Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Tesco Internet Saver added to the feeder account section

I will also mention the launch of some other accounts that I am not going to add.

Nottingham BS have launched the Starter ISA regular savings account paying 5% p.a. on £445 per month. It is only available in branches and does not accept transfers in. This is a great account if you do not have a large lump sum to put into your 2011/12 cash ISA straight away. The only reason I am not listing it on page 1 of this thread is that I leave the ISA accounts to Kazza242's cash ISAs thread. It is already listed on that thread.

Yorkshire Bank and Clydesdale Bank have launched Regular Home Saver accounts. They allow you to get £500 - £1,000 cashback if you subsequently take out a first time mortgage with them but they only pay 0.5% per annum! This is a great account if you know for sure you want to take out one of their first time mortgages in the very near future but I cannot see this being a useful account for anybody else.

Market Harborough BS have launched a regular savings ISA paying 2.5% (including a 0.5% 12 month bonus). There are much better cash ISA accounts available (including non-regular savings cash ISA accounts). They are shown on Kazza242's Cash ISA thread.

I will do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

I cannot find anything that has changed over the last week.

I will do another update next weekend.

SS2

Special_Saver2

Hi Folks,

I cannot find anything that has changed this week. I will do another update next weekend.

Enjoy the long weekend and the lovely weather!

SS2

Special_Saver2

Hi Everybody,

Nothing has changed this week as far as I can tell.

I will do another update next weekend.

SS2

Special_Saver2

Hi Folks,

I have only found one thing that has changed this week.

Nationwide BS has launched a regular savings account for first time homebuyers. It only pays 2.5% p.a. gross interest so it is not good enough to make it on to the list on the first page of this thread. If you want a Nationwide BS mortgage with a 95% LTV and cashback then you can have a look at the details here.

I will do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

I cannot find anything that has changed this week. I will do another update next weekend.

SS2

johnmoney05

Just saved for one year for my Ipswich BS Holiday Save and Ipswich BS Smart Save, I noticed some wordings in the first page of these two accounts should be better changed. "It is therefore in your best interests to close this account and open a new one after the anniversary."I think it will be better if you withdraw the balance (with interest) on the anniversary and continue to save for the next year. I don't think you need to close the account and reopen a new account to benefit the bonus interest rate. OK, just my thought, any correction will be welcome. Thanks.

patriick

Hi Special_Saver2,

Special_Saver2 wrote: »

- Tesco Internet Saver added to the feeder account section

It might be worth adding that the maximum daily withdrawal (online only) for this account is £10,000.

Special_Saver2

Patriick, no problem, I have added that to the entry for the Tesco account now.

Johnmoney05, the advantage of closing the account and then opening a new one is that you will still have a penalty-free withdrawal that you can use to almost empty the account in the event that the variable interest rate on the account becomes uncompetitive or if you have an unexpected financial emergency. (You would keep a small amount in the account and then carry on making the minimum monthly deposits in order to secure the bonus interest on the account anniversary.)

I suspect that Ipswich BS realise this hence the fact that to close this account you need to give 14 days' notice. They probably hope that people will just withdraw their money (single branch visit) and won't be bothered to give 14 days' notice then return 2 weeks later (total of two visits).

Whether you close and re-open the account or simply withdraw the first year's money is up to you but you should do one or the other as otherwise your first year's money is only going to earn 0.5% interest.

SS2

adindas

Is loughborough Regular Saver i3 pay 3% or 4% interest rate.
IS it still available ?

arsenalboy wrote: »

I checked this out with Loughborough some time ago and they confirmed the rate would drop to 3% on the previous years deposits. To my mind if another advisor is saying the opposite it shows that they are confused as the people on this forum.
I am not confused, I withdrew, thats what the terms and conditions state.
I would advise anybody who wants to leave the money in thinking they will get 4% on the full balance to get it confirmed in writing, an email exchange normally surfices.
If they decide to only pay 3% when you do withdraw, referring to a telephone call will get you nowhere, they will refer you to the terms and conditions.