Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Everybody,

I cannot find any new regular saver accounts that are good enough to go on the list on the first page.

Looking at the posts above, it is strange to think that this thread started in 2007. It does not feel like that long ago. This is actually the second incarnation of this thread and it is does not feel like long ago since I wrote the first one. Thanks to all the people who have contributed.

Let me wish you a "Merry Christmas", and if you do not celebrate Christmas then let me wish you a very happy, really long, Bank Holiday weekend!

I will do another update next weekend.

SS2

adindas

If you have one RSA and on maturity date close it.

When it is closed and you open a new RSA, you only have one RSA a/c once at the time do not you (not two as you have closed the old one). Just make sure the old one is closed before applying/open a new one.

I have closed my RSA as there is no point to keep it if the interest is now 1.85% and I have Instant access saving in which I earn for 3.1%. I have transferred all my money and closed my RSA once the closure confirmed I will open the a new RSA. I will let you know how it goes in the due course ....

ctdctd wrote: »

Indeed - from the Norwich & Peterborough FAQ for the Regular Saver

"Can I open more than one Account? Only one Regular Saver account can be opened per customer throughout the life of the product, so you may hold either a joint or sole account but not both. You cannot open a new Regular Saver after the fixed rate period has ended."

http://www.nandp.co.uk/savings/regular-savings/regular-saver/

anamenottaken

adindas wrote: »

If you have one RSA and on maturity date close it.


When it is closed and you open a new RSA, you only have one RSA a/c once at the time do not you (not two as you have closed the old one). Just make sure the old one is closed before applying/open a new one.

I have closed my RSA as there is no point to keep it if the interest is now 1.85% and I have Instant access saving in which I earn for 3.1%. I have transferred all my money and closed my RSA once the closure confirmed I will open the a new RSA. I will let you know how it goes in the due course ....

Do let us know what happens. I wish you luck but fear you will not succeed.

It is not about how many accounts YOU can have "live" at the same time but about opening accounts and the "life of the PRODUCT". The product is the type of account. If there is still a product (account) which is the same as the account you held before, the terms mean you cannot open a second one even if the first has been closed.

arsenalboy

anamenottaken wrote: »

Do let us know what happens. I wish you luck but fear you will not succeed.

It is not about how many accounts YOU can have "live" at the same time but about opening accounts and the "life of the PRODUCT". The product is the type of account. If there is still a product (account) which is the same as the account you held before, the terms mean you cannot open a second one even if the first has been closed.

I tried it on last year when my N & P reg saver matured. I "innocently" sent in a new application which was promptly returned with a letter pointing out the error of my ways!!

adindas

Did you close it and receive confirmation before you opened the new one ?
If not then I have no wonder ...
It might also happen once closed they do not have anymore record on our account. Or at least it is already in the expire folder .....

arsenalboy wrote: »

I tried it on last year when my N & P reg saver matured. I "innocently" sent in a new application which was promptly returned with a letter pointing out the error of my ways!!

pauljoecoe

My First Direct regular saver which was a 8% last year just matured. I was pleased to discover that they are still offering that deal so opened another straight away:T

adindas

Many people including me have done this in the past with first direct, HSBC, Santander Regular saver. Similar case to Small BS, I recently have done this with Teachers BS. For that reason I fail understand why the case is different with N&P.

As I mention previously I will try this and I have requested account closure by post and send my passbook to them. Once I get written confirmation, I will request to open a new one and let you know how it is going ...

Also my understanding, based on Data Protection Act they could only hold people data for one year. In case the product still available, what prevent people who close it and open it one year later ....

pauljoecoe wrote: »

My First Direct regular saver which was a 8% last year just matured. I was pleased to discover that they are still offering that deal so opened another straight away:T

MoneySaverLog

adindas wrote: »

Also my understanding, based on Data Protection Act they could only hold people data for one year. What prevent people who close it and open it one year later ....

I think in terms of the current tax laws the banks have to keep data going back at least 6 years may be even longer. So they will have records of old closed accounts somewhere.

rb10

adindas wrote: »

Also my understanding, based on Data Protection Act they could only hold people data for one year. In case the product still available, what prevent people who close it and open it one year later ....

Nonsense - they can keep it for as long as it is required.

See the Information Commissioner's FAQ page here:

Q: When should I erase personal information from our computer system?

You should ensure that all information is erased if it is no longer required for business purposes.

arsenalboy

West Brom have just introduced a reg saver paying 4.25% but can only open in branch.

http://www.westbrom.co.uk/westbrom/savings.product?id=6183&category=92