Regular Savings Accounts: The Best Currently Available List!

schiff

tg99 wrote: »

I was in store a few days ago to open the new store RS7 and asked about maturity of store RS1 on 1 Dec. I was told a letter should arrive shortly giving the options available and that if you wanted to withdraw the proceeds you need to come into store with your passbook or post your passbook to head office and request electronic transfer to your nominated account etc. However, what I did instead was fill out a customer request form during the appointment stating that I wanted the proceeds of store RS1 to go to my nominated account upon maturity thus saving another trip into store or having to write to head office. My passbook was thus retained and so I was given a photocopy of the relevant page in it showing my current balance for my records.

Didn't work like that for me today. That's not what happens, I was told! It seems to fail on the grounds that the store accounts don't have 'a dedicated account'. (Though perhaps I could have 'nominated' an account in today's visit with the benefit of hindsight. I got the terms mixed up.)

December 1st being a Friday and as I'm mad busy on a Saturday, I'll just go the store on the Friday and expect to be able to set it up on that visit. Fortunately I'm one of the lucky ones with a store not far away.

buyhighselllow

xylophone wrote: »

If you mean the 123 current account, then the maximum you'll get on your £20,000 is 1.5%.

https://www.santander.co.uk/uk/index

Yes,of course, I see that by drip feeding in from Santander into a regular saver ( which is what I actually do, of course) , boosts things up :beer:

Bobblehat

buyhighselllow wrote: »

Are not the majority of these regular savers a waste of time paying under 3 %... if you are not maxed out with Santander ?

I think the poster probably means that an RS at 3% "pays out like" a 1.5% lump sum account like the Sant 123?

Two things to bear in mind ...... 1) a 3% RS actually pays just a little over 1.6% (not 1.5%) comparing it over a year with a lump sum deposit of the same final amount .... and 2) The Santander 123 at 1.5% is more like 1.2% after you have taken off the £5 pm charge on the account.

If you are not maxed out with the Santander, the actual return gets lower than 1.2% over a year ..... of course, if you factor in cashback, the Santander can still be attractive to some (but no longer to me!).

I am in the process of switching a Sant 123 account to TSB to get the switch bonus and to move the bulk of the money to one of the new 1.35% savings accounts that are coming our way after 1 December. With the switch bonus, small monthly reward and no £5 pm fee and a slightly higher return from the new saver rate, (my cashback was quite low) I should be quids in.

buyhighselllow

Bobblehat wrote: »

I think the poster probably means that an RS at 3% "pays out like" a 1.5% lump sum account like the Sant 123?

Two things to bear in mind ...... 1) a 3% RS actually pays just a little over 1.6% (not 1.5%) comparing it over a year with a lump sum deposit of the same final amount .... and 2) The Santander 123 at 1.5% is more like 1.2% after you have taken off the £5 pm charge on the account.

If you are not maxed out with the Santander, the actual return gets lower than 1.2% over a year ..... of course, if you factor in cashback, the Santander can still be attractive to some (but no longer to me!).

I am in the process of switching a Sant 123 account to TSB to get the switch bonus and to move the bulk of the money to one of the new 1.35% savings accounts that are coming our way after 1 December. With the switch bonus, small monthly reward and no £5 pm fee and a slightly higher return from the new saver rate, (my cashback was quite low) I should be quids in.

I do OK with Santander as lots of bills etc..Just dumped 2 TSB accounts to tart £500 from Clydesdale. Santander also have the 5% regular saver so 2x that as well

Annoyingly I had 2 Flex Regular savers with Nationwide mature today and NO interest has been paid :mad:

interest_Ted

Chorley have published a list of accounts that will have a rate increase of 0.25% from 01 Dec 2017. The list includes the (withdrawn) 12 month regular saver bond, but glaringly omits the current festive fund regular saver :mad: . They claim the reason is that it has only recently been launched and remains attractive in the marketplace !!!

To see the list click on 'news' on their website, then click on the links in the last paragraph after 'follow the links'. If the links are hard to see, (depends on your PC), click on 'summary' and on 'frequently'.

Ted

Bobblehat

buyhighselllow wrote: »

I do OK with Santander as lots of bills etc..Just dumped 2 TSB accounts to tart £500 from Clydesdale. Santander also have the 5% regular saver so 2x that as well

Annoyingly I had 2 Flex Regular savers with Nationwide mature today and NO interest has been paid :mad:

Nice grab on the two Clydesdales! Two? Dare you say how ..... and two RS with Sant? Is it one solo and 1 Joint on each ..... or something else I've missed?

I did the sums on the Sant 123 @ £20,000 vs £1500 in TSB with it's various bonuses and £18,500 in a 1.35%

With no cashback in the equation, I should be ~ £184 up by ditching the Sant 123. So for me, with cashback, ~ £160 up by ditching the 123. I do realise that some folks can get pretty big cashback figures but I can't :sad:

I also did a quick whatif on the same scenario as above but threw in a Sant RS being fed £200 pm at 5% from the Sant 123.

With no cashback in the equation, I would have been ~ £140 up. So for me, with cashback, ~ £116 up.

I tried a whatif on if I could find a RS at £500pm at 5% to drip feed from Sant 123 to "somewhere" and it does then start to get a bit not worth the effort for me. Likewise with working it out on a conversion to 123 Lite instead of the TSB switch bonuses ....... all starts to get a bit marginal.

I just realised I haven't yet done the sums on moving the minimum amount into the TSB and maxing on the 1.35% ...... not capable of "in the head sums", so will bash the spreadsheet again. I can still do that scenario if it works out to be an advantage. (Answer: It didn't!)

I hope your NW bonuses will be there by tomorrow.

buyhighselllow

Bobblehat wrote: »

Nice grab on the two Clydesdales! Two? Dare you say how ..... and two RS with Sant? Is it one solo and 1 Joint on each ..... or something else I've missed?

I did the sums on the Sant 123 @ £20,000 vs £1500 in TSB with it's various bonuses and £18,500 in a 1.35%

With no cashback in the equation, I should be ~ £184 up by ditching the Sant 123. So for me, with cashback, ~ £160 up by ditching the 123. I do realise that some folks can get pretty big cashback figures but I can't :sad:

I also did a quick whatif on the same scenario as above but threw in a Sant RS being fed £200 pm at 5% from the Sant 123.

With no cashback in the equation, I would have been ~ £140 up. So for me, with cashback, ~ £116 up.

I tried a whatif on if I could find a RS at £500pm at 5% to drip feed from Sant 123 to "somewhere" and it does then start to get a bit not worth the effort for me. Likewise with working it out on a conversion to 123 Lite instead of the TSB switch bonuses ....... all starts to get a bit marginal.

I just realised I haven't yet done the sums on moving the minimum amount into the TSB and maxing on the 1.35% ...... not capable of "in the head sums", so will bash the spreadsheet again. I can still do that scenario if it works out to be an advantage.

I hope your NW bonuses will be there by tomorrow.

Cheers yes I want to start re-drip feeding ASAP..I have Clydesdale in mine and My wifes name, same with Nationwide and Sant..looks like Nationwide will only be £250 each a month though if I re do their flex regular saver.
Depending on your attitude to risk, you could look at Assetz Capital instant access..I'm comfortable with it, 3.75%, 4.25 for their 30 day notice..never had problems pulling money out..They were doing a bonus for £1500 left in for 1 year..

Bobblehat

buyhighselllow wrote: »

Cheers yes I want to start re-drip feeding ASAP..I have Clydesdale in mine and My wifes name, same with Nationwide and Sant..looks like Nationwide will only be £250 each a month though if I re do their flex regular saver.
Depending on your attitude to risk, you could look at Assetz Capital instant access..I'm comfortable with it, 3.75%, 4.25 for their 30 day notice..never had problems pulling money out..They were doing a bonus for £1500 left in for 1 year..

Thanks for that.

I left Mrs Bobblehat out of the equation on account of what's hers is hers and what's mine is ...... hers as well if she can hold of it :rotfl:

adindas

buyhighselllow wrote: »

Yes,of course, I see that by drip feeding in from Santander into a regular saver ( which is what I actually do, of course) , boosts things up :beer:

That is what many people on this thread are doing ....

glider3560

adindas wrote: »

Would you please shed the light how to close a fixed term, fixed rate the account without penalty or loosing any interest.

You can make one penalty free withdrawal per bonus year.

Condition 8 is actually quite clear IMO: "If one withdrawal has been made during the term, then account closure is not permitted until
the day after maturity". So if no withdrawals have been made, you can use your one withdrawal to close the account.