Regular Savings Accounts: The Best Currently Available List!

schiff

For the future:

"Yes having 4 or more Regular Saver accounts will be possible eventually. At the moment we have not launched a store based issue 2 of the Regular Saver account. We expect to launch further issues next year but this has not been formally confirmed at this time."

steve65e

schiff wrote: »

Virgin's reply.....

There seems to be an implied indication that a Store-based Issue 2 can be opened in store (the underlined bit)! I'm asking.

Good work. I think the implication is that you would be able open a store issue 2 if/when there is one.

Update to my situation; A passbook with a zero balance has just arrived and I've attempted a faster payment in. It might have got here quicker if they'd put my house number on the envelope!

JamesRobinson48

Thanks schiff.

From posts about Virgin Money in the past few days, I'm getting an impression of them as possibly not that consistently professional or efficient an organisation compared to numerous other RS deposit takers. While I haven't yet been inconvenienced personally, I'll bear that in mind when deciding whether to participate in any future RS offers from them.

schiff

JamesRobinson48 wrote: »

Thanks schiff.

From posts about Virgin Money in the past few days, I'm getting an impression of them as possibly not that consistently professional or efficient an organisation compared to numerous other RS deposit takers. While I haven't yet been inconvenienced personally, I'll bear that in mind when deciding whether to participate in any future RS offers from them.

They do admit to being the new kids on the block in the banking world. I'm sure with this sort of experience they will get better.

If they are prepared for investors to invest £1000 (eventually) each month at 2.25%, they are well worth keeping in mind!

honestash62

Look fwd to ringing virgin 2moro

steve65e

JamesRobinson48 wrote: »

Please, is anyone familiar in detail with how the Yorkshire Building Society's RS works, in terms of max investment limits?

This is a two year RS which (as I understand it) has two distinct investment limits, i.e. a max of £500 per month and £6,000 per year.

Suppose I opened the account on 13th March 2016 with an initial payment of £500, then set up a standing order to pay in a further £500 on the 2nd of every following calendar month to conclude on 2nd March 2018, i.e. a few days before the second anniversary of opening.

It will be immediately obvious to all on this forum (but unfortunately was not at all comprehensible to the YBS branch staff) that by the first anniversary on 13th March 2017 I will have paid in a total of £6,500 which exceeds the annual max of £6,000.

Does anyone know, in practice, is YBS likely to treat the above as a violation of account conditions? And if they are, could I avoid that problem by postponing my SO for the month of March 2017 (only) until the 13th of that month? If the latter, I would then be at risk of exceeding the £6,000 limit in the second account year ... which presumably I should best avoid by making no payment in March 2018 when the account matures?

I have one of these. The summary box and factsheet don't actually mention an annual limit, just the maximum balance of 12k after 2 years.

Even if they imposed an annual limit they would just return the overpayment by cheque. It isn't a breach of the t&cs and there isn't a penalty. (Unless they decided to call the cheque an extra withdrawal, because you're only allowed one per account year)

brodev

I have a Nationwide Flexclusive regular savings account that is due to mature soon. When it does can I just close it and start another one?

xylophone

For the future:

"Yes having 4 or more Regular Saver accounts will be possible eventually. At the moment we have not launched a store based issue 2 of the Regular Saver account. We expect to launch further issues next year but this has not been formally confirmed at this time."

See my post 4691.

honestash62

Still not allowed a branch saver issue 1

Any assistance anyone

steve65e

brodev wrote: »

I have a Nationwide Flexclusive regular savings account that is due to mature soon. When it does can I just close it and start another one?

The easiest way seems to be

1. Wait for it to add interest and turn into a Flexclusive Saver Issue 8 (0.5%) online. This should be the day after your maturity date.
2. Go to Browse products and apply tab at the top, scroll down to See our savings accounts
3. Find Flexclusive Reg Saver, click on it, and the on the apply button at bottom.
4. Follow the steps. It will give you the option to fund it from any other account you have, including the Flex Saver 8.
5. Transfer the rest of the funds somewhere else, (unless 0.5% is good enough for you.)
6. Ask them to close the Flex Saver 8 by phone, secure message, or in branch. Or just leave it there.