Regular Savings Accounts: The Best Currently Available List!

Dagobert

nicko33 wrote: »

Dagobert wrote: »

RBS Regular Saver
Monthly payment: £25-500

25-500 ?

Sorry about the mistake. Maximum monthly payment: £250. I corrected my post above.

nicko33 wrote: »

... needing to open a current also ...

I don't think that is correct. I was specifically told that the regular saver does not need to be funded from an RBS current account. There is nothing in the T&Cs stipulating that you need to be a current account customer either.

Also, the MSE News article Natwest/RBS to launch 5% monthly savings account is wrong about having to open the account in branch. It says in the T&Cs that the account can be opened online, by phone or in branch.

KTF

If the RBS/Natwest ones can be opened online then they could do with updating their website(s) to include the details of the accounts

ctdctd

KTF wrote: »

If the RBS/Natwest ones can be opened online then they could do with updating their website(s) to include the details of the accounts

I've just phoned Nat West - they say it can only be opened in branch and not by phone or online. Guess they want to try do a "financial review" at the same time!:eek:

SilentMinority

Dagobert wrote: »

RBS Regular Saver
...
I can't see anything in the T&Cs that would prevent a 13th payment during the last month.

I was looking for information about the "Regular Saver" on the RBS website about 10pm on 27th July, but it wasn't showing up anywhere.

However, I noticed that a previous version of the RBS Current Interest rates page had been cached on Google and that version included the Regular Saver interest rates table.

So, they must have updated their Interest Rates page to include the Regular Saver and then removed it again, but not before Google had spotted it, and cached it!

(I just checked and Google don't have that cached version any more, and it isn't in my browser cache either)

From what I remember, however, there was a note below the Regular Saver entry that said something like:

"There would be 12 monthly payments. However, depending upon the date the account was opened, there could be an extra payment".

So, it looks like they had realised a possibility of a 13th payment.

am3n3

ctdctd wrote: »

It looks like the T&C's say you will get whatever the interest rate was on your anniversary date so if this was before 17th July it will be 4%. I would play safe and open a new RS account to get the 5% rate.

http://www.halifax.co.uk/HelpCentre/pdf/1_336203-7.pdf

"Interest rates are fixed for 12 month periods
on the day we receive your opening deposit,
and on each anniversary of that date if you
continue to make standing order payments
to your account."

The Halifax Regular Saver acct I had was opened in July 2008 when the 5% rate was advertised. I've also just noticed that the anniversary date was automatically changed from 16 July 2009 to 16 July 2010. On 16 July my balance was automatically transferred to the Variable Web account, so it probably looks like I won't need to open a new savings account after all, but I'll double-check with the branch.

KTF

The same thing happened to me (matured on July 2) but as I like to maximise the amount of interest I am going to see if they do indeed close them if you dont put any money in after a month or get them to close it next month. Then I will open a new one on August 28 with £500 and have another £500 ready to go in on Sept 1.

SnowMan

According to emoneyfacts, Ipswich Building Society will be launching tomorrow an instant access branch and postal operated regular savings account paying 3.5%. Suspect the 3.5% will be variable and not fixed judging by the old account.

Maximum monthly investment of £500 (minimum £10).

11 consecutive payments are required by direct debit.

There is a 3.00% loss of interest if more than one payment is missed.

One withdrawal is allowed per year. The account is closed if more than one withdrawal is made.

Not yet showing on Ipswich Building society website just the old account with a maximum of £250 and 2.95% variable rate.

Special_Saver2

Hi MSE Forum Fans,

I have added information on the NatWest / RBS regular savings accounts to post 4.

I have also added the Ipswich Smart Save account - the details are now on their website. Even though this account can run longer than a year, I have put it in post 4 (accounts lasting 12 months) with the following information:

"The variable bonus interest of 3% is paid only on deposits made during that anniversary year, e.g. if you carry on adding to this account for a second year, the money you pay in during the second year will earn 3.5% but the money you paid in during the first year will only earn 0.5%. It is therefore in your best interests to close this account and open a new one after the anniversary."

I will also mention that the Ipswich account allows you to put in up to £500 per month (£1,000 per month for a joint account).

I shall do another update next weekend.

SS2

MarkFromCornwall

ctdctd wrote: »

I've just phoned Nat West - they say it can only be opened in branch and not by phone or online. Guess they want to try do a "financial review" at the same time!:eek:

I opened one in branch on Thursday. It was quick and easy. At one point the screen prompted the person to ask if I wanted their home insurance and I said no and there was no pressure and no "financial review".

Mark

flyingscotno1

Dagobert wrote: »

Sorry about the mistake. Maximum monthly payment: £250. I corrected my post above.


I don't think that is correct. I was specifically told that the regular saver does not need to be funded from an RBS current account. There is nothing in the T&Cs stipulating that you need to be a current account customer either.

Also, the MSE News article Natwest/RBS to launch 5% monthly savings account is wrong about having to open the account in branch. It says in the T&Cs that the account can be opened online, by phone or in branch.

The sign in RBS today advertising it states that you must hold an RBS Current or Savings account.