Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

I have completed this weekend's update for the first page of this thread.

- Halifax Kids' Regular Saver account interest rate reduced from 6% to 4% for new applicants (updated in post 4)
- Tesco Bank current account no longer requires £750 minimum monthly payment (updated in post 9)
- TSB Monthly Saver interest rate reduced from 5% to 2% for new applicants (the unlimited penalty-free withdrawals mean that it still qualifies for inclusion on the first page of this thread, updated in post 5)
- Cambridge BS Regular Saver (Issue 4) paying 3% on £300 per month for 1 year and open to all UK residents added to post 4

Many thanks to the MSE forumites who helped with their posts on this thread this week.

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

afmfifgh

Jibeddy wrote: »

Much appreciated! I've opened one now.

Just one thing left on my mind, can I just close the account when my year of 5% is up and I'm done with it?

ctdctd wrote: »

After the year is up, the TSB Monthly Saver becomes an instant access Easy Access saver at a much lower interest rate. You can keep it or close it as you wish. If the Monthly Saver is still available in a years time, you can open another one if you like and start again.

HTH

Just to add some meat to the bones of this - If you want to close the account you only have 2 options, 1 is to visit a branch and the other is to post a letter to your registered branch.

I think it is ridiculous that if you can open an account online you can't close it online. Even on the phone would do but nope you can't do either.

The reason I was given was that they needed to see my signature! :mad:

Eco_Miser

afmfifgh wrote: »

I think it is ridiculous that if you can open an account online you can't close it online. Even on the phone would do but nope you can't do either.

The reason I was given was that they needed to see my signature! :mad:

It is ridiculous (Lloyds manages to close accounts online with virtually the same back-end), and it just means that TSB will accumulate a lot of dead, empty Easy Saver accounts, for which they still need to contact the customer yearly to inform them of their rights under FSCS.

Kendall80

Eco_Miser wrote: »

It is ridiculous (Lloyds manages to close accounts online with virtually the same back-end), and it just means that TSB will accumulate a lot of dead, empty Easy Saver accounts, for which they still need to contact the customer yearly to inform them of their rights under FSCS.

I recently cancelled my credit card with TSB over the phone. They wouldn't let me close my 3 redundant, empty savings accounts though. Still, i'm not going to complain too much. Not with them offering up 5% accounts, generous credit card limits and a good online service. Not to mention a low rate 10 year mortgage!

badger09

Just a heads up on the excellent service I've had from Cambridge.

Opened account by phone on Monday afternoon. Charming young man with a Spanish/Portuguese accent made it almost a pleasure to listen to the obligatory reading of the full T&Cs:o. Rather than keep me on hold while he did electronic ID check, he phoned back within 10 minutes.

Account opened immediately and 1st payment taken by debit card. Paperwork arrived yesterday with form requiring my signature & prepaid envelope.

Whole process took less than 30 minutes:)

Archi_Bald

My experience with the Cambridge was slightly different, even though I probably spoke with the same chap as badger09. He tried to fob me off saying the account can't be opened on the phone because it would create a backlog and people weren't sending their signed forms back blah blah. Only the request to file a complaint made him change his mind. He then proceeded to read out the entire FSCS information, which took at least 10 minutes. After taking all my details, he then said he needed to ring me back with the result of the application. Which he did, half an hour later. The paperwork arrived promptly the next day, and has been sent back.

I never thought I'd go through all that hassle for a 3% regular saver. We live in strange times.

[Deleted User]

Archi_Bald wrote: »

My experience with the Cambridge was slightly different, even though I probably spoke with the same chap as badger09. He tried to fob me off saying the account can't be opened online because it would create a backlog and people weren't sending their signed forms back blah blah. Only the request to file a complaint made him change his mind. He then proceeded to read out the entire FSCS information, which took at least 10 minutes. After taking all my details, he then said he needed to ring me back with the result of the application. Which he did, half an hour later. The paperwork arrived promptly the next day, and has been sent back.

I never thought I'd go through all that hassle for a 3% regular saver. We live in strange times.

Don't understand this post. The website makes it clear that the Cambridge BS regular saver cannot be opened online, but can be opened by phone. You were phoning, so presumably were trying to open by phone, not online.

MarkFromCornwall

I had a good experience like Archi Bald and my account is now open and funded. Also, by saying at a couple of key points that I had read the t&c and the FSCS details online I was spared listening to the worst of the details.

Mark

Saver1980

Hello,

I opened Club Lloyds Regular Saver in August 2015. I have just made my 12th payment on 6th July. I called the bank to ask when i would receive my interest and they said it 1 year after it was opened. I just checked this page again and it looks like the interest rate has now dropped to 3%?

ctdctd

Saver1980 wrote: »

Hello,

I opened Club Lloyds Regular Saver in August 2015. I have just made my 12th payment on 6th July. I called the bank to ask when i would receive my interest and they said it 1 year after it was opened. I just checked this page again and it looks like the interest rate has now dropped to 3%?

3% is for new accounts. You will get the 4% fixed rate on your existing account in August.

HTH