Regular Savings Accounts: The Best Currently Available List!

Yorkshire_Pud

pafpcg wrote: »

When I was in my local YBS branch yesterday, I asked this question of the counter clerk and was told that paying away the regular saver's interest to another account would not count as a withdrawal, but since she wasn't aware that the interest rate was dropping, I sent a message to YBS HQ and received this rather surprising response:

"Although annual interest can be paid away to another account either with us or with another provider, it is not possible to pay away the bonus interest. If you would like to have your annual interest paid to another account, please let us know and we will check that this will not count as a withdrawal under the bonus conditions."

Since the annual interest is only a fraction of the bonus, I don't see any point in pursuing this option. When I approach the 20k upper limit (sometime next year), I'll reduce the monthly payment and a few days before the end of my "account year", I'll make a withdrawal to reduce the balance to £19,380 to leave enough scope for twelve monthly payments of £10 and the annual interest+bonus on £20,000 (£500 at current rates for Issue2). Then repeat each following year.

One thing to be aware of is that last year YBS paid the Bonus Interest a week early supposedly because of the Bank Holiday falling on May 1st, causing some accounts to exceed the £20,000 allowable maximum account balance. A letter of closure followed within two days of the bonus payment!

Bare in mind that it wasn't yet 1st May when interest is due:( This was the first issue Regular Saver where the account year ends on April 30th.

So for anyone needing to reduce their balance before the end April, I would suggest doing it at least one week before unless YBS again 'generously' pay the bonus a week early as May 1st is again a Bank Holiday in 2017, whereas the actual interest was still paid on 1st May.

Statement later showed the bonus as paid on May 1st but that didnt stop YBS triggering the account closure letter prior to May 1st.

A complaint, £50 compensation and an account restoration followed.

Frogletina

Yorkshire_Pud wrote: »

One thing to be aware of is that last year YBS paid the Bonus Interest a week early supposedly because of the Bank Holiday falling on May 1st, causing some accounts to exceed the £20,000 allowable maximum account balance. A letter of closure followed within two days of the bonus payment!

Bare in mind that it wasn't yet 1st May when interest is due:( This was the first issue Regular Saver where the account year ends on April 30th.

My interest and bonus payment on my regular saver, which I opened in 2008, is paid on 1st March, not in May. I still have a booklet dated 04/08 which states that the interest is payable on the first date of the calendar month in which the account was opened.

frogletina

Yorkshire_Pud

Frogletina wrote: »

My interest and bonus payment on my regular saver, which I opened in 2008, is paid on 1st March, not in May. I still have a booklet dated 04/08 which states that the interest is payable on the first date of the calendar month in which the account was opened.

frogletina

Thanks for the clarification. So people with the first issue Regular Saver have different interest payable months! I must have opened mine in May.

Might still catch a few out though depending on when Bank Holidays fall;)

Frogletina

Yorkshire_Pud wrote: »

Thanks for the clarification. So people with the first issue Regular Saver have different interest payable months! I must have opened mine in May.

Might still catch a few out though depending on when Bank Holidays fall;)

Yes, I'm sure you are right so it's good you made that point.

I checked mine to make sure I had remembered properly that my interest and bonus are due to be paid tomorrow!

frogletina

no1catman

My regular saver is with the Leeds Bldg. Soc. at 2.3%, which I thought was low, as the previous one I had with them was 3.00%!

Westie983

Matchday E Saver opened, appointment booked for Friday for the store issue, will take my books to be updated while i'm there.

I would like a Branch 3 and E issue 4 to be released now to make the full set.

Glad I have maturing Santander and Kent, next month, im running out of funds, after March it should work out and one a month, if my calculations have been right

I may close the match ones if Virgin release E Saver options, I dont like how it spoils my online banking,

Westie983.

Westie983

no1catman wrote: »

My regular saver is with the Leeds Bldg. Soc. at 2.3%, which I thought was low, as the previous one I had with them was 3.00%!

Yes Issue 3 was 3% but was reduced to 2.3 in February, when its closed for additional payments.

Scrapping the barrel looking for interest....

How the times have changed, and the tides have turned.

Westie983

Special_Saver2

Hi Everybody,

Here is this weekend's update.

- Cumberland BS First Home Saver (Issue 2) account interest rate 2.25% (was 2.5%) on up £1,500 per month (max £25,000) in post 8

Many thanks to all the forum users who to continue to make useful posts on this thread with helpful information.

I will do another update the weekend after next.

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

Special_Saver2

Hi Folks,

I have added a note to the Bank of Scotland current account entry in post 9 to show that the interest rate will change to a flat 2% on balances up to £5,000 (currently tiered interest up to 3%).

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

schiff

Westie983 wrote: »

Glad I have maturing Santander and Kent, next month, im running out of funds, after March it should work out and one a month, if my calculations have been right

I may close the match ones if Virgin release E Saver options, I dont like how it spoils my online banking,

Westie983.

One of the sad but true benefits of the interest on Bank of Scotland Vantage accounts being cut is that there will be a new pot of money earning 2% to draw on to fund regular savers offering interest rates greater than 2%, like Virgin.