Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi folks,

Just a quick mini-update:

- Chorley BS Galloway Regular Saver interest rate 3.7% (down 0.45%)
- Chorley BS Santa Saver interest rate 4.5% (down 0.5%)
- Skipton BS Special Saver interest rate 3.6% (down 0.4%) according to emoneyfacts
- Skipton BS Christmas Saver interest rate 3.6% (down 0.4%)
- Britannia BS Home Saver interest rate 3% (down 0.5%)
- Britannia BS Regular Saver interest rate unchanged at 3.1% (as previously mentioned, cannot go below 3%)

SS2

KTF

Is it worth adding the Nationwide Regular Saver to the list now that they pay 3% if you pay in £500 to £1k a month?

http://www.nationwide.co.uk/savings/instant_access/regularsavings/introduction.htm

Special_Saver2

KTF wrote: »

Is it worth adding the Nationwide Regular Saver to the list now that they pay 3% if you pay in £500 to £1k a month?

http://www.nationwide.co.uk/savings/instant_access/regularsavings/introduction.htm

Tomorrow or Wednesday I will do a full update which assumes that all the interest rate cuts have filtered through. I will then look at adding new accounts, deleting old ones which are no longer competitive, and updating the order of the accounts to reflect the new interest rates.

SS2

Special_Saver2

Hi Everybody,

It is time for a further update.

First of all, the following interest rates have changed since the mini-update 2 days ago...

- Halifax Regular Saver paying a fixed rate of 4% for new applicants from midnight according to their website (was 5% fixed for 12 months for people who applied by today)
- Abbey Fixed Rate Monthly Saver Issue 10 paying 4.5% withdrawn and replaced with Issue 11 paying 4% for new applicants
- Abbey Super Fixed Rate Monthly Saver Issue 6 paying 6.5% withdrawn and replaced with Issue 7 paying 6% for new applicants

The following variable interest rate regular savings accounts did not drop their interest rates following the February interest rate cut - Scottish BS, Leeds BS, Mansfield BS, Dunfermline BS (Monthly Saver), Teachers BS, Abbey (First Home Saver).

As the Bank of England will probably announce a new base rate tomorrow, I have removed all the "updated" tags. I have re-ordered all the accounts within each post according to their current interest rates as all the interest rate cuts from February should have filtered through now.

The third best savings account on Martin's Savings Accounts page is paying 3%. (I am excluding the Investec account in this at that requires £25,000+ and 90 days notice so it is not a fair comparison for the regular savings accounts on these pages.) I am going to list any regular savings account which is paying 3% today.

I have added the Nationwide BS Regular Savings account to post 2 as it now pays 3% if you deposit £500-1,000 per month. It also has a handy interest rate guarantee which in effect means you get paid Bank of England base rate + 2% until 1st January 2010.

I have deleted the Bank of Ireland High Interest Regular Savings account as it is now only paying 2% gross p.a. to new applicants. I have deleted the Ipswich BS Target Saver 4 which is only paying 2.95% gross p.a. variable now.

For the feeder account section, I have added in the Egg Savings account (see post 9). It pays 3.35% gross p.a. variable on £1+ for 12 months. If I am reading the details correctly, it does not matter if you already have an Egg Savings account as long as you open up a new Egg Savings account and fund it with money that is not already with Egg to get this rate.

I have deleted the Tesco Internet Saver from the feeder account section as it will only pay 1.75% from tomorrow. I have left the Yorkshire BS Internet Saver account in the feeder account section as 2.75% is a reasonable interest rate for a feeder account.

Okay, there we go, all ready for tomorrow's interest rate announcement. If anything changes by this weekend then I will do an update at that time. Otherwise, the next update to this thread will be next weekend.

All the best,
SS2

rb10

Special_Saver2 wrote: »

- Halifax Regular Saver paying a fixed rate of 4% for new applicants from midnight according to their website (was 5% fixed for 12 months for people who applied by today)

Just to add, the Halifax rate is fixed from the date of first funding the account, not when it was opened. So anyone who has opened a Regular Saver recently but hasn't yet funded it will not get the 5%.

Special_Saver2

Hi Everybody,

Sorry, I am not quite done yet. I have just been searching around and I have found some other accounts that are worthy of addition to the list on the first page.

The Cambridge BS Regular Savings account is paying 4.1% for 12 months on £20-250 per month. This includes fixed bonus interest of 4%.

The Furness Homesaver Issue 2 account is paying 3.4% on £1+ but is only going to be of any use to you if you intend to take out a mortgage with Furness Building Society.

The Darlington BS Monthly Supersaver 2 account is paying 3.15% on £50-250 for 12 months. Although some of their accounts are only open to local people and existing members, this account is open to everybody.

My eyes need a little screen break but I shall put a summary for these accounts into posts 4 and 8 later tonight.

SS2

Special_Saver2

Hi folks,

I have had a chance to go through the terms and conditions for these accounts and there are a few catches!

Special_Saver2 wrote: »

The Cambridge BS Regular Savings account is paying 4.1% for 12 months on £20-250 per month. This includes fixed bonus interest of 4%.

This is only available for local people. You can check if you qualify here. I have added this account to post 4.

The Furness Homesaver Issue 2 account is paying 3.4% on £1+ but is only going to be of any use to you if you intend to take out a mortgage with Furness Building Society.

The terms and conditions on this account are terrible. It seems almost impossible to get the 2% bonus interest and therefore get the advertised rate. I think you would have to open this account, hold it for precisely 12 months and then take out a mortgage from Furness BS to get this rate. I have not added it to my list.

The Darlington BS Monthly Supersaver 2 account is paying 3.15% on £50-250 for 12 months. Although some of their accounts are only open to local people and existing members, this account is open to everybody.

I just need to warn you that if you close this account early then there is a 45 day interest penalty which will be deducted from capital if necessary so you may end up with less money than you deposited if you close this account quite early. I have added this account to post 4.

SS2

albinohawk

B&B have dropped to 5% from today...

Special_Saver2

albinohawk wrote: »

B&B have dropped to 5% from today...

Thanks for the info. I have just updated post 4 with that information. The issue is still called Issue BBI1 which I presume means that you will not be able to open a 5% account in addition to the previous 6% account. With these Abbey regular savings accounts they usually only let you have one account of each issue simultaneously.

SS2

Jon_Skint_Smith

:j
Barclays still do a "monthly saver" a/c which still pays 6.0% FIXED for 1yr on up to £250 per month. They don't seem to advertise it much, but it can be found on their web site (when it works). I even had to get the manager at my local branch to check as he thought that this account would have been long deleted! Grab it while its still there!!