Regular Savings Accounts: The Best Currently Available List!

DeepSporran

I was inclined to ignore this account as a follow on to my maturing Fixed Rate 7.5% Britannia Regular Saver. The headline interest rate is only 2.1%.

However, if you open the account before Dec 31st, pay in at least £20 per month for the full 12 months, and make no withdrawals, then Britannia will send you a £10 Coop voucher at the end of the year.


Link is here.

Assuming you can use the voucher, then this lifts the effective rate (for basic rate taxpayer) to a maximum of approx 12.5 % gross – as long as you pay in ONLY £20 per month.

My calculations assume the average balance is £120, and that the £10 voucher is not taxed, so is equivalent to £12.50 if it was taxed at 20%. This gives an effective extra interest of 12.5/120 *100 which is 10.4%

So the interest rate is now 2.1% plus 10.4 %, i.e. 12.5 %.

I stress however, that if you pay more than £20 per month, the effective rate will drop rapidly, For £100 per month, the effective rate would be about 4.18% (2.1% interest plus 2.08 % voucher equivalent).

Not sure I can be bothered, others may be tempted.

firsttimestudent

anna42hmr wrote: »

Barclays Monthly Saver maturity question
can any one answer me a quick question please

i opened up the barclays monthly saver on 21st november 2008, it is due to mature 20th november 2009 (tomorrow) does any one know when i can withdraw the money (ie is it tomorrow first thing, or does it mature at a certain time in the day, or overnight between the 20th and 21st november??)

i have the barclays e-saver so fingers crossed should be able to use that to withdraw into an outside account, or failing that can withdraw in branch

Maybe too late for your question... but it will mature on 20 November. It will still show up as Barclays Monthly Saver in the Online Banking, but you can move it then (as final interest payment already credited).

A few days later it will change to More & More account!

anna42hmr

firsttimestudent wrote: »

Maybe too late for your question... but it will mature on 20 November. It will still show up as Barclays Monthly Saver in the Online Banking, but you can move it then (as final interest payment already credited).

A few days later it will change to More & More account!

thanks, signed in this morning, and interest has been paid, so have moved it over, you have answered the one remaining question though as its still called the monthly saver, so at least i know it changes in a few days (as i am contemplating opening another month saver with them when i have checked all the rates and you cant have more than 1 of them so didnt want to have to go to branch to lose this to then open another one - shame it doesnt automatially role over like halifax)

Special_Saver2

Hi Folks,

Here is this weekend's update:

- All of Norwich & Peterborough's regular saver accounts have decreased their interest rates by 1% for new customers as mentioned above already
- Britannia BS Easy Monthly Saver with a £10 Co-operative voucher (thanks DeepSporran) added to post 4
- Abbey at Bradford & Bingley Fixed Rate Monthly Saver account withdrawn (but the original Abbey version is still available)
- Buckinghamshire BS Chiltern Gold Mine issue 3 withdrawn

I shall do another update next weekend.

All the best,
SS2

Special_Saver2

Hi Everybody,

Here is this weekend's update.

Actually, I cannot find anything that has changed!

I will do another update next weekend.

SS2

Dagobert

Abbey regular saver matured 2 months early!

Special_Saver2

Hi Folks,

For a second weekend in a row, I cannot find anything to add or delete from the list.

I will do another update next weekend.

Until then...
SS2

Special_Saver2

Hi Folks,

There is a new Regular Saver ISA from Stroud and Swindon paying 3.75%.

Here is a link.

Here is the summary provided by emoneyfacts:

07.12.09 REGULAR SAVER ISA launched w.e.f. 4.12.09: a regular savings ISA with a minimum monthly investment of £25 (maximum £425) paying 3.75% yearly. 12 equal consecutive payments must be made per anniversary year. 1 withdrawal permitted per anniversary year. 2.75% loss for that anniversary year if terms not adhered to. Transfers out without penalty. Transfers in not accepted.

Moneyfacts Analysis

This new Regular Savings ISA from Stroud & Swindon BS enters a very limited market paying a top variable rate. Clients are encouraged to put away money each month and not make regular withdrawals in order to obtain the high rate of 3.75%, so is ideal for those who need to be organised. The flexibility of the 1 free withdrawal each year makes it an ideal way to save for a particular event, such as Christmas or a holiday.

I do not list the regular saver ISA accounts on this thread. I usually leave that to Kazza and I have posted something on Kazza's Mini Cash ISAs: The Best ISAs currently available thread.

SS2

Special_Saver2

Hi Everybody,

Here is this weekend's update:

- Leeds BS Online Saver Issue 2 relaunched (see feeder account section, pays 3.05%). If you read the entry on emoneyfacts about this account, you would get the impression that this account has to be operated with a single linked account. This is incorrect. The Leeds BS website still indicates that this account can be linked to up to 3 Leeds BS accounts and 5 non-Leeds BS accounts

- Buckinghamshire BS Chiltern Gold Builder account launched yesterday, paying 4.1% on £25-250 per month for 12 months (see post 4 for more details). You can only ever hold one Chiltern Gold Builder account (of any issue). Buckinghamshire BS have lots of accounts with similar names - Chiltern Gold Builder, Chiltern Gold Mine, Chiltern Gold Income Generator, Chiltern Gold Tracker, Chiltern Gold Easy Access, and Chiltern Gold Notice 56. I am therefore not clear if you can open a Chiltern Gold Builder account in addition to a Chiltern Gold Mine account. (They recently had a regular saver account called Chiltern Gold Mine, issues 1-3.) If you try to open a Builder account in addition to an existing Mine account then let me know if you were successful and I will add that information to the entry in post 4.

I will do another update next weekend.

SS2

RayWolfe

Always distrust any account with GOLD in the name!
Can you still get a Halifax Liquid Gold? As marked by Arthur Daily <sp>