Regular Savings Accounts: The Best Currently Available List!

Ed-1

Money_Man_Steve wrote: »

Here's a new account for the 'Matures after 12 months' category:

The Chorley BS 18-month Sunshine Saver pays 4.5% AER (variable) and you can add up to £750 per month. No penalties for missed deposits, but you can't make them up after. No withdrawals except for account closure. Converts to an easy access account on maturity. Apply by post or in branch.

More details here.

One thing that stands out for me about this account is that the interest rate is variable which is unusual for an account that doesn't allow withdrawals for 18 months. Risk worth taking that they don't slash the rate?

EDIT: Thinking about it, the fact they've explicitly labelled it issue 1 suggests that any rate cuts are likely to only apply to new issues (akin to Newcastle BS Big Home Saver etc.) but they reserve the right to change the rate.

IanIan

The Chorley is looking after existing members, and paying 5% on up to £750 per month for 18 months. It will pay 5% if you have had an account since 31 December 2013.


http://www.chorleybs.co.uk/members18monthsunshine.html

Steve_xx

IanIan wrote: »

The Chorley is looking after existing members, and paying 5% on up to £750 per month for 18 months. It will pay 5% if you have had an account since 31 December 2013.


http://www.chorleybs.co.uk/members18monthsunshine.html

There looks to be a version of this for non-members paying 4.5% gross and 3.6% net - so that looks good. Not sure how much per month you can deposit though?

NB. I've noticed that the maximum deposit is in fact £750 per month.

MarkFromCornwall

Steve_xx wrote: »

There looks to be a version of this for non-members paying 4.5% gross and 3.6% net - so that looks good. Not sure how much per month you can deposit though?

£750 per month

http://www.chorleybs.co.uk/18monthsunshine.html

MRMX9

IanIan wrote: »

The Chorley is looking after existing members, and paying 5% on up to £750 per month for 18 months. It will pay 5% if you have had an account since 31 December 2013.


http://www.chorleybs.co.uk/members18monthsunshine.html

I used to have a regular saver (Worden account) with them for several years - which they closed last July because they said they couldn't afford the 3.6% rate on an account which only accepted up to £250 a month.

Now two months later they can afford to pay 5% on £750 a month for a regular saver?

Odd in the extreme!

Steve_xx

MRMX9 wrote: »

I used to have a regular saver (Worden account) with them for several years - which they closed last July because they said they couldn't afford the 3.6% rate on an account which only accepted up to £250 a month.

Now two months later they can afford to pay 5% on £750 a month for a regular saver?

Odd in the extreme!

Blimey, how odd!

I note that this newbie (the non members one) is branch or postal and so requires a cheque for opening. I hope that doesn't mean that it'll require a cheque for each monthy payment into it? I would be wanting to do an online transfer into it and so long as that can be done I'm happy.

MRMX9

Steve_xx wrote: »

Blimey, how odd!

I note that this newbie (the non members one) is branch or postal and so requires a cheque for opening. I hope that doesn't mean that it'll require a cheque for each monthy payment into it? I would be wanting to do an online transfer into it and so long as that can be done I'm happy.

No they accept standing order payments.

You can also view transactions online on their you to view service - but cannot make online withdrawals. At least that was how my Worden account worked

I am a little annoyed frankly - as I was a loyal saver for several years. The rate was good I admit - but why chuck me out when in a few weeks they were introducing an even better rate for the same basic product?! The new account is actually more flexible - as I could only change my monthly investment in the worden account once a year - and I had to notify them first.

Steve_xx

MRMX9 wrote: »

No they accept standing order payments.

You can also view transactions online on their you to view service - but cannot make online withdrawals. At least that was how my Worden account worked

I am a little annoyed frankly - as I was a loyal saver for several years. The rate was good I admit - but why chuck me out when in a few weeks they were introducing an even better rate for the same basic product?! The new account is actually more flexible - as I could only change my monthly investment in the worden account once a year - and I had to notify them first.

Thanks for that information, it's most useful.

I can fully understand how you feel annoyed with them. Would be interested to know their explanation of their actions should you feel compelled to ask thwm.

Archi_Bald

MRMX9 wrote: »

I am a little annoyed frankly - as I was a loyal saver for several years. The rate was good I admit - but why chuck me out when in a few weeks they were introducing an even better rate for the same basic product?! The new account is actually more flexible - as I could only change my monthly investment in the worden account once a year - and I had to notify them first.

It's understandable you are not happy, but they probably didn't know then what they'd do a few months hence. Have you tried giving them a friendly call to discuss your situation and to ask them for a gesture? I'd try to talk to whoever calls themselves "the Manager" to start with. If you get your 5%, great. If not, you can still escalate it.

Speculator

I knew keeping a £1 balance in our Chorley Paid up share account was a good idea!

Many thanks to Money_Man_Steve! Two application forms already in the post.