Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Special_Saver2 wrote: »

Nice idea, but I think only current accounts are meant to have direct debits - savings accounts generally do not accept direct debit instructions. I think you will have to transfer the money from IceSave to your current account and then current account to Yorkshire BS Regular Saver each month. You will lose a fair amount of interest by doing that. You might find it a lot easier (and lose less interest for money in transit) to use a

...to use a Yorkshire BS Internet Saver account instead, see post 9 of this thread.

Sorry, I did not think any of that message actually got through earlier.

JamesPond

Special_Saver2 wrote: »

Perhaps the marketing people putting together that leaflet got a bit muddled or forgot to delete the account description from the old Monthly Saver account.

Yes it appears that way, I got an email from them today and they confirmed there is no fixed term.

Special_Saver2

Hi folks,

I have updated the thread to include:

i) West Brom Magic 8 account down 0.25% to 7.6% (as reported on moneysupermarket.com)

ii) Have added Chelsea BS Monthly Extra to post 6. Don't get too excited, it is another one of those terrible monthly savers where you have to take out an investment at the same time. I have seen it before on moneysupermarket.com and could never find anything on the Chelsea BS website to confirm its existence - there is now some evidence it exists so I have added it

SalsaDanca

Hi,

The Alliance & Leicester website now says that the Premier Regular Saver is only available to customers who have their main income paid into an Alliance & Leicester Premier current account. Has this always been a condition, or is it a recent change?

nicko33

SalsaDanca wrote: »

Hi,

The Alliance & Leicester website now says that the Premier Regular Saver is only available to customers who have their main income paid into an Alliance & Leicester Premier current account. Has this always been a condition, or is it a recent change?

the only thing the T&C say is:
27. Funding Your Account
27.1 If we tell you that your account has to have money paid in regularly, you must pay the amount we agree with you into your account each month.
27.2 if you do not pay the agreed amount into your account each month, you may incur a fee or we may transfer you to another type of current account. We will give you at least 30 days advance written notice of this.

I think the £500 funding has been a condition for some time, but the front pages probably only mention "main income" to try to make you completely move your existing current account to them.

Special_Saver2

SalsaDanca, I think that is a recent change - I don't ever remember having seen that and I remember reading through the website page and the terms and conditions to write the entry for my posting earlier in this thread.

The page on the A&L website for the Premier Regular Saver now says at the bottom:

Premier Current Account must be credited with a minimum of £500 per month or fees may be applied; and funded with main income or Premier Regular Saver account may be closed.

However, if you download the Premier Current Account terms and conditions PDF file, the only thing it says is:

4. Account opening
You may only open an Account in conjunction with a Current Account.

If you download the terms and conditions for their range of current accounts, all it says is what nicko33 has quoted above.

I agree with nicko33 and can confirm that the 500 pounds per month funding requirement has been there for a while.

SalsaDanca - for your own peace of mind, download the Premier Regular Saver Terms and Conditions and the A+L Current Accounts Terms and Conditions in case there are any queries later. As this funding with main income clause is not in the formal terms and conditions, I do not think they can close your Premier Regular Saver account if you pay 500 pounds per month into your Premier Current Account.

Nicko33, thanks for your helpful reply above and the useful private messages you sent me.

I have updated post 5 of this thread:

i) to amend the A&L Premier Saver entry to incorporate the above information
ii) to amend the HSBC Regular Saver entry as the terms and conditions now state that if you close the account before the end of the 12 month term then you will only receive interest at the Flexible Saver rate (new terms and conditions dated January 2008)

Special_Saver2

I have just seen Martin's e-mail of the week recommending Kaupthing Edge. I usually try to use Martin's recommended best buy savings account against which I judge the regular savings accounts with no maturity date (even if I do not always agree with Martin's choice). I have updated post 1, using this as my reference account.

By my own rules, I should therefore delete the Nationwide and Monmouthshire BS accounts from post 2. I note the concerns that some people have expressed on this forum about Kaupthing Edge and I am temporarily leaving in the above regular savers, with the following explanation on post 2:

"By my own rules, I should no longer be listing the accounts below as you would be better off just putting your money into Martin's recommended no-strings savings account with Kaupthing Edge but I shall leave these other accounts here for the moment as I know not everybody will be happy to deposit their money with Kaupthing Edge (see this thread) and the minimum balance for their account is £1,000."

I shall keep the situation under review though.

tiptoe_mouse

Special_Saver2 wrote: »

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.

I'm a bit concerned about this. I'm sure this clause wasn't there when I opened my LLoyds TSB regular saver. I'm pretty sure they've not notified me of a change in terms and conditions. Does this mean I'm not bound by this clause? I've just got a tenner in my current account.

tiptoe

gafmis

I have 30000K to invest plus I can save about £600/month - what would you do? I don't need the 30000K so can be locked away for a while. I have read the articles on the savings fountain, so initially I would top up the Isa's. Then I looked at HSBC and Lloyds Regular Savers accounts with view to saving the maximum in each with the £600. My husband and I bank with each. I rang HSBC today intending to open an account, only to be told I would get a much better return with the online saver, being as the 8% was only for the first deposit and the rate dropped significantly enough for the online saver to be the better bet? Now I am confused! I could put the remainder in a high interest instant access - Trying to do best as I would like the interest out, not the initial investment.

Speculator

Skipton special saver & christmas saver 7.05% wef 03/03 according to Moneyfacts