Regular Savings Accounts: The Best Currently Available List!

schiff

I don't understand this business of proving the destination account belongs to us. I've had similar payouts from them in 8/19, 4/20 and 9/20, and made a payment by cheque all to/from the same account. Their letters were worded in more or less the same way. I didn't note what I sent, I've no PI slips so it must have been a cancelled cheque or nothing. 

slush

Monmouthshire BS Saver Plus Issue 3

Another solution is to drop the last payments to the minimum required, i.e. £20/month and withdraw the majority of the balance (as one withdrawal per year permitted within the terms of the bonus) but leaving enough to meet the requirements of the new Escalator Instant account i.e. £100

That way you can find a better home for the majority of the funds (if you still have options available) plus you won’t be wating for them to drag their heels with your return of funds in April, and possibly missing an ISA top up opportunity etc

Existing Terms

Saver Plus (Issue 3)
With our Saver Plus account you can save from as little as £20 each month. Save regularly and you will earn an attractive rate of interest, with an added bonus.
Summary Box - Key Product Information
Account Name   Saver Plus - Issue 3
What is the interest rate?  
    0.20% AER/Gross excluding bonus.
    1.20% AER/Gross including bonus.
    You will qualify for a bonus (fixed at 1.00% AER/Gross per annum) at the year-end (31 March) provided your account remains open, a payment has been received in each calendar month and you have made no more than one withdrawal.

jimbow25

cricidmuslibale said:

I suppose one could make a case for a source of Regular Savers that are no longer available if for no other reason to highlight how, not all that long ago, many of these accounts were offering very attractive interest rates that were considerably higher than the other interest rates 'surrounding them' (i.e. most if not all of the other interest rates offered by the same savings provider that was probably using its Regular Saver to attract the 'right' new customers in the hope of selling to them lucrative products such as credit cards and/or mortgages.) In the last few months, sadly, the vast majority of Regular Savers are being offered at interest rates of only c.0.5% higher than other savings products by the same savings provider which suggests that on the whole banks and building societies are, let's say, not as keen to use a Regular Saver as means of enticing the 'right people' as they used to be!

(There are of course exceptions to this; e.g. the Virgin Home Coach regular saver at 1.75% which requires use of an app and is deliberately targeted at potential homebuyers rather than the broader regular saver market.)

i would say that trend has followed the downward trend of interest rates right back to 2007/8. Prior to that not only were rates a lot higher but banks were doing well so could fritter away more money on loss-leading products like regular savers to win new business. At one point a lot of banks offered 8 and 10% accounts which in terms of interest (whether vs base rates or mortgage rates) was a lot more generous even with a higher bank base rate.
For the same reason current account switching incentives have been quiet over the last year.

I am probably giving up on the first direct regular saver this year after about 5 years with it, even though it is my main current account. Partly as I might need the money over the next year, but there are equally good choices around that don't have a penalty for withdrawals... and £19.47 interest for saving £300 per month is nothing much to get excited about in my opinion.

Speculator

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

On the closure form at the bottom where it says "For Office Use Only", it says "Passbook Retained Yes/No"  so I assume they will want the passbook. 

At least they offer closure by Faster Payment. Tipton told me they couldn't "because they are not a bank" so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

veryintrigued

Speculator said:

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

....so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

This is very innovative and not an approach I'd considered.

Unfortunately (or fortunately) mine will be for a five figure sum so would involve multiple banks (Halifax is £2k daily limit per account) over multiple days.

Definitely one I'll try and remember for the future though so thank you.

For anyone else wondering what your cheque payment limit it here you go:

https://forums.moneysavingexpert.com/discussion/comment/77837821#Comment_77837821

polymaff

Speculator said:

At least they offer closure by Faster Payment. Tipton told me they couldn't "because they are not a bank"

I'm not a bank, but I can instruct my bank to make an FP.  Does Tipton just have a piggy bank?

Lamest response of 2021.

So far...

happybagger

Bucks BS Regular Saver Locals has been pulled and is now in the closed issue list 
(soon after announcing a drop to 1%)

Standard Regular Saver still available

Speculator

veryintrigued said:

Speculator said:

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

....so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

This is very innovative and not an approach I'd considered.

Unfortunately (or fortunately) mine will be for a five figure sum so would involve multiple banks (Halifax is £2k daily limit) over multiple days.

Definitely one I'll try and remember for the future though so thank you.

For anyone else wondering what your cheque payment limit it here you go:

https://forums.moneysavingexpert.com/discussion/comment/77837821#Comment_77837821

Isn't the Halifax £2000 daily limit per account?
I recently deposited via App a total of £2600 (£1300 per account) into two Kids Saver accounts.
I have 3 x Halifax and 2 x BOS current accounts so can easily pay in the £5000 in one day.

veryintrigued

Speculator said:

veryintrigued said:

Speculator said:

liamcov said:

Deleted_User said:

Monmouthshire BS Saver Plus Issue 3 to end on 31 March (interest and bonus annual pay date). Letter just received giving options.Just reading it, Doesn't look great.

Do we need to post our passbooks back with the account closure letter? It doesn't mention it at all.

....so I asked them for 5 x £1000 cheques (Max allowed for App cheque deposit @ Halifax)

This is very innovative and not an approach I'd considered.

Unfortunately (or fortunately) mine will be for a five figure sum so would involve multiple banks (Halifax is £2k daily limit) over multiple days.

Definitely one I'll try and remember for the future though so thank you.

For anyone else wondering what your cheque payment limit it here you go:

https://forums.moneysavingexpert.com/discussion/comment/77837821#Comment_77837821

Isn't the Halifax £2000 daily limit per account?
I recently deposited via App a total of £2600 (£1300 per account) into two Kids Saver accounts.
I have 3 x Halifax and 2 x BOS current accounts so can easily pay in the £5000 in one day.

Absolutely it's £2k per account. That's what I meant. I'll update my reply to make that clear.

I only have one HF C/A too.

Special_Saver2

Hi Everybody,

Here is this weekend's update to this thread.

Many thanks to all the people who contributed useful posts on regular savings account changes on this thread. 

Here are the changes for this thread this week.

• Bucks BS Regular Saver Locals account withdrawn

• Swansea BS Regular Saver account withdrawn

• Principality BS Thank You Saver account entry updated to show there are now two separate accounts (one branch version and one online only version) with different version numbers

The Bath BS 16-23 Regular Saver is already listed in post 3 on page 1.

I will do the next update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1