Regular Savings Accounts: The Best Currently Available List!

innovate

Speculator wrote: »

The Saffron fixed rate regular saver also allows unlimited penalty free withdrawals at anytime.

Ah ok, didn't know that. I never bother with any that are less than at least 5% AER since they aren't really worth the hassle for me, particularly if they cannot be opened and managed online.

Speculator

I've been slowly withdrawing from/closing our 4% regulars recently and I will be closing my Saffron Regular tomorrow.

I need the money to fund our 12 x 5% regular savers!

lightbulb2760

I've just opened Nationwide's Flexclusive Regular Saver in branch. At first, they told me they'd had an email to say it wouldn't be available until Monday, but soon changed their mind when I told them it was advertised online as being launched today.

Two pieces of useful information: firstly that the initial deposit will be credited today, and that the second and subsequent monthly deposits can be made on the 1st of the month, thus maximising interest; and secondly, that the annual interest payable on 31st December may be paid into the account without breaking the maximum subscription rule: in other words, as with an ISA, the annual interest doesn't count towards the monthly maximum deposit of £250.

Speculator

Can you fund the Flexclusive regular saver via FP or from a current account with another bank or does it have to come from the Nationwide flexaccount via standing order?

I don't like money sitting in a zero interest current account for a day before the standing order is debited.

Milarky

Speculator wrote: »

Can you fund the Flexclusive regular saver via FP or from a current account with another bank or does it have to come from the Nationwide flexaccount via standing order?

I don't like money sitting in a zero interest current account for a day before the standing order is debited.

T&C: Paying in

There is no requirement to make a monthly deposit into the account after the initial deposit. If you choose to make further deposits into the account, the minimum deposit is £25. The maximum monthly deposit is £250

I read that as you can make ad hoc payments whenever you like subject to bracketed amounts of [£25,£250] in 'any month' (you can assume 'a month' means a calendar month) That means you can make an immediate further payment by FP to/internal transfer from the Flexaccount of £225 if the account has been opened with £25.

As regards 'when': they have now responded by email that

We're now processing your application and we'll let you know once it's been validated and your account is open. This can take up to 7 working days after submitting your application. Your unique reference number is: XXXXXXXXXX, please keep this safe as you will need it if you wish to contact us about your application

chris1

lightbulb2760 wrote: »

the annual interest payable on 31st December may be paid into the account without breaking the maximum subscription rule: in other words, as with an ISA, the annual interest doesn't count towards the monthly maximum deposit of £250.

To anyone who has applied online, were you asked where you wanted the interest to go? What is the default option?

le_loup

Just so you know:
Set one up by phone.
Money taken immediatly.
Month is calender month.
Sorry inovate, but this seems the fastest way and my £250 is earning now so I may get £0.22 more than you! I promise not to spend it all at once.

innovate

le_loup wrote: »

Just so you know:
Set one up by phone.
Money taken immediatly.
Month is calender month.
Sorry inovate, but this seems the fastest way and my £250 is earning now so I may get £0.22 more than you! I promise not to spend it all at once.

Hah! But your phone call cost you 22p, so we are quids again, lol.

Didn't think of using the phone - I just want to automatically do all my banking online. Anyway, got my confirmation email now, 4 hours after I applied online. Same words as Milarky got, i.e. can take up to 7 days for them to open the account. Suppose it is cheaper for them to do everything manually, rather than pay for a modern IT system. Still a very good offer in the current banking landscape!

innovate

chris1 wrote: »

To anyone who has applied online, were you asked where you wanted the interest to go? What is the default option?

Not a question on the online application form, and I can't see any default option. As of right now, the T&Cs say they will pay interest " into the account or Nationwide current account or savings account (excluding Regular Savings) or a current account with another bank or building society". Just to keep all options open, lol.....

If they haven't clarified it by the time they have opened my account, I'll ask them via internal messaging.

badger09

le_loup wrote: »

Just so you know:
Set one up by phone.
Money taken immediatly.
Month is calender month.
Sorry inovate, but this seems the fastest way and my £250 is earning now so I may get £0.22 more than you! I promise not to spend it all at once.

Which number did you use?

I've just used 0800302010 to clarify whether both husband & I can apply in sole names. Application form & T&C seem to suggest otherwise but I was assured 100% that we could. I wasn't convinced that 'adviser' knew what he was talking about as he changed his mind at least twice during our brief conversation :eek:, so have sent a secure message. Don't really want a joint regular saver to be honest

innovate - I hope the squashed pumpkins aren't too painful :rotfl: