Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Everybody,

I cannot find anything that has changed for this weekend's update.

I will do another update the weekend after next.

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

darkidoe

Just came across the Regular Savings No time limit/Maturity date list. Seems like a good account to snowball a serious amount of savings for decent interest. Anyone has experience on how reliable they are not to change their terms every few years or so? And does their interest tend to remain fixed as well or change with the base rate?

Archi_Bald

They all have variable interest rates and at least one of them dropped from 2.5 to 2% quite recently. Many also have restrictions on who can hold them and how they can be operated.

I can't see much attraction in these when you can pay £1,450 a month into accounts that pay between 4 and 6% AER, which are essentially available to all adults, and can be operated wholly online.

redux

darkidoe wrote: »

Just came across the Regular Savings No time limit/Maturity date list. Seems like a good account to snowball a serious amount of savings for decent interest. Anyone has experience on how reliable they are not to change their terms every few years or so? And does their interest tend to remain fixed as well or change with the base rate?

Some are no longer available to new entrants, replaced with later versions with lower interest rates.

Not much space for idealism, in other words.

Special_Saver2

darkidoe wrote: »

Just came across the Regular Savings No time limit/Maturity date list. Seems like a good account to snowball a serious amount of savings for decent interest. Anyone has experience on how reliable they are not to change their terms every few years or so? And does their interest tend to remain fixed as well or change with the base rate?

Archi_Bald wrote: »

They all have variable interest rates and at least one of them dropped from 2.5 to 2% quite recently. Many also have restrictions on who can hold them and how they can be operated.

I can't see much attraction in these when you can pay £1,450 a month into accounts that pay between 4 and 6% AER, which are essentially available to all adults, and can be operated wholly online.

In that post (post 2 on page 1), I have indicated where possible how long the interest rate has been in force for and you can see that some of them have been the same for a long time, e.g. the Nottingham account has had the same interest rate since 2009. You can also see the warning on the Leeds issue 3 account entry about what happened to issue 1 and 2 holders. Having said that, the Leeds issue 3 account is a pretty good one. You can also see the geographical restrictions on many of the other accounts listed in post 2 (those accounts are great if you happen to live within the right area or are an existing customer).

For those accounts in post 2, sometimes the account gets withdrawn for new customers but existing account holders can continue paying into them. I still have a Yorkshire BS account paying 3.75% and Coventry BS account paying 3.5% with no maturity date that fit into this category and I am very pleased with both.

SS2

redux

Special_Saver2 wrote: »

For those accounts in post 2, sometimes the account gets withdrawn for new customers but existing account holders can continue paying into them. I still have a Yorkshire BS account paying 3.75% and Coventry BS account paying 3.5% with no maturity date that fit into this category and I am very pleased with both.

I was thinking of those two as I wrote my comment above.

Their older monthly saver accounts had fixed terms, and I'd had 2 or 3 of each of theirs starting between 20 and 15 years ago. Then I had a period of not saving, and when I came back I'd missed those open ended ones, and now they just have 2% available.

apt

Archi_Bald wrote: »

They all have variable interest rates and at least one of them dropped from 2.5 to 2% quite recently. Many also have restrictions on who can hold them and how they can be operated.

I can't see much attraction in these when you can pay £1,450 a month into accounts that pay between 4 and 6% AER, which are essentially available to all adults, and can be operated wholly online.

But after 12 months you have to do something with the savings you have racked up whereas those lucky enough to have one of the early versions of the YBS regular saver (up to £20,000) or the Coventry BS ex Swindon and Stroud regular saver are still getting 3.5% or better on their savings.

bristolleedsfan

Important Information about Interest Rates

We recently contacted you by email to inform you that the rate on your NCL BIG HOME SAVER ISS 2 O/L was due to change on the 26th October 2015. Following a review of your accounts we have noticed that due to a system issue you were not sent an email relating to the rate change on your other Big Home Saver accounts in error.

What happens next?

The rate on your NEWCASTLE BIG HOME SAVER O/L was amended on 26th October in line with the rates detailed below.

At the Newcastle our policy is to provide customer with a minimum of 30 days notice in advance of any of a rate change. As we have failed to do this on this occasion we have credited your account with £5. This amount of interest exceeds the interest that would have been due to your account had we maintained the higher interest rate for a further 30 days.

This adjustment will automatically be paid within your next interest payment.

hgt

I got a similar e-mail from Newcastle too. I think we all sort of guessed that the rate was dropping on all issues of the Big Home Saver account, but it seems their e-mail system couldn't cope where customers had more than one account.

Fair play to Newcastle, they've held their hands up and compensated customers automatically. Not all banks or building societies would do this.

info_addict

Same email for me only it was the other way around. They told me about the Big Home Saver but didn't tell me about the Big Home ISA.

They've said they will give me £10 for something I knew about- fair play to them. But it's not in my account yet.