Regular Savings Accounts: The Best Currently Available List!

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.

SuperHans1

Nick_C said:

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.

Opening an M&S Current Account and Monthly Saver is an incredibly slow process. There is no way that anyone applying for a new Current Account today would complete this before the Monthly Saver disappears.

SFindlay

Nick_C said:

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.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

etienneg

SFindlay said:

Nick_C said:

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.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

It's a common misunderstanding, but opening a new account and switching an old account into it are two separate processes. In other words, you cannot "open current account using the switching service". Only the switching process is "guaranteed to happen within 7 days" and will only start once the new account is open.
Often you can apply for a new account and request a switch at the same time, but opening the new account may need paper ID checks and so on. Applying for a switch does NOT get around these things taking time. Also, note that the "7 days" is 7 WORKING days.

SFindlay

etienneg said:

SFindlay said:

Nick_C said:

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.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

It's a common misunderstanding, but opening a new account and switching an old account into it are two separate processes. In other words, you cannot "open current account using the switching service". Only the switching process is "guaranteed to happen within 7 days" and will only start once the new account is open.
Often you can apply for a new account and request a switch at the same time, but opening the new account may need paper ID checks and so on. Applying for a switch does NOT get around these things taking time. Also, note that the "7 days" is 7 WORKING days.

Yes I appreciate that but its just a play of words isn't it!! The point is M&S stipulate RS can only be opened by customers who have "switched to us using the current account switch service" which pretty much means opened their current account using the switching service doesn't it?!?!? 
Also note the 7 days is UP TO 7 days so if account switching is straightforward and ID checks etc can be conducted online like most will then there is still a chance!! 

Shedman

quirkydeptless said:

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 

That looks like the Magic Money tree after Rishi's been there and dished it all out....although it does seem to keep miraculously sprouting new fivers 

colsten

SFindlay said:

Yes I appreciate that but its just a play of words isn't it!! The point is M&S stipulate RS can only be opened by customers who have "switched to us using the current account switch service" which pretty much means opened their current account using the switching service doesn't it?!?!? 

No it doesn't. As has already been explained, you cannot open a current account using the current account switching service. It's called CASS, not CAOSS.