Regular Savings Accounts: The Best Currently Available List!

arsenalboy

Temrael wrote: »

. So I got very geeky in Excel and worked it out... £25.31.

That's right ladies and gentlemen, I will earn an additional £25.31 for the year if I drive into town, go into branch and spend 20 mins opening one of these. I hope I don't have to pay for parking. :rotfl:

In isolation that is right, but when you put the effort in on a range of "higher" paying interest accounts, your average return will be better than the market norm.

No effort no gain:)

Temrael

Oh yep absolutely, it's still £25 for basically no effort.

I might just combine it with a trip into town for other things is all. I see in the thread here people have spent 40 mins on the phone trying to get through to Santander, so probably easier in branch.

Eco_Miser

Temrael wrote: »

I was all excited about the 5% interest and couldn't believe I'd somehow overlooked this account (already having lots of Regular Savers with other banks and a Santander 123 current account). It then struck me though, that the actual incremental interest you would receive over just leaving £2400 for a year compounding in the 123 account might make this fairly marginal.

That is also true (varying for the amount you're allowed to save each month) for all the other regular savers you have.
It's an extra 2%, and it's an extra £2400 you can save with Santander if you have £20k.

colsten

Westie983 wrote: »

Pick up the phone, from the comfort of your arm chair,
No need to go into town, no need to pay for parking, then you can fund the account from your computer with a click of a few buttons....

(note I haven't mentioned the time it takes to open the account as indeed it may take 20 mins or more to do so)

£25ish for 20 minutes work equates to an hourly rate of £75. If you are a SELECT customer, it takes more like 10 minutes, which makes an hourly rate of £150. Either rate sounds worth my while, when done on the phone, or when I am outside a Santander branch anyway.

zolablue25

Eco_Miser wrote: »

That is also true (varying for the amount you're allowed to save each month) for all the other regular savers you have.
It's an extra 2%, and it's an extra £2400 you can save with Santander if you have £20k.

Indeed. It is much more valuable if you already have the full £20k in your 123 account. And, of course, if its a joint account you can have a saver each.

10_66

Royally fed up with Nationwide. I've got a Flex Account with them, and since March had been paying in £750 per month to qualify for the 5% regular savings account. On speaking to them yesterday, I've been informed that none of the payments into the account will qualify as the money didn't stay in overnight. I didn't realise that was a requirement, and queried it with them, but they are adamant. I was hoping to use the Flex Account as the qualifying account because my 12 month Flex Direct "waiting period" (for interest entitlement) isn't served until later this year.


Edit: I've just been contacted by them and they agree that there is no mention in the t&c's about this and are going to make it clearer in the t&c's at "some time in the future". Also offered me compensation for loss of interest I'd have earned.


.....

veryintrigued

10_66 wrote: »

Royally fed up with Nationwide. I've got a Flex Account with them, and since March had been paying in £750 per month to qualify for the 5% regular savings account. On speaking to them yesterday, I've been informed that none of the payments into the account will qualify as the money didn't stay in overnight. I didn't realise that was a requirement, and queried it with them, but they are adamant. I was hoping to use the Flex Account as the qualifying account because my 12 month Flex Direct "waiting period" (for interest entitlement) isn't served until later this year.

Assume you asked them to point you to where it states this in the T&Cs?

10_66

veryintrigued: Whoops, updated my post as you were posting. Yes, I did ask them, but I knew they couldn't say where it was as it's not mentioned in them. They were still adamant that they wouldn't open the account though.

colsten

10_66 wrote: »

Edit: I've just been contacted by them and they agree that there is no mention in the t&c's about this and are going to make it clearer in the t&c's at "some time in the future". Also offered me compensation for loss of interest I'd have earned.

I can't believe that they would really change their T&Cs, and their systems, to force people to keep £750 in a current account for at least one night / 24 hours or whatever time period. Aside from it sounding utterly petty, it would damage the flexibility of the FlexAccount and - more importantly - those determined enough would still meet the requirement as earning 0% interest on £750 for a day disappears into insignificance when compared with earning 5% AER on an incremental £250 for 12 months.

I think you probably got to speak to some jobsworth who is trying to fob you off, for unknown reasons. Nationwide staff are, I am sad to say, often prone to making up "T&Cs" as they go. I am glad you challenged them and got some compo for their wrong 'advice'.

10_66 wrote: »

They were still adamant that they wouldn't open the account though.

Have you actually tried opening the FlexClusive RS online? If you can open the account online, you'll be ok. I wouldn't be surprised that in your case "computer says" the customer is right. Could you let us know what happens when opening the account online?

10_66

colsten wrote: »

Have you actually tried opening the FlexClusive RS online? If you can open the account online, you'll be ok. I wouldn't be surprised that in your case "computer says" the customer is right. Could you let us know what happens when opening the account online?

Thanks colsten, yes, I've tried several times online and all I get is a message apologising and saying that I have to have paid £750 into my account (no term mentioned). I'd spoken to someone yesterday and asked for it to be escalated as a complaint, hence the call today. I agree that I can't see them changing their terms and conditions, probably just said that to make me think they're going to do something about it. She said she wouldn't like to think anyone else would fall foul with the same problem. Nice to know they care .