Regular Savings Accounts: The Best Currently Available List!

10_66

glider3560 said:

There is no penalty detailed for not paying in anything each month.

Yes, I see that they don't state a penalty, but I think their wording isn't crystal clear.  I was just wondering if anyone had any experience of doing this.

Special_Saver2

Hi Folks,

I cannot see anything obvious to change for this weekend's update.

For the post from 10_66 above, I have no experience of trying to stop the standing order from Lloyds current accounts to their regular savings accounts.

I will do an update later this month or early in April where I check through the rates of every account on page 1 of this thread to see if they have changed following the latest Bank of England interest rate rise. As you will note from my last update last weekend, several institutions have already raised their interest rates.

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

soulsaver

10_66 said:

I just want to stop the standing orders, but leave the balance in there.

Should be OK:
From the terms 2.2  '..if you miss a payment it cannot be made up' clearly implies you can stop paying in.
ETA: Club Lloyds Monthly Saver account conditions (lloydsbank.com)

Nick_C

10_66 said:

I just want to stop the standing orders, but leave the balance in there.

To play safe, why not just reduce the SO to £25 a month and then withdraw the same amount.

glider3560

10_66 said:

glider3560 said:

There is no penalty detailed for not paying in anything each month.

Yes, I see that they don't state a penalty, but I think their wording isn't crystal clear.  I was just wondering if anyone had any experience of doing this.

If there's no penalty in the terms, then they can't penalise you for not paying in.

Wheres_My_Cashback

Lloyds/BOS state a minimum of £25pm, but in my experience this is another term which is not upheld as when I've previously had these a/c open and rates have become better elsewhere, I've withdrawn all but £1 and continued to fund monthly with £1 to no detriment.

typistretired

Received letter today Furness BS increasing interest rate from 1.40% to 1.60% from 1st March 2022 on 3 year regular saver apologies if already posted

PRAISETHESUN

soulsaver said:

10_66 said:

I just want to stop the standing orders, but leave the balance in there.

Should be OK:
From the terms 2.2  '..if you miss a payment it cannot be made up' clearly implies you can stop paying in.
ETA: Club Lloyds Monthly Saver account conditions (lloydsbank.com)

I think that's more directed at if you paid in £25 in one month, you couldn't then pay in £375 + £400 the next month.

No experience with not paying in the minimum, but the same as @Nick_C above, for the times when I've wanted to stop payments but maintain a balance I also just reduced my pay in to the minimum and then immediately withdrew the same amount each month. I've made manual faster payments in the past though, so there's no need for it to specifically be a standing order.

soulsaver

PRAISETHESUN said:

soulsaver said:

10_66 said:

I just want to stop the standing orders, but leave the balance in there.

Should be OK:
From the terms 2.2  '..if you miss a payment it cannot be made up' clearly implies you can stop paying in.
ETA: Club Lloyds Monthly Saver account conditions (lloydsbank.com)

I think that's more directed at if you paid in £25 in one month, you couldn't then pay in £375 + £400 the next month.

No experience with not paying in the minimum, but the same as @Nick_C above, for the times when I've wanted to stop payments but maintain a balance I also just reduced my pay in to the minimum and then immediately withdrew the same amount each month. I've made manual faster payments in the past though, so there's no need for it to specifically be a standing order.

If you paid in £25 you didn't miss a payment.

Nick_C

soulsaver said:

If you paid in £25 you didn't miss a payment.

If you only paid in £25, you missed the opportunity to pay in an additional £375, and you cannot make that up later.

I think it is clear that you are meant to fund the account every month with at least £25.

The second (un-numbered) paragraph of the conditions states "You must pay in money by standing order each month."

Pointless arguing about it though.  Pay in a minimum of £25 each month.  Top up if you like (to a max of £400).  Withdraw if you like.  Avoid any doubt as to whether or not you are complying.  Simples.