly FD account fee is easily avoided by having one additional product with FD other than the current account. The RS probably would 'count' as the extra product, though I am not 100% sure on that without checking. An instant access savings account with a token quid in it definitely counts.

YorkshireBoy

RichyRich wrote: »

The RS probably would 'count' as the extra product, though I am not 100% sure on that without checking.

It's specifically excluded from the list of qualifying products.

bobobski

I asked this question - FD said so long as I have token activity in my easy access saver once a year, I won't be charged the monthly fee.

Vortigern

bobobski wrote: »

I asked this question - FD said so long as I have token activity in my easy access saver once a year, I won't be charged the monthly fee.

I've never heard of this requirement for token activity in the easy saver but I suppose it would prevent dormancy.

The token activity in mine is an annual deposit from a maturing regular saver, an annual withdrawal of the same amount, and the addition of 3p net interest.

YorkshireBoy

YorkshireBoy wrote: »

It's specifically excluded from the list of qualifying products.

Just looking into this further and I can't see any mention of "banking fee" in the T&Cs for accounts opened from 1st October 2015 (it's still there in the T&Cs for accounts opened prior to this date). Has this fee been withdrawn for new customers, or have I missed it somehow?


Please ignore (see below).

B_G_B

YorkshireBoy wrote: »

Just looking into this further and I can't see any mention of "banking fee" in the T&Cs for accounts opened from 1st October 2015 (it's still there in the T&Cs for accounts opened prior to this date). Has this fee been withdrawn for new customers, or have I missed it somehow?

New account T&C’s, page 6. Looks like it’s still there. They have just put it in a different part of the T&C’s.

YorkshireBoy

B_G_B wrote: »

New account T&C’s, page 6. Looks like it’s still there. They have just put it in a different part of the T&C’s.

Thanks for that. How very strange! I did a ctrl F search for "banking fee" and it turned up nothing. And when I did the same for "fee" it seems to return every instance of the word "fee" EXCEPT the section you've pointed me to. Weird!

colsten

In answer to the OP: https://forums.moneysavingexpert.com/discussion/5374614