Regular Savings Accounts: The Best Currently Available List!

hgt

schiff wrote: »

The £6000 limit is excluding accrued interest (which must be credited to the account) so maximum deposits and no withdrawals means it will last for two years.

I suppose in theory at least you could max out this account with the full £250 per month for 2 years... then in each year after that withdraw £600 (to count as your single withdrawal per year), then pay in the minimum £50 per month. That way you would in theory stay below the £6000 ceiling but keep earning 2.3% on your lump sum which would be somewhere between £5400 and £6000. Though maybe that's a lot of hassle, then again I'm getting more and more desperate to earn a few more percentage points of interest in these dark times!

The above of course is assuming the rate remains 2.3% and Leeds BS don't close your account sooner!

Speculator

schiff wrote: »

A couple of extra points about this account:

The £6000 limit is excluding accrued interest (which must be credited to the account) so maximum deposits and no withdrawals means it will last for two years.

The deposit monthly requirement is calendar monthly so it's advisable to make your standing order dated on the first, whether you started it today or later.

I'll probably reduce the monthly contribution in the 2nd year so it lasts longer than 2 yrs.

schiff

Both clever ideas I wouldn't have thought of

TY

Westie983

Front page needs updating: Buckinghamshire Building society have closed their Simple regular saver (Issue 2) to new applicants, my application was sent off two days ago wonder if they will still open it?

Just went on to check the interest rate compared to the new leeds one and the page says 'These accounts are now closed'

Westie983

adindas

Chorley BS Regular Saver (Issue 1)

Is no more available ??

Remove it ?

karlie88

adindas wrote: »

Does anyone who already has Flexclusive Regular Savers with Nationwide manage to open Regular saver paying the correct interest ??

I would like to know this too. NW state that you can only have one Regular Saver or Flexclusive Regular Saver. Don't try, don't get.

karlie88

adindas wrote: »

They mentioned in FAQ it is not allowed. So the problem here even if you managed to open one, you will not know whether the correct interest will be paid at the end, unless if there is an option to pay it monthly.

You could get an indication by looking within internet banking. When clicking on my flexclusive regular saver and fixed rate ISA, there's a subsection stating the interest rates on the accounts. Not a guarantee of what you'll get, but at least it gives you hope.

adindas

karlie88 wrote: »

You could get an indication by looking within internet banking. When clicking on my flexclusive regular saver and fixed rate ISA, there's a subsection stating the interest rates on the accounts. Not a guarantee of what you'll get, but at least it gives you hope.

Thanks I just notice this. I also check my flex direct account no interest info available like the on saving A/C ?

Do you know or anyone else know whether we could check the current interest applied on our FlexDirect A/C ??

adindas

Speculator wrote: »

I'll probably reduce the monthly contribution in the 2nd year so it lasts longer than 2 yrs.

I think hgt idea on post #4241 is better to maximize interest for those who still have saving paying lower than 2.3%. The only risk is if you exceed the limit. Spending time watching it below the limit for such tiny gain might not be worthy ...

Does anyone have any better idea to stay within the limit but with very little time to invest ??

schiff

adindas wrote: »

I think hgt's idea on post #4241 is better to maximise interest for those who still have savings paying lower than 2.3%. The only risk is if you exceed the limit. Spending time watching it below the limit for such tiny gain might not be worth it ...

I prefer that idea too. You only have to take two actions - withdraw £600 and change your standing order. Can be done at the same time.