Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Thanks a lot, I have added that account to the top of post 2 (no time limit regular savings accounts). It is a shame that the monthly deposit amount cannot be varied.

SS2

Special_Saver2

Hi Folks,

I cannot find anything to else to change this weekend. I will do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

I cannot find anything to add, remove or alter. I will do another update next weekend.

SS2




Edit: I have noted the post below and added this account to post 4. There are no details on the Principality website so I have copied the details from the post below.

huw01

Just been in my local branch today and they're offering the above until 16th November. Between £20 & £500 per month and no withdrawals.

The leaflet states it's only available at all North Wales, Chester and Shrewsbury branches.

adindas

I opened one of this. I just download the form and send it together with cheque. I received the confirmation letter about a week after.

SnowMan wrote: »

Following a change looks like the West Brom 4.6% child and 4.1% adult regular saver are openly available by post again (as well as in branch) by downloading the application form and sending on.

Until they change their mind again........... :rotfl:

adindas

This is still respectable interest rate. But there is a few instants access saving account that offer interest of 3%. So presumably it is better to put it to instants access saving account as you have full control of the money when and how much do you want to withdraw without loosing any interest.

MarkFromMullion wrote: »

Scottish Building Society has a new Limited Edition Regular Saver account.

http://www.scottishbs.co.uk/regular-saver-a524

3% (including 2% bonus payable 31/3/2013). Not a great rate but unusual in allowing £10 to £1000 per month (payments can vary from month to month). Missed payments or withdrawals result in loss of bonus.

adindas

Just want to know whether we are allowed to have Issu4 4 if we already have issue 2.

"Please note that only one Regular Saver account is permitted per person during any bonus period"

It is not clear yet whether this is also apply per issue number ?

Thanks
ADINDAS

Special_Saver2

I think it is pretty clear from the website - if you have one of their Regular Saver accounts that is still in its bonus period (i.e. within 12 months of the date that the account was opened) then you cannot open an issue 4 account.

The Teachers' BS website does have a useful suggestion:

Please note that only one Regular Saver account is permitted per person during any bonus period. Alternatively, a Charity Saver can be opened where a Regular Saver account is already held by a customer

...so you could go and open a Charity Saver account (which pays 3.5% to you and 0.25% to charity).

SS2

adindas

Yes it makes sense, Thanks a lot.

Special_Saver2 wrote: »

I think it is pretty clear from the website - if you have one of their Regular Saver accounts that is still in its bonus period (i.e. within 12 months of the date that the account was opened) then you cannot open an issue 4 account.

The Teachers' BS website does have a useful suggestion:



...so you could go and open a Charity Saver account (which pays 3.5% to you and 0.25% to charity).

SS2

SnowMan

Northern Rock have introduced a 4% regular saver, maximum monthly contribution £250. Variable rate (but it includes a 3% fixed bonus for 12 months). Maximum contribution 10K which is equivalent to 40 payments of £250 for those investing the maximum (although as the 3% bonus disappears after 12 months it is not sensible to pay in for 40 months)

http://www.northernrock.co.uk/savings/find/savings-accounts/Monthly_Saver/

The first catch is that you have to have a cash ISA with Northern Rock with at least £1,000 in it to apply for the regular saver (the requirement to have an ISA with them is also throughout the term of the regular saver which is pretty onerous)

Other big catch seems to be there is a 30 day interest penalty on withdrawals even though it says 'no notice required' which is misleading as it really means 'no notice required but we will penalise you 30 days interest'. As there doesn't seem to be any obvious term to the account doesn't look like you can get at your money penalty free when the 3% bonus ends after 12 months or ever for that matter (goes away to look at it more carefully).

Edit: The AER quoted of 4% looks wrong given the 30 day penalty as (assuming varaible rate stays the same) 4% can never be achieved.

Only sensible way to use the Northern Rock 4% regular saver account presumably would be to close it after 1 year and 1 day, I'm guessing the interest penalty would then be based on 30 days of an interest rate of 1% (i.e. about 1/12%) as the bonus would have finished. The reduction in interest would be more than 1/12% for a taxpayer as the penalty is probably applied gross, and the effect on reducing AER is doubled up for those contributing a level amount as money is in the account on average for half a year. So the AER for a basic rate taxpayer would be roughly 3.8% if held for 1 year 1 day and maximum £250 per month paid in for example (assumes my assumption on how the penalty is applied is correct)