Regular Savings Accounts: The Best Currently Available List!

Milarky

Archi_Bald wrote: »

HSBC has been 4% for new savers for quite some time. FD is still 6.

Beware. The terms used to be significantly better with First Direct's RS in that they could not close that account early under any circumstances, whereas HSBC's account was always permitted to be closed by them (if they closed your other accounts, for example) and they gave themselves the right to pay the 'instant access' rate of interest in these circumstances. It appears that First Direct RS now carries this clause too - so you could lose practically all interest accrued to closure.

Archi_Bald

Milarky wrote: »

Beware. The terms used to be significantly better with First Direct's RS in that they could not close that account early under any circumstances, whereas HSBC's account was always permitted to be closed by them (if they closed your other accounts, for example) and they gave themselves the right to pay the 'instant access' rate of interest in these circumstances. It appears that First Direct RS now carries this clause too - so you could lose practically all interest accrued to closure.

How big a risk do you think this is?

alanq

Milarky wrote: »

Beware. The terms used to be significantly better with First Direct's RS in that they could not close that account early under any circumstances, whereas HSBC's account was always permitted to be closed by them (if they closed your other accounts, for example) and they gave themselves the right to pay the 'instant access' rate of interest in these circumstances. It appears that First Direct RS now carries this clause too - so you could lose practically all interest accrued to closure.

Where exactly in the Ts&Cs are you referring to?
Clause 33.7 specifically excludes Regular Savings Account unless their has been wrongdoing - so not "under any circumstances"
http://www1.firstdirect.com/content_static/pdf/account_terms_0413.pdf

If the customer abides by the terms of the account and makes a minimum payment of £25pm for a year then it pays "6.00% AER (gross 6.00% pa) fixed for 12 months".
But "If the account is closed before the end of the fixed period, interest will be paid at the standard Savings Account variable rate."

What I find confusing is that clause 28.2 indicates that the interest rate for the Regular Saver can be varied given 30 days notice. I don't see how this tallies with a fixed rate of interest quoted unless this refers to the "standard Savings Account variable rate" which would be paid on early closure.

planteria

if the account is being operated normally, there's no real risk of them closing the account.

and yes, the HSBC rate is 4%, but Premier customers get 6%.

rustyboy

Not sure if this counts - it's a ISA AND a regular saver .

Again from The Nottingham




Starter ISA Issue 3

With normal savings accounts you have to pay tax on the interest you earn but with an ISA, the interest on the money you save will be tax-free. Starter ISA is the perfect account for building up your ISA savings steadily at a pace that you can afford.
You’ll only need £10 to open your ISA account and then you can make regular deposits from £1 - £480 a month. There’s no minimum monthly deposit, so if one month you want to put in less, you can – safe in the knowledge that your money is earning tax-free interest on what you’ve saved in your ISA so far.





Account details

• Your interest will be tax-free.
• Perfect for building up your savings steadily
• Save between £1- £480 every month
• Flexibility to vary the amount you save each month
• One off opportunity to top up your account to £5,760 in March 2014

up to 4.00%
Tax-free p.a. / AER*
fixed** to 5/4/14



Summary of key account details

Account name Starter ISA Issue 3 Intrest rates (AERs) 4.00% tax-free p.a./AER* fixed to 5 April 2014 Tax status Tax-free^ Conditions for bonus payments No bonus payable Withdrawal arrangements You can transfer to another ISA provider with a charge of 180 days’ interest on the amount transferred. No other types of withdrawals are allowed Access Branch

matttye

rustyboy wrote: »

Not sure if this counts - it's a ISA AND a regular saver .

Again from The Nottingham




Starter ISA Issue 3

With normal savings accounts you have to pay tax on the interest you earn but with an ISA, the interest on the money you save will be tax-free. Starter ISA is the perfect account for building up your ISA savings steadily at a pace that you can afford.
You’ll only need £10 to open your ISA account and then you can make regular deposits from £1 - £480 a month. There’s no minimum monthly deposit, so if one month you want to put in less, you can – safe in the knowledge that your money is earning tax-free interest on what you’ve saved in your ISA so far.





Account details

• Your interest will be tax-free.
• Perfect for building up your savings steadily
• Save between £1- £480 every month
• Flexibility to vary the amount you save each month
• One off opportunity to top up your account to £5,760 in March 2014

up to 4.00%
Tax-free p.a. / AER*
fixed** to 5/4/14



Summary of key account details

Account name Starter ISA Issue 3 Intrest rates (AERs) 4.00% tax-free p.a./AER* fixed to 5 April 2014 Tax status Tax-free^ Conditions for bonus payments No bonus payable Withdrawal arrangements You can transfer to another ISA provider with a charge of 180 days’ interest on the amount transferred. No other types of withdrawals are allowed Access Branch

Was all fired up to open this until I saw it's branch-only. There's no Nottingham BS in my city, closest one is about 40 minutes to an hour away I'd spend more in petrol than I'd gain in interest.

Looks good though!

planteria

i would use the 5% account and use an ISA allowance for something else

planteria

but it's 3.1% now?

http://www.thenottingham.com/savings/regular-saver/

matttye

planteria wrote: »

but it's 3.1% now?

http://www.thenottingham.com/savings/regular-saver/

It's this one > http://www.thenottingham.com/savings/starter-isa-issue-3/

Special_Saver2

Hi Everybody,

Here is this weekend's update.

I have corrected the Nottingham BS Summer Saver entry to reflect that you can miss as many payments as you wish. I cannot find anything else that needs changing.

Note that for Regular Savings ISAs, I leave those to kazza242's thread which you can find here: Cash ISAs: The Best Currently Available List.

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...d.php?t=608697