Regular Savings Accounts: The Best Currently Available List!

MarkFromCornwall

Careful_ly wrote: »

Principality Christmas saver 2
.....
Applications in branch, but last year I opened by posting application form to a branch.

Thanks, Careful_ly. After reading your message I posted an application form to a branch and the account is showing online today.

Milarky

Chorley have revamped their regular savers I notice:

Summertime is now an Issue 2
Santa has gone to Issue 3

Both accounts pay 3.5% (variable) and, except for anniversary dates, have identical conditions.

Terms of Investment
The minimum investment and account balance is £1.00
The maximum investment and account balance in this issue is £3000.00 per investor
No withdrawals allowed except closure
Monthly subscription allowed up to £250.00 per month
Backdated subscriptions not allowed
On the 31st May, each year the balance less £1.00 will be transferred to a nominated account within the Society
A nominated account within the Society must be opened at the same time as the Summertime Saver to receive the maturing funds
Interest capitalised on the 31st May [Summertime] 25th November [Santa], each year
On closure of this issue, no further receipts will be allowed into this account

[Notice they no longer allow 'catching up']

REMINDER: Santasaver & nominated account passbooks should be sent in post from now on to catch the anniversary.

DebtClearer

Can I ask why you guys are looking at all these Reg Saver accounts if the First Direct one is well known for having the highest rate of 8%?

Still learning so would love to know. Also does anyone know what will happen to First Direct after one year? Does the rate dissapear?

someone

Mainly because it only takes £300 a month. The reason the rate are 'so good' (well not at the moment) is that it is for a limited amount of money. If you have say £20k in the bank you can't get 5% on that balance but by using a number of reg savers you can get more than the rate for a normal account.

Also some of these accounts have unique properties, the now closed Santander Home Saver Special Issue 1 account paid 5% but rolled over year after year. It allowed a £5k deposit when opened and you could exceed the max of £300 in a month of deposits (you only forfeited interest for that month).

It should also be noticed that two accounts that pay the same rate but one might last 13 or 14 months meaning more interest can be earned from the account.

MarkFromCornwall

DebtClearer wrote: »

Can I ask why you guys are looking at all these Reg Saver accounts if the First Direct one is well known for having the highest rate of 8%?

Because you can have more than one Reg Saver account. So if you only have funds for one then First Direct is probably best, but if you have more then Reg Savers paying 3½% or 4% are a good deal.

DebtClearer wrote: »

Also does anyone know what will happen to First Direct after one year? Does the rate dissapear?

Interest is paid and the account is closed. Next day you can open a new one paying the same rate.

GreenBitterfly

DebtClearer wrote: »

Can I ask why you guys are looking at all these Reg Saver accounts if the First Direct one is well known for having the highest rate of 8%?

Still learning so would love to know. Also does anyone know what will happen to First Direct after one year? Does the rate dissapear?

I'm a low income, (JSA), so basically I want and have a regular saver that allows cash deposits, rather than standing order only. I'm also not in a position to be flexible with money.

DebtClearer

MarkFromMullion wrote: »

Because you can have more than one Reg Saver account. So if you only have funds for one then First Direct is probably best, but if you have more then Reg Savers paying 3½% or 4% are a good deal.


Interest is paid and the account is closed. Next day you can open a new one paying the same rate.

Doesn't tax make an ISA more preferable than a 3.5% Reg?

someone

DebtClearer wrote: »

Doesn't tax make an ISA more preferable than a 3.5% Reg?

Yes, if you are a tax payer (or likely to become one in the near future) an ISA would normally be the first place to put your money. However again you can only put a limited about of money into an ISA.

Saying that rates on ISAs are so low (especially as its not ISA season) that a 5% reg saver is a higher amount of interest after tax.

someone

See http://www.moneysavingexpert.com/savings/which-saving-account for more about the preferred order of savings.

Speculator

The nominated a/c "Paid up share" a/c had a MOB of £25 when I opened it 5 yrs ago.

I think the MOB has been reduced to £1 and the name changed to the "Paid up" account.

Milarky wrote: »

Chorley have revamped their regular savers I notice:

Summertime is now an Issue 2
Santa has gone to Issue 3

Both accounts pay 3.5% (variable) and, except for anniversary dates, have identical conditions.



[Notice they no longer allow 'catching up']

REMINDER: Santasaver & nominated account passbooks should be sent in post from now on to catch the anniversary.