Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread.

- Lloyds Monthly Saver (with interest rate that has dropped to 0.75%) removed from the list on page 1 as I had intended to do last week but appear to have accidentally left on the list

- Leeks United BS Flexible Saver account entry updated to show that it is now only available to locals or existing customers

Many thanks again to the people who have made useful posts on this thread.

I will do the next update next weekend.

SS2

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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

finance4all

Special_Saver2 said:

Bath BS Homestart Regular Saver

Interest rate: 1.35% gross p.a. variable
Monthly payment: £50-£150
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, you can make one withdrawal per calendar year
Age of applicant: Aged 18-27
How to open account: Branch or post
Special conditions: Maximum balance £20,000. Payments from other Bath BS accounts are not allowed. You must be able to prove that you live, work or study in Bath.

The interest rate dropped to 1.15% a few days ago. Monthly payment is £50-£250. 2 withdrawals per calendar year. People aged 18-34. Maximum balance is £57000

kaMelo

finance4all said:

Special_Saver2 said:

Bath BS Homestart Regular Saver

Interest rate: 1.35% gross p.a. variable
Monthly payment: £50-£150
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, you can make one withdrawal per calendar year
Age of applicant: Aged 18-27
How to open account: Branch or post
Special conditions: Maximum balance £20,000. Payments from other Bath BS accounts are not allowed. You must be able to prove that you live, work or study in Bath.

The interest rate dropped to 1.15% a few days ago. Monthly payment is £50-£250. 2 withdrawals per calendar year. People aged 18-34. Maximum balance is £57000

Nothing to add but wanted to say, £57,000?  what an unusual figure to choose for the maximum.

finance4all

You can hold the account for a maximum of 19 years. 12months x £250 x 19 years = £57'000

I was surprised as well so I checked it myself :P

polymaff

finance4all said:

You can hold the account for a maximum of 19 years. 12months x £250 x 19 years = £57'000

I was surprised as well so I checked it myself :P

Your 18th to 34th year, inclusive, is not 19 years.

Some of the worst-written T&Cs I've ever read.

finance4all

polymaff said:

finance4all said:

You can hold the account for a maximum of 19 years. 12months x £250 x 19 years = £57'000

I was surprised as well so I checked it myself :P

Your 18th to 34th year, inclusive, is not 19 years.

Some of the worst-written T&Cs I've ever read.

Just check the website. You can open it between 18-34. The offer must be used before customer 37th bday. 37-18=19

polymaff

One should, indeed, check the website - and comprehend what it actually says.

"On reaching the age of 35 the account automatically transfers into an Instant Access account."

Poor English; I suspect that they meant to say:

On the account holder reaching the age of 35 the account automatically transfers into an Instant Access account.

The funds are then on completely different terms, earning less and subjected to a much higher maximum balance.

JamesPeter

On the front page of this thread, under The Darlington Building Society 'Special Occasions Saver' it says:

Darlington BS Special Occasions Saver

Monthly payment: £1-£750 (£250 per account and you can have three of them)

Living in an eligible post code, I have had one of these accounts for quite a while, and I popped into the Darlington BS this morning and asked if I could open another Special Occasions Saver account. I was met with a firm 'No' and referred to the T&C's:

Eligibility - Limited to 1 account per person including any joint accounts.

https://www.darlington.co.uk/savings/all-savings-accounts/regular-savings-accounts/special-occasions-saver/

You may wish to update the details on the first page?

finance4all

I was just writing about 57k, not T&Cs. 

It's a little weird because you can open this account one day before your 35th bday and one day later it will change from RS to SA? I don't think it works like that and I don't think Bath BS is fully aware of how it works.

There is one more possible way they calculated that 57k, by 17 years of max contributions which is 51k + interest which is around £5321. When we round it up it might be 57k

polymaff

And where did you find the figure of £57k?  When you're in a deep, deep hole ...

Writing concisely and unambiguously is a lost art; likewise comprehension..  QED

Note also that the BBS are doing exactly what ISPs have been told not to do.  Advertise a circumstance they can only deliver to a few - or in the BBS case - nobody!

The general incompetence is further shown in the BBS statement:

"Maximum balance £57,000 (For any balances held in excess of this level, an interest rate of 0.00% gross will be paid)."