Regular Savings Accounts: The Best Currently Available List!

patientperson

glider3560 wrote: »

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.

To remain a voting member of any BS one must have at least £100 deposited or have a mortgage with that society. In the unlikely event of any windfall if 2 BS merge then again the £100 (or mortgage) will be considered as being an eligibility factor for distribution.

patientperson

Letter received today - not dated.

Interest rate reduction effective 01-10-2016.

Existing rate 2.05% .. new rate 1.80%

patientperson

Letter dated 15-09-2016.

The rate will be reduced 04-10-2016.

Current rate 2.00% - New rate 1.30%.

planteria

i don't bother with BS regular savers pp, other than Nationwide's 5% at the moment. fwiw if you want to retain £100 in a BS for membership rights i'd just leave £100 in an instant access account.

patientperson

Revised interest rates leaflet received 17-09-2016

Regular Savers - Issue 3.

Present rate 2.30% .. New rate 2.05% .. effective 01-10-2016

patientperson

planteria wrote: »

i don't bother with BS regular savers pp, other than Nationwide's 5% at the moment. fwiw if you want to retain £100 in a BS for membership rights i'd just leave £100 in an instant access account.

That is one way planteria .. but you know all about BS and associated eligibility.

My comment was to remind other BS members who are not aware of the £100 rule.

Westie983

schiff wrote: »

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

Oh okay, The application form I applied with asked for a personal cheque to be sent with the application.

Still not quite sure how I can find out without the T&C's Ill call on Monday.

adindas

ASavvyBuyer wrote: »

That article says that the Tesco current account has a monthly funding requirement. Has that changed? Can't find anything in the T&C's that says it now does.

The article was written in 15 May 2015. Nowadays no more monthly funding requirement for Tesco current account.

colsten wrote: »

As long as the outgoing SO amount is smaller than your total balance in the account, the risk of anything going wrong with properly set up SOs is minute. And if something does go wrong, it will at worst cost a few pennies in lost interest.

I have been doing literally all my monthly deposits by SO for years. The only payments I do manually are those OUT of my Halifax accounts. The payments IN to them also happens by SO. I have never once had any problem to date and am confident that I won't have any in future

Well, if you are referring to the case where the outgoing SO amount is smaller than your total balance in the account, the risk is not minute but nil .....

But keep in mind apart from Halifax, there are a few more accounts which normally have very little balance in it but still need monthly funding to meet requirement for either incentive or to meet condition for another product. What about HSBC advance for regular saver, Coop, Smile, for Everyday rewards, Nationwide Flexi for EU Insurance, Barclay for blue reward. If you do a daisy chain of SOs to meet the requirement of monthly funding of these accounts by daisy chain of SOs on the same date or just allow one day slack between them then there is high risk of overdrawn and thus you will be stunk by the fee.

patientperson

patientperson wrote: »

The 'Go for Gold' regular saver will be pulled on Saturday 17th September. I presume at close of business.

A new 'Sportaid' will launch on Monday 19th September. This will be for 3% and a small donation of 0.25% given to Sportaid by the society.

Sorry .. but no further details known at present.

Information now available: Launch date Monday 19-09-2016.

As now quite normal for Nott BS - Only opened with Branch visit.

SportsAid Regular Saver - 3% variable (No Bonus) .. maturity 31-03-2018.
A 0.25% BS contribution to SportAid for every £ saved.
Flexibility on monthly payment £1/£250 where monthly payments can be missed as often as you like.

Multiple payments in a month permitted provided £250 is not exceeded.

No withdrawals till maturity.

Special_Saver2

Hi Folks,

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

- Nottingham BS Go for Gold account withdrawn and removed from post 3
- Nottingham BS SportAid account added to post 3 (the details are on the Nottingham BS website already)
- Cumberland BS Regular Saver (Issue 3) interest rate drop from 2.3% to 2.05% from 1st October noted in post 5
- Furness BS Lifestyle Saver interest rate drop from 2.05% to 1.8% from 1st October noted in post 2
- Scottish BS Regular Saver interest rate drop has already been noted in post 4 last weekend
- Holmesdale BS Regular Saver (Issue 3) added to post 4 (see below)
- Ipswich BS Smart Save account closure to new members, interest rate drop from 3.5% to 3.25% and 2 penalty-free withdrawals from 1st October noted in post 4

Regarding funding current accounts, I daisychain my payments manually using Faster Payments so I watch the money get from one account to the next, i.e. send money from account 1 to account 2, login to online banking for account 2 and send money to account 3, login to online banking for account 3 and send money to account 4, et cetera. For institutions where a standing order from their current account to their regular saver is obligatory, I am especially careful to ensure money is in the current account at least 1 day before the standing order is due to go out, particularly if there is no overdraft facility on the current account.

JamesRobinson48, these are the current criteria I am using for including accounts on this thread (copied from post 1 and explained in one of my update posts recently):

I am only including accounts where the interest rate is 2.5% or better, or 2% if there are particularly favourable terms and conditions (e.g. fixed rate, no maturity date, allow payment of £500 or more per month, or have unlimited withdrawals without penalty). I am temporarily keeping accounts between 2% and 2.5% that were on this list prior to the August 2016 Bank of England interest rate cut.

I had excluded the Holmesdale BS Regular Saver (Issue 3) account because moneysupermarket.com lists it as a variable interest account. Looking at the Holmesdale BS website, I see moneysupermarket.com is wrong and this is a fixed interest account. I would agree with you that it is a pretty good account in the current environment, particularly as it can be opened by post and it meets the criteria listed above. If anybody wants one, they should probably get it quickly as I see this interest rate has been the same for more than 2 years. I was confused at first by the appearance of both an issue 3 account (paying 2% on up to £250 per month for 1 year) and an issue 4 account (paying 1.6%, same details otherwise). Looking at the issue 4 account more closely, I see it can only be opened by people with a maturing issue 3 account, so I assume the issue 3 is still an open issue. I have now added the issue 3 account to the first page of this thread.

Many thanks to all 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