Regular Savings Accounts: The Best Currently Available List!

RayWolfe

T&Cs
GENERAL
2. Only one RS account can be held ...

Special_Saver2

Hi everybody!

I have updated the first posts in this thread. Chorley BS Galloway Saver, Ipswich BS Homebuyer Savings, and Sainsbury's Bank Internet Saver have all dropped their rates by 0.25%.

The Chorley BS Galloway Saver rate actually went down as of 1st February. There is no change so far to the Chorley Santa Saver.

Speculator

Special_Saver2 wrote: »

Prinicipality BS Regular Saver Bond 5

Interest rate: 7% gross p.a. variable
Monthly payment: £20-500
Miss any payments: No
Penalty-free withdrawals: No
How to open account: Branch or post
Special conditions: Missing a payment or making a withdrawal results in Instant Access account lowest tier of interest being paid for entire term.

I am sure the regular saver Bond interest rate is fixed, not variable.

newcastlebelle

just opened a reg saver with lloyds tsb at 8% fixed for a year..........cant understand the point of having to open a current account before I could have the saver though, especially as the cs girl said to close it down as soon as I receive the card [ dont need anymore current accs]

knights

newcastlebelle wrote: »

just opened a reg saver with lloyds tsb at 8% fixed for a year..........cant understand the point of having to open a current account before I could have the saver though, especially as the cs girl said to close it down as soon as I receive the card [ dont need anymore current accs]

Be careful about this the following is an extract from their T & C's -

'If you don’t use your LTSB current account as your main current account we can convert your Monthly Saver to a Guaranteed Tracker (or similar account if that account is no longer available)'.

regards

newcastlebelle

I pointed that out to the products manager and she said the operative word is 'can', she promised I could keep my reg saver and close the current ac as I didnt need it.

JamesPond

Special_Saver2 wrote: »

No Time Limit / Account Maturity Date

Yorkshire BS Regular Saver

Interest rate: 6.85% gross p.a. variable from 30th December 2007
Monthly payment: £10-500
Miss any payments: Can miss one per year
Penalty-free withdrawals: One per year
How to open account: Branch or by post
Special conditions: Limit of £20,000 (but you can always slow down your contributions when you are getting close to this)

I cant see this mentioned anywhere, in fact I did a search and it does say there is no fixed term, just the £20,000 as you say. However, I have received their savings account brochure, and next to their Regular Saver account it says "A branch based passbook account that helps you save regularly for a period of three years"

Special_Saver2

Speculator wrote: »

I am sure the regular saver Bond interest rate is fixed, not variable.

Thank you Speculator. It was not clear to me before whether it was variable or fixed but I have managed to find their terms and conditions and they confirm:

4. The annual interest rate across all balances in the Regular Saver Bond Issue 5 is 7.00% Gross* p.a./AER† (fixed) (5.60% Net#) fixed for 12 months from the date of account opening. Customers who miss a payment or make a monthly payment of under £20 or in excess of £500, or make a withdrawal following account opening will receive interest calculated at a rate equivalent to the rate applying to the bottom tier of the Instant Access Account (refer to our Savings Rate Guide for rate) or if none, the Society’s nearest equivalent account for the full 12 month period.

I have corrected this in the relevant post. Thanks.

Special_Saver2

newcastlebelle wrote: »

just opened a reg saver with lloyds tsb at 8% fixed for a year..........cant understand the point of having to open a current account before I could have the saver though, especially as the cs girl said to close it down as soon as I receive the card [ dont need anymore current accs]

The whole point of opening the regular saver (as far as Lloyds TSB is concerned) is to make you use their current account too. When I opened my current account and regular saver, the person in the branch who was opening it for me pointed out the terms and conditions saying that I had to use their current account as my main current account otherwise they could switch the regular saver to a less favourable account (Guaranteed Tracker - guaranteed to provide a poor rate).

I try and warn people of this in my entry for that account at the beginning of this thread (including a quote of the terms and conditions, as also quoted by knights in the post above). I also say that I have not heard of any moneysavers on this forum reporting that LloydsTSB has ever used that clause against them.

I would certainly advise against closing the current account if you want to keep using the regular saver. At the very least, I would keep 1 pound in the current account. If you want to be absolutely sure that they will keep your account open then follow the terms and conditions and actually use the current account.

Special_Saver2

JamesPond wrote: »

I cant see this mentioned anywhere, in fact I did a search and it does say there is no fixed term, just the £20,000 as you say. However, I have received their savings account brochure, and next to their Regular Saver account it says "A branch based passbook account that helps you save regularly for a period of three years"

Hi JamesPond, welcome to this forum.

That sounds exactly like the Yorkshire BS "Monthly Saver". It is no longer available to new customers but it is a branch based passbook account with a 3 year term. It allows you to save 10-100 pounds per month. I think that is probably the account that your brochure is mentioning. Have a look at it again and see if the name is Monthly Saver (closed to new customers, 3 year term) or Regular Saver (open to new customers, no maturity date).