Regular Savings Accounts: The Best Currently Available List!

glider3560

mhoc wrote: »

the complacent few that don't check their accounts regularly wont realise, will ignore their letters and carry on paying in each month)

"You snooze, you lose". I think it is quite clear when you open the account that it is a 12 month term. They also write to you. How much more clearer could they make it? Rename the account to "Rubbish interest rate Issue 8"?

mhoc wrote: »

It does say though that I could carry on with "my savings journey" by opening a new Flexclusive regular saver next day after maturity with another year of 5% but it does not say what the maximum monthly payments it will allow.

£250 per month.

mhoc wrote: »

The account should now have the full £6000. Will the account allow the £500 payment for January 1st making the total £6500 or will it bounce back. Or should I just cancel the standing order now as the extra £500 will only be in the account a few days and wont make a vast amount of extra interest.
Or should I just cancel the standing order and put the final £500 in manually on January 1st?

It will accept the extra £500. I didn't do it this year as my account matured on the 3rd December, so seemed pointless.

mhoc wrote: »

When I open the new one should I be able to just open it in my name only - its funded by the household joint account?

Yes, it doesn't matter where the money comes from. You just need to be able to meet the criteria (which you will, if the joint account does).

clivep

glider3560 wrote: »

Yes, it doesn't matter where the money comes from. You just need to be able to meet the criteria (which you will, if the joint account does).

See my post at https://forums.moneysavingexpert.com/discussion/comment/73521484#Comment_73521484

Unless it's changed, the problem is that when applying online the account name for the new Flexclusive Regular Saver defaults to that of the Nationwide a/c used for the deposit and you can't alter this. If you ONLY have Nationwide current and savings a/cs in joint names then you can't set up a regular saver in a sole name. It is possible but you need to phone them to set it up.

Once the sole regular savers have been opened then there's no problem using a standing order to make further monthly deposits.

glider3560

clivep wrote: »

See my post at https://forums.moneysavingexpert.com/discussion/comment/73521484#Comment_73521484

Unless it's changed, the problem is that when applying online the account name for the new Flexclusive Regular Saver defaults to that of the Nationwide a/c used for the deposit and you can't alter this. If you ONLY have Nationwide current and savings a/cs in joint names then you can't set up a regular saver in a sole name. It is possible but you need to phone them to set it up.

Once the sole regular savers have been opened then there's no problem using a standing order to make further monthly deposits.

You can open it in sole names online, just choose that you don't have online banking. It then takes you to a different application form which gets processed by a human and lets you deposit money manually once open.

clivep

glider3560 wrote: »

You can open it in sole names online, just choose that you don't have online banking. It then takes you to a different application form which gets processed by a human and lets you deposit money manually once open.

That's a good point. I was describing the difficulty doing it once logged into your a/c but the solution you offer is a good alternative to calling them.

glider3560

For those with maturing Virgin accounts: I noticed you can request closure on a specific future date through their online banking. On the "withdrawal" page, press "Closure" then enter a date in the future. The account gets closed automatically and balance transferred to your nominated account on that day.

Seems a useful feature for those who might forget or be otherwise engaged on the maturity date.

mhoc

I've got a maturing Virgin 2 regular saver and I wondered about letting it mature and go into this other account.

Then removing all but £1 but leaving this other open and dormant for now - as a justincase account

colsten

mhoc wrote: »

Then removing all but £1 but leaving this other open and dormant for now - as a justincase account

just in case for what eventuality?

Special_Saver2

Hi Folks,

Here is this weekend's update. I have checked every account on the first page of this thread and found the following changes.

- Leeks United BS Regular Savings account interest rate increased by 0.25% to 2.25%
- Scottish BS Junior Regular Saver account interest rate increased by 0.15% to 2.15%
- Newcastle BS Big Little Saver Children's Account interest rate increased by 0.25% to 2.12%

I will do another update next weekend.

SS2

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

mhoc

colsten wrote: »

just in case for what eventuality?

Not exactly sure what but the interest rate is slightly better.
Also as each issue matures it would be a temporary home for maturing funds

badger09

mhoc wrote: »

Not exactly sure what but the interest rate is slightly better.
Also as each issue matures it would be a temporary home for maturing funds

The interest rate is slightly better than what?

As each RS issue matures, it will automatically mature into a variable rate account, unless you follow glider3560's suggestion.

So why keep this one?