Regular Savings Accounts: The Best Currently Available List!

redux

Leeds haven't actually sent me the letter yet.

The AGM notice etc says these letters went out in December. Is that correct? It seems unlikely to me as a staff member didn't know anything about it by 29th December, and he persuaded me to keep my series 1 going.

Steve_xx

IanManc wrote: »

Really?


£2k in TSB @ 5%
£5k in Lloyds @ 4%
£20k in Santander @ 3%
£5K x 3 in Bank of Scotland @ 3%
£3k in Tesco @ 3%


All instant access with no withdrawal restrictions. And apparently "lucky" with the interest rates too. So perhaps I'm brighter than you think.

Yes, but the assumption is that the Regular Saver accounts would come after you filled the instant access accounts that you've mentioned.

Oh, and by the way, you can have two Tesco current accounts!

Steve_xx

IanManc wrote: »

I understand that, but with a contribution of £250 a month into the Leeds Issue 3, which gives the equivalent of 3% interest on £1500 in year 1 if you make the maximum contributions, you need to be able to build up a decent lump sum in a regular saver to make it worth doing at all. What Leeds have done, by closing down the Issue 1 and Issue 2 accounts, is undermine customers expectation that the accounts will be allowed to run long enough for a decent sum to be accrued and make the exercise worthwhile.


Many other providers of no-fixed-end-date regular savings accounts have issues of their accounts which are no longer on sale. Some maintain their high interest rates, while others might whittle them down over time, but I can't remember any institution before that has closed down no-fixed-end-date regular savers and transferred the balances to different type of account paying a much lower interest rate. I think that's why the actions of the Leeds are attracting such criticism.


In the end the Bank of England's "funding for lending" scheme means that institutions like the Leeds just don't need savers' money, as they can get it for next to nothing from the Treasury.

Well no not strictly. Once your money goes in it earns interest on a daily basis. And, once it is there it seems a pointless thing to do to remove it. However, if you have adequate spare capacity in those accounts that you mentioned then yes, it matters not if you withdraw it from the Leeds.

A lot of Regular Savers run for just 12 months anyway. Interestingly, I have/had a couple of Regular Saver accounts with Cheshire Building Socity who have been swallowed up by Nationwide. Generally these were 12 month Reg Savers with Cheshire, but by accident I've learned that there is no end date on them now that they've become Nationwide accounts.

Though I do take your point of annoyance with Leeds for doing what they've done here. Especially given the fact that they termed doing it as a streamlining exercise. If they wanted to streamline their account they could have renamed them all Issue 3 and the job would have been done. Instead they've alienated their customers, much like most of the remaining banks have.

bristolleedsfan

IanManc wrote: »

In the end the Bank of England's "funding for lending" scheme means that institutions like the Leeds just don't need savers' money, as they can get it for next to nothing from the Treasury.

During last couple of Months Leeds B.S have launched these :

http://www.leedsbuildingsociety.co.uk/savings/bonds/18-month-fixed-rate-bond

http://www.leedsbuildingsociety.co.uk/savings/isa-tax-free-accounts/18-month-fixed-rate-isa

In with 1.65% and 1.70% deposits in preparation for out with 3.05% deposits

Gem-gem

I've just opened up. 4% Kent reliance regular saver. Had one last year. Had no trouble with them.
(I used to have a hSBC 6% one but I can't access that sort of rate anymore as I no longer wish to pay for and account).

Archi_Bald

Gem-gem wrote: »

I've just opened up. 4% Kent reliance regular saver. Had one last year. Had no trouble with them.
(I used to have a hSBC 6% one but I can't access that sort of rate anymore as I no longer wish to pay for and account).

You do not have to pay for the HSBC Advance account, a pre-req for their 6% regular savings account. See the thread on HSBC Advance (and also the one on HSBC Save Together might be of interest to you).

Have you maxed the FD and M&S 6% accounts?

Gem-gem

Archi_Bald wrote: »

You do not have to pay for the HSBC Advance account, a pre-req for their 6% regular savings account. See the thread on HSBC Advance (and also the one on HSBC Save Together might be of interest to you).

Have you maxed the FD and M&S 6% accounts?

I'm afraid that I haven't got an account with these two, so didn't think that I could do open one. Opted for nationwide account where I have been earning 5% on £2500. It finishes next month.

Special_Saver2

IanManc wrote: »

Many other providers of no-fixed-end-date regular savings accounts have issues of their accounts which are no longer on sale. Some maintain their high interest rates, while others might whittle them down over time, but I can't remember any institution before that has closed down no-fixed-end-date regular savers and transferred the balances to different type of account paying a much lower interest rate. I think that's why the actions of the Leeds are attracting such criticism.

I agree with the comments above. I think Monmouthshire Building Society might be in the same category. Didn't forum users report that they closed their long term Saver Plus (issue 1) account? I used to have that account and the Leeds BS issue 1 account but I closed both a long time ago when the interest rates dropped and they became relatively uncompetitive.

This is in contrast to Coventry BS and Yorkshire BS that have both continued old regular savings accounts at favourable interest rates.

SS2

MARTYM8`

Gem-gem wrote: »

I'm afraid that I haven't got an account with these two, so didn't think that I could do open one. Opted for nationwide account where I have been earning 5% on £2500. It finishes next month.

If you are going to open FD and M&S accounts make sure you take advantage of their switching offers - £100 cash for the former and up to £125 in M&S vouchers for the latter.

You just need a doner account - or should that be a donor!:D

afmfifgh

Having read back through some of this thread I understand that Leeds BS have recently stated that they will be closing their Issue 1 and Issue 2 Regular savers after some time of them being around.

I understand it is possible to each year keep adding to these accounts. So over the years the balance can build up. So although in the short term they are a hassle the longer term benefits are clear as a large balance builds.

The only option for me as a late comer is the Issue 3 with Leeds BS and so before I open it I was wondering if people could give me a rough idea as to how long the Issue 1 & 2 lasted before they were shut down and how long the Issue 3 has been going as I have been unable to find out.

Just a rough idea would be great.

Many thanks.