Regular Savings Accounts: The Best Currently Available List!

mary

That's the way Santander do their Regular Savers. You open during month A and then start funding in month B. They seem to have a 13 month year, unlike the rest of the planet!!

Special_Saver2

Hi Folks,

I have only found one change for this weekend's update:

- Skipton BS Special Edition Regular Saver (paying 5% on up to £250 per month, branch only) replaced with Skipton BS Regular Saver (paying 3.25% on up to £500 per month, branch or postal)

I just discovered that the eMoneyfacts Daily News Bulletin is still visible to those of us without a subscription. Funnily enough, the change mentioned above has not yet appeared on Moneyfacts or eMoneyfacts.

The next update for this thread will be next weekend or the weekend after.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...d.php?t=608697

gt94sss2

As part of their product range refresh, Santander stopped selling their 'Loyalty Fixed Rate Monthly Saver (Issue 1)' on Monday.

On the telephone, I was told they have no current plans to launch any new Regular Savers..

Regards
Sunil

Special_Saver2

Hi Everybody,

I cannot find anything that has changed for this weekend's update.

I will do another update next weekend.

SS2

SnowMan

Looks like the HSBC monthly saver in post 5 (the version that doesn't require you to have a fee paying account only specified non-fee paying HSBC bank accounts) is increasing from 4% to 6% according to emoneyfacts.

adindas

SnowMan wrote: »

Looks like the HSBC monthly saver in post 5 (the version that doesn't require you to have a fee paying account only specified non-fee paying HSBC bank accounts) is increasing from 4% to 6% according to emoneyfacts.

My understanding is that, they currently have RSA pays 4% fix interest. It pays fix interest rate so I do not think the word "increases" is suitable here as iI do not think it will apply to current customer who already hold RSA which pays 4% fix interest. But this still to be clarified by HSBC

6% might only for new RSA customer ..

mrchagle

SnowMan wrote: »

Looks like the HSBC monthly saver in post 5 (the version that doesn't require you to have a fee paying account only specified non-fee paying HSBC bank accounts) is increasing from 4% to 6% according to emoneyfacts.

I already have one of these - It's been open a couple of months. But that was at 4% -- I wonder if they will up the interest to 6% in current active accounts or just new accounts...?

Mmmm, might be worth closing and opening a new one @ 6%. Although I have sent them a message from their website asking about it.

gt94sss2

mrchagle wrote: »

I already have one of these - It's been open a couple of months. But that was at 4% -- I wonder if they will up the interest to 6% in current active accounts or just new accounts...?

When you open an account, you agree to it being a fixed rate for a year.

Its a shame they didn't increase the 8% rate though..

Regards
Sunil

SnowMan

adindas wrote: »

My understanding is that, they currently have RSA pays 4% fix interest. It pays fix interest rate so I do not think the word "increases" is suitable here as iI do not think it will apply to current customer who already hold RSA which pays 4% fix interest. But this still to be clarified by HSBC

6% might only for new RSA customer ..

It is now showing on the HSBC website and it is clear from this page that the 6% rate applies to new accounts only.

So existing 4% accounts stay at 4% until the end of the term

lightbulb2760

I went into an HSBC branch on Tuesday to open the 6% HSBC Regular Saver, and as part of the application process, was asked my occupation. I gave this as "retired": I am not working through choice, as I'm solvent enough until I qualify for my company pension in a few years.

I was then informed my application had been declined, as I had no salary or pension. I then showed them evidence of my savings and was asked why I wanted a Regular Saver when I am already earning interest in savings accounts elsewhere. Replying that I wanted to drip feed from an account earning a lower rate of interest into the Regular Saver, I was told that HSBC's policy is not to allow interest to be paid on money that is already earning interest elsewhere.

Incredulous at this, I asked for this in writing. They said this was unavailable, but that as I already banked with First Direct, I would be allowed to apply. So, after an hour, I opened the Regular Saver. Although successful, I was left with the impression that my application was only begrudgingly accepted.

Unhappy at the way I was treated, I complained to HSBC Head Office, who confirmed that it is indeed HSBC policy that a salary or pension is required to open the Regular Saver. I pointed out that there is no requirement of this sort in their published T&Cs, and they agreed to look into adding this in the future.

The Financial Ombudsman said they couldn't help as I have not suffered any financial loss, and the Financial Services Authority said that HSBC are perfectly entiltled to apply any rule they wish, whether advertised or not, as long as they inform the customer before a contract is signed.

So a warning to those who do not have a salary or a pension, but are otherwise financially solvent: even though you may fulfil all their advertised T&Cs, HSBC may not allow you to open this account unless you also bank with First Direct.