Regular Savings Accounts: The Best Currently Available List!

wiseonesomeofthetime

Unfortunately, @Nick_C, it descends into this on a regular basis.

RG2015

wiseonesomeofthetime said:

Unfortunately, @Nick_C, it descends into this on a regular basis.

Very droll!

lightbulb2760

Saffron BS 12 Month Fixed Rate Members Regular Saver (Issue 8)
I've successfully applied for this, and received an email confirming that the account is now open, but haven't yet funded it. I asked Saffron when the maturity date would be, and they replied that it would be 12 months from the date of funding. I queried this, to make sure they didn't mean 12 months from the date of opening, and they confirmed it is from the date of funding. So I intend to make the first payment on 31st December, followed by payments on the 1st of the month (for January on the 4th), with the 12th and final payment on 1st November. I understand the maximum balance is £6000, so there's no possibility of a thirteenth payment on 1st December, and this will maximise the interest with account maturity on 31st December 2021.

Can anyone else confirm that the account's maturity is calculated from the date of first funding, rather than the date of opening? It sounds rather unusual...

MK62

.....though surely with a zero balance between now and 31st Dec, it will earn no interest......unless I'm missing something...

JamesRobinson48

lightbulb2760 said:

Saffron BS 12 Month Fixed Rate Members Regular Saver (Issue 8)
I've successfully applied for this, and received an email confirming that the account is now open, but haven't yet funded it. I asked Saffron when the maturity date would be, and they replied that it would be 12 months from the date of funding. I queried this, to make sure they didn't mean 12 months from the date of opening, and they confirmed it is from the date of funding. So I intend to make the first payment on 31st December, followed by payments on the 1st of the month (for January on the 4th), with the 12th and final payment on 1st November. I understand the maximum balance is £6000, so there's no possibility of a thirteenth payment on 1st December, and this will maximise the interest with account maturity on 31st December 2021. 

Where does it say there's a max balance of £6000?  I've only seen a max £500pm per calendar month. When I applied for the product, Saffron's system asked me to specify the amount of my initial contribution, bizarrely for amounts up to £6500. I took that to imply that a permitted 13th monthly instalment of £500 is indeed contemplated.  Also, you might wish to steer clear of 31st December. The Saffron rubric states: 'To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted'.  Finally, if you opened an account and you then don't fund it for the next 3 weeks, I wonder if there's a risk that the BS might close it.
 

lightbulb2760

Yes, but that won't be a problem if the 12 months doesn't start until the first funds reach the account on 31st December, as the last payment will be earning two months less one day interest. If I had funded on account opening, say on the 2nd December, then that final payment would only be earning interest for 1 month and 1 day.

lightbulb2760

JamesRobinson48 said:

lightbulb2760 said:

Saffron BS 12 Month Fixed Rate Members Regular Saver (Issue 8)
I've successfully applied for this, and received an email confirming that the account is now open, but haven't yet funded it. I asked Saffron when the maturity date would be, and they replied that it would be 12 months from the date of funding. I queried this, to make sure they didn't mean 12 months from the date of opening, and they confirmed it is from the date of funding. So I intend to make the first payment on 31st December, followed by payments on the 1st of the month (for January on the 4th), with the 12th and final payment on 1st November. I understand the maximum balance is £6000, so there's no possibility of a thirteenth payment on 1st December, and this will maximise the interest with account maturity on 31st December 2021. 

Where does it say there's a max balance of £6000?  I've only seen a max £500pm per calendar month. When I applied for the product, Saffron's system asked me to specify the amount of my initial contribution, bizarrely for amounts up to £6500. I took that to imply that a permitted 13th monthly instalment of £500 is indeed contemplated.  Also, you might wish to steer clear of 31st December. The Saffron rubric states: 'To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted'.  Finally, if you opened an account and you then don't fund it for the next 3 weeks, I wonder if there's a risk that the BS might close it.
 

When I was discussing my plan I asked Saffron whether a 13th payment was permitted, and they said no, as there is a maximum account balance of £6000. Thanks for pointing out the Saffron rubric about ensuring payments reach the account by the 28th; I suspect this is to cover February's 28 days. Time to have another conversation with Saffron to clarify these points.

lightbulb2760

lightbulb2760 said:

JamesRobinson48 said:

lightbulb2760 said:

Saffron BS 12 Month Fixed Rate Members Regular Saver (Issue 8)
I've successfully applied for this, and received an email confirming that the account is now open, but haven't yet funded it. I asked Saffron when the maturity date would be, and they replied that it would be 12 months from the date of funding. I queried this, to make sure they didn't mean 12 months from the date of opening, and they confirmed it is from the date of funding. So I intend to make the first payment on 31st December, followed by payments on the 1st of the month (for January on the 4th), with the 12th and final payment on 1st November. I understand the maximum balance is £6000, so there's no possibility of a thirteenth payment on 1st December, and this will maximise the interest with account maturity on 31st December 2021. 

Where does it say there's a max balance of £6000?  I've only seen a max £500pm per calendar month. When I applied for the product, Saffron's system asked me to specify the amount of my initial contribution, bizarrely for amounts up to £6500. I took that to imply that a permitted 13th monthly instalment of £500 is indeed contemplated.  Also, you might wish to steer clear of 31st December. The Saffron rubric states: 'To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted'.  Finally, if you opened an account and you then don't fund it for the next 3 weeks, I wonder if there's a risk that the BS might close it.
 

When I was discussing my plan I asked Saffron whether a 13th payment was permitted, and they said no, as there is a maximum account balance of £6000. Thanks for pointing out the Saffron rubric about ensuring payments reach the account by the 28th; I suspect this is to cover February's 28 days. Time to have another conversation with Saffron to clarify these points.

I've just spoken with Saffron, and they say I was given wrong information about the maturity date being the anniversary of first funding. They confirmed that there is a maximum balance of £6000, and when I pointed out that this isn't mentioned in the T&Cs, they said it was intended that this is conveyed by the example of the balance after 12 months of payments of £500 (£6,048.76). I pointed out that it says that this balance "doesn't take into account your individual circumstances", and they said they would look into making this clear on the website. They confirmed that any 13th payment would be returned.

Bobblehat

karlie88 said:

Really impressed with Furness. They have kept their variable branch reg saver at 2.5% throughout 2020, despite other bank and building societies reducing their rates across the board. For a £500/month reg saver during a pandemic that is very generous of them (for us serial savers). You can/could even top up payments if you'd missed a monthly payment (for those who are branch-goers only). Very good CS. Online access. Relaxing of ID requirements for postal applications. Their 3 year reg saver, whilst non-competitive this time last year, is now up there as one of the best. Did not have them on my radar at all 12 months ago, how times have changed...

Agree very much with above ..... and as an additional "heads-up", Schiff posted on the 3rd December that their CS reported there should be a new offer coming shortly. I was also told this at the end of last month, by a member of a branch, who said that branch staff were petitioning Management to try to keep all those new customers who took up the "Branch only" offer earlier in the year, by offering a new savings product for January. No doubt we'll read about it here, shortly!

trickydicky14

Does any one know at what speed Furness work at?
I sent of application, ID and cheque 7 working days ago for the 3 year regular saver and nothing yet from Furness and no sign of cheque being cashed.
Am I just being impatient?
One more vote for good CS