Regular Savings Accounts: The Best Currently Available List!

IanManc

JamesRobinson48 said:

Leek United BS has now acted to restrict new applications to its RS product (1.10% variable, 12 month term, max £1000 per month). The society's website now says that to be eligible to apply for this account, you must be either:

• an existing customer who has continuously held a Leek United Building Society product for a minimum of 12 months; or
• a new customer resident in the following postcode areas:
  • CW – Cheshire
  • SK – Cheshire
  • DE – Derbyshire
  • TF – Shropshire
  • ST – Staffordshire
  • WS15 – Staffordshire

*PEDANT ALERT*  😁

Although you have quoted the geographical limitation as it has been written on the Leek website, I wonder what they actually mean by it.

For example, "SK - Cheshire". Does that mean you must have an SK postcode and live in Cheshire, or are they assuming that all SK postcodes are in Cheshire.

There are 19 SK postcode districts, and only 3 of them are in Cheshire; another 1 is split between Cheshire and Staffordshire and 1 is split between Cheshire and Derbyshire; 2 districts are wholly within Derbyshire, and another is split between Derbyshire and Staffordshire. However 11 of the 19 postcode districts - and the vast bulk of the population with and SK postcode - are wholly in Greater Manchester.

marksparc

I have this Flexible Saver account with the Leek BS and frankly wonder whether it's worth the hassle, every year they contact me giving me my "options" to withdraw the entire amount via electronic transfer or put the lot in the Easy Access Pyramid Account, obviously Leek BS do this for a reason but it must be such a hassle for them too.....why not just allow customers to keep the funds in the Flexible Saver? I guess the one saving grace is that you can pay in upto £1000 pm if you have that sort of money!

happybagger

The SK postcode, for instance, will be all of them, they probably refer to 'historic' Cheshire which is nearly all SK postcode away from the far northwest of the sector.

trickydicky14

Leek B.S proof of I.D requirements.

Can anyone please help? Just reading through the postal application form for the Leek R.S and my question is, as a new customer, do you have to send I.D with your application or do they request it from you only if they can’t check you out electronically?

And secondly, do docs have to be authenticated by some upstanding dude in a smart suit or can I just send off some photo copies?

Thanks for any help you can give.

Rich2808

The Leek restrictions have nothing on the Vernon. They have a regular saver ISA paying 1.45% - with a maximum investment of £500 a month.
Is their 25 mile definition as the crow flies or the route by road - and is it within 25 miles of Stockport town (for that account) or within 25 miles of their Stockport HQ (for their other savings products)!
A very good regular saver cash ISA - if you qualify!

https://www.thevernon.co.uk/savings/regular_saver

All accounts available within 25 mile radius of stockport

OR
https://www.thevernon.co.uk/savings/cash_isa_accounts
This account is available to UK residents only who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF.

happybagger

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!

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)

IanManc

Rich2808 said:

The Leek restrictions have nothing on the Vernon. They have a regular saver ISA paying 1.45% - with a maximum investment of £500 a month.
Is their 25 mile definition as the crow flies or the route by road - and is it within 25 miles of Stockport town (for that account) or within 25 miles of their Stockport HQ (for their other savings products)!
A very good regular saver cash ISA - if you qualify!

https://www.thevernon.co.uk/savings/regular_saver

All accounts available within 25 mile radius of stockport

OR
https://www.thevernon.co.uk/savings/cash_isa_accounts
This account is available to UK residents only who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF.

The detailed "Summary of Account" section for every available Vernon savings account says "This account is available to UK residents only who live within a 25-mile radius from the postcode noted on the account to our Stockport head office postcode SK1 1HF."

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.