Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update:

- Halifax International Regular Saver interest rate now 4% (was 5%) for new applicants
- Cambridge BS Regular Savings Account interest rate now 4.05% (down 0.05%) - in case you are wondering why there is such a small interest rate cut, this account has a 4% fixed bonus interest and the non-guaranteed interest has been cut from 0.1% to 0.05%

My searches also show the following two accounts which are not currently on the list:

- Scarborough BS My Savings account paying 3% variable on £10-£300 per month with no maturity date, limit of £15,000
- Market Harborough BS Monthly Super Saver account paying 3.25% variable on £10-£2,500 with no maturity date but this rate includes a 0.5% introductory bonus for the first 12 months

These accounts were both paying 3% or higher interest on 4th March (and still do) so they should really have been included on my list. So to be fair, I have now added them to post 2 - see that post for a full summary.

If you are not interested in these accounts (and there are better accounts listed on the first page of this thread) then skip the next paragraph.

We mentioned the Scarborough BS My Savings account in posts 508 and 509. At that time I pointed out that the Scarborough BS Balance Builder was a much better account (higher interest rate, better terms and conditions). The Balance Builder account has been withdrawn for new depositors so my previous criticism of the My Savings account no longer applies. If you want this account then you should apply soon - see post 509. We mentioned the Market Harborough BS Monthly Super Saver account in posts 535, 536 and 542 and it was pointed out that Market Harborough's onthedot accounts paid more interest with better terms and conditions than the regular saver. This is no longer the case - the onthedot accounts are only paying 2.35%-2.85% at the moment (and account opening is still suspended for new applicants for the onthedot accounts).

I will do another update next weekend.

All the best,
SS2

SnowMan

It is now only possible to apply for the Principality (4.5%) Regular Saver Bond in a branch. Postal applications are not allowed see

http://www.principality.co.uk/default.aspx?page=1112

and scroll down to where it says "this product is only available in branch", clicking the "apply online" just takes you to a list of local branches now

Apparently this changed today (19th) according to emoneyfacts

Special_Saver2

Hi Everybody,

Here is this weekend's update:

- Teachers BS Regular Saver interest rate 2.6% (down 0.5%) from 1st April according to emoneyfacts
- Chorley BS Galloway's Regular Saver interest rate 3.5% (down 0.2%) from 8th March
- Chorley BS Santa Saver interest rate 4% (down 0.5%) from 8th March
- Egg Savings account (feeder section) interest rate 2.85% (down 0.5%) from 12th March

I will do another update next weekend.

SS2

Special_Saver2

Hi Folks,

Here is this weekend's update:

- Yorkshire BS Regular Saver Issue 2 interest rate 3% (down 0.25%) from 29th March according to emoneyfacts
- Mansfield BS Regular Savings interest rate 3.1% (down 0.15%) from 1st April according to emoneyfacts
- Britannia Regular Saver interest rate 3.1% (unchanged) from 28th March according to their own website
- Chelsea Monthly Extra interest rate 3.5% (down 0.5%) from 27th March according to their own website
- Brittania Home Saver interest rate 2.5% (down 0.5%) according to their own website
- Yorkshire BS Internet Saver (feeder section) interest rate 2.1% (down 0.65%) according to emoneyfacts

- Scarborough BS My Savings account (along with all other Scarborough BS accounts) withdrawn from end of business today due to the merger with Skipton BS according to emoneyfacts
- Bradford & Bingley Fixed Rate Monthly Saver (Issue BBI1) withdrawn (completely disappeared from their website)

I shall do another update on 1st April. Have a good weekend!

SS2

Special_Saver2

Hi Money Saving Experts,

Here is the mid-week update that I promised. All the interest rates below are verified from the website of each building society.

- Nottingham BS Regular Saver interest rate 3.1% (down 0.15%) from today
- Nationwide BS Regular Savings interest rate 2.5% (down 0.5%) on £500-1,000 per month from today
- Darlington BS Monthly Supersaver 2 interest rate 2.55% (down 0.6%) from today

- Principality BS St. David's Day Regular Saver Bond withdrawn from close of business yesterday
- Principality BS Regular Saver Bond (Issue 8) launched today - paying 4% fixed interest rate for 12 months on £20-500, same terms and conditions as St. David's Day Bond except that account closure without notice is definitely allowed (with interest paid at the bottom tier of the Instant Access account interest rate for the whole term) and this account can be opened by post (or in branch)

The forum is closed this weekend. I will do another update next week. I expect that the vast majority of the bank and building society interest rate changes will have filtered through by then. The Bank of England has its next base rate announcement on Thursday 9th. Next week, I will also update the order of the variable interest rate accounts and add or remove any accounts depending on how they compare to the recommended accounts on Martin's savings account page.

SS2

LucyTheDwarf

Re: the HSBC regular savers - I used this last year, and I'm pretty sure you weren't allowed to miss any payments.

"Save between £25 and £250 in the first month, then make regular payments every month by standing order from your HSBC current account of at least £25 up to the maximum monthly balance." -- From HSBC Website

The above, to me, implies that this is still the case. I'm probably being blind, but can't seem to find the full T&Cs for the account on the website right now, but thought I should let you know.


EDIT: Okay, I was being blind, found the full T&Cs (http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/savings_accounts_and_general_sep_08.pdf;jsessionid=0000qI6juHzfJbj2wyvdQQPbxPg:11j71fovq, page 4), but it still doesn't clear it up to me!

premierfella

Having read the account terms I also cannot find the reference to having to pay in EVERY month the standing order amount of between £25 and £250 on the HSBC Regular Saver (although it is clear that only one standing order deposit from the required current account is allowed and that this one standing order payment must be in the £25 to £250 range).

In theory I would thus expect the fixed rate to apply even if you miss a payment (probably with a letter to ask you to reestablish the standing order). Whether this happens in practice, or they alternatively pay the Flexible Saver rate and close the account, I would also be curious to know.

Special_Saver2

Hi LucyTheDwarf and premierfella,

The link above to the terms and conditions does not seem to work properly but the terms and conditions can be found by going to this page and then clicking on the link on that page.

I agree it is not completely clear.

I think you can start and stop your payments as you wish based on these lines from the terms and conditions:

5.5 In each of the next 11 months, you can make
savings once a month into your Regular
Saver. These can only be made by way
of standing order from one of the current
accounts listed in clause 5.1.

5.8 You can stop a standing order that has
been set up to your Regular Saver and set
up a new standing order at a later date.

The fact that line 5.5 says "can" rather than "must" makes me think that you don't have to make a payment every month. The other thing is that there is no penalty stated on the website or in the terms and conditions for missing a payment. Most other regular saver accounts explicitly state that you will lose out on a bonus interest payment if you miss too many monthly payments. This page states that "no bonus payment applies to this account."

I shall update my entry in post number 5 to reflect the ambiguity.

SS2

SnowMan

As if by magic the Bradford & Bingley Fixed Rate Monthly Saver reappears on the Bradford and Bingley website at the reduced AER of 4%

But note the BBI1 is now showing as the issue 11 (note the subtle change of the letter “I” to the number “1”) so it appears to have metamorphosised into the Abbey fixed rate monthly saver issue 11 showing on the Abbey website? :eek:

Daphne, Freddie, Scooby and special_saver 2 are believed to have gone out in the Mystery Van to investigate

Special_Saver2

Hi Folks,

Snowman, thanks for that information, Scooby and I have added the information in post 4. You are quite right - the Bradford & Bingley Issue BBI1 disappeared recently and has now been replaced with the standard Abbey Issue 11 account paying 4%. I do not know whether customers will be able to have an Abbey Issue 11 and an Abbey at Bradford & Bingley Issue 11 account simultaneously. If anybody tries to do it, then please feel free to post on this thread on whether or not you were allowed to have both accounts running at the same time.

Here is the mid-week update that I promised.

- Skipton BS Special Saver interest rate 3.2% (down 0.4%) from 5th April
- Skipton BS Christmas Saver interest rate 3.2% (down 0.4%) from 5th April
- Chorley BS Galloway's Regular Saver interest rate 3% (down 0.5%) from 6th April
- Chorley BS Santa Saver 3.5% (down 0.5%) from 6th April

I think all the interest rate cuts have now filtered through so I have removed the "updated" tags, re-ordered the accounts by their current interest rates, and removed any accounts which are paying less than 2.76% (which can be equalled or bettered by the Ulster, Egg and Citibank instant access accounts which are recommended on Martin's Savings page and are accessible to everybody). I should point out that although Martin's Savings page currently says that the Egg account is only open to new customers, that is not quite true - the Egg website says that existing customers can apply for a new account paying 2.85% but they have to fund it with money not already in an Egg Savings account.

I will do another update next weekend.

Have a nice Easter break.

SS2