Regular Savings Accounts: The Best Currently Available List!

alanq

Special_Saver2 wrote: »

Hi Folks,
I am looking out for rumoured new regular savings accounts coming soon from...Nottingham BS (3%, branch only)

Regular Saver 3.1% since 01 April 2009 seems to be current.
http://www.thenottingham.com/savings/interest-rates/

Are you referring to Robin Hood Young Saver Issue 3 - children's regular saver account 3% since 09 February 2015?
http://www.thenottingham.com/savings/

Archi_Bald

I think the expected Nottingham 3% one is a monthly saver ISA.

bsms1147

Special_Saver2 wrote: »

- Newcastle BS Big Home Saver (Issue 2) paying 2.57% withdrawn and replaced with issue 3 paying 2% p.a. (2.02% AER)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...

If that happens I'll stop paying in. Difficult situation as it means I don't really want to put any new money in for the new tax year, in case it drops to 2%, and because it would limit options (eyeing up HSBC Save Together, for example). But if I don't pay in for a month I'd get less interest, and - for now - it's still a fairly decent rate. Quandary.

I'll sneak a payment in at the start of April before the 6th and then probably wait and see.

bob792

[QUOTE=Special_Saver2;67999958

- Newcastle BS Big Home Saver (Issue 2) paying 2.57% withdrawn and replaced with issue 3 paying 2% p.a. (2.02% AER)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...

[/QUOTE]

Two new conditions as well for Issue 3 which did not apply to either Issue 1 or Issue 2:

4. " ... the maximum balance permitted in the account is £30,000." (others unlimited)

7. "The Account is a limited issue and may be withdrawn at any time. The Society reserve the right to withdraw this product for further Investments at any time. We will not inform you when the Account becomes a closed issue or closed for further deposits."

I have Issue 1 & Issue 2 Accounts and Issue 3 shows online as available for me to open, so it looks like you could hold all three if you wish.

We got 10 months after Issue 1 was pulled where we got higher interest on Issue 1 before it was reduced to match Issue 2.
I'm not optimistic we'll get that long this time.

Steve_xx

Newcastle BS Big Home Saver (Issue 3)
I looked at the Product Special Conditions for this account and I think that the qualifying periods for the conditional bonus are months. Yet where I have highlighted "2014" in red there appears to be a year gap for the Qualifying Period. I think that where it reads "2014" that there is an error, and it should read 2015. what do others think?

17. A Bonus Qualifying Period is classed as the time between each Monthly Anniversary (for example if your account was opened 27th January 2014, the first Bonus Qualifying Period would be 27th January 2015 to 26th February 2015, the second would be 27th February 2015 to 26th March 2015 etc). If your Monthly Anniversary does not exist in a particular month the Monthly Anniversary date will be the final day of the month. For example if you open your account on 31st January 2015, your first Bonus Qualifying Period will end on 28th February 2015.

Also, this clause is worrying because they are not planning to tell you when they close the account for deposits. Therefore if you had a Standing Order set to feed it, you might find that suddenly the monies are returned to your donor account. Not very good really.

7.The Account is a limited issue and may be withdrawn at any time. The Society reserve the right to withdraw this product for further Investments at any time. We will not inform you when the Account becomes a closed issue or closed for further deposits.

bristolleedsfan

Steve_xx wrote: »

Also, this clause is worrying because they are not planning to tell you when they close the account for deposits. Therefore if you had a Standing Order set to feed it, you might find that suddenly the monies are returned to your donor account. Not very good really.

7.The Account is a limited issue and may be withdrawn at any time. The Society reserve the right to withdraw this product for further Investments at any time. We will not inform you when the Account becomes a closed issue or closed for further deposits.

And seemingly no bonus for Months that additional deposits are not accepted.


:money:States inclusion in Newsletter caused Issue 2 to sell out, I was hoping to open ISA version on April 6th

http://www.moneysavingexpert.com/savings/best-cash-isa

"The huge demand for this cash ISA after we put it in our weekly email means it’s sold out – but Newcastle BS says it is planning to relaunch a new version of it, so the write up below is retained for information only"

verybigchris

Little tip that I hadn't seen mentioned yet: if anyone's looking at a 12 month regular saver that pays out at the end of term (eg HSBC), then you may be better off waiting a few days.

The £1000 tax-free saving allowance announced in the budget should mean that interest is paid gross from April 2016 onwards, and you'll only have to pay tax if you earn more than £1000 interest in the tax year.

If you wait until after 6th April 2015 to open your reg saver, the interest will be credited in tax year 2016/17, so the two weeks you've waited will potentially increase your gains by 25%!

colsten

verybigchris wrote: »

the two weeks you've waited will potentially increase your gains by 25%!

sound in principle but why 25%?

verybigchris

colsten wrote: »

sound in principle but why 25%?

For every £1 earned without tax, you'd previously have only got 80p, hence the tax-free payout is 25% (20p/80p) higher.

MARTYM8`

colsten wrote: »

sound in principle but why 25%?

They deduct 20% interest so you only receive 80% at present if you aren't eligible for gross interest.

So say your interest is £10 gross – you only receive £8 at present as they deduct the 20% before you get it.

£10 is 25% more than £8.