Regular saving account

zak2012

Is there any bank which offer more than 12 months regular saving account?most banks r fixed for 12 months.so for example is there bank where u can keep saving every month for 2 or 3 years?with good interest? thanks

PeacefulWaters

Nationwide.
Leeds BS.

Please could I suggest posting without text speak, thanks.

Rich2808

Leeds BS have an ongoing regular saver paying 3.05 per cent ongoing for up to £250 a month. It's available in branch or by post.

http://www.leedsbuildingsociety.co.uk/savings/regularsaver/

colsten

PeacefulWaters wrote: »

Nationwide.

The longer than 12 months account is longer available to new applicants. I know of no Regular Savers now that run in perpetuity(*). Of course it's easy to recycle matured RS accounts, and there are other accounts that pay good interest and can be fed monthly. It all depends on how much you want to safe. At the last check, you could still achieve between 4% and 5% AER on some £55K.

* EDIT: I now do, thanks to Rich2808. 3.05% for max £250/mth is a bit mean though when you can get 4% - 6% for up to £1,950/mth, and when there are plenty of 3%+ feeder accounts.

grumbler

zak2012 wrote: »

Is there any bank which offer more than 12 months regular saving account?most banks r fixed for 12 months.so for example is there bank where u can keep saving every month for 2 or 3 years?with good interest?

• Top Savings Accounts

The best is to combine 5-6% regular savings account(s) with 4-5% normal savings (current) account.

B_G_B

zak2012 wrote: »

Is there any bank which offer more than 12 months regular saving account?most banks r fixed for 12 months.so for example is there bank where u can keep saving every month for 2 or 3 years?with good interest? thanks

Sections 2 & 3
https://forums.moneysavingexpert.com/discussion/608697

Rich2808

There is a full list here of regular savers. Clearly the higher rates linked to current accounts may be better short term but once you build up a big balance and it rolls over the Leeds account works out better. Nottingham pay 3.1 per cent but it's branch only so is generally only available to locals as are many of the other BS accounts listed.

http://moneyfacts.co.uk/savings/regular-savings-accounts/


With my 6 per cent one year fixed term regular savers with FD, HSBC and MandS I only earn 3 per cent for twelve months in effect as it's the average rate as the last payment earns 6 per cent for a month and then it is closed. I earn 3.05 per cent on the entire built up balance with Leeds ongoing which beats most current accounts bar Lloyds, TSB and NW (for a year).

colsten

Rich2808 wrote: »

With my 6 per cent one year fixed term regular savers with FD, HSBC and MandS I only earn 3 per cent for twelve months in effect

You seem to be making a mistake if you earn that little. You should be making 4%+ from all your regular saver money, and other money, up to around £55K. Do you drip-feed?

grumbler

Rich2808 wrote: »

With my 6 per cent one year fixed term regular savers with FD, HSBC and MandS I only earn 3 per cent for twelve months in effect as it's the average rate as the last payment earns 6 per cent for a month and then it is closed...

If you feed 6% RS from 5% account(s) you earn 6% on all your money in RS, 5% on your money in 5% account and between 5% and 6% on all your money in these accounts.

If it's, say, £3600 in 4% account(s) going to 12*£300 6% RS, then you earn ~5% on £3600.

Vortigern

colsten wrote: »

I know of no Regular Savers now that run in perpetuity(*)

* EDIT: I now do, thanks to Rich2808. 3.05% for max £250/mth is a bit mean though when you can get 4% - 6% for up to £1,950/mth, and when there are plenty of 3%+ feeder accounts.

No perpetuity with Leeds BS. They have history of closing earlier issues of their regular saver and dropping the interest to minimal.

See:
http://forums.moneysavingexpert.com/showpost.php?p=67519523&postcount=3042

Rich2808

grumbler wrote: »

If you feed 6% RS from 5% account(s) you earn 6% on all your money in RS, 5% on your money in 5% account and between 5% and 6% on all your money in these accounts.

If it's, say, £3600 in 4% account(s) going to 12*£300 6% RS, then you earn ~5% on £3600.

Sorry. I beg to differ.

My TSB accounts are at maximum balance for the 5 per cent interest and I earn no interest on any funds over £2000. NW pay 5 per per cent for one year only up to £2500 - it drops to 1. Lloyds won't accept me for their 4 per cent current account and no other one pays more than 3 per cent.

And all this recycling doesn't work if you are already at the maximum balance for earning interest.

The 6 per cent regular savers are good - but you have to restart from zero, rinse and repeat every year. The funds I have built up in my Leeds RS earn 3.05 per cent year on year on year on the entire balance built up. That beats 3 per cent.