Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

There is just one thing to change for this weekend's update. I have replaced the Northern Rock issue 3 account with the issue 4 account in post 3. The account pays 4% fixed on up to £250 per month, total maximum £3,500, with no penalties for withdrawals or missed monthly deposits.

There is one important difference between this account and its predecessor. This account can be opened by post or online. (The account can also be opened in branch, like its predecessor.)

If you are an existing Northern Rock customer and you apply online, you can request to have the opening deposit transferred from one of your existing accounts.

I will do another update next weekend.

SS2

IanIan

Don't know if this is new or not, but it's new to me! This account is only for children.


Scottish Building Society u account (children only)

Interest rate: 4.0% including a 2% bonus
Monthly payment: £10-£100 but can make up to four additional payments per year, so it is possible to save £1,600 per annum.
Miss any payments: No
Penalty-free withdrawals: Yes, one per year
Age of applicant: 7-17
How to open account: Branch or post.
Special conditions:

Careful_ly

Further info on Northern Rock issue 4.

Can also be opened by telephone, can be held in addition to other issues.
If opened by phone you are given the account number over the phone then sent a form to sign.

Do not send the payment on the day of opening if your bank uses faster payments as the funds will bounce back, the account need to update on their system overnight.

Special_Saver2

Thanks IanIan for the information and for laying it out in a way that made it easy for me to copy into post 4 a moment ago. I have added that you are allowed to miss 1 payment on this account (according to the top of the final page of the leaflet) and that the monthly deposit must be the same as the opening amount.

Careful_ly, thanks a lot for the extra information. I will add that to the entry in post 3 now.

I will also add that if you apply for the Northern Rock Regular Saver (Issue 4) online then they will send you a letter with the account number. If you are registered for online banking with Northern Rock then you can transfer money to the regular saver account once you have the account number. Although the online application process suggests that you can make the initial deposit by transfer from an existing account automatically, the letter explains that you have to make the first deposit manually by logging in and transferring the money yourself. The regular saver does not show up in your online banking (at least it does not show up on my online banking accounts).

I would thank both of you but the thanks button is "temporarily unavailable" as explained by this thread. I will thank you tomorrow.

SS2

ctdctd

Careful_ly wrote: »

Further info on Northern Rock issue 4.

Can also be opened by telephone, can be held in addition to other issues.
If opened by phone you are given the account number over the phone then sent a form to sign.

Do not send the payment on the day of opening if your bank uses faster payments as the funds will bounce back, the account need to update on their system overnight.

I opened mine online and got the paperwork with A/C number after a couple of days.
I sent the acceptance letter back earlier this week but my initial faster payment is still getting rejected. I suspect they need the acceptance letter before the account is activated? Will give them a call later on to confirm.

johnmoney05

ctdctd wrote: »

I opened mine online and got the paperwork with A/C number after a couple of days.
I sent the acceptance letter back earlier this week but my initial faster payment is still getting rejected. I suspect they need the acceptance letter before the account is activated? Will give them a call later on to confirm.

You only need to call them and they will set your account in the system. It can be done on the same day.

ctdctd

johnmoney05 wrote: »

You only need to call them and they will set your account in the system. It can be done on the same day.

No need - just tried now and it has worked. I assume they got the form back and have activated the account.

steveteach

Hi

Special_Saver2

Just looked at West Bromwich Building Society's 4.1% Regular Saver and in the turns and conditions it says
"How to Apply? Come into any of our branches to open this exclusive account or download the application form and apply by post"

So looks like they have opened it up to postal applications?

TheMatrix_2

I opened mine up in the West Brom branch the other day when I saw the offer, along with another 4% account at Northern Rock. :-)

Special_Saver2

Hi Everybody,

Thanks steveteach, it looks like West Brom BS have opened up both the child and adult regular savings accounts to postal applications. I have amended the entries on page 1 of this thread accordingly.

There is nothing else that I can find which has changed for this weekend's update. I may not be able to do another update next weekend but I will do it as soon as I can afterwards.

SS2