Regular Savings Accounts: The Best Currently Available List!

Hattie627

Bridlington1 said:

Not a top rate but could be one to open speculatively:
Skipton have launched a Home Deposit Saver Issue 1 at 5.06% (variable). 

Account lasts 24 months
£500/mth max up to a max balance of £12k
Can skip months if necessary
No withdrawals allowed but account can be closed without penalty if necessary

Opened and funded with an initial £10. Matures 2 years after initial payment. No plans to fund account monthly at the moment.

In addition to not requiring a payment every month, unused monthly allowances can be rolled over without limit, so you could (for example) deposit £6,000 (less initial deposit) in month 12 if the rate were to become attractive. As noted, you can escape without penalty at any point by closing the account.

Bridlington1

Hattie627 said:

Bridlington1 said:

Not a top rate but could be one to open speculatively:
Skipton have launched a Home Deposit Saver Issue 1 at 5.06% (variable). 

Account lasts 24 months
£500/mth max up to a max balance of £12k
Can skip months if necessary
No withdrawals allowed but account can be closed without penalty if necessary

In addition to not requiring a payment every month, unused monthly allowances can be rolled over without limit, so you could (for example) deposit £6,000 (less initial deposit) in month 12 if the rate were to become attractive. As noted, you can escape without penalty at any point by closing the account.

Thanks, I hadn't initially noticed that when skimming through the Ts&Cs.

Also of note is that the account term starts from the date you make your first deposit and not the day you apply for the account so if opening speculatively it could be worth delaying your deposit for as long as possible to push the maturity date on a bit.

CuparLad

The T&Cs say that the first deposit needs to be received by the time the account is withdrawn from sale. For those that have the Base Rate Tracker (which has the same rate), it feels like the next MPC Meeting on the 1st August will be key. The Base Rate Tracker will follow any MPC change in the Base Rate, but Skipton might hold off reducing the Home Deposit, or might not pass on any rate cut. Certainly seems worth opening on a speculative basis.

sheffieldeagle

"Certainly seems worth opening on a speculative basis."
If I had a pound for every time I've done this recently I'd have £19 and I do. Blimey Charlie not another one to add to the list.

ChewyyBacca

Bridlington1 said:

Hattie627 said:

Bridlington1 said:

Not a top rate but could be one to open speculatively:
Skipton have launched a Home Deposit Saver Issue 1 at 5.06% (variable). 

Account lasts 24 months
£500/mth max up to a max balance of £12k
Can skip months if necessary
No withdrawals allowed but account can be closed without penalty if necessary

In addition to not requiring a payment every month, unused monthly allowances can be rolled over without limit, so you could (for example) deposit £6,000 (less initial deposit) in month 12 if the rate were to become attractive. As noted, you can escape without penalty at any point by closing the account.

Thanks, I hadn't initially noticed that when skimming through the Ts&Cs.

Also of note is that the account term starts from the date you make your first deposit and not the day you apply for the account so if opening speculatively it could be worth delaying your deposit for as long as possible to push the maturity date on a bit.

• The minimum opening and operating balance for this account is £1.

Can we keep balance = 0, so that the maturity date can be pushed? Anything mentioned in T&Cs, by when the min balance has to be transferred in account to keep it open?

lithosyork

Bigwheels1111 said:

I know but when Hellen from Progressive I think her name was told me to do it.

No issues at all, £1 arrived, then sent £299, 2 mins later.

how long did it take to arrive?  - i sent £1  about an hour ago and waiting to see....  Cheers

Bigwheels1111

lithosyork said:

Bigwheels1111 said:

I know but when Hellen from Progressive I think her name was told me to do it.

No issues at all, £1 arrived, then sent £299, 2 mins later.

how long did it take to arrive?  - i sent £1  about an hour ago and waiting to see....  Cheers

Money goes via Barclays Bank I think, first £1 took 3 hours, £299 took minutes.

I think its down to when they look and see the payments, then send them on to your account vis the ref included with payment.

Bridlington1

ChewyyBacca said:

Bridlington1 said:

Hattie627 said:

Bridlington1 said:

Not a top rate but could be one to open speculatively:
Skipton have launched a Home Deposit Saver Issue 1 at 5.06% (variable). 

Account lasts 24 months
£500/mth max up to a max balance of £12k
Can skip months if necessary
No withdrawals allowed but account can be closed without penalty if necessary

In addition to not requiring a payment every month, unused monthly allowances can be rolled over without limit, so you could (for example) deposit £6,000 (less initial deposit) in month 12 if the rate were to become attractive. As noted, you can escape without penalty at any point by closing the account.

Thanks, I hadn't initially noticed that when skimming through the Ts&Cs.

Also of note is that the account term starts from the date you make your first deposit and not the day you apply for the account so if opening speculatively it could be worth delaying your deposit for as long as possible to push the maturity date on a bit.

• The minimum opening and operating balance for this account is £1.

Can we keep balance = 0, so that the maturity date can be pushed? Anything mentioned in T&Cs, by when the min balance has to be transferred in account to keep it open?

Yes you can keep the balance at nil to push the maturity date on. In my experience they've closed unfunded accounts 30 days after opening them (though you can immediately reopen accounts if still available). 

ETA: From an email regarding a different Skipton account:

lithosyork

Money goes via Barclays Bank I think, first £1 took 3 hours, £299 took minutes.

I think its down to when they look and see the payments, then send them on to your account vis the ref included with payment.

thanks took about 5 hours !

lyic

Progressive Online Regular Rainy Day Saver Account

Does anyone know if this account requires UK citizenship? There is a question in the online application form asking if you are a UK citizen and resident. If you answer no, it seems that they cannot accept your application. However, there does not seem to be any mention in their terms and conditions that they do not offer accounts to non-UK citizens. I can only found the following resident requirement: 

3. Opening an account
3.2 Restrictions
Accounts are only available to UK residents. ...