Regular Savings Accounts: The Best Currently Available List!

Rich2808

happybagger said:

I remember going into a branch of Vernon once to open an account, and they referred to a map with a circle which implied that it was a radius.

It was quite a funny moment actually, because I in fact lived in Wales, clearly NOT in the 25 mile radius with geography not their strongest point!

Even funnier when I reminded them I was an existing customer so none of it mattered!

I am an existing customer of the Mansfield - and have never been to Mansfield. Been to Chesterfield though where they have a branch!
Vernon Kay - was born in Horwich - which is 27.5 miles from Stockport. So even Vernon couldn't join the Vernon!
Just thought I would mention their regular saver ISA anyway - as its a good product for Stockport and environs.

marksparc

I'm always astonished how the Vernon manages to stay afloat given its ridiculous catchment area restrictions,I have no idea why anyone would ever choose to save with them as their interest rates for most of their savings accounts are astonishingly low even by today's standards!! In answer to an earlier comment re Leek BS Flexible Saver application....they will try to verify your ID electronically,if they can't you will have to send 3 forms of ID (the usual:passport,driving licence & utility bill or bank statement)

someone

The Vernon Regular Saver ISA (1.45%)

If your normal savings are subject to tax the rate is the equivalent of 1.81% (if paying 20% tax) or 2.42% (if paying 40% tax). 

The account however is a variable rate and includes a conditional bonus. They haven't spelt out if the bonus component (1.05%) is variable or fixed but suspect given it appears on the  "Investment Rates Notice" pdf it's variable. Once at £25k (in just over 4 years) you will be paying in but not getting the bonus on the amount over this limit.

The terms and conditions say "you may close or switch your account without having to give any period of notice or having to lose any interest or pay additional charges.". My reading of that is that it does not cover staying eligible for the bonus if you ditch mid year.

The ISA is not flexible nor does it appear they offer "portfolio cash ISA" so you are committed to paying in to unlock the bonus for each tax year.

Suspect they have done their homework and are very much targeting those saving for a home. £6k /year in this + £4k /year in another providers' LISA = £10k (people like round numbers like that for saving targets). Plus they give 10% bonus on mortgage.

Of course with £10k in the above you could put the remaining £10k in S&S ISA.

Have to say I'm tempted.

schiff

The Vernon is only small, five branches and the Head Office, all within a hen-stride of Stockport centre. Its avowed purpose like probably most building societies originally back in the day is:

"Founded in 1924 in Stockport, Cheshire, the Vernon is an independent, mutual building society. We seek to provide competitive mortgages, savings and investment products and to be a trusted source of reliable financial advice within our local community."

My emphasis. They are obviously comfortable not expanding further and they are probably well aware that opening this ridiculously generous cash ISA to the open market would drown them in applications. So who can blame them?

schiff

2020/21 tax return submitted, refund awaited 

glider3560

schiff said:

2020/21 tax return submitted, refund awaited 

What does this have to do with regular savers?

trickydicky14

M&S Regular Saver.

M&S Regular Saver.

Can someone help me out here, I have a regular saver with M&S which should have matured on the 5th April that’s 3 days ago.

I had forgotten it was due until just now so I logged in to my account only to find no trace of the account.

I have had no notification from M&S about the account maturing but it has and its gone!

I assume it should have been put into an instant access account?

Would it take this long to move it, could it be due to the Easter period?

I just can’t believe its vanished for 3 days

The last payment was made in March and the standing order has been cancelled.

colsten

It's normal that the M&S RS vanishes for a couple of days after maturity. It will be back tomorrow or the day after, either as a normale savings account or in your current account

PRAISETHESUN

It should all be detailed in the letter they send out before your account matures. The account disappears for a day or two and they transfer the money into a a new or existing account depending on what other accounts you hold with them. They only work on business days so if it matured over Easter then it may take a few days longer than usual. I'm in a similar boat as my FD reg saver matured on Wed and I'm waiting for the money to sort itself out.

trickydicky14

PRAISETHESUN, thanks for your comment.
As it stands, I have not had a letter regarding maturity so I tried 'live chat' and that was as much use as a chocolate teapot.
So I ended up ringing and was told my money would be available midnight tonight. 
So something to stay up for, it's been quiet round here the past 12 months you know.