Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

bristolleedsfan wrote: »

Whats the point in listing regular saver accounts when their are instant access savings accounts and accounts with lesser withdrawal restrictions paying more. :huh:

Yes bristolleedsfan, good point. Opening of onthedot accounts is still suspended (see below). I shall certainly take this into account when deciding whether or not to add the Market Harborough regular savings account on to the list at the beginning of March once all the interest rate cuts have filtered through.

If the onthedot account becomes available again and the rate is still better than the regular savings account then I will list the regular savings account but instead of giving the full details of the account, I will simply have two lines saying that savers would be better off going for the onthedot account and gave a link to that account.

Savings Home Page



Due to continuing strong demand for the Society’s savings accounts we have decided to retain the temporary suspension on opening new onthedot accounts. This is necessary to ensure we maintain our usual high service standards. All existing onthedot customers are not affected and are able to transact with us as usual. We apologise for any inconvenience this may cause. The suspension of onthedot new business is expected to be in force for a few more weeks. We will update our website in early February with further information.
All other savings accounts, postal and branch based remain available.

Welcome madirishwomen. If pay your relative £409.09 per month then after 22 months you will have paid them off. Your bank will help you set up a standing order to do this from your current account.

If you want to pay them off in a single lump sum in December 2010 and you want to understand savings accounts better, then carefully read Martin's savings accounts page and his regular savings accounts page and the associated discussion thread. Martin's pages are really well written and explain everything quite clearly. I am sure you will find the information you are looking for amongst those pages.

SS2

housesitter

Regarding the B&B Abbey deal, in the small print it says:

If you pay in less than £20 or more than £250 per month or make a withdrawal you will receive a rate of 0.10% gross/AER for that month only.

So, what is stopping me from dumping in £10K in the first month, getting 0.10% for that month only but then enjoying 6% for the subsequent months??


I'd ask B&B/Abbey but don't think I'm going to get the correct response...
Raised in this thread:
http://forums.moneysavingexpert.com/showthread.html?t=1470745

RayWolfe

Most monthly savers don't work that way. Not only would you get 0.10% for that month, they will reject your payment and return it to you. Nice try!

steady__eddie

Nine months ago I decided that I wanted a break from from my Principilality Regsave and opted to shove the £6k plus interest into a 9 month bond @ 6.85%. Just received notification that the aforementioned matures on the first of March and details of "Exclusive rates to help you get the best return". Alas nowhere is mention made of Regsave Issue 7, Monthly Saver (£20 - £1000/month @ 2.05% gross) is recorded. Issue 7 is still showing on their website. Is this sneaky or don't they want my hard-earned ?

Wsb5tails

steady__eddie wrote: »

Nine months ago I decided that I wanted a break from from my Principilality Regsave and opted to shove the £6k plus interest into a 9 month bond @ 6.85%. Just received notification that the aforementioned matures on the first of March and details of "Exclusive rates to help you get the best return". Alas nowhere is mention made of Regsave Issue 7, Monthly Saver (£20 - £1000/month @ 2.05% gross) is recorded. Issue 7 is still showing on their website. Is this sneaky or don't they want my hard-earned ?

I thought it must be because they were only telling you about accounts that you could put £6k into in one lump sum, but that doesn't explain why they told you about the Monthly Saver with upper limit of £1000. Unless they think that you wouldn't want to tie your cash up for another 12months again and therefore were only taking about the accounts without withdrawl limits.

Just my two-pen-th

housesitter

RayWolfe wrote: »

Most monthly savers don't work that way. Not only would you get 0.10% for that month, they will reject your payment and return it to you. Nice try!

Have called and spoken to them. You are right, there is no loophole, but it's also worse than you thought.

Apparently, the brochure reads that if you over subscribe in any month the interest rate will reduce to 0.10% not just for that month but for the entire term of teh account.

Utterly at odds with what is said on the website.

ctdctd

Principality issue 7 @ 5% is gone and has been replaced by issue 8 @ 4%

http://www.principality.co.uk/default.aspx?page=1094

Special_Saver2

Hi folks,

Apart from the Principality BS Regular Saver Bond (mentioned above), I cannot find anything else that has changed. I will do another update next weekend.

SS2

Consumerist

If you're thinking of opening one of these accounts, you may be interested in my recent post

Milarky

Has anyone posted here about RS accounts whose rates seem to have stopped falling, since they are 'bonused' or 'guaranteed' in some way which prevents further reductions?

I noticed that Monmouthshire BS has replaced its Saver Plus (paying 0.05% plus a bonus of 3%) with an Issue 2 (paying 1.00% plus a bonus element of just 1.85%)

Monmouthshire says of rates; "Interest rates are variable. Bonuses are fixed unless otherwise stated" Thus anyone with a closed issue will always get at least 3% however low rates go - whereas the current offering, whilst paying nearly as much, will never go below 1.85%

I have just noticed the same over at Mansfield BS, where the Regular Savings Account (still available, I believe) says of rates (currently at 3.25%) "The annual equivalent rate is guaranteed to remain at least 3% above the basic annual equivalent rate paid on our Prime Access account."

Here is the history of rates compared (BOE rate):

w.e.f............RS rate...........BOE
01/01/08.....5.15%.............5.50%
01/03/08.....4.90%.............5.25%
01/05/08.....4.65%.............5.00%
01/11/08.....4.15%.............4.50%
01/12/08.....3.25%.............3.00%
01/01/09.....3.25%.............2.00%
01/02/09.....3.25%.............1.50%

I have closed my Mansfield account for a fixed rate bond - as the rate was previously (wait for it!) sub the BOE rate and therefore never really competitive. Yet it now!

OIC! It's moved into the 'best accounts' section already...