Regular Savings Accounts: The Best Currently Available List!

Baldur

Innys wrote: »

Do you know what is the maximum amount that can be deposited each month?

£500, according to eMoneyfacts.

Special_Saver2

Hi Folks,

Here is this weekend's update.

Only one thing to add - the Scottish BS Regular Savings account was withdrawn as of yesterday. According to the interest rates page on their website, there is going to be a new account launched on Monday called the Regular Bonus Saver. This is going to be similar to the Regular Savings account it replaces but the maximum monthly deposit is going to be £500 (instead of £1,000 with the previous account). The interest rate will be 4% but this will include a 3% bonus which you only get if you make the necessary monthly deposits and make no more than one withdrawal. (The previous account also pays 4% which includes 2% bonus interest.)

I have not yet added in the Loughborough BS account as I cannot tell yet which post it belongs in. I will add it once the details are on the website.

SS2

chris1

Loughborough have now removed the restriction to locals and existing members, account now open to all.

However, the headline interest rate is a bit misleading - the small print says the bonus only applies to new money each year, i.e.
"The 1% bonus is only payable on payments received in each account year. Any balance retained in the account from previous year(s) will receive only the variable interest rate."

Edit: The more info they release the worse it gets:
"The amount of the monthly payment can be amended each year on the anniversary of the account open date and must be notified to the Society in writing prior to the change becoming effective."
so looks as though amount is fixed. (Interest rate mind you is variable...)

Not up to much after all...

Special_Saver2

Hi Money Saving Experts,

I am entering the details of the Loughborough BS Regular Savers +3 and the Scottish BS Regular Bonus Saver account into post 2 right now. Unlike its predecessor, the new Scottish BS account demands that you make a fixed payment each month.

So, for both of these new accounts, I have added the following warning at the bottom:

Note: The amount you have to pay is fixed and the interest rate is variable, so it is possible that they could drop the interest rate and you would have to continue the same monthly payments or lose the bonus interest.

I really do not like this catch and I will be avoiding these accounts.

SS2

Edit: I will also add that the Loughborough BS interest rate page shows that the old Regular Savers +1 and +2 accounts are paying 1.5% and 2.6% respectively so I am not sure how long the +3 account will stay competitive.

Special_Saver2

Hi Folks,

I have checked through everything and apart from fixing a link which has changed, there is nothing else to add or remove from the posts on the first thread.

I shall do another update next weekend.

SS2

Special_Saver2

Hi Everybody,

nicko33 has thought of using the Lloyds TSB Classic current account with Vantage option as a feeder account as it pays 4% gross AER on balances of £5,000-£7,000 and 3% gross AER on £3,000-£4,999.99. I have put all the details in post 9 including a link to one of the many useful threads on this account. Thanks nicko33.

There is nothing else to add at the moment. I may not be able to do another update for this thread this weekend but I will do one next week.

SS2

Special_Saver2

Hi Money Saving Experts,

Here is the latest update for this thread...

- Cambridge BS Regular Savings Account (paying 4.05%) withdrawn for new applicants from 17th June and replaced with an Issue 2 account from 18th June paying 3.05% (including a fixed 3% interest bonus). As with the old account, this is only open to locals

- Alliance and Leicester Save and Protect withdrawn

- Biggles reports on a separate thread that the HSBC Regular Saver account interest rate will drop to 4% for new applicants from 1st July

That is all for now, I shall do another update next weekend.

All the best,
SS2

Special_Saver2

Hi Folks,

Just a quick post to say...

- I have deleted the Alliance & Leicester Premier Regular Saver which has been withdrawn
- I have put a warning against the Leeds BS RegularSaver Issue 2 entry on the first page to warn people who are thinking of going for this account that they might as well wait 2 days and get the Leeds BS Online Access account with the same interest rate (3.05% gross) but no restrictions on deposits and withdrawals - see emoneyfacts or this thread

All the best,
SS2

Special_Saver2

Hi Money Saving Experts,

Here is this weekend's update:

- Egg Savings account (feeder section) interest rate increased to 2.8% from yesterday
- Leeds BS Online Savings account (launched yesterday, paying 3.05%, no penalties for withdrawals) has been added to the feeder section as in the application procedure it tells you that you can link this account to 5 external accounts (non-Leeds Building Society) and 3 Leeds Building Society accounts

The third best general savings account which is available to everybody from Martin's savings page is paying 3.05% so I am going to delete all accounts paying less than this from the first page of this thread.

I will do another update next weekend.

SS2

flyingscotno1

I have an HBOS current a/c and am looking at the regular saver there. When you open the HBOS 4% and receive a nominated account for interest- do you have to fund that account- it seems unclear.

Can you sneak in a bank transfer rather than a standing order- essentially the same thing- from another institution or will they give you a slap in the wrists for it?