Regular Savings Accounts: The Best Currently Available List!

lr1277

Wow a namecheck.

But I thought I would check Scottish Building society's website again to make sure there were no catches.

It seems for applications from outside Scotland, a minimum of £1000 has to be maintained in the account. I am not sure how that applies to regular saver accounts. See here for details:
http://www.scottishbldgsoc.co.uk/view_company_info.asp?fld_company_info_id=22

Special_Saver2

Hi everybody,

According to emoneyfacts, Teachers BS are reducing the interest rate on their regular saver account to 2.85% (down a massive 1.5%).

As for the Scottish BS regular saver account, thanks lr1277 for pointing out that page saying that non-Scottish savers need to maintain a minimum balance of £1,000. I have looked again at the regular saver account terms and conditions and it is not mentioned anywhere. I wonder whether they will really apply that condition to a regular saver account. I am curious to know the answer (and provide the correct information on this thread) so I have sent Scottish BS an e-mail posing this question. I will post the response here.

I have updated the first post of this thread with all of the above information.

SS2

steady__eddie

The £1000 minimum spend for sassenachs does not apply for the Reg Save a/c. according to this http://www.scottishbs.co.uk/view_Subproduct.asp?fld_product_id=4&fld_sub_product_id=75

john.xs

does anyone know of a regular saver which runs over 2 0r 3years similar to the tsb one of a couple of years back!

steveteach

Hi John.xs
Those were the days, 8% for 2 years.

YBS have a variable regular saver where you can save for several years or until you get £20,000. Or Britannic BS offered me a 6.1% bond when my regular saver matured and I set up another regular saver at 7.5% although you cannot get those % rates now.

Special_Saver2

Steady__eddie, thanks a lot for the information and link - I have updated my entry in post 2 accordingly now.

John.xs, sorry, I do not know of any accounts similar to the old 8% 2 year Lloyds TSB regular saver. Any decent accounts which last more than a year get put into posts 2 and 3 of this thread - you should have a look there. I regularly update the list so all you need to do is keep an eye on those posts.

There are some other regular savings accounts which are still available and which last longer than a year that are not currently included on the list. The Scarborough BS My Savings, Monmouthshire BS Saver Plus and Nationwide Regular Saver accounts pay 3.5%, 3.1% and 3.1% respectively. These rates do not take into account the recent interest rate cuts and these accounts were easily beaten by several general savings accounts before the last interest rate cut which is why they do not appear in post 2 at the moment. Of course, if they become competitive once the last interest rate cut has filtered through then they will get reinstated!

SS2

steady__eddie

Thanks should really go to Bristolleedsfan who mentioned it somewhere in connection with that obscene practise of carpetbagging.

Topaz_3

I'm going dizzy trying to work out what my (93 year old) Mom should do with an investment which matures end Jan. She needs monthly interest to supplement her pension and no longer than 1 year term. Really needs to put the money away and forget about it!

Any ideas for me?

mary

Just been told by CS at Chorley, that as of today rates have dropped to:
Chorley Galloway 4.05%
Chorley Rovers 4.05%
Chorley Santa Saver 5%

LongTermLurker

Topaz wrote: »

I'm going dizzy trying to work out what my (93 year old) Mom should do with an investment which matures end Jan. She needs monthly interest to supplement her pension and no longer than 1 year term. Really needs to put the money away and forget about it!

Any ideas for me?

well not in a regular saver, because they restrict you to saving about £250 - £500 a month and while the attentive/talented people will shuffle money backwards and forwards each month, that's probably not the right option for your mam.

I'd suggest you start a new thread on the savings board where you'll get some ideas. Be sure to post the rough value of her savings, so people can address her needs.