Regular Savings Accounts: The Best Currently Available List!

YorkshireBoy

apt wrote: »

With Halifax you can make an extra payment. But you then need to close your account and open a new one as otherwise you could only get in 11 payments the following year.

Year 1 (13 payments):

20 Dec
01 Jan
01 Feb
01 Mar
01 Apr
01 May
01 Jun
01 Jul
01 Aug
01 Sep
01 Oct
01 Nov
01 Dec
20 Dec - account matures

Year 2 (12 payments):

01 Jan
01 Feb
01 Mar
01 Apr
01 May
01 Jun
01 Jul
01 Aug
01 Sep
01 Oct
01 Nov
01 Dec
20 Dec - account matures

Yoshua

Special_Saver2 wrote: »

Homebuyer Accounts

Okay, these accounts will not be of much use to you unless you are going to buy a house but they kept showing up as Regular Savings accounts in my searches, so I will leave them in here as a distinct category.


Britannia BS HomeSaver

Interest rate: 5% gross p.a. variable from 1st December 2008
Monthly payment: Save a total of £50,000 either by lump sums or regular payments
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: No - save for at least 6 months and then withdraw your cash penalty free to pay your deposit for your Britannia mortgage. Any other withdrawals are subject to a 90 day loss of interest penalty.
How to open account: Online, by phone or in branch
Special conditions: Only one HomeSaver Account can be held per mortgage application and per person. Exclusive mortgage deal with £250 cashback when you move into your new home, plus a free first standard valuation on your new home worth over £100. You also get cash bonuses under Britannia's Membership Reward programme. http://www.britannia.co.uk/reward/index1.html

One important thing about this home saver account is if you want the money but not a mortgage all you have to do is aply for a mortgage that you know you will be not accepted (not hard these days) and you can withdraw all the cash penalty free.

apt

YorkshireBoy wrote: »

Year 1 (13 payments):

20 Dec
01 Jan
01 Feb
01 Mar
01 Apr
01 May
01 Jun
01 Jul
01 Aug
01 Sep
01 Oct
01 Nov
01 Dec
20 Dec - account matures

Year 2 (12 payments):

01 Jan
01 Feb
01 Mar
01 Apr
01 May
01 Jun
01 Jul
01 Aug
01 Sep
01 Oct
01 Nov
01 Dec
20 Dec - account matures

Alright, Yorkshire Boy, you've got your 12 payments into year 2, but in effect all 12 payments are late. So if you kept doing this year after year you'd end up losing more interest than you gained in the first year If you're going down the 13 payment route you really have to do it each year reapplying and pushing forward the closing date one month each time.

Dagobert

steveteach wrote: »

I will try to open a RS8 [Abbey Fixed Rate Monthly Saver issue 8] next weekend.

Is this still available? I can't see it on their web site.

YorkshireBoy

Dagobert wrote: »

Is this still available? I can't see it on their web site.

Under Savings/Reward Savings...

http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1139304074661&pagename=Abbey%2FGSProducto%2FGS_InfProducto

knights

Dagobert wrote: »

Is this still available? I can't see it on their web site.

I opened one at 10.30 this morning so it was then !!

p1an0player

Tesco 6% feeder account.

I opened one of these and after waiting ages for the card reader and PIN etc it now appears I can't set up regular payments ?! just one-off payments, and not more than 4 months in advance. Is this correct?

Special_Saver2

Hi everybody,

I have completed this weekend's update to the posts on the first page.

- Chorley BS Galloway account interest rate decreased from 6.5% to 5%
- Chorley BS Santa Saver account interest rate decreased from 7.75% to 6%
- Halifax Regular Saver account interest rate decreased from 7% to 6% for new applicants from yesterday
- Marsden BS have launched a Christmas Saver account. It is only available to people who can visit a local branch (in the north west of England) to open an account. It pays 5% gross p.a. on up to £250 per month. I have put all the details in post 7

p1an0player wrote: »

Tesco 6% feeder account.

I opened one of these and after waiting ages for the card reader and PIN etc it now appears I can't set up regular payments ?! just one-off payments, and not more than 4 months in advance. Is this correct?

I do not have one of these accounts myself but that does seem correct going by the posts that others have made about this account. In general, savings accounts do not let you set up regular payments (i.e. standing orders) but some will let you set up future-dated payments manually (including the Tesco account).

The only savings account that I can think of which can do this is the Coventry BS First Account which is a hybrid current / savings account. It used to be on the list of feeder accounts on the first page but the interest rate has dropped so much that I recently removed it. (It was launched as a "hybrid" current / savings account - it is effectively a current account with no cheque book which used to have a really high interest rate.)

Okay, that is all for now... see you again next week.

SS2

steveteach

Hi All

I received this reply yesterday:

"Thanks for your e-mail regarding our Fixed Rate Monthly Saver Issue 8.
You can indeed open another account of that type as long as it is a different issue of the product."

I then went into my local Abbey and tried to open an account. First they could not find it on their computer system, even though it has been available since 1st December and then they told me there was an issue 18 which was probably a typo on the system. I agreed to open an issue 8 account via a paper form and for Abbey to phone it through later. Lets see if they manage to open the account? I will keep you informed. At least Head Office have confirmed you can have more than one Fixed Rate Regular Saver running at the same time, so long as they are different issues.

mary

They are so thick (!), last year I opened 2 Issue 6s about a month apart, ran them for 13 months, got full interest and they were none the wiser. It was more by accident. I tried to open one online, they delayed, lost it,whatever, I complained issued me with a letter eventually telling me to open one in branch, which I did, but that came after I already went into the branch to open one, feeling frustrated with the online effort in the first place. So the manager didn't argue as I had a letter recommending me to open the one branch (effecitively for the 2nd time)!