Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

SFindlay said:

bristolleedsfan said:

SFindlay said:

bristolleedsfan said:

liamcov said:

bristolleedsfan said:

liamcov said:

For Reg savers which require a SO (BOS, Hal, Lloyds x 2 and TSB for the ones I have) which are a minimum amount, can I top these up by doing an online bank transfer?

I know some only allow 1 deposit per month (which would have been done with the SO) and I haven't needed to do so previously, but now due to dwindling rates...

I never fund BOS, Hal, Lloyds x 2 by SO and yes more than 1 payment can be made per month, TSB "you can only pay in once a month by standing order"

Ok thanks I'll have to change them then as I prefer to do it manually.

So does that mean TSB only allow a SO? So I can't top it up afterwards?

Yes, TSB only allows a SO Payment, not possible to make payment by internal transfer, you could try amending date on SO and see if second payment goes through

I don't have SO for TSB, I simply make a transfer from my TSB current account every month and never had a problem. I've never tried to make a second payment though so can't say if it would bounce back or not. 

I cannot make an internal transfer to Monthly Saver, does not appear in list of accounts (To) and yes I have scrolled through list of accounts contained in (To)

Transfer money between your accounts

From

To

https://www.tsb.co.uk/savings/instant-access/

Monthly Saver

• 1.00% Gross/AER% fixed for 12 months
• Interest is paid on maturity
• Instant access
• Interest paid on balances over £1
• Save from a minimum of £25 to a maximum of £250 by standing order each month

https://www.tsb.co.uk/savings/monthly-saver/?WT.ac=A00428
Make as many withdrawals as you like to your TSB current account, although you can only pay in once a month by standing order and cannot replace what you have withdrawn.

It doesn't need to be in your list of accounts to make a payment when you want, just set up a payment as you would if making a payment to any other account. 

Yes, I guessed unlike Lloyds Banking Group who do allow internal transfers to Monthly Saver Account(s) TSB took that ability away, to get around clear unambigious rules/T+C you set up a payment as would normally be the case to external accounts and each month make a payment to TSB Monthly Saver as opposed to what you said you do  "I simply make a transfer from my TSB current account every month"

SFindlay

bristolleedsfan said:

SFindlay said:

bristolleedsfan said:

SFindlay said:

bristolleedsfan said:

liamcov said:

bristolleedsfan said:

liamcov said:

For Reg savers which require a SO (BOS, Hal, Lloyds x 2 and TSB for the ones I have) which are a minimum amount, can I top these up by doing an online bank transfer?

I know some only allow 1 deposit per month (which would have been done with the SO) and I haven't needed to do so previously, but now due to dwindling rates...

I never fund BOS, Hal, Lloyds x 2 by SO and yes more than 1 payment can be made per month, TSB "you can only pay in once a month by standing order"

Ok thanks I'll have to change them then as I prefer to do it manually.

So does that mean TSB only allow a SO? So I can't top it up afterwards?

Yes, TSB only allows a SO Payment, not possible to make payment by internal transfer, you could try amending date on SO and see if second payment goes through

I don't have SO for TSB, I simply make a transfer from my TSB current account every month and never had a problem. I've never tried to make a second payment though so can't say if it would bounce back or not. 

I cannot make an internal transfer to Monthly Saver, does not appear in list of accounts (To) and yes I have scrolled through list of accounts contained in (To)

Transfer money between your accounts

From

To

https://www.tsb.co.uk/savings/instant-access/

Monthly Saver

• 1.00% Gross/AER% fixed for 12 months
• Interest is paid on maturity
• Instant access
• Interest paid on balances over £1
• Save from a minimum of £25 to a maximum of £250 by standing order each month

https://www.tsb.co.uk/savings/monthly-saver/?WT.ac=A00428
Make as many withdrawals as you like to your TSB current account, although you can only pay in once a month by standing order and cannot replace what you have withdrawn.

It doesn't need to be in your list of accounts to make a payment when you want, just set up a payment as you would if making a payment to any other account. 

as opposed to what you said you do  "I simply make a transfer from my TSB current account every month"

I do simply make a transfer from my TSB current account! No it's  not an "internal" transfer but never the less I pay direct from my current account to my RS and not via a SO which is what the OP was asking!

creditavenger

My wife and I have just opened 1 Year Regular Saver Issue 4 accounts with the Furness Building Society.
They are passbook based postal/branch accounts paying a variable interest rate of 1% and they allow a max contribution of £250 per month.
Unremarkable, I hear you say...... but we were allowed to open 4 accounts each.

The terms and conditions for the account actually state "There are no restrictions on how many regular saver accounts you can open" but sadly we were advised that 4 each was the max possible, scuppering my cunning plan somewhat. Still pretty good though!

Here is a link:       https://www.furnessbs.co.uk/savings/products/regular-saver/1-year-regular-saver/

The Furness is a Building Society with a 150 year history with strong local community and charitable links.
My dealings have been with the Poulton based branch  Tel: 01253 892212 opening hours 10 am to 2 pm.
The branch manager and her staff are particularly friendly, professional and very efficient. I can highly recommend them.

cosh25

creditavenger said:

Unremarkable, I hear you say...... but we were allowed to open 4 accounts each.

The terms and conditions for the account actually state "There are no restrictions on how many regular saver accounts you can open" but sadly we were advised that 4 each was the max possible, scuppering my cunning plan somewhat. Still pretty good though!

Thanks for the heads up.
After looking at the account on their website, I do find it strange they state that there is no limit on how many you can open, but then limit it to 4. They should just state 4.

creditavenger

cosh25 said:

creditavenger said:

Unremarkable, I hear you say...... but we were allowed to open 4 accounts each.

The terms and conditions for the account actually state "There are no restrictions on how many regular saver accounts you can open" but sadly we were advised that 4 each was the max possible, scuppering my cunning plan somewhat. Still pretty good though!

Thanks for the heads up.
After looking at the account on their website, I do find it strange they state that there is no limit on how many you can open, but then limit it to 4. They should just state 4.

Apparently someone had taken this "executive decision" after a customer had recently tried to open 20. Rather bizarrely that was the exact figure that I'd originally had in mind too.

P3

Remember to pay in at least £1 every month.

Make you wonder why they don't increase it to £1000, save all the paperwork and manpower 

How did you come across to this information? Did the staff ask you if u want to open more than 1????

creditavenger

P3 said:

How did you come across to this information? Did the staff ask you if u want to open more than 1????

I was actually looking at the Furness site trying to check the current rate for our 1 Yr RS issue 2 accounts and spotted there was a new issue 4 available.  Then I saw the no restrictions clause as I was checking out the T+Cs and rang with the intention of opening a bunch of them.

wiseonesomeofthetime

Pity it's a variable rate though.


That said, it could always go UP 😁

creditavenger

wiseonesomeofthetime said:

Pity it's a variable rate though.


That said, it could always go UP 😁

Hehehe - yeah right! 

To be fair to the  Furness though, they didn't renege on the 2.5% (IIRC) rate of the variable RS iss2 during the term in the face of falling rates generally. Then even more generously they allowed renewal of these iss2 accounts for a further year, at an astonishing (compared to some) 1.6%. They even allowed the accounts capital sum and accrued interest to be carried forward at this rate too along with the new year's contributions. That rate is still 1.6% currently afaik.

Obviously their rates will plummet  now I've said all that

cricidmuslibale

creditavenger said:

wiseonesomeofthetime said:

Pity it's a variable rate though.


That said, it could always go UP 😁

Hehehe - yeah right! 

To be fair to the  Furness though, they didn't renege on the 2.5% (IIRC) rate of the variable RS iss2 during the term in the face of falling rates generally. Then even more generously they allowed renewal of these iss2 accounts for a further year, at an astonishing (compared to some) 1.6%. They even allowed the accounts capital sum and accrued interest to be carried forward at this rate too along with the new year's contributions. That rate is still 1.6% currently.

Obviously their rates will plummet  now I've said all that

Clearly then Furness is one of the sizeable minority of building societies - e.g. Principality and now Yorkshire are two others that fall into this category - that really do value their savers and treat them as reasonably as they possibly can in these very low interest rate times - I'm taking into account more factors than just the interest rate being offered on savings products when I say this! Unfortunately it appears that at present for the narrow majority of building societies (and for a larger majority of banks), (adult) savers are considerably less of a priority than perhaps they should be and, in some cases (e.g. Coventry), than they used to be not that long ago when, just perhaps, these particular building societies were run in a less 'ruthlessly efficient' manner (e.g. putting the maximising of short-term profits for shareholders as the no.1 priority above everything else).

Naturally I understand that I may be being a little bit too forthright for some folk in putting this point of view across but clearly at least some things have changed fundamentally at management level fairly recently within building societies that not long ago seemed to be on the side of savers, within reason of course, but in recent times appear to care considerably less about them than they used to. I really do find it hard to believe that the long-term low or very low Bank of England base rate plus the cumulative effect of quantitative easing are solely to blame for this btw or indeed that these factors should be used as an excuse for notably 'less generous' (in recent times) savings providers to hide behind.

P.S. This post obviously focuses on a broader subject than merely the best available regular savings accounts; one of the main reasons why I've written it on this particular thread is because I see the approach of both building societies and banks to regular savings accounts, which usually offer the highest rates of interest across their entire savings account range, as a good indication of how much they tend to value their savers as a whole. Clearly some building societies and banks do not presently offer any regular savings accounts so it would obviously be both completely inappropriate and totally unfair to assess their current treatment of their savers, whether this be good, bad or indifferent, on this basis!