Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Chadsman wrote: »

The basic rate is 2% the bonus is an extra 2.5%.
It is normal for a rate to drop or is that plummet when an account is closed to new applicants.

Hi Chadsman,

The interest rate might not plummet. It depends on the institution and how much money they need coming in.

I continue to save with a Yorkshire Building Society issue 1 regular saver paying 3.75% gross interest which is better than the current issue 2 regular saver paying 3%.

I tend to look at the interest rates of an institution's closed accounts and compare them with the current available accounts to get an idea if the interest rate will plummet.

The Stroud and Swindon looks good in that respect.

Their Branch Premier Issue 2 (closed account) is paying 0.8% compared to their Premium Reward account (available to new members) paying 0.5-0.75% tiered interest rates.

Their 50+ closed accounts are paying 3.2-3.25% whereas their 50+ account available for new members pays 0.7%.

Their Direct Tracker account (closed) pays 0.2% compared to their Classic Gold account paying 0.05-0.3% (tiered interest, available to new members).

I know those are poor interest rates compared to the regular saver account but hopefully you can see the point that I am trying to make in comparing new and closed accounts.

Unfortunately, there are plenty of other banks and building societies where the interest rate does plummet shortly after the account is closed to new customers. I can think of plenty of those!

I will be happy to carry on paying £250 per month into my Stroud and Swindon Regular Saver Plus Issue 2 account and if the interest rate does plummet then I will use my 1 penalty-free annual withdrawal to rescue my money and then pay £10 per month until the bonus interest for that year has been paid.

There is one thing that I am wondering though... what happened to the Stroud and Swindon Regular Saver Plus (Issue 1) interest rate? I presume there was one as we have the issue 2 account. I do not see it listed in the closed accounts interest rates page.

SS2

Nick_C

My partner and I both kept YBS Issue 1 - great for holiday savings as between the 2 accounts we can make 2 withdrawals a year, and vary the savings between £20 and £1000 a month.

Special_Saver2

Hi Folks,

There is only one change for this weekend's update. Cheshire BS have re-launched their Monthly Saver (now Issue 3) paying Bank of England base rate + 3.5% gross p.a. (i.e. currently 4%) until 31st May 2011. It is a branch based account. The details are identical to the Dunfermline and Derbyshire BS accounts. These accounts are all in post 4.

The new West Bromwich BS WeBSave account (paying 2.85% until 28th February 2011 with penalty-free withdrawals) is not suitable for use as a feeder account as it needs to be linked to a current account unfortunately.

I will do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

Here is this weekend's update.

The Principality BS Member Regular Saver Bond has disappeared from the Principality website and I presume that it has been withdrawn.

There are no other changes that I can find.

I will do another update next weekend.

SS2

ctdctd

From here:-

https://forums.moneysavingexpert.com/discussion/2476581

Two new R.S.'s - Northern Rock 5% and 250 PM, Nottingham 5% and 100 PM

Edit:- Oops - I see SS2 already has the Nottingham one listed so only one new RS:-(

Special_Saver2

Hi Folks,

I have added the Northern Rock account to post 3 of this thread. Thanks to penguine for the original post and thanks to ctdctd for posting a link on this thread.

SS2

Special_Saver2

Hi Everybody,

I have checked through everything and I cannot find anything to add or remove.

I will do another update next weekend.

SS2

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Ipswich BS Holiday Save launched (added to post 4) - same details as their existing Smart Save account but you also get entered into a prize draw for a cruise and can get a 10% discount on holiday bookings with Fred. Olsen Travel
- Egg Savings Account (Internet) Issue 2 (feeder account section) interest rate increased from 2.5% to 2.8% for first 12 months
- Loughborough BS Regular Savers Account +4 to be launched on 1st June according to emoneyfacts, not yet on Loughborough BS website. They usually offer good initial interest rates (and this account comes with a Bank of England base rate + 1.5% until 31st May 2012 guarantee) but if the interest rate ends up being only 2% then it will not be good enough to be added to this thread. If the interest rate is competitive then I will add it to post 3.

I may not have internet access next weekend. If that is the case, then I will update this thread again in 2 weeks.

Enjoy the long bank holiday weekend!

SS2

uzubairu

I've just opened a Northern Rock Fixed Rate Regular Saver today (passbook option).
The lady who opened my account seemed to think that this account will be withdrawn with the next couple of days.

While I was waiting to be seen (my appointment was for 09:30), there were another 5 people waiting to open the same account.

mary

Well, I have tried two times over the last 2 weeks or however long it's been available to get it sent by post, and I'm sure they have done that, but seeing your post, I decided to ring to find out why I've still received nothing. Only to discover that it is closing today, they've just received instructions from on high.