Regular Savings Accounts: The Best Currently Available List!

10_66

tiptoe_mouse wrote: »

Thanks to you both. Do either of you speak from personal experiences of making these payments and not being penalised in terms of interest?

Re the LTSB one. As I have one of these due to finish in a couple of months' time, I was checking the T&Cs to find out whether the 13th payment was permitted. There is nothing in them to say you can't make the 13th payment, and below are a couple of paragraphs from the T&Cs regarding the funding of the account. Also, Biggles in post number 6 of THIS thread confirms you can do this. Fairtrade, in post number 2 of the same thread suggests that you can't, but this is incorrect.

1.3 You must agree to set up a standing order into the Account for one payment of between £25 and £250 each calendar month the Account is open (your ‘Standing Order’), the first being within 30 days of you opening the Account.

4.1 Your Account will end on the first anniversary of opening the Account and we will convert the Account into an Easy Saver Account (or similar account if it is no longer available). Your account number will remain the same and we will continue to accept your Standing Order until you cancel it. You can close this account at any time.

fairtrade

tiptoe_mouse wrote: »

Thanks to you both. Do either of you speak from personal experiences of making these payments and not being penalised in terms of interest?



Sorry, could you clarify which account this applies to?

Thanks,

tiptoe

It seems both Halifax and Lloyds allow the 13th payment. I think the thread was titled Lloyds 13th payment.:j

forums.moneysavingexpert.com/showthread.html?p=31890361

Special_Saver2

anamenottaken wrote: »

From post #4


I don't know if the wording has changed recently but the N&P site says, "In following years your savings will earn a variable rate of interest - but you can still earn your 1.5% annual bonus". It seems to me the bonus rate is fixed. If it were to change, it would be after the first full year and it would probably not be worth retaining the account as, with current rates, it would halve from 4% to 2% including the bonus.

Hi anamenottaken,

I agree it sounds like the bonus rate is fixed but they never explicitly say that and on the "Key Product Information" page (click on the "product info" tab) it says "N&P reserves the right to vary the bonus rate at any time."

SS2

rb10

tiptoe_mouse wrote: »

Thanks to you both. Do either of you speak from personal experiences of making these payments and not being penalised in terms of interest?

I speak from personal experience of the Halifax one - I made 13 payments to mine, and received the full rate of interest on the account, including the 13th payment.

Special_Saver2

Special_Saver2 wrote: »

Hi anamenottaken,

I agree it sounds like the bonus rate is fixed but they never explicitly say that and on the "Key Product Information" page (click on the "product info" tab) it says "N&P reserves the right to vary the bonus rate at any time."

SS2

Having thought about it and looking at the website again, it does clearly say that the bonus interest rate (currently 1.5%) can be varied at any time whilst the basic interest (2.5%) is fixed for the first year. I have amended my entry in post 4 to reflect this.

SS2

tiptoe_mouse

rb10 wrote: »

I speak from personal experience of the Halifax one - I made 13 payments to mine, and received the full rate of interest on the account, including the 13th payment.

Thanks, rb10 - it's reassuring to hear from someone who has actually done it without being penalised.

Can anyone confirm that they've done so on the LLoyds one and received the full rate of interest?

I appreciate that the terms and conditions of both accounts don't prohibit 13th payments, but I don't fancy arguing the case with the banks if I can avoid it!

Cheers,
tiptoe

anamenottaken

Special_Saver2 wrote: »

Having thought about it and looking at the website again, it does clearly say that the bonus interest rate (currently 1.5%) can be varied at any time whilst the basic interest (2.5%) is fixed for the first year. I have amended my entry in post 4 to reflect this.

SS2

Hi, SS2

I see you now have "(2.5% fixed interest for first 12 months with 1.5% variable bonus interest)" for the N&P regular saver.

But their website also says (a) "Fixed rate for first 12 months, variable thereafter" and (b) "fixed for 12 months - this includes a 1.5% bonus.".


I think the bonus must be fixed for the first year.

Also thinking about to which # post it belongs - it is currently in post #4 (Matures after 12 months) but in fact it is an account which can run beyond 12 months but the fixed rate period ends and the rate with bonus falls to 2% instead of 4% so isn't worth continuing after that first anniversary.

Milarky

New in from eMoneyfacts

• Chorley & District BS
• SANTA SAVER withdrawn and Issue 2 launched paying 1.00% less w.e.f. 20.4.10: a variable rate regular savings account maturing 25.11.10 with a minimum investment of £1 per month (maximum £150) paying 4.00% on maturity. No withdrawals permitted. On maturity transfers to nominated account with society. Existing savings customers only

• Buckinghamshire BS
• 180 DAY MONTHLY INCOME CASH ISA paying 2.82%, GOLD RUSH 120 DAY CASH ISA paying 3.32% and CHILTERN GOLD BUILDER paying 4.12% withdrawn w.e.f. 20.4.10...

Two accounts pulled. Looks like the 'issue 2' SS is not available to existing SS issue 1 account holders (it's been confirmed) but the rate of 5% (variable) should remain on the already opened accounts for now (check back here for closed rates)

Special_Saver2

anamenottaken wrote: »

Hi, SS2

I think the bonus must be fixed for the first year.

Also thinking about to which # post it belongs - it is currently in post #4 (Matures after 12 months) but in fact it is an account which can run beyond 12 months but the fixed rate period ends and the rate with bonus falls to 2% instead of 4% so isn't worth continuing after that first anniversary.

I think you are probably right. N&P have worded it all badly and the word fixed never appears by the bonus interest, only the basic 2.5% interest. I have changed the entry again to say that the bonus interest is probably fixed for the first year but I cannot be sure because of the clause that says they can vary the bonus interest rate at any time. People can read that and make up their own mind or contact N&P to clarify the situation before opening the account.

As for which post, it is simple - I put any account where the interest rate drops after 12 months into post 4. I have added a line to section 2 of the introduction to make that clearer.

Milarky wrote: »

New in from eMoneyfacts

Two accounts pulled. Looks like the 'issue 2' SS is not available to existing SS issue 1 account holders (it's been confirmed) but the rate of 5% (variable) should remain on the already opened accounts for now (check back here for closed rates)

Thanks a lot for the info. I have updated the relevant posts with that information now.

SS2

Special_Saver2

Hi Everybody,

There is nothing else that I can find to add to this weekend's update.

I will do another update next weekend.

SS2