Regular Savings Accounts: The Best Currently Available List!

veryintrigued

ctdctd wrote: »

This is the original open ended Regular Saver closed to new investors.

Letter received today - interest reduced from 3.1% to 2.1% from 1st October 2016.

Bah

Thanks for the heads-up. Less than ideal but I guess its still 0.1% more than their open Regular Saver (issue 2).

I've dug out the paper T&Cs and the monthly contribution minimum is £10 into this original Regular Saver.

I intend to reduce the contribution to £10 and push the remaining £240 elsewhere. i.e. keeping this running and should my other homes get lower than this 2.1% then increase back up again.

May be a help for others.

ratechaser

veryintrigued wrote: »

Thanks for the heads-up. Less than ideal but I guess its still 0.1% more than their open Regular Saver (issue 2).

I've dug out the paper T&Cs and the monthly contribution minimum is £10 into this original Regular Saver.

I intend to reduce the contribution to £10 and push the remaining £240 elsewhere. i.e. keeping this running and should my other homes get lower than this 2.1% then increase back up again.

May be a help for others.

Yep, I got the letter today and was thinking of doing the same. Very annoying as Notts had a decent track record for savings and I'd hoped they wouldn't jump on the bandwagon of cutting rates far more than 0.25%

Bah indeed

qsk

glider3560 wrote: »

Same here!

I withdraw all but £50 about a week before the anniversary date. That means, for the next anniversary year, you get £50 at 0.5% and the remainder at 3.25%. A very good deal.

Thanks for this.
Is £50 the magic number to keep the account open? Can you just leave £1?

glider3560

qsk wrote: »

Thanks for this.
Is £50 the magic number to keep the account open? Can you just leave £1?

According to the factsheet, it is £10 minimum: http://www.ibs.co.uk/images/documents/terms-and-conditions/IHS220_Smart_Save_Monthly_0716.pdf

Not sure where I got £50 from.

pantaiema

How to maintain the monthly payment to be paid on the same day of the month ? Say you pay with cheque for first payment and then set up Standing order for the following month.If the payment due date fall on weekend or bank holiday it willbe move to the following day also it might happen again the following month. How do they actually appy this to this account.

I think the wording of the samedate is a mistake. The bank such as HSBC, FD, M&S state thatthe SO date can not be changed.....

patientperson wrote: »

I have a 'Simple Regular Saver' since 2013.

Monthly payment Min £10 / Max £250. The monthly payment is to be paid on the same day of the month and the monthly amount can be changed once per year. The new amount will apply until the end of the calendar year.

It is your task to set up a STO but you are permitted to fund by either cash or cheque per month which may be difficult to tick the 'same day of the month' box.

Westie983

pantaiema wrote: »

How to maintain the monthly payment to be paid on the same day of the month ? Say you pay with cheque for first payment and then set up Standing order for the following month.If the payment due date fall on weekend or bank holiday it willbe move to the following day also it might happen again the following month. How do they actually appy this to this account.

I think the wording of the samedate is a mistake. The bank such as HSBC, FD, M&S state thatthe SO date can not be changed.....

Thats what I cant understand, as all the first opening credit will be by cheques as this is how the account is opened, I think ill call them on Monday to ask, its very confusing, I want to pay by cheque but cant guarantee it will be the same date each month...

schiff

Westie983 wrote: »

Thats what I cant understand, as all the first opening credit will be by cheques as this is how the account is opened, I think ill call them on Monday to ask, its very confusing, I want to pay by cheque but cant guarantee it will be the same date each month...

I started mine by an online transfer from the current account?

themanfromamarillo

Yeah I just got the same letter from the Nottingham, glad they didn't just shut down my account.

I'm going to stick with the 2% as it's better than most and I've got higher paying accounts filled. I think part of the magnitude if the change is that people have been expecting interest rates to rise so that was priced into the rates some banks were offering. The likely economic shock of Brexit has led to easier monetary policy and an expectaction that rates may even move lower. This hasn't only caught the banks on the hop, Duncan Weldon (formely of Newsnight) recently had to eat his shoes over a bet about where interest rates would go next.

JamesRobinson48

In the current interest rate environment, the Holmesdale Building Society's RS product (2.00% variable, max £250 per month, 12 months) now looks OK and currently seems to be open to all UK residents. There's been almost no mention of it on this forum. Please could anyone with this account kindly offer any feedback on it?

patientperson

JamesRobinson48 wrote: »

In the current interest rate environment, the Holmesdale Building Society's RS product (2.00% variable, max £250 per month, 12 months) now looks OK and currently seems to be open to all UK residents. There's been almost no mention of it on this forum. Please could anyone with this account kindly offer any feedback on it?

I have been a member of Holmesdale since 2000.

I have no problems with them at all. IMO the main reason that there is little mention of them on this forum is that 2% seems now like the normal whilst the criteria was to track and mention accounts with interest rates of 3% and greater.