Regular Savings Accounts: The Best Currently Available List!

jd84

Stewster wrote: »

I tried this but was told that as my account hadn't been converted to one of their new style accounts (Current account advance or something like that) that I couldn't open it. The letter I received from them notifying me of the change in account apparently says the account will be converted by the 1st of December. Bit useless really.

When challenged over whether the rate would have gone down by then, the UK based operator told me he didn't know.

I'd try again if i were you.

I was originally calling about something else and then afterwards the guy said 'anything else we can help you with today' and I mentioned that regular saver but my account hadn't been converted yet but he was happy to set it up.

Girlfriend then did the same with her account...

PremierFella_2

contactjd wrote: »

I'd try again if i were you.

I was originally calling about something else and then afterwards the guy said 'anything else we can help you with today' and I mentioned that regular saver but my account hadn't been converted yet but he was happy to set it up.

Girlfriend then did the same with her account...

To confirm this, if you have received a letter advising you that you qualify for Current Account Advance from 1DEC08, you can request that they upgrade the account now (you may need to push a little but stand your ground - maybe mention that you know that new customers are already opening these accounts if the advisor gets stubborn).

However, given the large number of customers that will have received letters including the 8% Regular Saver as a benefit of "Advance", I would say that its a fairly safe bet that the 8% rate will still be available for a reasonable period after 1DEC08 even given the recent rate BOE rate cut.

dougz_2

The HSBC 8% has an additional condition that has not been mentioned. Clause 5.2 "You must continue to hold Current Account Advance ... and pay your salary or regular retirement income into it". This means merely paying in £500 from any source may not qualify for the saver like it would the current account itself. Maybe others know if they do not enforce this, but that is what it says in the terms they sent me.

Another correction to the table, perhaps should be that it can only be opened by phone or branch, not online like their other savings accounts, according to their website. I suspect that might be so a human checks you qualify or something?

Milarky

https://www.emoneyfacts.co.uk/news/news-search.aspx?newsarticleid=177955

GOLD SAVINGS and FAMILY REGULAR SAVER regular savings accounts will be reduced by 2.00% to 6.00% fixed for first year w.e.f. 14.11.08.

mary

Despite the fact that I have an existing Family RS with them, in the last 10 days I applied for their Gold Current Account, which you have to have prior to opening a Gold RS. Despite having a good credit record and money not a problem, so to speak and despite being already with them, they turned me down. Oh well, if they've dropped their rates anyway - a blessing in disguise.

Milarky

mary wrote: »

Despite the fact that I have an existing Family RS with them, in the last 10 days I applied for their Gold Current Account, which you have to have prior to opening a Gold RS. Despite having a good credit record and money not a problem, so to speak and despite being already with them, they turned me down. Oh well, if they've dropped their rates anyway - a blessing in disguise.

It might be a more mundane explanation. When I first applied they couldn't find me on their credit search (I have an ambiguous postal address and it's always causing problems on lookup pages) So I guess that N&P are more rudimentary in general than most companies. (Have you checked the problem isn't with verifying your ID?)

mary

I don't think it's a problem with finding me. My address is fine, not difficult to locate. This is the reply I got from them. Sounds as though "I don't fit the bill".

"When we assess our applications, we use a credit scoring system, which we believe is one of the fairest and most accurate forms of credit assessment available.

We regret to inform you that your application has not met our requirements and, consequently, we are not able to offer you banking facilities."

Are you allowed to give them a call to find out why, or are they not obliged to tell you?

LongTermLurker

mary wrote: »

Are you allowed to give them a call to find out why, or are they not obliged to tell you?

They should tell you if it's because of internal scoring or a CRA search, but that's all.

Special_Saver2

Hi everybody,

I have updated the beginning of this thread with the following information:

- Principality BS 1 Year Regular Saver withdrawn
- HSBC 8% Regular Saver entry updated to add terms and conditions saying you have to pay your pension or salary into the current account and opening in branch or by telephone only
- Bank of Ireland regular saver account has dropped the interest rate from 8% down to 6% fixed for new applicants
- Norwich and Peterborough Family Regular Saver has also dropped from 8% fixed down to 6% fixed for new applicants
- Norwich and Peterborough Gold Savings Account also dropped from 8% fixed down to 6% fixed for new applicants
- Tesco Internet Saver (feeder section) interest rate will drop 0.5% on 27th November (from 6.5% down to 6%, which is not too bad really)
- Sainsbury's Bank Internet Saver (feeder section) has dropped from 5% to 3.5% - I think this is so bad that I have deleted the account from the feeder section list

The Teachers BS Regular Saver is now coming up on the best buys lists. It pays 5.85% on £10-250 per month which includes a first year introductory bonus of 1%. I might include it in the list in the next update. I am going to look again at my criteria for including regular savings accounts in my list once all the interest rate cuts have filtered through.

I shall do another update to the list when I am next online.

All the best,
SS2

Special_Saver2

Hi folks,

I cannot find anything that has changed since the last update.

I shall do another update next weekend.

SS2