Regular Savings Accounts: The Best Currently Available List!

steve65e

skitskut wrote: »

Yes, I used to pay in thousands towards the back end of September. But I have to come clean now and say the last time I tried it the money was returned so I guess they've closed that little loop hole now. Sorry I thought this was common practice - would have shared sooner.

That's interesting, I hadn't thought of it before. A manager in another building society told me that until this year they had absolutely no system for detecting overpayments into Reg Savers, and that some people had been getting away with it for years.

mhoc

steve65e wrote: »

That's interesting, I hadn't thought of it before. A manager in another building society told me that until this year they had absolutely no system for detecting overpayments into Reg Savers, and that some people had been getting away with it for years.

Interesting this - I know that Virgin money just bounce your money back if you have gone beyond your £250 a month and I think Nationwide returned money - but this was for a Cheshire building society account, before it became Nationwide.
Maybe its the bigger building societies that have systems in place but not the smaller ones?
This would make an interesting experiment - to put just an extra £1 into your regular savers and see what happens, how long before it bounces back

mgarl10024

mhoc wrote: »

This would make an interesting experiment - to put just an extra £1 into your regular savers and see what happens, how long before it bounces back

This might put you in breach of the Ts&Cs and might give them wiggle room for not paying interest etc.
I'm not saying that any of them will, just that I like not to give them excuses.

Mee

Hi!

I'm in the process of opening a FD c/a and then I hope to open a RS account with s/o starting as early in the month as possible. I note the the T&Cs state "The date of your standing order payment needs to remain the same once set up." Is the RS when opened online opened instantaneously or is there a delay?

ctdctd

Mee wrote: »

Hi!

I'm in the process of opening a FD c/a and then I hope to open a RS account with s/o starting as early in the month as possible. I note the the T&Cs state "The date of your standing order payment needs to remain the same once set up." Is the RS when opened online opened instantaneously or is there a delay?

When you open the RS, they automatically set up the S/O from your FD C/A.
The first amount is debited on the day you open the RS.

veryintrigued

skitskut wrote: »

Yes, I used to pay in thousands towards the back end of September. But I have to come clean now and say the last time I tried it the money was returned so I guess they've closed that little loop hole now. Sorry I thought this was common practice - would have shared sooner.

That being the case I don't understand your previous 'Nothing to stop you whacking in 40K in one hit!' 'advice'

Bit daft IMO.

JamesRobinson48

I had good news today. My Holmesdale BS RS Issue 3 (2.00% variable, 12 months, max £3,000) matured on Saturday, and my bank account has been efficiently credited with the maturity proceeds. What to do with the cash? I phoned the Holmesdale's savings department and was told that, since Issue 3 is still open for business, I am welcome to simply apply for it again and run the 12 months from scratch, in the usual way. So I've sent off an application form and cheque for £250, hoping that's confirmed.

That seems more attractive to me than the published alternative, which is to rollover the Issue 3 balance into Issue 4 (1.60% p.a. variable) and then subsequently into Issue 5 (1.25% p.a. variable). Just thinking about it (I didn't ask), but perhaps another permitted alternative might be to both rollover into Issue 4 and also re-apply for a fresh Issue 3.

mhoc

JamesRobinson48 wrote: »

I had good news today. My Holmesdale BS RS Issue 3 (2.00% variable, 12 months, max £3,000) matured on Saturday, and my bank account has been efficiently credited with the maturity proceeds. What to do with the cash? I phoned the Holmesdale's savings department and was told that, since Issue 3 is still open for business, I am welcome to simply apply for it again and run the 12 months from scratch, in the usual way. So I've sent off an application form and cheque for £250, hoping that's confirmed.

That seems more attractive to me than the published alternative, which is to rollover the Issue 3 balance into Issue 4 (1.60% p.a. variable) and then subsequently into Issue 5 (1.25% p.a. variable). Just thinking about it (I didn't ask), but perhaps another permitted alternative might be to both rollover into Issue 4 and also re-apply for a fresh Issue 3.

This is interesting, not heard of this one.

On the website issue 3 is still there - please can someone confirm this one is suitable for people out of area and can be run totally online (after the first postal application?)

https://www.theholmesdale.co.uk/savings/products/2103-regular-saver-issue-3

patientperson

mhoc wrote: »

This is interesting, not heard of this one.

On the website issue 3 is still there - please can someone confirm this one is suitable for people out of area and can be run totally online (after the first postal application?)

https://www.theholmesdale.co.uk/savings/products/2103-regular-saver-issue-3

I have held accounts with this BS since 2000 and live a long way from their operational area.

You can download an application form and then post it off with an opening cheque. As monthly payments are made by STO then that aspect is online.

Holmesdale is a small BS and use their online option for enquiry of accounts only. No transfers, no account opening or closing. Other smaller BS also use similar software.

It is the member who must add their account number so that enquiry is possible. It is not automatic. One puts in the request online and when approved one can view that account.

I have never had any problems with Holmesdale and they used to supply 1st class pre addressed envelopes.

Rich2808

mhoc wrote: »

This is interesting, not heard of this one.

On the website issue 3 is still there - please can someone confirm this one is suitable for people out of area and can be run totally online (after the first postal application?)

https://www.theholmesdale.co.uk/savings/products/2103-regular-saver-issue-3

Nothing to say their savings accounts are not open to non locals at present. But as has been said they are a small society so if they get besieged with applications by post for this account that may change.

They do have one branch - in Reigate town centre.