Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

http://www.ybs.co.uk/savings/interest_rates/regularsaver.html ( closed version)

http://www.britannia.co.uk/home/c_savings/product/regsav/regsav/prod.html ( surprise surprise :rotfl: :rotfl: )

jimbow25

Milarky wrote: »

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?

Surely most, if not all, fixed term regular savers give a fixed rate of interest for their term so you don't need to worry what happens to the rate after it opens?

E.g. anyone who opened a Barclays one at 7.75% in December will get that for a year even though the rate for new customers is only 6%. Some Halifax customers still get 10% for a few more months thanks to last summer's promotional rate, etc. I don't see why it matters whether some of the rate is a 'bonus' or not?

mary

Sometimes the "bonus" rate is fixed and at the same time the basic part is variable, as happened recently with one of the Ing savings accounts.

lee26g

do you think it would be possible to open a hsbc plus account then open a regular saver at 10% (due to the benefits supplied by the plus account) then close the plus account (or change to a regular account) within the 14 day cooling off period? cant see any problem in the terms and conditions. Could be even more sneaky and open the hsbc plus account via topcashback for £100 cashback

Milarky

lee26g wrote: »

do you think it would be possible to open a hsbc plus account then open a regular saver at 10% (due to the benefits supplied by the plus account) then close the plus account (or change to a regular account) within the 14 day cooling off period? cant see any problem in the terms and conditions. Could be even more sneaky and open the hsbc plus account via topcashback for £100 cashback

Isn't it a condition of HSBC regular saver than the only payment allowed/accepted is via a standing order from the HSBC current account? No current account = no means of putting any more money in....?

lee26g

Milarky wrote: »

Isn't it a condition of HSBC regular saver than the only payment allowed/accepted is via a standing order from the HSBC current account? No current account = no means of putting any more money in....?

hence the changing to a regular account

premierfella

That would be covered by the conditions in the "General" section of the Plus terms - HSBC reserve the right to convert the Regular Saver (and any other "Plus" preferential rate products taken) to non-Plus terms if you close or convert from the HSBC Plus current account.

I like your thinking though.

premierfella

bristolleedsfan wrote: »

http://www.ybs.co.uk/savings/interest_rates/regularsaver.html ( closed version)

http://www.britannia.co.uk/home/c_savings/product/regsav/regsav/prod.html ( surprise surprise :rotfl: :rotfl: )

Following on from recent posts re variable and fixed bonuses, I looked up the Britannia Regular Saver to see why I do not currently hold it*. The bonus (currently 3%) on this account is fixed for the anniversary year only (so effectively currently guaranteeing an interest rate floor of 3% for only 12 months - plus any Membership Reward for existing members). If you were permitted to increase the amount of the monthly credits during the 12 months I would consider it, but given the fixed monthly credits required and alternative accounts/rates elsewhere I've passed on this one.

(*I have a HomeSaver account which remains open for the time being, but which I'll probably take the 90 day interest rate hit on if rates fall by another 0.5%)

lee26g

premierfella wrote: »

That would be covered by the conditions in the "General" section of the Plus terms - HSBC reserve the right to convert the Regular Saver (and any other "Plus" preferential rate products taken) to non-Plus terms if you close or convert from the HSBC Plus current account.

I like your thinking though.

damn, didnt spot that. Probably still worth doing for the 8% reg saver and the £100 cashback. Who knows, They might miss my account change:whistle:

bristolleedsfan

premierfella wrote: »

Following on from recent posts re variable and fixed bonuses, I looked up the Britannia Regular Saver to see why I do not currently hold it*. The bonus (currently 3%) on this account is fixed for the anniversary year only (so effectively currently guaranteeing an interest rate floor of 3% for only 12 months - )

Whilst you may well be correct,;) I cannot see anywhere that says that the 3% bonus is only guaranteed for 12 Months, please quote that term to us.
I will add that I held this account for numerous years , the 3% bonus was in force throughout, I agree with the point you made re lack of payment flexibility, I only held the account as a carpetbagging account as for several years before the launch of its 100.00 direct saver, Britannia 100.00 accounts paid only nominal interest.

"Condition for bonus payment An annual bonus rate of 3% gross* will apply providing that 12 equal monthly payments of at least £20 every month have been made and no more than 1 withdrawal "per" anniversary year" ( note the word "per")