Regular Savings Accounts: The Best Currently Available List!

apt

It will work out better because you will also earn interest on that part of your £3,600 that you have yet to put into the Santander home saver account.

Special_Saver2

Hi Folks,

Here is this weekend's update.

- I have removed the Yorkshire BS and Barnsley BS Christmas Savers which will be withdrawn tomorrow
- I have changed the HSBC Regular Saver entry in response to KTF's message above. It appears that HSBC have changed the name of their fee-free current account from "Current Account Advance" to "Bank Account" (indeed the link to Current Account Advance takes you to the new Bank Account page). The details seem to be the same - a fee-free account that needs to be funded with £500 per month and that lets you open a 4% regular saver account. The £50 bonus for opening an account runs out on 14th February - see HSBC Bank Account. Thanks for pointing that out KTF.

There is nothing else to change.

I will do another update next weekend.

SS2

Innys

My Scottish BS regular saver matures later this month I rang them to confirm and was told that I could carry on paying in at the same interest rate (4%) for more than the 12 month period! I wasn't expecting that...

Special_Saver2

KTF wrote: »

The HSBC Regular Saver can now be opened with an ordinary HSBC bank account requiring no monthly fee or monthly minimum pay in amount.

From: http://www.hsbc.co.uk/1/2/personal/savings/regular-saver

The standard bank account details are here: http://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-page and you might be able to get an additional £50 if you switch to them.

Just to clairfy - HSBC have an account called "Current Account" which does not require the £500 per month funding and an account called "Bank Account" which is a current account that requires £500 per month funding. You need the "Bank Account" if you want the £50 cashback and the regular savings account - these are not availabe with the "Current Account" and if you fail to pay in £500 per month then the HSBC website states that your "Bank Account" will be closed or converted to a "Current Account."

I hope that clears up any confusion!

SS2

P.S. I have just seen Innys' message above and I will add a note to the Scottish BS entry on page 1 of this thread. Innys, as a matter of interest, how long did they say you could carry on paying in to this account for (and still receive 4% interest)?

Innys

Special_Saver2 wrote: »

Just to clairfy - HSBC have an account called "Current Account" which does not require the £500 per month funding and an account called "Bank Account" which is a current account that requires £500 per month funding. You need the "Bank Account" if you want the £50 cashback and the regular savings account - these are not availabe with the "Current Account" and if you fail to pay in £500 per month then the HSBC website states that your "Bank Account" will be closed or converted to a "Current Account."

I hope that clears up any confusion!

SS2

P.S. I have just seen Innys' message above and I will add a note to the Scottish BS entry on page 1 of this thread. Innys, as a matter of interest, how long did they say you could carry on paying in to this account for (and still receive 4% interest)?

SS2 - in answer to your question, I didn't ask - I was too surprised. I think I will call them again this week to double check and, maybe, ask for what I was told today in writing.

Innys

I have just called again and got confirmation that I can keep this RS going - indefinitely!

As long as I meet the terms, there will be a 2% bonus payable, plus whatever the variable element is, currently 2%. I didn't get this in writing, but I'll keep paying in anyway.

johnmoney05

Innys wrote: »

I have just called again and got confirmation that I can keep this RS going - indefinitely!

As long as I meet the terms, there will be a 2% bonus payable, plus whatever the variable element is, currently 2%. I didn't get this in writing, but I'll keep paying in anyway.

As my understanding, the bonus is 3%. And it pays with the interest annually on 31 March. And it is indefinitely for the bonus, so long as you pay the fixed amount every month.

premierfella

Special_Saver2 wrote: »

Just to clairfy - HSBC have an account called "Current Account" which does not require the £500 per month funding and an account called "Bank Account" which is a current account that requires £500 per month funding. You need the "Bank Account" if you want the £50 cashback and the regular savings account - these are not availabe with the "Current Account" and if you fail to pay in £500 per month then the HSBC website states that your "Bank Account" will be closed or converted to a "Current Account."

I hope that clears up any confusion!

SS2

No wholly relevant (given you need a "Bank Account" or premium account to run the HSBC Regular Saver). Its worth a mention that, although the "Current Account" is mentioned in the Regular Saver terms, it shows up on the HSBC interest rates link as a product that is no longer sold. However, this does not clarify whether it is a product which you can still default to having already held a "Bank Account" and not made the minimum £500 monthly credit to.

Special_Saver2

Re: Scottish BS Regular Bonus Saver

Innys and johnmoney05, thanks for your messages. That confirms what I had thought when I wrote my entry for this account and so this account is listed in the right place (post 2).

Re: HSBC Regular Saver

premierfella wrote: »

this does not clarify whether it is a product which you can still default to having already held a "Bank Account" and not made the minimum £500 monthly credit to.

The reason I wrote that is that the HSBC website for the "Bank Account" states:

Should you fail to make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 24, the qualification criteria will not apply.

SS2

Milarky

Now 4.2% for 12 months instead of 4.5% - But for those already holding the previous issue it is an opportunity to carry on adding to those 4+% accounts they can save into

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=192835

(NB new issue launches 5 Feb so cannot yet confirm that it can be opened in addition to earlier issues. However just called Principality and they confirm the 'only one bond per customer' is issue specific - so it should be open to apply)