Regular Savings Accounts: The Best Currently Available List!

mgarl10024

Just to let people know with regards to the Leeds Building Society Issue 3 account which is due to mature 31st Oct 2017, I just phoned Leeds to ask how this worked and was advised that they would be writing with maturity options 14 days before the 31st Oct.
I asked whether return of funds electronically was an option and was told that this should be available fee free.
I guess I'll see what savings options they present...

mhoc

mgarl10024 wrote: »

Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...

Thanks for this, very useful, calendar adjust accordingly.

mhoc

Is Leeds the only Building society with an open ended regular saver - no actual maturity date (except for a maximum deposit)

I keep a projected list of regular saver payments going out and maturity dates with payments coming in (as accurately as possible) up to about February 2019 - possibly a few more Virgin regular savers along the way.

I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers (apart from things like First Direct and marks) - my mother always did say I lived in a fantasy world

Eco_Miser

mhoc wrote: »

I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers

If that happens, Regular Savers are likely to be paying around 5%, so the juggling will continue.

Westie983

I send my books to Leeds each month and they always make it back, I closed my issue 3 last month by filling out the closure that comes back with the passbooks.

I then got a cheque back in the post along with Issue 4 and 5 books.

Westie983

Speculator

mgarl10024 wrote: »

Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...

What's the minimum monthly deposit?

If it's £10, you could withdraw £120 and pay in £10pm.


If it's £1, I would just withdraw £48 and forget about it for 4 years

mgarl10024

Speculator wrote: »

What's the minimum monthly deposit?

If it's £10, you could withdraw £120 and pay in £10pm.


If it's £1, I would just withdraw £48 and forget about it for 4 years

No, the £50 was chosen deliberately as it is the minimum.

Speculator

mgarl10024 wrote: »

No, the £50 was chosen deliberately as it is the minimum.

Ok thanks. Just found the Full details here.

You will need to withdraw more than £600 because interest/bonus is credited to the account.

You are allowed 1 withdrawal per bonus period so it may be wise to make your withdrawal just before your bonus is paid. I will withdraw £750 to cover the interest.

I will then be free to make another withdrawal if I wish after the bonus/interest payment date 31/8/18.

I will hit £6000 on 1st Sept 2018 but will make a £750 withdrawal a week before the bonus is paid (31/8/18) giving me another penalty free withdrawal after 31/08/2018


Another method is to withdraw say £400 before the bonus date then make another withdrawal when you near the £6000 mark in 2019.

Vortigern

Westie983 wrote: »

I send my books to Leeds each month

What's your effective interest rate after paying for all those stamps?

I can view my accounts online and I don't bother with passbook updates other than by annual visit to a nearby branch when I happen to be passing that way.

mgarl10024

Speculator wrote: »

You will need to withdraw more than £600 because interest/bonus is credited to the account.

Not sure that's right. Just checked my saved copy of the terms and it says "The maximum investment balance is £6,000 (excluding accrued interest). "