Regular Savings Accounts: The Best Currently Available List!

Steve_xx

afmfifgh wrote: »

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.

I don't think that the length of time that the older issues were in operation is particularly relevant. It is pretty obvious that Leeds have looked at this and noted that they are paying over the odds to their savers and so they have taken a decision to align their products with the rest/most of the market.


I think that the current Issue only allows £250 a month to be deposited, whereas the former allowed more, at least £500 for Issue 2. Issue 3 may escape for longer given that a smaller deposit per month is allowed, or if interest rates were to move up then that might help sustain it for longer.

bristolleedsfan

afmfifgh wrote: »

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.

Since approx October 2013

Variable Rate ( Excluding Conditional Bonus) can easily be reduced if Leeds B.S choose to do so unlike earlier Issues.

http://www.leedsbuildingsociety.co.uk/savings/access-accounts/regular-saver-issue-3/

kazwookie

Just opened a first direct current account, and a regular saver account.

It seems I only have to pay in £1000 to the current account per month, not £1500 as per post 5#. I then fund the regular saver account from that, and can removed the £700 if I wish else where.

Steve_xx

You may not have to deposit the 1k per month if you have one of their 'selected' products. Though they don't readily say what they may be:

Is there a charge to bank with first direct?

Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product. Take a look at our interest rates and charges for more details of other additional products.

colsten

kazwookie wrote: »

Just opened a first direct current account, and a regular saver account.

It seems I only have to pay in £1000 to the current account per month, not £1500 as per post 5#. I then fund the regular saver account from that, and can removed the £700 if I wish else where.

To be fair, post #5 is from 27-11-2007 and a few things (to put it mildly) have happened since then in the banking world.

Post #3201 gives you some more up-to-date information, and for the most current, you should always check the provider's terms and conditions.

kazwookie

Thanks guys

I know post 3201 give more info, which is the same as I read and thier customer service told me.

I love this thread thanks to the OP for keeping it up to day.

Westie983

Is it worth opening a Leeds RS due to the no end date or still to tesco current account?

Steve_xx

Westie983 wrote: »

Is it worth opening a Leeds RS due to the no end date or still to tesco current account?

Yes, regarding the Leeds Regular Saver. The last part of your query does not read sensibly and so I don't understand what you're asking.

Westie983

Thanks Steve,
Didn't notice the typo I'm using my phone to post and it makes words up...

I was asking is the A/C worth it over the 3% tesco current account due to the no end date....

I understand that the interest is slightly lower but gains longer term
Thanks for your reply.

Steve_xx

You can have two Tesco current accounts. So the answer to your question is yes it's worthwhile to also have the Leeds product if you have more than 6k to deposit.

However, before you get to Tesco you would consider the TSB because it pays 5% on a balance upto 2k.

Following that you may be better to opt for a Lloyds Club current account because it pays 4% on a balance between 4 and 5k. Lloyds requires two direct debits to be set up and you would have to deposit 1500 into it each month. There's also some freebies, ie 6 cinema tickets per annum, or a magazine subscription or a Gourmet Society membership card