Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Kernel_Sanders wrote: »

I opened one online (accidentally!) on 30 June, so decided to fund it there and then with a £250 FP from Santander. I assumed TSB really meant 'by electronic transfer' instead of specifically 'standing order' but after reading this thread, I'll use SOs for this and subsequent months.

I would suggest you check the interest rate with TSB. I think the account you opened is only paying 2% interest. I think the 5% interest is only for people who opened the account from 1st July 2015 onwards. (If this is the case, it would be worth asking TSB staff if you could close the 2% account and open a new one paying 5%.)

Kernel_Sanders wrote: »

I've had one for years without the interest dropping after 12 months. Maybe it's for new applicants, or ones not in our area. I think my own interest rate fell from 2.7% to just over 2% on 1 July.

Yes, the Mansfield BS Regular Savings account issues 1-3 interest rate does not fall after 12 months (which is why I had them in post 2) but the issue 4 interest rate does fall after 12 months (which is why that account appears in post 4).

Regarding the TSB 5% Monthly Saver account, I can add myself to the list of people who got this message "Sorry, but we can't show you some recent transactions as your name wasn't on the account when these transactions were processed" but I can confirm that £250 transferred by FP from my TSB current account to my TSB 5% Monthly Saver has successfully made it there (dated 1st July) and I have set up a standing order from my TSB current account from 1st August.

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

GazHol

It would be helpful to note the SO conditions for the M&S monthly saver:
55. The first standing order payment must be at
least one calendar month after account
opening. You can change the amount of the
monthly standing order subject to clauses 53
and 54 above. You can only make one standing
order payment to your M&S Monthly Saver
account in any one month.
56. You can stop a standing order that has been set
up to your M&S Monthly Saver account and set
up a new standing order at a later date.

For those RS that just specify payments per calendar month, the interest gained can be increased by up to ~13% by making the first payment on the last working day of the month and then every other payment on the 1st of the next month. (1st gets 366 days of interest, 2nd gets 363-365 days etc.).

The M&S conditions appear to specifically prevent this interest 'optimisation', has anyone tested this (or sought clarification from M&S)?

Ed-1

GazHol wrote: »

Has anyone tested this (or sought clarification from M&S)?

Yes if you set up a new standing order for any other date of the month other than the date you opened it, they withdraw the payment back into your current account.

Special_Saver2

Hi Everybody,

I have updated the first post of this thread with the extra information above regarding the standing order on the M&S account.

There is nothing else I can find that has changed. 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

ernie-money

GazHol wrote: »

has anyone tested this (or sought clarification from M&S)?

Ed-1 wrote: »

Yes if you set up a new standing order for any other date of the month other than the date you opened it, they withdraw the payment back into your current account.

First payment 30/4, Second payment 8/6, 3rd payment 1/6, 4th payment 1/7 - all full amount & none rejected.

patientperson

On 20-07-2015 the interest rate will drop from 2.55% to 2.05% for both accounts.

colsten

patientperson wrote: »

On 20-07-2015 the interest rate will drop from 2.55% to 2.05%.

LOL, sounds like a case of reacting to the latest speech of Mark Carney.

alanq

ernie-money wrote: »

Second payment 8/6, 3rd payment 1/6,

Is that meant to be "Second payment 8/5"?

Special_Saver2

Hi Folks,

Here is this weekend's update.

I have updated the first post of this thread with the extra information from ernie-money above regarding the standing order on the M&S account and updated the interest rate on the Furness BS Lifestyle Saver. I cannot find the Furness BS Festive Saver anywhere on their website or on their interest rates pages (either as a current or a closed issue). Looking at their website and interest rate pages, it looks like the Lifestyle Saver is the only regular savings account they currently have.

There is nothing else I can find that has changed. 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

patientperson

Special_Saver2 wrote: »

I cannot find the Furness BS Festive Saver anywhere on their website or on their interest rates pages (either as a current or a closed issue). Looking at their website and interest rate pages, it looks like the Lifestyle Saver is the only regular savings account they currently have.
SS2

My 1 year 'Festive Saver' matures in November 2015 .. designed for Christmas in mind and was probably a very limited issue.

It does appear to be missing from interest rates .. in my case I received a letter from Furness BS regarding my account and the impending rate reduction.