Regular Savings Accounts: The Best Currently Available List!

premierfella

One possible reason for this unwritten salary or pension rule could be linked to the Bank Account product. I think that typically needs a £500 per month credit so perhaps this unwritten rule is to negate the (small) risk that the customer takes out the Regular Saver but then a few months down the line has their Bank Account closed or downgraded to Current Account (losing the Regular Saver in the process).

Thanks for highlighting this as an issue for others (it does indeed seem to be a significant omission from the terms and conditions)!

Milarky

premierfella wrote: »

One possible reason for this unwritten salary or pension rule could be linked to the Bank Account product. I think that typically needs a £500 per month credit so perhaps this unwritten rule is to negate the (small) risk that the customer takes out the Regular Saver but then a few months down the line has their Bank Account closed or downgraded to Current Account (losing the Regular Saver in the process).

That happened to me in 2008 - my Regular Saver was closed without warning when HSBC decided it didn't want me as a current account customer. I received numpty interest at the 'instant access' rate. I don't think they could (or would) try something so blunt today, simply because of the 60 days notice they'd have to give. So if you're HSBC it makes sense to be choosy about allowing people to open eye catching accounts because it's become too difficult to treat them shodily once they are your customers.

The RS terms and conditions have not changed since 2008, so early closure of your current account by the bank, leading to closure and retrospective reduction in your rate of earned interest is still possible. Contrast that with First Direct - whose RS cannot be closed 'early', other than by the customer, since it is defined as a 'fixed term product'.

Special_Saver2

Hi Folks,

Here is this weekend's update for this thread:

- Cheshire, Derbyshire and Dunfermline BS platinum saver accounts: emoneyfacts reported that these accounts were going to be withdrawn on 15th March 2012. They are all still showing on the respective websites as available so I am going to wait another week before removing these accounts from page 1 of this thread. If you want one of these accounts then try and get it quickly (and ring the branch to check it is still available before making a long journey).

- HSBC Regular Saver 4% entry updated to 6%. I have updated the terms and conditions which have changed subtly (e.g. like the First Direct regular savings account, the HSBC account now lets you add extra money in later months if you do not deposit the maximum amount each month). I have also added a comment about difficulty opening this account if you do not have a regular income and given a link to page 85 of this thread.

- Monmouthshire BS Flexible Saver account paying 4% for 12 months on up to £1,000 per month added to post 4; see that post and this thread for more information

- Santander eSaver Issue 4 paying 3.1% (feeder account section) withdrawn and replaced with Issue 5 paying 3%. The terms and conditions are unchanged as far as I can see.

Thanks to the posters who have added information to this thread mid-week.

I will do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

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

The Cheshire, Derbyshire and Dunfermline BS platinum saver accounts are all still on their respective websites so I am going to leave them on the list on the first page of this thread.

I will do another update next weekend.

SS2

MoneySaverLog

Went into Birmingham to try and open one of these 5% accounts

Bit of a wild goose chase, 33 Colmore Row in Birmingham where a Derbyshire Building Society used to be is now an hair dressers!!!

Why did they have to close the Derbyshire in Birmingham

dougz_2

Anyone know if you can open a Cheshire Platinum issue 2 if you already have their Platinum issue 1?

Dagobert

dougz wrote: »

Anyone know if you can open a Cheshire Platinum issue 2 if you already have their Platinum issue 1?

Yes, you can.

Special_Saver2

Hi Folks,

I cannot find anything that has changed this week.

If you have a Monmouthshire BS Flexible Saver Issue 1 account then do not forget that you can add another £12,000 now if you want.

I have added a note to the Issue 2 entry on the first page of this thread which says

If you want to make online withdrawals then make sure you link a bank account for withdrawals in advance as setting this up involves them sending you a form to sign and badger09 reports that it took 9 days to set up for them.

This applies equally well to issue 1 account holders so do not forget to set up your linked account for withdrawals sooner rather than later.

I will do another update next weekend.

SS2

amiehall

I currently save in an HSBC regular saver at 4% which is due to take its final payment next month.

I'm looking for something to replace it. As I bank with HSBC, I'd be more than happy to stick there if I can get a new 6% account once this one matures. However, since September I've had a student account there rather than the normal bank account. I don't see the student account mentioned as a suitable account anymore where I'm sure it was for the 4% account. Has anyone had any success with a student account?

Speculator

Derbyshire Platinum Monthly Saver issue 3 will be launched on 6 April. If you want the Platinum 2, you have until close of business 5th April to visit a branch with your application.

I guess Dunfermline/Cheshire will do likewise.