Regular Savings Accounts: The Best Currently Available List!

skevvybritt

uzubairu wrote: »

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The lady who opened my account seemed to think that this account will be withdrawn with the next couple of days.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.

I've opened mine today, and the lady said today is the last day - rush to get it if this is the one you want! You need a passport or driving licence, proof of address and your initial deposit in cash or cheque. I called to make an appointment, and it all went very smoothly.

Essex123

Sounds right to me. The account has disappeared from their website. You can still see the google cache of the page here though:

http://webcache.googleusercontent.com/search?q=cache:28BzKVOAsmMJ:www.northernrock.co.uk/savings/branch-and-postal-accounts/fixed-rate-regular-saver_issue1/index.asp%3Futm_source%3Dswf_b1_fom+northern+rock+fixed+rate+regular+saver&cd=1&hl=en&ct=clnk&gl=uk

For what its worth, when I opened my account on the first day, the bloke told me that this issue was really to test the water and if it was popular an "Issue 2" account may follow. I would guess the Issue 2 account (if it materialises) will have a lower rate.

Essex123

Special_Saver2 wrote: »

- 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.

The Loughborough account is now on their website. Disappointingly, the rate is 2%, with a guarantee of the rate being BOE BR +1.5% through until 31/05/2012.

Full details here:

http://www.theloughborough.co.uk/savingsdetail.php?recordID=34

exel1966

tiptoe_mouse wrote: »

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!

This is my fourth RS with Lloyds, the previous three all had 13 payments and full interest was paid. The terms for the current RS are the same.

As suggested above to maximise interest gain over the year always open up RS accounts and deposit the first payment as late in the month as possible (T&C's permitting), then follow up with the second payment as early as possible the following month.

fairyprincess

Hi there

I was going to open this account but then came across some information on the 'tax retention' rates. This rate increases from 20% to 35% in July 2011. As I am new to investing off shore I am not sure how this effects me. Do I have to pay the 35% as this is higher than the normal tax rate on savings?

Any help very much appreciated.

Thanks.

premierfella

I held one of these accounts when the interest rate was higher.

As I understand it, the three options are (assuming you are resident and domiciled in the UK):
1. Agree to "exchange of information" and include the gross interest received on your UK tax return;
2. Refuse to exchange of information with the UK tax authorities and pay the retention tax (which as you indicate will be rising from 20% to 35% in JUL11);
3. Apply for exemption (this option won't apply to the majority of UK residents unless you spend substantial periods outside the EU).

http://www.halifaxinternational.com/Download/Halifax-Int-EUSTD-factsheet.pdf

I chose option 1 when I held the account (simply because I was seeking the high interest rate and already filling in a UK tax return and also benefitted from the delayed payment of higher rate tax on the interest received).

If you choose option 2, my understanding (could be wrong - I am no tax expert!) is that you are still liable to pay any additional UK tax due (i.e. if you are a higher rate taxpayer you are still required to report the interest earned on your UK tax return and would receive a tax credit for the "retention tax" already deducted). I don't know if this is still necessary if you are only taxed at the basic rate in the UK.

The intention of the retention/withholding tax (AIUI) is to "encourage" us to agree to the exchange of information with the tax authorities by making it financially more costly to NOT agree to this (by increasing the retention/withholding tax to above the tax rate you would pay at home - phased in to prevent a sudden outflow of funds from "tax havens").

Of course I am sure that you have already considered the other issue regarding receiving compensation from the Isle of Man Deposit Compensation Scheme should Halifax International fail.

fairyprincess

Thanks Premierfella. It now makes sense.

Milarky

4% (variable) Chorley BS Summertime Saver (from 1st June)

Save up to £150 per month

Terms and conditions match the Santasaver (Iss 2) except that the 'annniversary' is 31 May not 25 November

[NB the 'Paid up share' account is no longer available to open as a 'nominated account' and the nearest equivalent may be the '[URL="http://chorleybs.co.uk/index.php?option=com_content&task=view&id=221&Itemid=564"]Chorleian Share[/URL]' (for £1 min balance) instead]

chookie1

For the sake of completeness.... Abbey Offshore offer a regular saver which pays 10% on up to £2500 per month.

Which all sounds very nice except...
- you have to have one of their Gold current accounts which needs at least £5000 in it. And no credit interest.
- you can't pay in more than 20% of the monthly payment into the current account into the regular saver. So if you want to save £2,500 per month you need to have inward payments of £12,500.
- you need to have £50k minimum balance with Abbey International - although to be fair to them they have some reasonable deposit rates
- as it's offshore in Jersey, it's not covered by the FSCS

If you have the money, it's probably still a good deal, as long as you're happy with the safety aspect. But prob a lot of work to set up :-(

Special_Saver2

Hi Folks,

I have been away for longer than expected but here is this weekend's update. I have come across some new accounts and some accounts which have re-appeared having previously disappeared. They are as follows...

Ulster Bank Special Interest Deposit account added to post 2 - paying 3% variable on £0 - £1,000 per month, no penalties for withdrawals, no maturity date - seems pretty good, only catch is that the interest rate is lower on any amount over £15,000

Cambridge BS Regular Savings (Issue 2) account added to post 4 - paying 3.05% variable (including a 3% fixed bonus) on £20-250 per month, locals only

Chorley BS Summertime Saver account added to post 7 - paying 4% on £0-£150 per month, matures on 31st May each year

Chorley BS Galloway's Regular Saver account added to post 7 - paying 3% on £20-250 per month, matures on 31st May each year

Chorley BS Variety Club NW Regular Saver account added to post 7 - same details as Galloway's Regular Saver account

Chorley BS Regular Age Concern in Lancashire account added to post 7 - same details as Galloway's Regular Saver account

I have added the Abbey Offshore account mentioned above to post 5.

I will update the first page of this thread the weekend after next.

SS2