Regular Savings Accounts: The Best Currently Available List!

gt94sss2

I've just received some updated T&C from HSBC.

From 1 December, they will be reducing the maximum amount to their regular savings accounts to £200/month (from £250) - for accounts opened after that date.

Existing Regular Saver accounts will continue to be up to £250/month until they mature.

It would be good to know if First Direct are also changing their limits/T&C?

Regards
Sunil

Special_Saver2

Hi Everybody,

I have updated the first page to include the information in the post above regarding the HSBC Regular Saver (dropping maximum monthly contribution to £200 for new accounts from 1st December).

I cannot find anything else that has changed.

I will do another update next weekend.

SS2

alanq

M&S Regular Savings 6%.....but you have to be paying £15 pm for its Premium Current Account to be eligible.

http://moneyfacts.co.uk/news/savings/ms-bank-launches-6-savings-rate011012/

innovate

alanq wrote: »

M&S Regular Savings 6%.....but you have to be paying £15 pm for its Premium Current Account to be eligible.

The £15/pcm (onehundredandeighty a year...) for the current account makes that M&S Regular Saver (and their current account) immensely unattractive for most people.

They probably want to keep rate tarts like me off their patch. Which is just fine by me, I won't hold it against them, will still pop into their fabulous food shops occasionally. Paying with one of my non-M&S cashback credit cards, and keeping my savings in places where they actually make money for me.

exel1966

It's not just any bank account, It's an M&S bank account !!

Or should that be another poor product from HSBC! I'm sure a small percentage will find this account useful given the 'perks' it offering, but I suspect they'll only be short sighted M&S die hards.

Special_Saver2

Hi Folks,

I have added the M&S Bank Monthly Saver (I eventually found the information buried in the current account information pages) and I have updated the Santander eSaver (feeder account section) as this has changed to issue 8 paying a lower interest rate of 2.5% (issue 7 was paying 2.8%).

I will do another update next weekend.

SS2

psychic_teabag

Would the Halifax online saver meet the criteria for a feeder account ? 2.8% interest and allows payments to be set up in advance, though only 31 days hence.

Special_Saver2

Hi psychic teabag,

Thanks for your post. I would be happy to include the Halifax Online Saver in the feeder account section from what you have described. Can you specify a reference number in the payment details from this account? (That is usually required to pay money into most regular savings accounts.)

SS2

psychic_teabag

Yes, Halifax saver allows a reference number in the payment details.

premierfella

I was on the Chorley BS website yesterday looking for an account for my grand-niece and I see that new versions of the Santa Saver and Summertime Saver accounts have appeared (not sure when they were re-launched).

I’ve filled in the gaps in terms of details not clearly specified using the information on money.co.uk, but I’m not sure if the information on that website is 100% accurate.

I assume that the term relating to no further receipts if/when the issue is closed is a recent addition? This seems a bizarrely unnecessary term to include on regular savings accounts and one that will put customers off and/or cause them to have a lot of dissatisfied savers when the inevitable happens and the accounts become closed issue at some point. The only reason for it would presumably be to cap the balances in the accounts getting a reasonably generous interest rate, but two of the accounts have annual balance sweeps out anyway and all are variable rate. Surely if this is their concern it would be better addressed by simply adopting the more usual course of reducing the variable interest rate if they needed to?

Chorley BS Santa Saver (issue 3)
Interest rate: 3.5% gross p.a. variable
Monthly payment: £1-£250
Miss any payments: Yes
Penalty-free withdrawals: No – no withdrawals allowed; there is a compulsory annual sweep of the balance less £1 to a nominated account with the Society on 25th November each year
Age of applicant: 18+ years old
How to open account: Branch/agency or post
Special conditions: Backdated subscriptions not allowed. A nominated account within the Society must be opened (or already exist) at the same time as the Santa Saver to receive maturing funds. On closure of this issue, no further receipts will be allowed into this account.

Chorley BS Summertime Saver (issue 2)
Interest rate: 3.5% gross p.a. variable
Monthly payment: £1-£250
Miss any payments: Yes
Penalty-free withdrawals: No – no withdrawals allowed; there is a compulsory annual sweep of the balance less £1 to a nominated account with the Society on 31st May each year
Age of applicant: 18+ years old
How to open account: Branch/agency or post
Special conditions: Backdated subscriptions not allowed. A nominated account within the Society must be opened (or already exist) at the same time as the Summertime Saver to receive maturing funds. On closure of this issue, no further receipts will be allowed into this account.

Chorley BS Childrens Foxley Regular Saver (issue 1)
Interest rate: 4% gross p.a. variable
Monthly payment: £1-£150
Miss any payments: Yes
Penalty-free withdrawals: Yes
Age of applicant: 0-15 years old
How to open account: Branch/agency or post
Special conditions: A piggy bank will be provided with every new account opened. Backdated subscriptions not allowed. When the account holder reaches 16 years of age, the account will be transferred into a Young Chorleian Account. On closure of this issue, no further receipts will be allowed into this account.