Regular Savings Accounts: The Best Currently Available List!

patientperson

Kazza242 wrote: »

Hi patientperson - my posting above mentions that the 4% Loyalty Regular Saver can be opened via branch, post or or telephone. I have highlighted the relevant section in bold.

It is the 3% account, called Regular Saver that has to be opened in branch only.

Yes, my apologies, you are correct .. I read your bit about having an account at 3% or the more favourable 4% but not both so in my haste I just looked at details of the Loyalty Saver at 4%.

Chadsman

Kazza242 wrote: »

Skipton Building Society have launched a new regular saver, called Loyalty Regular Saver. It pays 4.00% fixed for 12 months.

It is exclusive to existing members who joined as a member before 26th January 2014.

You can open the account with a minimum deposit of £1 and save up to £250 per month. It can be opened via branch, post of telephone. No withdrawals are permitted during the account term.

If you open the account over the phone do you get the account number immediately or do they post forms out for you sign and return?
...anyone?


I am currently in a long queue listening to muzak.

Kazza242

Chadsman wrote: »

If you open the account over the phone do you get the account number immediately or do they post forms out for you sign and return?
...anyone?


I am currently in a long queue listening to muzak.

If you're opening the Loyalty Regular Saver over the phone, then you should get the account number immediately. They will post the passbook and a copy of the T&C's out to you.

Chadsman

Kazza242 wrote: »

If you're opening the Loyalty Regular Saver over the phone, then you should get the account number immediately. They will post the passbook and a copy of the T&C's out to you.

I have finally got it done now. They said they will also post forms out that I will need to sign but I already have the account number and have made a deposit.
:beer:

patientperson

GreenBitterfly wrote: »

That's great news, I guess this replaces their Christmas Saver which is normally launched around this time. Thanks Kazza!

During a phone call today with Skipton BS it was confirmed that these 2 accounts are instead of a Christmas Saver.

lightbulb2760

I visited the Gravesend branch to make a withdrawal yesterday, and as I didn't want to close the account, mentioned the £1 minimum monthly deposit, as shown on this thread.

The helpful lady commented that the minimum deposit is £25, the same as the initial opening deposit, and I showed her the post on this site. I checked the Kent Reliance website for the T&Cs, and found that it mentions the maximum monthly deposit, but does not specify the minimum.

She said she would check and get back to me today. Having done so, she confirmed that the minimum monthly deposit is indeed £25.

Archi_Bald

She probably made it up that the minimum monthly deposit is £25 since there is nothing in the published KRBS terms that supports this.

The terms state:

The minimum opening deposit and operating balance is £25. Maximum opening deposit and subsequent deposits per calendar month is £500.

Thus it would be perfectly within the terms to open the account with £25 and never put any more money into it until maturity. Equally within the terms would be to just put in e.g. a tenner each month. It would be correct to say the monthly deposits allowed are £0 - £500.

What you read on MSE or some other online site is, of course, of no consequence or relevance to the terms and conditions of any account.

veryintrigued

patientperson wrote: »

During a phone call today with Skipton BS it was confirmed that these 2 accounts are instead of a Christmas Saver.

Hi PP.

Does the title of this post need changing?

patientperson

veryintrigued wrote: »

Hi PP.

Does the title of this post need changing?

Yes indeed it does .. apologies to all readers for this confusion.

Skipton was in my mind but Nottingham in my typing.

lightbulb2760

Archi_Bald wrote: »

She probably made it up that the minimum monthly deposit is £25 since there is nothing in the published KRBS terms that supports this.

The terms state:

The minimum opening deposit and operating balance is £25.

Thus it would be perfectly within the terms to open the account with £25 and never put any more money into it until maturity. Equally within the terms would be to just put in e.g. a tenner each month. It would be correct to say the monthly deposits allowed are £0 - £500.

What you read on MSE or some other online site is, of course, of no consequence or relevance to the terms and conditions of any account.

However, the T&Cs also state that regular payments must be made into the account, so the minimum regular payment required cannot be £0. Assuming that amounts must be in whole pounds, this would indicate that the minimum payment must be £1. It would seem therefore that the T&Cs conflict.

Kent Reliance One Year Regular Savings Account

Interest rate: 4% gross p.a. from 20th July 2012
Monthly payment: £1-£500 (minimum balance £25)
Miss any payments: No

T&Cs for this account:

Account terms and conditions




Where applicable, these terms and conditions supersede our general terms and conditions.

• No minimum age (the account can be operated on behalf of a child).
• Interest will be added to the account at the end of the term.
• The minimum opening deposit and operating balance is £25. Maximum opening deposit and subsequent deposits per calendar month is £500. The maximum balance is £6,000.
  
  Note: if the maximum deposit limit is breached or regular payments are not made to the account, Kent Reliance reserves the right to transfer the account to an Easy access savings account.
• Additional deposits can be made by cash, cheque or standing order.
• Withdraw funds whenever you like, without notice or penalty.
  
  Cash and cheque transactions can only be made at one of our branches.
• You will have 14 days from the date the account is opened to reconsider your choice. If you change your mind within this cooling-off period, your initial deposit will be returned without interest. If you have paid any cheques into the account, we can't return these funds until the cheques have cleared, so please allow six clear working days.
• At the end of the 12 months your account will transfer automatically to our Easy access savings account, and we will write to you at least 14 days before the end of the term to confirm this. Once your account has been transferred to the new account we will write to advise you of your account number and revised Terms and Conditions.

This account can only be opened and operated at a Kent Reliance branch.