Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update:

- Northern Rock Regular Saver (Issue 3) added to post 3 (matures in August 2012)

- West Bromwich BS Fixed Rate Regular Saver (Child) added to post 4 (note that the maximum monthly deposit for the children's account is £100, pays 4.6% fixed, to be launched on Monday)

- West Bromwich BS Fixed Rate Regular Saver (Adult) added to post 4 (as mentioned previously, monthly maximum is £250, pays 4.1% fixed, to be launched on Monday)

- Nottingham First Home Saver added to post 8 - pays 3.25% variable on any amount from £10 to £15,000, only for people who have never had a mortgage, no withdrawals until it is time for you to buy a house or there is an emergency, can get £250 cashback on a mortgage through Nottingham BS or another provider using their broker service

- Abbey International has rebranded to Santander Private Banking and the Monthly Offshore Saver accounts (post 5) have disappeared from their website but they are still available according to the interest rates page

- Comment from adindas above added to the Principality BS account entry in post 4

I will do another update next weekend.

SS2



Edit: The West Brom accounts are going to be branch only according to moneyfacts.

edda

The West Brom told me that their fixed saver could be opened over the phone and operated by post. They have been known to give out wrong info before, though.

Only way to find out is to try it from Monday.

apt

IanIan wrote: »

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!

I suspect it might stay open for a while as a) branch based only and b) the Northern Rock regular saver issue 1 accounts, which paid 5%, are maturing on 1 June 2011 and a lot of this money will be withdrawn as the follow-on account is offering a whopping 0.5%.

adindas

Yes it is good to know this ...

Also whether we could vary the monthly investment or it has to be the same amount each month. In their website, it is just mentioned minimum monthly investment £10; maximum monthly investment £250.
If we could put the minimum £10 each month then this is a good reserve account for the people who need to wait the maturity of their other RSA in a few months time.

edda wrote: »

The West Brom told me that their fixed saver could be opened over the phone and operated by post. They have been known to give out wrong info before, though.

Only way to find out is to try it from Monday.

Special_Saver2

The West Brom accounts are now up on their website.

Regular Saver Child

Regular Saver Adult

The accounts are only available in branch. I will go and update the entries on page 1 of this thread with the details.

SS2

SnowMan

The Northern Rock 4% regular saver is now showing on their website here. As we thought you have to apply in branch though.

You have to decide when opening whether you want to pay in subsequent monthly payments in branch (passbook based option) or via standing order (statement based option) you can't chop and change between these options.

Pretty much as we expected except maximum balance is £3,750 and not £3,500 as emoneyfacts thought (15 payments of £250). However to get 15 payments in you would have to open an account now and the last deposit would only be in for about a week so many won't bother with the 15th payment.

Unusually for regular savers there doesn't seem to be any requirement to make monthly payments so if you decide to skip a month (or more) in later months you still get the 4% interest. Only requirement seems to be that you have to open it with £1 and maintain a £1 balance. It does say that the minimum additional deposit is £1 but does not say you have to make an additional deposit each month so that is how I read it at least, perhaps check this when opening.

So account scores highly on flexibility front as can make withdrawals also and still get the 4% rate.

edda

I can confirm that the West Brom regular savers (launched 23rd May) are branch based only.

Rang them up and double checked - cannot be operated by post.

motoko

I've just opened the Santander Super Fixed Rate Monthly Saver (Issue 9). Two advisors in different Santander branches have insisted to me that I must pay in the same amount every month. However the documentation they've given me does not mention this at all. Can anyone confirm whether it is a requirement of this account to pay in the same amount every month for 13 months, or can you vary the amount as long as it remains between £20 and £250??

The Ts&Cs have the following to say about payments into the account:
The account must be opened with a nil balance. The first deposit must be paid the month following account opening via standing order. The standing order must be set up to make 13 monthly payments into the account between the 2nd and 21st of each month. The standing order must be set up to make payments between £20 and £250 each month. If the standing order is being paid from an external account you must ensure that you give instructions to the external provider yourself.
The minimum deposit required for the Super Fixed Rate Monthly Saver is £20 per calendar month by standing order.
The maximum deposit required for the Super Fixed Rate Monthly Saver is £250 per calendar month by standing order.
If you decide to make an additional deposit in excess of £250 in any calendar month you will receive a lower rate of interest of 0.10% gross/AER (variable) on the whole of your balance for the remainder of the term. Once the initial deposit is paid into the Super Fixed Rate Monthly Saver no further deposits can been made.

Elsewhere in the documentation it also gives some further info which suggests the amount can be changed, but annoyingly this isn't mentioned in the Ts&Cs:
You can miss a payment, but if you choose to do this or pay in less than £20 per month you will receive a lower interest rate of 0.10% gross/AER (variable) on your whole savings balance for that month only.

I suspect that its not a real condition since its not in the documentation, but that advisers are trained to tell people this in order to reduce the amount of interest that Santander end up paying out. However I really need to know for sure before I set up the standing order, as ideally I'd like to pay the full £250 whenever I can, but I'm pretty sure I wont be able to do this every month. Wouldn't Santander be bound by the written documentation they have given me, even if they have verbally contradicted it? If anyone can shed any light on the subject that would be great.

ctdctd

motoko wrote: »

I've just opened the Santander Super Fixed Rate Monthly Saver (Issue 9).........Can anyone confirm whether it is a requirement of this account to pay in the same amount every month for 13 months, or can you vary the amount as long as it remains between £20 and £250??

I've had a couple of these of earlier issues - you can vary the standing order payment between £20 and £250 each month.

HTH

adindas

I called them two days ago. That is also what I have been told it have to be the same amount each month.

You need to choose between £20-£250. But once you choose it, the amount have to be the same.

motoko wrote: »

I've just opened the Santander Super Fixed Rate Monthly Saver (Issue 9). Two advisors in different Santander branches have insisted to me that I must pay in the same amount every month. However the documentation they've given me does not mention this at all. Can anyone confirm whether it is a requirement of this account to pay in the same amount every month for 13 months, or can you vary the amount as long as it remains between £20 and £250??

The Ts&Cs have the following to say about payments into the account:
The account must be opened with a nil balance. The first deposit must be paid the month following account opening via standing order. The standing order must be set up to make 13 monthly payments into the account between the 2nd and 21st of each month. The standing order must be set up to make payments between £20 and £250 each month. If the standing order is being paid from an external account you must ensure that you give instructions to the external provider yourself.
The minimum deposit required for the Super Fixed Rate Monthly Saver is £20 per calendar month by standing order.
The maximum deposit required for the Super Fixed Rate Monthly Saver is £250 per calendar month by standing order.
If you decide to make an additional deposit in excess of £250 in any calendar month you will receive a lower rate of interest of 0.10% gross/AER (variable) on the whole of your balance for the remainder of the term. Once the initial deposit is paid into the Super Fixed Rate Monthly Saver no further deposits can been made.

Elsewhere in the documentation it also gives some further info which suggests the amount can be changed, but annoyingly this isn't mentioned in the Ts&Cs:
You can miss a payment, but if you choose to do this or pay in less than £20 per month you will receive a lower interest rate of 0.10% gross/AER (variable) on your whole savings balance for that month only.

I suspect that its not a real condition since its not in the documentation, but that advisers are trained to tell people this in order to reduce the amount of interest that Santander end up paying out. However I really need to know for sure before I set up the standing order, as ideally I'd like to pay the full £250 whenever I can, but I'm pretty sure I wont be able to do this every month. Wouldn't Santander be bound by the written documentation they have given me, even if they have verbally contradicted it? If anyone can shed any light on the subject that would be great.