Regular Savings Accounts: The Best Currently Available List!

steve65e

JamesRobinson48 wrote: »

The new RS offering from Chorley BS looks worth a look: 2.50% p.a. variable; 12 months term; max £500 per month; branch or post; open to UK residents; this BS seems to have online 'read only' functionality. Plus a distinct 2.75% issue for existing members of long standing. Does anyone see a catch?

Only that you have no access to your money until maturity.

mgarl10024

I just spoke to a lady from Chorley who was very helpful.

- Yes - FSCS protected. Unless any of the exclusions apply (can't see how) or you're over the 85k limit.
- Once opened, can pay in electronically (so good for SOs)
- Works to a calendar month, so could pay in on both end of April and then beginning of May. Account will only allow 12 payments and will bounce a 13th, regardless of the timing.
- Online, read only, access available once set up.
- Withdrawals only by cash (limits apply), cheque, or CHAPS (with fee), but can respond to request for maturity instructions requesting cheque to be sent out at maturity, speeding up process.

Looks good to me. Still can't find the catch.

mgarl10024

steve65e wrote: »

Only that you have no access to your money until maturity.

Unless the rate drops, in which case you can choose to leave.

veryintrigued

veryintrigued wrote: »

I decided to instruct them to leave a small balance in my new Saver account.....

.

Just a piece of advice for future reference after a previous Chorley RS matured. From a post in 2016.

Keeping a few pounds with institutions sometimes pays dividends.

*Little fist pump*

mgarl10024

veryintrigued wrote: »

Just a piece of advice for future reference after a previous Chorley RS matured. From a post in 2016.

Keeping a few pounds with institutions sometimes pays dividends.

*Little fist pump*

How did you find them? You're obviously thinking of going back so they must have been ok?

badger09

veryintrigued wrote: »

Just a piece of advice for future reference after a previous Chorley RS matured. From a post in 2016.

Keeping a few pounds with institutions sometimes pays dividends.

*Little fist pump*

Indeed. Sadly, I didn't follow that advice:o

I had their 18 month Sunshine Saver @ 4.5% (those were the days:p) but closed it after maturity. I checked today and I can still log in using my old details but won't qualify for the members' rate.

I probably won't bother with this as I'm already feeding almost £4k a month into regular savers and it won't be long at that rate before the feeder accounts run dry.

Don't think the loss of a few extra pennies will keep me awake at night, whereas the thought of how my OH and son would cope with the 40+ accounts cluttering up my spreadsheet definitely does:rotfl:

badger09

mgarl10024 wrote: »

How did you find them? You're obviously thinking of going back so they must have been ok?

I found them fine to deal with. Sending a cheque after maturity was rather quaint though;)

veryintrigued

mgarl10024 wrote: »

How did you find them? You're obviously thinking of going back so they must have been ok?

Yes as Badger says they've been fine.

Ed-1

mgarl10024 wrote: »

Account will only allow 12 payments and will bounce a 13th, regardless of the timing.

I wouldn't be too sure of that. Last time's Sunshine Saver allowed one payment a month before maturity but that was 18 months. The terms simply state up to £500 per month, not 12 payments (and you can pay in multiple times a month).

veryintrigued wrote: »

Just a piece of advice for future reference after a previous Chorley RS matured. From a post in 2016.

Keeping a few pounds with institutions sometimes pays dividends.

*Little fist pump*

Ditto - I kept £1 in my matured Sunshine Saver from last time round, although last time it was 0.5% higher for members (this time's 0.25% more).

badger09 wrote: »

I found them fine to deal with. Sending a cheque after maturity was rather quaint though;)

They're very good in my experience. When I applied for the 4.5% Sunshine Saver last time around (and I had to be quick off the mark as it was pulled virtually the next day), the account was opened and I'd received the passbook all within a day or two. The maturity cheque also arrived first class the next day.

glider3560

Mee wrote: »

Hi
Has anyone tried opening a Smart Save Monthly (2) before their issue 1 has matured? Not sure if there is a restriction on opening different issues from T&Cs.

The account never technically matures, you can keep paying in. But the bonus is only earnt on money paid in during the current bonus year.

I cannot see any terms preventing someone from holding both issues. This is something I never noticed before, so I may well open Issue 2 now this has been pointed out!