Regular Savings Accounts: The Best Currently Available List!

glider3560

Has anyone closed their Club Lloyds Current Account whilst still holding a Club Lloyds Monthly Saver? I'm trying to declutter and reduce the number of payments going here and there, in advance of April.

The conditions seem to only stipulate needing the current account on opening, but it appears you can only transfer the money to other Lloyds accounts. Is there any other way to access the money?

Hal17

Goods news, just opened two Halifax regular savers for myself and the wife, and found the details appeared in our on-line BOS Banking screen. Then realised we could open two BOS regular savers as well. So that's another 4 to the list.

neverbrokensarah

Special_Saver2 wrote: »

Hi Everybody,

Many thanks to all the people who placed useful posts on this thread. Here is this weekend's update.

- Bank of Scotland Vantage account entry updated to make the current interest rate clear
- Chorley BS Festive Fund account withdrawn and removed from post 3
- Link at the bottom of this post altered so that I can copy and paste the link to the first page easily and correctly every time I do an update

I will do another update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are here

The Bank of Scotland Regular Saver is now being advertised as 2.5%. I opened one on 6th November at 2%. It looks like you can't close and re-open one until the full year is up from opening.

schiff

neverbrokensarah wrote: »

The Bank of Scotland Regular Saver is now being advertised as 2.5%. I opened one on 6th November at 2%. It looks like you can't close and re-open one until the full year is up from opening.

I think it's appalling on the part of BoS that they have been showing their old 2% RS on their website, right up until yesterday. They could at least have either removed the RS till today or pointed out the better rate.

I feel for you.

neverbrokensarah

schiff wrote: »

I think it's appalling on the part of BoS that they have been showing their old 2% RS on their website, right up until yesterday. They could at least have either removed the RS till today or pointed out the better rate.

I feel for you.

I only opened their current account at the end of October with money in at beginning of November. At least the interest rate is more than my mortgage and it's only 0.5 difference. Also just to rub it in it gives an option to "renew" your account to take advantage of a new product via the internet banking, with only the Access Saver at 0.35%. Yes I really want to do that!

Sea_Shell

Sea_Shell wrote: »

To anyone looking to open a new 2.5% Halifax Reg Saver....be careful....the front page states the new rate, but when you then proceed to the Summary page, it's still showing as 2%. I've raised this as a query with them, and they hope to have it updated within a day or 2. Without ringing up, they couldn't guarantee that an application made today would get 2.5%.

If anyone successful applies at 2.5% please let us know.

All appears to be OK now....accounts duly opened!!!

Bobblehat

Sea_Shell wrote: »

All appears to be OK now....accounts duly opened!!!

You may think so ..... but at the risk of exposing my poor maths or misunderstanding of how these things work ..... I spotted that on the BOS Monthly Saver Tab (2.5%) it gives the following example of what you might expect the future balance to be ....

£100 per month for 12 months @ 2.5%, balance at 12 months = £1215.00

I did a quick spreadsheet and got the interest to be £16.25 ... not £15.

What am I missing? ...... as I was hoping that the BOS RS would be equal to, if not a little better than, Tesco Saver (not RS) at 1.35% = £16.20

AirlieBird

Bobblehat wrote: »

You may think so ..... but at the risk of exposing my poor maths or misunderstanding of how these things work ..... I spotted that on the BOS Monthly Saver Tab (2.5%) it gives the following example of what you might expect the future balance to be ....

£100 per month for 12 months @ 2.5%, balance at 12 months = £1215.00

I did a quick spreadsheet and got the interest to be £16.25 ... not £15.

What am I missing? ...... as I was hoping that the BOS RS would be equal to, if not a little better than, Tesco Saver (not RS) at 1.35% = £16.20

The example is based on deposits made in the middle of the month rather than at the beginning of the month. Depositing £100 on day 15 of each month would amount to about 10.3p lost interest each month, around £1.23 over the year, compared with depositing at the beginning of the month. Accounting for rounding errors that would be £15 interest instead of the £16.25 for depositing at the beginning of each month.

ColdIron

Bobblehat wrote: »

I did a quick spreadsheet and got the interest to be £16.25 ... not £15.

You could use the MSE Regular Savings Calculator (which gives £16.19 )

Bobblehat

Thanks Airliebird .....I see, I think! Are they saying if you open the account on 1st Jan, but not deposit anything until 15th of Jan (£100), you'd have £15 interest on the next 1st Jan?

Just to make sure I have the hang of this ... If I open the account on 15th Jan and make the first deposit (£100) on 15th Jan, then after a year on the next 15th Jan I would get £16.25/£16.19?

I do know about the MSE RSC ColdIron, but just wanted to play with the numbers myself