Regular Savings Accounts: The Best Currently Available List!

typistretired

I prefer a spreadsheet

pafpcg

typistretired said:

I prefer a spreadsheet

Spreadsheet here too!  I have a spreadsheet that used to be called a cash-flow statement - the entry for the maturing account will credit the expected principal and interest to the current account on the maturity date (or a day later depending on whether it's coming from somewhere that makes the funds available the same day or not) so that I've got twelve months to puzzle over where to stash all those ill-gotten gains: "It's mine! All mine!"  (My partner says she worries about me sometimes...)

adindas

Loughborough Save to Buy  RSA is a gem (no longer available).

Just called them a while ago, and just realised how good this RSA is in this currrent climate.

It pays 3%, they will write to you at least 30 days  if the interest is to be changed., Sofar there has not been any communication about this

You coud keep topping up £500 a month subject to £6,000 a year limit and £24,000 in total

The disadvantages are :

- You could only withdraw 2 x £500  year

- If you want to close the account or want to withdraw more than £500 you will need to give them at  least 120 days notice.

It sounds very good because as soon as you get notiification of the interest drop and the interest will be under your expectation then you could immidiately trigger your 120 days notice, leaving you only two months interest going beyond your expectation.

Frogletina

adindas said:

Loughborough Save to Buy  RSA is a gem.

The only disadvantage is that :

...it's no longer on sale

JamesRobinson48

adindas said:

Loughborough Save to Buy  RSA is a gem (no longer available).

- If you want to close the account or want to withdraw more than £500 you will need to give them at  least 120 days notice.

I agree it's certainly a gem.  But the T&Cs are not quite as you indicated.  Customers can always close this account without notice: 
"Two withdrawals per account year are allowed up to a maximum of £500 per withdrawal and/or closure without notice".
The only constraint on closure is that it
"must be completed at the Society's Head Office".

adindas

JamesRobinson48 said:

adindas said:

Loughborough Save to Buy  RSA is a gem (no longer available).

- If you want to close the account or want to withdraw more than £500 you will need to give them at  least 120 days notice.

I agree it's certainly a gem.  But the T&Cs are not quite as you indicated.  Customers can always close this account without notice: 
"Two withdrawals per account year are allowed up to a maximum of £500 per withdrawal and/or closure without notice".
The only constraint on closure is that it
"must be completed at the Society's Head Office".

Very good point I am not aware that ""must be completed at the Society's Head Office". When I called them I have not asked this question. But I think there is away around it, you withdraw all of the balance and leave it £50. THere is no penalty for missed payment so you could stop paying the monthly contribution.

I just scrutinising teh document, it is actualy saying like this:

- Two withdrawals per account year are allowed up to a maximum of £500 per withdrawal and/or closure without notice

- Closure transactions must be completed at the Society’s Head Office.
- Additional withdrawals are subject to 120 days' notice. Requests can be made at a branch or agency or by post.
- The passbook must be presented for each withdrawal. Withdrawals are subject to the Society's daily cash/cheque limits.

So you could actually close it without 120 days notice if you are willing to travel to their head office.

Also I am not not quite sure whether they will apply the rule blindly if you just have £50 left in the account and you tell them you do not need the AC any longer.

happybagger

Also got this account. I did check before investing that if the balance got near the max £24k, by reducing to the minimum £10pm, if interest rates remained at 3% then then the two penalty-free withdrawals of £500 would easily cover the interest to be credited (max £720) and following 12 months £10 deposits

That would permanently keep it nice and close, but under, the £24k max.

bogleboogle

The Saffron BS small saver account is no longer available. 

tg99

adindas said:

JamesRobinson48 said:

adindas said:

Loughborough Save to Buy  RSA is a gem (no longer available).

- If you want to close the account or want to withdraw more than £500 you will need to give them at  least 120 days notice.

I agree it's certainly a gem.  But the T&Cs are not quite as you indicated.  Customers can always close this account without notice: 
"Two withdrawals per account year are allowed up to a maximum of £500 per withdrawal and/or closure without notice".
The only constraint on closure is that it
"must be completed at the Society's Head Office".

Very good point I am not aware that ""must be completed at the Society's Head Office". When I called them I have not asked this question. But I think there is away around it, you withdraw all of the balance and leave it £50. THere is no penalty for missed payment so you could stop paying the monthly contribution.

I just scrutinising teh document, it is actualy saying like this:

- Two withdrawals per account year are allowed up to a maximum of £500 per withdrawal and/or closure without notice

- Closure transactions must be completed at the Society’s Head Office.
- Additional withdrawals are subject to 120 days' notice. Requests can be made at a branch or agency or by post.
- The passbook must be presented for each withdrawal. Withdrawals are subject to the Society's daily cash/cheque limits.

So you could actually close it without 120 days notice if you are willing to travel to their head office.

Also I am not not quite sure whether they will apply the rule blindly if you just have £50 left in the account and you tell them you do not need the AC any longer.

I specifically asked them the question about closure when opening my account and they said you can write to the head office to close it.

margaretx9

bogleboogle said:

The Saffron BS small saver account is no longer available. 

They have no regular saver product at all now - will missed their 12 month product as it paid good rates when mine matures next month.