Regular Savings Accounts: The Best Currently Available List!

nicko33

knights wrote: »

Hi, forgive me if I have mis-understood your post but if you have somewhere better to put your monthly contribution then why open the regular saver?

Maybe in case of the following situation:

You open a regular saver at 7% that allows variable payments from 10-250/month.
3 month later, a different provider introduces a new RegSaver at 8%.
If you still only have 250/month available to save,
you would be better off reducing the original RS to 10/month
and starting the new one at 8% with £240/month

So it could be that at the time of opening the 7%, that was the best option available, but over time, the situation changes.

ukcia-shug

knights wrote: »

Hi, forgive me if I have mis-understood your post but if you have somewhere better to put your monthly contribution then why open the regular saver?
regards

I guess it depends on how much someone has to save each month. If you have lots you can open numerous savings accounts (and other investments). I already have an ISA, and invest in Zopa, and don't have a lot left over for savings accounts.

So my thinking was that in, eg, 9 months time any money I was putting in to this account would only be earning 8% for 4 months then its all going to end up back in a low interest account and I then I would have to start feeding it into a new savings account (or do something else with it).

Presuming that interest rates don't change too much then there is a fair chance that there will be some other savings account with similar rates that I could start in, say, 6-9 months time, and money going in there will be earning good rates for a longer time than if it was going into in the 1st direct saver a/c.

Of course, my grasp of modern economics could be even worse than I thought.

knights

knights wrote: »

Had a letter from Lloyds this morning saying that they are changing the T&C's in that the matured Monthly saver will now change to their new 'Easy Saver' rather than the 'Guaranteed Tracker' on maturity.

They also advise they are extending my Monthly Saver to 1st May 2008. It was due to mature 22nd March 2008.

PS their new Easy Saver 1.5% below BoE base, therefore currently 3.75% so won't be leaving it in there long !!!!!!!

Anyone else had this?

regards

Wondering if they intend to withdraw their Monthly Saver and by extending the saving period to 1st May it will mean that I will not be able to apply for a new one?

Any thoughts?

regards

noh

knights wrote: »

Had a letter from Lloyds this morning saying that they are changing the T&C's in that the matured Monthly saver will now change to their new 'Easy Saver' rather than the 'Guaranteed Tracker' on maturity.

They also advise they are extending my Monthly Saver to 1st May 2008. It was due to mature 22nd March 2008. My last payment therefore 22nd February 2008.

They also say 'and your standing order will still be paid on the same day'.

I rang them about this just to clarify, took ages before I could find anyone who knew about the change!

Anyway bottom line for me is an extra 2 months regular payments albeit the last one on the 22nd April will only be in the account 8 days before it is transfered.

PS their new Easy Saver 1.5% below BoE base, therefore currently 3.75% so won't be leaving it in there long !!!!!!!

Anyone else had this? I had to add an extra 2 payments onto my standing order as had it set up to complete on 22nd February.

regards

Haven't had a letter myself.
Why don't you shift your payments into the account back to the start of the month? That way you will have more money in there for longer.

Nigel

MoneyDummy

Yep, I've had this letter too. The problem being I signed up for two years and I've only been paying in for one!!

Now fighting with Lloyds to give me the product I signed up for; a 2 year not a 1 year regular saver.

Anyone else had this problem? Would like to know result?
Thanks

knights

MoneyDummy wrote: »

Yep, I've had this letter too. The problem being I signed up for two years and I've only been paying in for one!!

Now fighting with Lloyds to give me the product I signed up for; a 2 year not a 1 year regular saver.

Anyone else had this problem? Would like to know result?
Thanks

Well thats not very good is it. I missed the 2yr account by a month or two.

Anyway I think I will write to them and reject their offer and insist it is closed as my original agreement, then maybe open a new one if it is still available.

regards

knights

I think I may have made a little error.

My RS matured on the 29th January 08. In an effort to get the account closed a.s.a.p. so perhaps could re-apply in 3 months, I rang to close it on the 30th. Told it would take up to 10 days. Still not received money, told this morning it was initiated Saturday 9th, (another 2 days to them), should be in my acc. by 14th Feb.

Should have cleared the BULK of the acc out by BACS as soon as it was available and once the money was with me then closed the account.

Hope this helps someone else.

regards

sloughflint

knights wrote: »

I think I may have made a little error.

My RS matured on the 29th January 08. In an effort to get the account closed a.s.a.p. so perhaps could re-apply in 3 months, I rang to close it on the 30th. Told it would take up to 10 days. Still not received money, told this morning it was initiated Saturday 9th, (another 2 days to them), should be in my acc. by 14th Feb.

Should have cleared the BULK of the acc out by BACS as soon as it was available and once the money was with me then closed the account.

Hope this helps someone else.

regards

Unless A&L have changed their methods, the RS should have automatically been swept into your current account from memory. I'm partway through my second time with them.

knights

sloughflint wrote: »

Unless A&L have changed their methods, the RS should have automatically been swept into your current account from memory. I'm partway through my second time with them.

Yes sorry sloughflint the early hours of the morning obviously took a toll on the clarity of my post.

Yes it was swept straight away into the Premier Current Account on the 29th January, it was that account I rang to close and in hindsight perhaps should have almost cleared it out by BACS first and then rang to close once the bulk of the money was in my hands.

The BACS would have been 3-4 days rather than the 10 plus days I have had to wait.

regards

YorkshireBoy

knights wrote: »

The BACS would have been 3-4 days rather than the 10 plus days I have had to wait.

Plus the time it takes to pay the cheque in...plus the time it then takes to clear!