Regular Savings Accounts: The Best Currently Available List!

Ed-1

mary wrote: »

I don't think there was an upper limit. If it helps I've now got £21K in mine. Think I opened it Feb 2010

When was it pulled to new customers - ages ago? Is it £250 per month max?

mary

It was pulled quite a long time ago and yes it's £250 per month

Special_Saver2

Hi Everybody,

I have completed this weekend's update for the first page of this thread. I have also now reviewed the criteria for entry on to the first page of this thread as the dust has settled from the last Bank of England interest rate cut. As mentioned in a previous post, there is a character limit for the size of each post plus I do not want to spend a lot of time adding accounts that people will not open. There are already lots of accounts to choose from on the first page of this thread. I have decided to list all accounts paying 2.5% or more and accounts paying 1.5% or more with generous terms and conditions (e.g. fixed interest rate or deposit £500 per month or no maturity date).

- Norwich & Peterborough BS Gold Savings account removed as the current account required to open it has been withdrawn (thanks Ashen for the updated information)
- Scottish BS Junior Regular Saver added paying 2% on £50 per month until a child's 18th birthday
- Dudley BS One Year Regular Saver (Issue 4) paying 1.5% on £500 per month for 1 year for people "age over 21" (curious, I have never seen this age cut off before), available to all UK residents but I think it has to be opened in a branch
- Scottish BS Regular Saver account paying 1.3% removed from post 4 as interest rate too low with new criteria

I will do another update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

[Deleted User]

Special_Saver2 wrote: »

- Dudley BS One Year Regular Saver (Issue 4) paying 1.5% on £500 per month for 1 year for people "age over 21" (curious, I have never seen this age cut off before), available to all UK residents but I think it has to be opened in a branch

I don't believe you need to visit a branch. I opened one through the post. I have been a member of the Dudley for a number of years though.

Special_Saver2

You are right. I have downloaded a flyer from their website and it says the Dudley BS account can be opened by post. I have amended my entry on page 1 accordingly.

I have also added another account that I have found that meets my new criteria. It is the Triodos Bank Fixed Regular Saver paying 1.76% fixed on up to £500 per month for 1 year. It can be opened online and allows 2 penalty-free withdrawals per year with 33 days' notice. Triodos is covered by the Dutch deposit guarantee scheme, not the UK FSCS scheme. This bank has been around for a while - they have a reputation for being an ethical bank, you can see their website for more details.

SS2

---

For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

colsten

I'd rather get 0.25% in an FSCS protected account than 1.76%, or any %, in an account that has no FSCS protection. The nightmare with the collapse of the Icelandic banks and the close escape I had back then has been an experience I never wish to repeat ever again.

scubado2

Was the comment "expect a letter in December saying the product will be withdrawn and closed to further receipts from January" from LBS itself or just your own supposition based on comments made by someone who happens to work there? Front-line staff rarely know anything until decisions are formally announced, and the few that need to be 'in the know' would be NDA'd to hell (I used to work for a BS so am familiar with their processes).


After the Issue 3 was closed to new investors a few months back I half expected a letter in September announcing it would be fully shut down after the annual interest/bonus payment but none came. My instinct is that it will therefore run for at least another year as I don't believe LBS would close it mid-bonus year, so I reckon it is safe until October 31st 2017 at a minimum.

happybagger

Don't bet on it though. They would probably mark it up as a closed account from 31 Jan and transfer the balance to CrapInstant (with bonus) at that point.

When I was victim to the RS2 cull I emailed suggesting they had lost their customer focus and they took that as a formal complaint. What followed was an initially informative, but latterly angry, exchange of letters with Mr Jaedon Green, where I gave examples of better examples other societies had done with their RS accounts.

He was not impressed by my extensive research and suggestion his career in PLC was out of place in a mutual (He was recently appointed).

What made me laugh was, months after we both regarded the issue at an end, he decided to reply "I feel I didn't address your complaint fully enough" and basically went on to say 'We can do what we want'. Been better off saying nothing more!

happybagger

glider3560 wrote: »

A line has appeared on my Leeds BS Issue 3:
01/11/2016 BON RAT CHG DEC

Bonus Rate Change December? Bonus Rate Change Decision?

Either way, it won't be good!

scubado2

Since posting this morning I got a call from Leeds BS. They said to expect a letter in early December. They couldn't confirm the content, but bottom line it sounded like account being pulled completely (or at least the bonus interest) in February 2017. Somewhat surprises me but hey ho that's another customer they're losing! I only hope they honour the full 3.05% rate up to the point of closure even if it is mid-term.