Regular Savings Accounts: The Best Currently Available List!

10_66

If a regular saver account’s opening date is, say 1st September, but the initial standing order doesn’t go in until the 2nd September, can you amend the future standing order date from the 2nd October to the 1st October?

Vortigern

10_66 wrote: »

If a regular saver account’s opening date is, say 1st September, but the initial standing order doesn’t go in until the 2nd September, can you amend the future standing order date from the 2nd October to the 1st October?

Depends on the bank. HSBC and first direct do not allow you to change the standing order dates, other banks may allow this.

I'm afraid you'll have to read the terms and conditions.

Edited to add: Apparently it is possible to change the date on HSBC standing orders, by cancelling the original SO and creating a new SO. See posts below.

themanfromamarillo

So I've got a Leed BS Issue 3 RS and a Nottingham BS RS openned 18 months ago. Need to check the T&Cs to make sure they don't close the accounts in 6 months or so

10_66

Vortigern wrote: »

Depends on the bank. HSBC and first direct do not allow you to change the standing order dates, other banks may allow this.

I'm afraid you'll have to read the terms and conditions.

Thank you Vortigern. I’ve read the T&Cs of the various reg savers, but I’m afraid it’s not very clear to me . For example HSBC say “The first Standing Order payment must be at least one calendar month after the date you opened your Regular Saver. You can only make one Standing Order payment into your Regular Saver each month.” So if it’s a calendar month does that mean you can make the second SO payment on the 1st day of the next calendar month (not, for example on the 5th if that's the date on which it was opened)?

schiff

10_66 wrote: »

Thank you Vortigern. I’ve read the T&Cs of the various reg savers, but I’m afraid it’s not very clear to me . For example HSBC say “The first Standing Order payment must be at least one calendar month after the date you opened your Regular Saver. You can only make one Standing Order payment into your Regular Saver each month.” So if it’s a calendar month does that mean you can make the second SO payment on the 1st day of the next calendar month (not, for example on the 5th if that's the date on which it was opened)?

This comment obviously can't be relied on, but I would say the second payment on the 1st of the month would be OK - on the basis that only the first SO has the condition attached. Some RS operate on a calendar monthly basis, some on the month from the first deposit.

adindas

themanfromamarillo wrote: »

So I've got a Leed BS Issue 3 RS and a Nottingham BS RS openned 18 months ago. Need to check the T&Cs to make sure they don't close the accounts in 6 months or so

Very good, keep good work.
I myself I hardly ever read the T&C, I prefer to see the summary, faq, ask the people in this forum or Customer Services. I only search particular section/word on the t&C using search facility if I am in doubt or there is conflicting information between info from this forum and t&c and customer services.

Vortigern

10_66 wrote: »

Thank you Vortigern. I’ve read the T&Cs of the various reg savers, but I’m afraid it’s not very clear to me . For example HSBC say “The first Standing Order payment must be at least one calendar month after the date you opened your Regular Saver. You can only make one Standing Order payment into your Regular Saver each month.” So if it’s a calendar month does that mean you can make the second SO payment on the 1st day of the next calendar month (not, for example on the 5th if that's the date on which it was opened)?

My interpretation of that blue text is "If you make your first payment on the 10th of the month, you may not make another payment till the 10th of the next month."

Of course, I could be wrong.

Kim_13

That has to be the least clear Reg Saver term I've seen. My interpretation is the opposite. That said Vortigern may be more likely to be correct as it would be a term the bank could use to minimise the interest they pay out.

Think they've changed them recently as my father opened one with HSBC in branch in December and the first SO was set for the next day. He was told at that time that he would be able to move his SO after waiting a month.

Special_Saver2

Hi Folks,

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

- Nationwide BS Save To Buy account withdrawn and removed from post 8
- Chorley BS Regular Saver (Issue 1) account withdrawn and removed from post 2
- Chorley BS Children's Regular Saver (Issue 2) account updated to reflect interest rate dropped from 3% to 2.5% from 1st September (post 3)
- Buckinghamshire BS Simple Regular Saver (Issue 2) withdrawn and removed from post 2
- Bank of Scotland Current Account with Vantage entry (post 8) updated to reflect new requirement for 2 direct debits and maintaining a credit balance throughout the month
- Leeds BS Regular Saver (Issue 4) account added to post 2

I have updated my criteria for inclusion in this thread (clearly stated towards the top of post 1) to include accounts that pay a fixed rate of 2% or more (as this seems quite good in the current environment). I am not going to make any other adjustments to the inclusion criteria otherwise there will be too many accounts listed here to be practical and you can always find the accounts paying less than this by following the links I have given in post 1 (particularly the moneysupermarket.com link). It is also quite difficult to add lots of new accounts due to the character limit imposed by MSE on each post and the peculiar forum editing system that inserts unnecessary formatting codes which means I have to often edit HTML to remove these (which is quite time consuming) in order to have space to add a new account. Having said that, I have not deleted accounts that are already on the list on page 1 and have interest rates that have dropped - I want to see what interest rates are like generally when the dust settle from all the recent changes first.

This inclusion of 2%+ fixed rate accounts means that I have now added the following accounts:

- Halifax Regular Saver account (post 4)
- The Principality, Bank of Scotland and Lloyds Bank account 2% fixed rate accounts mentioned above are already in posts 4 and 5

Many thanks to the forum users who have provided useful information throughout the 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

steve65e

Re HSBC Reg Saver

Internet banking lets you change the date after the second payment