Regular Savings Accounts: The Best Currently Available List!

Chaykin

Regarding the discussion about HSBC Regular Saver I guess the below sentence from their T&Cs is therefore not policed/enforced? (boldings mine)

After the first payment into the account, you must make 11 more payments on the same date each month by standing order from a qualifying current account.

If not then manually doing an internal transfer on 1st of each month (or changing the date of the existing SO to be the 1st) would be a bit more beneficial as we all know. (account opened on the 20th of the month)

First Direct's Regular Saver T&Cs are very similar but I guess those are policed/enforced?

SavingsBoo

GetRichOrDieSaving said:

I currently have a Current Account with Nationwide and hold a Flex RS. However I’m switching to Lloyds this week, will the Flex RS be closed or will it remain open? I have a credit card with them so will still hold an account and have access to the app. 

Nationwide left my RS open  earlier this year when I switched my current account away (I was quite surprised!).  

spreadsheeterapple

Chaykin said:

Regarding the discussion about HSBC Regular Saver I guess the below sentence from their T&Cs is therefore not policed/enforced? (boldings mine)

After the first payment into the account, you must make 11 more payments on the same date each month by standing order from a qualifying current account.

If not then manually doing an internal transfer on 1st of each month (or changing the date of the existing SO to be the 1st) would be a bit more beneficial as we all know. (account opened on the 20th of the month)

First Direct's Regular Saver T&Cs are very similar but I guess those are policed/enforced?

Although HSBC own First Direct, set up by the old Midland Bank, they used different computer systems. We at the bank (ex-employee) couldn't see First Direct accounts; no link or access at all. Therefore it is entirely possible that First Direct has newer systems can and do pick up and enforce that the compulsory standing order isn't being used for deposits to the reg saver. HSBC systems may not have evolved over the years to do the same.

I had to cancel the HSBC auto-generated standing order, as I wanted to change the date of deposit to 1st monthly. Nobody moaned or wrote about the cancelled S/O. I later set up a new S/O for my chosen date, not missing a calendar month in between. Since then I have only ever reduced the monthly amount, keeping a minimum £25 S/O going. Topping up I have done mid-month or a couple of months later by internal transfer from either current account or instant access savings account; both worked. I've never sent a manual payment from an external source.

orange-juice

SavingsBoo said:

GetRichOrDieSaving said:

I currently have a Current Account with Nationwide and hold a Flex RS. However I’m switching to Lloyds this week, will the Flex RS be closed or will it remain open? I have a credit card with them so will still hold an account and have access to the app. 

Nationwide left my RS open  earlier this year when I switched my current account away (I was quite surprised!).  

Will you have any issues moving your money out without a linked NWide account?

[Deleted User]

Stargunner said:

[Deleted User] said:

janusdesign said:

[Deleted User] said:

Made a boo boo and paid an extra £200 to the Principality reg saver, the one with a limit of £1200.

I've just rang them and they did confirm that there is going to be a similar saver about to open.

Rather strangely my £200 is going to be held in the existing account until I give my maturity instructions and won't be returned.

Totally my fault but hoped it would be returned.

interestingly, I did the same thing myself yesterday, but to their standard regular saver (£250pm, max £3k) - realised as soon as I sent the payment.

following your post, i've just checked the account and the balance is showing as £3,250 - it matures on the 22nd, so I won't bother chasing this overpayment, i'll just see what happens at maturity (but check its balance periodically until then!)

Just checked and my 'extra' £200 isn't showing, think I will send them an online message.

Have you checked your own bank account, because they returned my £200 to mine last night.

Yes, nothing yet.

AmityNeon

Chaykin said:

Regarding the discussion about HSBC Regular Saver I guess the below sentence from their T&Cs is therefore not policed/enforced? (boldings mine)

After the first payment into the account, you must make 11 more payments on the same date each month by standing order from a qualifying current account.

If not then manually doing an internal transfer on 1st of each month (or changing the date of the existing SO to be the 1st) would be a bit more beneficial as we all know. (account opened on the 20th of the month)

The payment window is based on calendar months so in your case you could deposit earlier than the 20th, but for HSBC/FD, it's not recommended. Full interest is only paid up to the maximum monthly balance (MMB). The MMB increases by the monthly contribution limit at the start of every account month (not calendar month), and balances above the MMB only earn interest at the standard (lower) savings rate, so you don't want to fund on the 1st of each month if you opened your account on the 20th.

Chaykin said:

First Direct's Regular Saver T&Cs are very similar but I guess those are policed/enforced?

First Direct's implementation is more restrictive as internal transfers are not allowed, but the SO can be cancelled and recreated (for a different date if desired, but as above, it's not recommended).

where_are_we

Gatehouse EA @5% formerly RS - how quick are withdrawals Monday to Friday and at weekends? I presume it will follow their equivalent available EA account @4.6% change of EPR when it occurs.

Hopefully, because this is "niche" product, at least the .4% differential will be maintained.

francoghezzi

where_are_we said:

Gatehouse EA @5% formerly RS - how quick are withdrawals Monday to Friday and at weekends? I presume it will follow their equivalent available EA account @4.6% change of EPR when it occurs.

Hopefully, because this is "niche" product, at least the .4% differential will be maintained.

Withdrawal requested at 7am today, money in my bank account at 11 am. Never had a single problem with Gatehouse

Bobblehat

where_are_we said:

Gatehouse EA @5% formerly RS - how quick are withdrawals Monday to Friday and at weekends? I presume it will follow their equivalent available EA account @4.6% change of EPR when it occurs.

Hopefully, because this is "niche" product, at least the .4% differential will be maintained.

I remember them saying that withdrawals after 1pm may be next working day.

nottsphil

Special_Saver2 said:

- Penrith Regular E-Saver 200 (Issue 1) and Penrith Regular Saver 200 (Issue 2) added paying 5% gross p.a. variable on up to £200 per year for 2 years; for Penrith Regular E-Saver 200 (Issue 1) this is online only allowing 4 withdrawals per calendar year (the account will be closed upon the 5th withdrawal in the same calendar year) and can be opened by people aged over 18 (I presume that this is poorly worded and that they will allow people aged 18 to open the account); For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

£200 per year? That's a bit stingy!

And no, it's not poorly worded because 18 years 1 month is more than (ie over)18 years. I've never, ever known anybody to question whether (for example) the right of over-18s to buy alcohol might mean they can only do so at 19.