Regular Savings Accounts: The Best Currently Available List!

patientperson

Steve_xx wrote: »

The letter then goes on to detail that you can choose any of their current offerings etc etc. But there is no special offer to take advantage of.

Their web site shows the 1 year bond @ 1.40% but their 2 year bond @ 1.85% is not mentioned. Our letters also offered this 2 year bond so this might be the only carrot on offer. Minimum of £1000.

I think there will be a large outflow of money from Chorley BS.

Steve_xx

patientperson wrote: »

Their web site shows the 1 year bond @ 1.40% but their 2 year bond @ 1.85% is not mentioned. Our letters also offered this 2 year bond so this might be the only carrot on offer. Minimum of £1000.

I think there will be a large outflow of money from Chorley BS.

There's a 2 year bond with State Bank of India that's paying 2.2%.

arsenalboy

Steve_xx wrote: »

There's a 2 year bond with State Bank of India that's paying 2.2%.

or 2.78% with Al Rayan for 2 years.

Steve_xx

arsenalboy wrote: »

or 2.78% with Al Rayan for 2 years.

Not quite; the Al Rayan rate is an "expected" rate. There could in be nowt at the end of the term!

Stompa

arsenalboy wrote: »

or 2.78% with Al Rayan for 2 years.

Though it's worth pointing out that that's an estimated rate. Mind you, they say they've always achieved their estimated rate in the past.

arsenalboy

Steve_xx wrote: »

Not quite; the Al Rayan rate is an "expected" rate. There could in be nowt at the end of the term!

I appreciate that.

As I understand it they cannot use the word interest for fear of being non Sharia compliant. Apparently launched in 2004 they have not missed the projected return.

With todays miserable rates, I find a return of circa 2.7 versus 2.2 attractive enough to take the small risk as all other options have been maxed out. From what I understand they are trying to gain a foothold in the market and I would imagine they would not jeopardise that by missing a return.

I would of course rather put my money with a High Street name but not at the expense of a 20/25% increase in return.

Steve_xx

arsenalboy wrote: »

I appreciate that.

As I understand it they cannot use the word interest for fear of being non Sharia compliant. Apparently launched in 2004 they have not missed the projected return.

With todays miserable rates, I find a return of circa 2.7 versus 2.2 attractive enough to take the small risk as all other options have been maxed out. From what I understand they are trying to gain a foothold in the market and I would imagine they would not jeopardise that by missing a return.

I would of course rather put my money with a High Street name but not at the expense of a 20/25% increase in return.

It isn't the non-use of the "interest" word that worries me; it's the actual use of the word "expected" that worries. They could simply elect to pay nowt. In other words it's a bond that they're not bound by.

Special_Saver2

Hi Everybody,

I have updated post 5 of the first page of this thread with the Santander Regular eSaver details. Thanks to patientperson for pointing out this new account. I will do another update this 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

KTF

Its a bit silly that you have to call or visit Santander to open one then its managed via online only.

Still, if needs must...

garfield33

New Santander account opened - waited on the phone for about 15 minutes and it took about another 15 minutes to set up with the poor bloke having to read out all the T&Cs - I asked and he said he's done it quite a few times now and is starting to do it in his sleep he also set up the standing order for me. The account is already showing on my online/mobile banking. All in all very straightforward!