Regular Savings Accounts: The Best Currently Available List!

Baldur

LittleVoice wrote: »

Deposits are protected up to 75% of the first £20,000 per depositor.

Compensation is not available for deposits which had an original term to maturity of more than five years.

The important bit from the link which I posted above is:

"Compensation is paid out of levies collected from other banks in the Isle of Man. Levies are collected at a maximum of £250,000 per bank per year. As there are a limited number of banks which pay levies, it may take many years for compensation to be paid to depositors. This period will also vary according to when liquidation proceeds are collected from the failed bank and how much is recovered. There is no "standing fund" of compensation (i.e. money is not collected before a bank failure)."

muddyfox470

Thanks for this was wanting to open a savings account to build up a bit of cash

gt94sss2

Special_Saver2 wrote: »

- restored HSBC Regular Saver account as it appears that it is still available for some account holders

HSBC have put the details of their Regular Saver account back on their main website.

Regards
Sunil

Special_Saver2

Thanks to all the posters above.

I am just looking at the Isle of Man's Depositors' Compensation Scheme (DCS) link given above and have also seen:
The DCS covers individuals, companies and trusts who have bank accounts in the Isle of Man, whichever country they are resident in. (A few categories of people are excluded eg shareholders, directors and managers of the bank).

..which I presume means that people with Halifax / Bank of Scotland shares would not be eligible for compensation.

I am definitely going to include the Halifax International account in post 4 but will also give a warning with the compensation scheme details above.

Special_Saver2

I have updated the first posts on this thread to include the new link to the HSBC regular savings account and have added the Halifax Isle of Man account.

I can only see one new regular savings account - the Teachers Building Society regular savings account. It pays 6.35% gross p.a. variable interest on deposits of up to £250 per month but the rate drops by 1% after the first 12 months. The interest rate is not high enough to make it qualify for inclusion in my list but I thought I would mention it as the people who like to keep £100 in lots of different building societies in the hopes of a conversion or merger might be interested, and anybody who takes out a mortgage with Teachers BS will get £100 cashback with this account.

One thing I like about this account is that when you want to make a withdrawal, if you ring their 0800 number by 3.30pm then they will initiate a BACS withdrawal that same day to your bank account. I wish other institutions offered that service!

SS2

redcar_2

There are some rumours of a couple of new regular savings accounts from Halifax 10% max 500 pcm and Barclays 7.75% max 250 pcm opening later this month. See this thread for more info

http://forums.moneysavingexpert.com/showthread.html?t=942779

Might be worth delaying restarting any halifax ones due to mature soon until 9th June which is the suggested start date for that one.

Special_Saver2

I have added in some details on the Barclays Monthly Savings account in post 4. Details have come from these pages:

bristolleedsfan's thread
moneyextra.com page
emoneyfacts.com page

Once the details on the new Halifax account are formally announced then I will add them too.

No other changes that I can see for this week.

I will be back on the internet next Saturday and will do a further update then.

SS2

jdavtz

New Barclays RS details online at http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=14787

Special_Saver2

I have added the details to my entry on the Barclays regular savings account in post 4.

There is nothing else I can find that has changed in the last week. The Halifax 10% regular savings account should be launched on Monday. The next time I am on the internet, I will add the details.

SS2

whu

Halifax - 10% if you make monthly deposits of £25-500 for a year - no withdrawals permitted - dont need current account to be opened to get this deal - if you withdraw rate drops to 4.36% - you get 12% if you keep £5000 in a nominated Halifax savings account