Regular Savings Accounts: The Best Currently Available List!

patientperson

I have a Monthly Saver account from all 3 defunct Building Societies. I do not trust Nationwide and expect more reductions to this rate in the coming months and certainly after the NS&I pensioner bonds are no longer available.

Special_Saver2

Hi Everybody,

Here is this weekend's update.

I have updated the minimum deposit to the First Direct 1st Account to £1,000 per month in post 5.

I cannot find anything else to change.

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

lucky77

Another rate decrease from 1st April - Loughborough Building Society Monthly Saver 2 variable rate down to 1% plus 1.5% conditional bonus.

afmfifgh

lucky77 wrote: »

Another rate decrease from 1st April - Loughborough Building Society Monthly Saver 2 variable rate down to 1% plus 1.5% conditional bonus.

Has there been a change in the Terms & Conditions of this account?

When I opened the account it stated:

Conditions for bonus payment:
~ 11 out of 12 monthly payments are received and no more than one withdrawal is made.
~ The 1.50% bonus is only payable on payments received in each account year. Any balance retained in the account from previous year(s) will only receive the variable interest rate, currently 1.50% Gross/AER

But in the Summary Box sheet that came with the news of the fall in interest rate it states:

Conditions for bonus payment:
~ 11 out of 12 monthly payments are received and no more than one withdrawal is made.
~ The 1.50% bonus is only payable on payments received in each account year as well as any balance retained in the account from previous year(s).

lucky77

Loughborough Building Society - I have a Monthly Saver 2 opened December 2011 and Monthly Saver opened September 2013. For the first one the conditions for the bonus payment state 10 out of 12 monthly payments must be received or the rate payable will be reduced.
For the Monthly Saver the Key Product information stated;
"11 out of 12 payments are received and no more than one withdrawal is made. The 1.5% bonus is payable on payments received in each account year as well as any balance retained in the account forom previous year(s)." The sheet is dated 06/12 if this helps.

patientperson

Loughborough BS also have a different approach to the monthly amount one can deposit. The actual amount is fixed for a year and can only be changed on the account anniversary. One must write to the BS asking for their permission to modify the monthly amount.

afmfifgh

afmfifgh wrote: »

Has there been a change in the Terms & Conditions of this account?

I contacted Loughborough BS and I have been informed that when I opened my account I was incorrectly given an old copy of the Terms & Conditions and that they changed in 2012 and that since then:

the 1.50% bonus is only payable on payments received in each account year as well as any balance retained in the account from previous year(s)

I am very glad I have found this out as I was planning on withdrawing the balance soon due to me thinking the bonus was not not payable on previous year balances.

A welcome bonus despite the fall in the rate.

Thanks for those that replied.

planteria

glad you found out in time.. it's just a shame that the highest-paying accounts all 'mature' on the anniversary:think:

redux

Furness Lifestyle Saver now has a local area restriction, as of last week

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Furness BS Lifestyle Saver entry changed to reflect now only for local people
- Newcastle BS Big Home Saver (Issue 2) paying 2.57% withdrawn and replaced with issue 3 paying 2% p.a. (2.02% AER)

As the Newcastle BS Big Home Saver issue 1 account interest rate recently dropped to the issue 2 interest rate, I am a bit worried they could both end up dropping to the above issue 3 interest rate. We shall see what happens...

I am looking out for rumoured new regular savings accounts coming soon from Saffron BS (3.5%, members only) and Nottingham BS (3%, branch only) as mentioned by veryintrigued on another thread. No details on their respective websites yet.

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1