Regular Savings Accounts: The Best Currently Available List!

schiff

Club Lloyds RS
The T&Cs are not clear about whether a 13th payment is allowed, not even by implication. My 12th payment went in today and it matures on 16 October. It seems a shame not to get 2.5% on £400 even for only 16 days (WOW 44p!).

typistretired

I have always paid 13 payments into BOS and Lloyds Regular Savers and had no come back

JamesRobinson48

schiff said:

Club Lloyds RS
The T&Cs are not clear about whether a 13th payment is allowed, not even by implication. My 12th payment went in today and it matures on 16 October. It seems a shame not to get 2.5% on £400 even for only 16 days (WOW 44p!).

I normally do a 13th payment for this RS, without problems.  Personally, I take this as implicitly compliant with T&Cs given that: (1) no maximum permitted account balance is specified; (2) the (single) monthly deposit can occur on any day from 1st-24th of each month, within the account year; and (3) each year's RS has a different account number.

TBH, I think I've yet to see T&Cs for any 12 month RS specifically state that a 13th payment is permitted. But in my experience it has worked fine for Lloyds, BoS, Halifax and also for several building societies including Leek BS, Scottish BS and Tipton BS.

Wheres_My_Cashback

JamesRobinson48 said:

schiff said:

Club Lloyds RS
The T&Cs are not clear about whether a 13th payment is allowed, not even by implication. My 12th payment went in today and it matures on 16 October. It seems a shame not to get 2.5% on £400 even for only 16 days (WOW 44p!).

I normally do a 13th payment for this RS, without problems.  Personally, I take this as implicitly compliant with T&Cs given that: (1) no maximum permitted account balance is specified; (2) the (single) monthly deposit can occur on any day from 1st-24th of each month, within the account year; and (3) each year's RS has a different account number.

TBH, I think I've yet to see T&Cs for any 12 month RS specifically state that a 13th payment is permitted. But in my experience it has worked fine for Lloyds, BoS, Halifax and also for several building societies including Leek BS, Scottish BS and Tipton BS.

However, in reality the payment can be made between the 25th and 31st and still suffice to meet the monthly funding requirement as long as the 27-31st are not a weekend/PH etc depending on the month of course.

JazzJohannes

Can I just ask, what does the "roll-over" mean? Can I basically open up one of these accounts, and at maturity date, decide to continue with it? Can I still 'lock it' so that withdrawals are not allowed in the period afterwards? Or do I constantly have to create a new account of this type again?

liamcov

When it matures, the funds are normally transferred to your current account, then the account 'rolls over' for a new period at £0 balance which you then add to as normal.

JazzJohannes

Thanks liamcov, and what does "add to as normal" entail? Does it still have the same terms, i.e. no withdrawals allowed until another year?

liamcov

It depends on the product terms. The only account I currently have like the one you're talking about is Santander and that allows withdrawals at any time.

happybagger

where_are_we said

The accumulative gain of funding many regular savers should not be overlooked. We have in excess of £10,000 going out in standing orders each month to RS. As each one matures you renew if the interest rate is high enough and you start new ones as they come along. It is an "effort", but being in the game is part of the fun!

Oh don't get me wrong, I've got a ruck of RS accounts, about 24 I think, and holding some like Lough BS Save to Buy (3% until mid Sept) and legacy RS accounts continues to be worthwhile, along with rotating £6k in Swansea and Ipswich too. I know the point about existing customers sometimes getting access to other "members only" type products, after all I'm a member of every building society except Cumberland, and I also know rates may fall, but although in crystal ball territory, there ain't much left for them to go. Negative retail interest rates? Not gonna happen imo.

Just seemed a lot of discussion was had on whether a single £250 deposit would be in for a year, at 1.5%, compared to say leaving it around 1% in an instant access, so looking at just over one pound.

I think I'd probably go and cover the local newsagent's paper round for a week while the kid's off for an easier way to make a quid or two

Ken68

Yes, I'm winding down on R.S.'s...only two left after this month,with most matured funds going into N.S and I.