Regular Savings Accounts: The Best Currently Available List!

Rich2808

adindas wrote: »

The driving License is valid for 10 ten years. During that period people might already be moving to another address.

So I think it is not unreasonable to ask for proof of address.

What I can not understand here is why many banks / BS are able to verify a certain person electronically while some could not given the fact that it is the same person applies for a bank product. The only thing comes to mind is something to do with incompetency and / or laziness.

I expect plenty of people keep their old licences when they change address. It's fine as ID but not proof of address.

Still all this excitement over 2.25 per cent. I was less than a decade ago when you could get 8 per cent!

rmh29

I was a relative latecomer to this thread, I see I posted about two and a half years ago to see what accounts would be best to cover the plunging interest rates on another.

Anyway, I just wanted to commend how helpful this thread has been over that time. After BOE dropped the base rate and Santander halved the 123 rates, I decided to take drastic action; open several new current and regular saver accounts to get a decent rate, and drain 123 into accounts with rates at least twice as good. That involved a mad Saturday morning dash around the M25 to open branch-only accounts (even then, the fuel costs didn't much dent the extra interest potential).

Now with rates even lower, and inflation rising, the need is even more pressing. I wish I had started earlier! It is an effort to keep on top of it but now at least the money is not losing value.

So thank you all for keeping this going and for so long. It is my 'go-to' thread on this forum!

adindas

rmh29 wrote: »

So thank you all for keeping this going and for so long. It is my 'go-to' thread on this forum!

This excellent thread is maintained by Special_Saver2, so most credit should go to Special_Saver2 ,

But this is not to undermine the people who are contributing alerting a newly launched product and other related issue in relation to the product in question.

Frogletina

I've opened 3 new regular savers this week - two Virgin ones and a new M&S one.

I had an M&S one before but after it matured I needed to set up two direct debits. That's now been done and at the moment I am drip feeding them and the other ones from my Santander account until my next one regular saver matures. My money just circles around picking up interest every 12 months. I might drop the 2% ones if more Virgin ones appear

frogletina

bob792

YBS Regular Saver 2

pafpcg wrote: »

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.

Many thanks pafpcg. Your answer from YBS was not one of the possibilities I had considered. I'm in the same position as you, approaching £20k next year. I'm with your reasoning and will be following the same strategy. Thanks again.

Jo_Blogs

Rich2808 wrote: »

Still all this excitement over 2.25 per cent. I was less than a decade ago when you could get 8 per cent!

Yes, but certainly not now.........
Thanks to SS2 for the updates and everyone else for the great input

steve65e

bob792 wrote: »

YBS Regular Saver Issue 2


At least, with all the doom and gloom on rates at the moment, that's some consolation for me. Does anyone know for certain, if I had interest paid away from the account whether I can still have one penalty free withdrawal a year? I have read the T&Cs but I didn't think they were 100% clear. If they pay interest away, does it show in the account transactions (passbook or online)?

I don't know, but on a slightly different point, YBS have confirmed to me that if you accidentally make an overpayment to their Reg Savers, it is returned by cheque, and that does count as your annual withdrawal.

schiff

Opened the regular saver in a branch yesterday. Tiny place, made tinier with two seated waiting, six in the queue and three being attended to! Opening an account is dealt with at the counter so no private room and of course the process slows everybody down.

But the staff were kind and friendly. The usual non-business chit-chat you get in the smaller towns but hey ho. Passport, driving licence was enough, no appointment necessary and they take cash as well as a cheque. Timing was good as I can make another deposit by FP tomorrow.

Online access is possible but only to monitor the movement on the account, so no transactions.

Hope that helps.

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