Regular Savings Accounts: The Best Currently Available List!

anna42hmr

oh well halifax is down to 2% now following the lloyds bank drop as well

wonder if natwest and rbs drop the reg savers down as well from 5%, barclays is still at 4.25% as well

far cry from the 10% reg savers of last summer!

Special_Saver2

Hi Everybody,

This weekend's update:

- Halifax regular savings account removed from the list as the interest rate is now 2% fixed for accounts opened from today onwards; the Halifax offshore version is still paying 4% so that has been left on the list
- Vernon Building Society has launched a regular saver account (Regular Saver Reward) which pays 3% variable but it is only available to people who live within a 25 mile radius. That interest rate is easily beaten by lots of the general savings accounts on Martin's savings page (the Citibank, Ulster, and Sainsbury's accounts all pay at least 3.2%) so I am not including this account in my list

There is nothing else to add or delete as far as I can see. I shall do another update next weekend.

SS2

mary

I was in Nat West today to open the 5% Regular Saver. It is being closed 5 p.m. today.

dougz_2

HSBC websites description of their Regular Saver no longer explicitly says you are required to pay a salary or pension into the qualifying account. I don't know if it is still hidden in some small print though.

Also new is a link to apply for it online, however that doesn't seem to work.

Special_Saver2

mary wrote: »

I was in Nat West today to open the 5% Regular Saver. It is being closed 5 p.m. today.

It is still on their website but I believe you and I shall go and remove it (and the RBS version) from the list now. If anybody discovers that it can still be opened on Monday then post something on this thread and I will put it back.

dougz wrote: »

HSBC websites description of their Regular Saver no longer explicitly says you are required to pay a salary or pension into the qualifying account. I don't know if it is still hidden in some small print though.

Also new is a link to apply for it online, however that doesn't seem to work.

I have just had a look at the terms and conditions document which is dated 31st August 2009 and incorporates changes effective 1st November 2009. Unfortunately, on page 31 it states:

5. Regular Saver
This section applies in addition to the rest of the
terms in this booklet and the General Terms.

5.1 You must already have a Bank Account, an
HSBC Premier Bank Account, an HSBC Plus Bank
Account or a Passport Bank Account with us into
which your salary or regular retirement income is
paid before you can apply for a Regular Saver.

5.2 You must continue to hold a Bank Account,
HSBC Premier Bank Account, HSBC Plus Bank
Account or Passport Bank Account with us and
pay your salary or regular retirement income into it
for as long as you have your Regular Saver.

All the best,
SS2

dougz_2

Special_Saver2 wrote: »

I have just had a look at the terms and conditions document which is dated 31st August 2009 and incorporates changes effective 1st November 2009. Unfortunately, on page 31 it states...

That is a confusingly titled document they have created, but as I read it those terms should only apply before 1st Nov because there is no longer a salary condition anywhere in the complete 1st Nov terms, see page 35 of this doc:
http://www.hsbc.co.uk/1/PA_1_1_S5/content/uk/pdfs/en/34519_bank_account_ts&cs.pdf.

jimbow25

Special_Saver2 wrote: »

- Vernon Building Society has launched a regular saver account (Regular Saver Reward) which pays 3% variable but it is only available to people who live within a 25 mile radius. That interest rate is easily beaten by lots of the general savings accounts on Martin's savings page (the Citibank, Ulster, and Sainsbury's accounts all pay at least 3.2%) so I am not including this account in my list

The way products have been withdrawn/ rates have gone down this week, this thread could be a ghost town soon!

Baldur

Special_Saver2

dougz wrote: »

That is a confusingly titled document they have created, but as I read it those terms should only apply before 1st Nov because there is no longer a salary condition anywhere in the complete 1st Nov terms, see page 35 of this doc:
http://www.hsbc.co.uk/1/PA_1_1_S5/content/uk/pdfs/en/34519_bank_account_ts&cs.pdf.

Thanks. I could not get that link to work but I have found the document by clicking on "Legal information" bottom left and then "General, Current Accounts and Savings Terms and Conditions from 1 November 2009 (PDF)." As you said, there is no longer a requirement to pay your salary into the current account. The new terms and conditions also explicitly state that you can stop and resume your standing order payments whenever you wish. It also says that the first standing order has to be at least a calendar month after account opening. I have amended my entries in post 5 accordingly.

SS2

Chadsman

It is a long way off market leading but may be of interest to some...
Dudley BS now offers a Monthly Savings account currently paying 3% p.a. with a minimum opening/operating balance of £100 and minimum monthly payment of £10...
http://www.dudleybuildingsociety.co.uk/savemonthlysavings.htm