Regular Savings Accounts: The Best Currently Available List!

innovate

That's investing, not saving.

This thread is about saving.

A_Flock_Of_Sheep

innovate wrote: »

That's investing, not saving.

Still a far better return on your cash though. Saving in banks seems so passe now.

Just look at the paltry returns and everyone getting excited about 3% here and 2.25% over there and "bonus" rates that end here and there and 8% but you can only save a maximum of £3000 in a year to get it.

It seems anyone serious about making their cash work for them needs to treat the banks and their "bonus rates" with the contempt they deserve.

alanq

A_Flock_Of_Sheep wrote: »

Even the First Direct 8% regular saver can't compete with that!

True because it is closed. The current offering is 6%.

A_Flock_Of_Sheep

alanq wrote: »

True because it is closed. The current offering is 6%.

First Direct had their uses. £100 to open and £100 to close did me proud.

£200 for nothing. :T:T

innovate

Could we return to the best currently available regular savings accounts in this thread please?

You could open a new thread if you want to discuss the merits of savings vs investing etc.

iAMaLONDONER

Alex92 wrote: »

May setup HSBC Regular Saver 4%, (3.2% after tax), only issue I can see with it is that I have to setup a main bank account with them (dont have to pay in over £500 a month as I am under 24), but 3.2% of 1500 (yearly average) is only £48PA / £4PCM.

I know "pennies make the pounds" n all that, but for the sack of blemishing my credit rating, I dont know if its worth it for the sake of a mere £48 per year.

This is my only option other than the First Direct 6% account though, which will pay me £86.40 a year £7.20 a month (unless I am mistaken?). Maybe its worth it.

What are your thoughts?

I decided to make a HSBC account to get the deal and like you I'm under 24 so I have no obligation to pay in 500 a month!

I guess effect on credit rating isn't that big unless you ask for a Overdraft

Frogletina

typistretired wrote: »

Are you saying that as you have a Regular Saver 1 you can keep paying into it year after year? The only one showing on their site is the Regular Saver 2 paying -

£10 - £250 a month

Including conditional
bonus

3.00% gross

2.40% nett

3.00% aer

The regular saver 1 is closed to new savers. I've had it since 2007 - at the beginning I was saving £500 a month but I kept it ticking over paying the minimum payment of £10 while I was saving in the Scottish building society at 4%. It has a variable rate of interest but at the moment it is still good - but only if you adhere to the bonus conditions.

Unfortunately it will take sometime to transfer my capital to this account at £500 a month, but it is a bit of a gamble as to how long accounts will last. I did put the max into an ISA at 3% and have the rest on instant access at 3%

steady__eddie

I've had mine since 2007 and paid £500 per month until I reached £20k. My interest was paid on the first of May so the day before, I withdraw what I guestimate the interest to be plus £110. That way I can make 11 payments and not exceed the £20k limit. Unfortunately this year my spreadsheet or my brain was a bit hyperactive, (the latter I suspect) and I withdrew too much. Instead of changing my S.O. and then forgeting to knock it back to a tenner, I thought I'd just send them the extra by faster payments.
I have just found a welcoming letter that I received from them and it states, "You save between a minimum £10 and maximum £500 cumulatively in each calendar month".
The word cumulatively implies to me that more than one monthly payment is permissable.
Thanks for your replies I'll seek clarification with a 'phone call tomorrow.

Speculator

steady__eddie wrote: »

I've had mine since 2007 and paid £500 per month until I reached £20k. My interest was paid on the first of May so the day before, I withdraw what I guestimate the interest to be plus £110. That way I can make 11 payments and not exceed the £20k limit. Unfortunately this year my spreadsheet or my brain was a bit hyperactive, (the latter I suspect) and I withdrew too much. Instead of changing my S.O. and then forgeting to knock it back to a tenner, I thought I'd just send them the extra by faster payments.
I have just found a welcoming letter that I received from them and it states, "You save between a minimum £10 and maximum £500 cumulatively in each calendar month".
The word cumulatively implies to me that more than one monthly payment is permissable.
Thanks for your replies I'll seek clarification with a 'phone call tomorrow.

I sent them an email in March this year regarding this. here's their reply.


Hello Mr Speculator

Thank you for your email on 09 March 2013 regarding your regular saver account.
You are allowed to make as many transactions as you like into the account per month as long as the total does not exceed the maximum payment per month.
The payments can be made via a bank transfer into the account.
If we can be of any further assistance please do not hesitate to contact a member of our customer service team on 0845 1200 100.
Our opening hours are Monday - Friday 8.00am - 8.00pm and Saturday 9.00am-1.00pm.

Kind Regards
Timothy Mallett
Internet Customer Service Team

pqrdef

Speculator wrote: »

Timothy Mallett
Internet Customer Service Team

So that's what he's doing nowadays