Regular Savings Accounts: The Best Currently Available List!

johnmoney05

Special_Saver2 wrote: »

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

Thanks for clarification. But I am not really sure the request of withdrawal on the anniversary date counts toward the withdrawal of new anniversary?

Special_Saver2

johnmoney05 wrote: »

Thanks for clarification. But I am not really sure the request of withdrawal on the anniversary date counts toward the withdrawal of new anniversary?

My understanding is that the interest is paid on the anniversary of account opening and that the new anniversary year starts on this day too. So I think a withdrawal after the first year's interest would count as a withdrawal in the second year. You should check with the building society though.

SS2

IanIan

Moneyfacts (http://moneyfacts.co.uk/news/savings/northern-rock-launches-regular-saving-account180511/) says that Northern Rock has just launched a monthly savings account paying 4%. I have just phoned NR, and they say they haven't launched such an account! I have emailed Moneyfacts to ask for clarification. 4% is very good!

Special_Saver2

Thanks for letting us know. It is also on emoneyfacts,

Northern Rock

REGULAR SAVER Issue 3 launched w.e.f. 18.5.11: an instant access branch based regular savings account maturing 1.8.12 with a minimum monthly investment of £1 (maximum £250) paying 4.00% fixed yearly. Unlimited withdrawals permitted. Monthly payments can be amended or missed without penalty. Further additions permitted up to monthly maximums. Maximum investment £3,500.

It is a shame it is a branch based account - I have really liked their online offerings and online banking system. Otherwise, it looks great - fixed interest with unlimited withdrawals. Assuming the account exists, of course!

SS2

uzubairu

I opened a Fixed Rate Regular Saver - Issue 3 account yesterday (Wednesday 18th May 2011) at the Manchester branch on Princess Street @ 15:45.
I was given the Key Product Information sheet for the account, but the advisor said that they were awaiting more literature about the account.
I requested the passbook option and deposited £250.

Maximum that can be deposited over the duration of the fixed rate term is £3,500.
I am very impressed with the flexibilty it offers, but hopefully I won't need to use those facilities.

My husband has an appointment at the Stockport branch on Friday to open his.

IanIan

I've just spoken to Northern Rock again. I have made an appointment to open an account at lunchtime. They confirmed it is branch based, maximum £250 per month, 4%, matures August next year. They tell me that the account was launched at 10am yesterday!

For me, this will be a good addition to my Saffron BS account, which also provides instant access.

uzubairu

IanIan wrote: »

For me, this will be a good addition to my Saffron BS account, which also provides instant access.

Ditto.

I plan to open another account with Saffron BS when my current one expires.

IanIan

Northern Rock account now opened! They let me open one for my daughter (me as trustee for her). I think this may count as a "best buy" for a child's account, because it is instant access, and the rate of 4% is fixed until 1 August 2012. Best to get in quick in case they withdraw the account!

Milarky

12 months @£10 to £250. Must not miss more than two payments and no withdrawals allowed

[STRIKE]Not yet viewable on their website as it launches officially in a few days - so don't know if[/STRIKE] it's 'branch-based' and is NOT available online/by post.

(The Higher rate is for the children's version)

Details on emoneyfacts:

https://www.emoneyfacts.co.uk/news/news-search.aspx?newsarticleid=205445

adindas

I just want to confirm here that to open Principality RS Issue 11 you do not need to visit their branches.

You could just download the form from their website and send it together with cheque to their head quarter in Cardiff.

I just did it and I got my passbook today. It is worthy as it pays 4% and you could vary the monthly payment as long as you pay £20 - £500 a month

ADINDAS