Regular Savings Accounts: The Best Currently Available List!

veryintrigued

someone said:

Deleted_User said:

Be careful with Triodos Bank. You have to give 33 days notice in advance of the 1 year anniversary of the "fixed regular saver" to get access to your money on the anniversary. The account automatically becomes a "regular saver" on the anniversary, and your accumulated cash is tied in to a derisory rate of interest for at least another 33 days. No other RS works like this.

Deleted_User said:

I had experience of the Triodos fixed regular saver in 2016/17. I got caught out on the notice period (see my above post) which was a novel concept to me in respect of regular savers. Usually a regular saver matures at the maturity date into an instant access account or savings plus interest are paid out at maturity into a nominated account selected by you. With Triodos you have to give 33 days notice prior to maturity in order to withdraw your money at maturity, otherwise the money morphs into a very low paying notice account which you cannot quickly escape from. You don't receive a reminder in advance of maturity to give notice. It is very sneeky and far from fair or ethical.

(Firstly this account is no-longer open for new customers)

FYI holding a Triodos Fixed Regular Saver (1.25% £500/month) I got this email about the account

We have also made changes to the following sections:

...

27.5 Triodos Fixed Regular Saver    
We have updated the description of the account that the Triodos Fixed Regular Saver will change to at the end of the one year term: After one year, the Account will be changed to a variable rate savings account and the relevant terms and interest rates will apply.

And term now reads

27.5 Maturity

After one year, the Account will be changed to a variable rate savings account and the relevant terms and interest rates will apply. Within 30 Calendar Days of the end of the fixed interest rate we will contact you to confirm these details and the new interest rate.

To me it *sounds like* the catch Hattie625 pointed out in the past about this account probably still exist. Also just to point out the terms here might be ... vague e.g. "Within 30 Calendar Days of the end" - is that before or after it ends.

Tridos new T&C
Also struck me that the new T&C in their entirety were applicable from the 7th October and yet we received the email today! 

Ed-1

Martin's just hinted at a warning for HSBC/First Direct/M&S regular saver rates in previewing his show tonight. So he's obviously heard on the grapevine that these rates may be dropping from 2.75% soon.

schiff

Triodos
In my chronological list of RS maturities I've set the maturity date 40 days before the anniversary as a reminder.

Gers

Ed-1 said:

Martin's just hinted at a warning for HSBC/First Direct/M&S regular saver rates in previewing his show tonight. So he's obviously heard on the grapevine that these rates may be dropping from 2.75% soon.

Had to come, unfortunately.

veryintrigued

Gers said:

Ed-1 said:

Martin's just hinted at a warning for HSBC/First Direct/M&S regular saver rates in previewing his show tonight. So he's obviously heard on the grapevine that these rates may be dropping from 2.75% soon.

Had to come, unfortunately.

Demise of M&S and possibly FD & HSBC RS
 https://www.google.com/amp/s/www.moneysavingexpert.com/news/2020/11/m-s-bank-to-close-regular-saver-to-new-customers-/amp/

quirkydeptless

Gers said:

Ed-1 said:

Martin's just hinted at a warning for HSBC/First Direct/M&S regular saver rates in previewing his show tonight. So he's obviously heard on the grapevine that these rates may be dropping from 2.75% soon.

Had to come, unfortunately.

I was expecting a rate drop, but stopping them completely is sad news indeed 
My First Direct RS matured on the 31st October, but I can't open an new one as the old one still hasn't closed. Hopefully I can still make it before FD end it.
My HSBC and M&S ones have a few months left.
My Magic Money tree is looking very grim now 

Newly_retired

Mine is due to mature soon, but given the delay before a new one can be opened, I guess it will be too late.

vernall

Is it possible to close a M&S/HSBC/First Direct regular saver early, then reopen it to maximise 12 months from now, if they are going to be pulled? Or do you have to wait for the 1 year anniversary of opening to open another? (I know some banks do this)

quirkydeptless

vernall said:

Is it possible to close a M&S/HSBC/First Direct regular saver early, then reopen it to maximise 12 months from now, if they are going to be pulled? Or do you have to wait for the 1 year anniversary of opening to open another? (I know some banks do this)

The M&S one says

"Partial withdrawals are not permitted. If you need access to your money early, it means closing your account. If this happens, you will lose the Monthly Saver interest rate and instead you will receive interest up to the date of closure at our preferential Everyday Savings Account variable rate. Monthly Saver interest is calculated daily and credited annually at the end of the 12 month term."

HSBC and First Direct have similar wording.

So if you close early, you get a sucktastic 0.01% interest for your efforts. A useful clause if you did need emergency access to it, but not for a cheeky mid term restart.

The Nationwide RS did allow this trick, but individual products vary, so you always have to mind your T&Cs

Nick_C

Good luck to anyone trying to open a new M&S Current Account to try to get the Regular Saver.  I was told my application for the current account was approved three weeks ago.  Provided an on line signature.  Heard nothing since.  Spent half an hour on the phone to them today and all they can tell me is I will get a Welcome Pack within the next 7 working days.