Regular Savings Accounts: The Best Currently Available List!

veryintrigued

Rich2808 said:

veryintrigued said:

typistretired said:

I have £3000 in mine so won’t be closing as will get a paltry interest rate

First Direct

Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

Its a fixed rate and the terms are clear.

• sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate

Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

I don't think you understand.

The terms have been clear on a number of other RS that have had their rates increased from other institutions.

But they've waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.

I'd expect a company that espoused how good they were to do likewise.

Maybe we have different expectations of 'walking the walk'.

Anyway I've taken this thread off thread enough now...

Gers

typistretired said:

I have spoken to first direct via chat and they can close the regular saver and open a new one for me but I would only get the low interest rate on closure

I had only made two payments so have closed it via chat. 

bristolleedsfan

veryintrigued said:

Rich2808 said:

veryintrigued said:

typistretired said:

I have £3000 in mine so won’t be closing as will get a paltry interest rate

First Direct

Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

Its a fixed rate and the terms are clear.

• sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate

Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

I don't think you understand.

The terms have been clear on a number of other RS that have had their rates increased from other institutions.

But they've waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.

I'd expect a company that espoused how good they were to do likewise.

Maybe we have different expectations of 'walking the walk'.

Anyway I've taken this thread off thread enough now...

Can you name a 1 year fixed rate regular saver provider where terms either state no withdrawals or if a withdrawal gets made/account closed will be paid at .xxx.... rate who has waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.?

Newly_retired

You could just reduce your SO to the minimum payment which is £25 I think and wait till the 12 months is up.

Wheres_My_Cashback

Newly_retired said:

You could just reduce your SO to the minimum payment which is £25 I think and wait till the 12 months is up.

Did that when Chase came along. Only have to wait until July until it matures and by that time the 3.5% will have increased back to 5% 

Newly_retired

I am sure we all hope so!

typistretired

I have been with first direct since launch they used to pay a interest on the account but they stated some blub about wanting to give better etc etc thinking about switching them off as my nominal account

Bigwheels1111

typistretired said:

I have been with first direct since launch they used to pay a interest on the account but they stated some blub about wanting to give better etc etc thinking about switching them off as my nominal account

I would never leave FD, their customer service is the best.
23 years with them.

I have multiple accounts with other banks, just for switching from time to time.
The only one that comes close is Chase, interest, Cashback and support are good.

londoner62

First Direct RS

Here I go again! Applied for a joint FD account which has no minimum monthly payment or charge, will wait for approval in the next few days, shouldn't be a problem as we've both had an account recently (so no switch offer this time). Next step is to trim £300 (x 2) off current standing orders to lesser interest RS's whilst remaining above minimum levels then wait until start of month to open to open the new RS's at the higher rate. If, as suggested the new rate will be 3.5%, I can see it being popular but cannot see them closing it before the first, which is so much easier for my banking. And, if it is pulled, I'm confident there will be more plus 3% offers after the next BofE bank rate rise.

surreysaver

RG2015 said:

kaMelo said:

I don't think the fact that people can't be arsed to read terms equals despicable behaviour by banks. If they've given you all the information in summary form and detailed terms and conditions what else is it that they can do to not be despicable?

You misunderstand.

It is automatically renewing at a much lower rate that in my opinion is despicable behaviour.

I went out of my way to say that Santander did more than enough to tell prospective customers what would happen. They did not hide it in the T&Cs. It was very clearly stated in the summary box.

Santander did nothing wrong with regard to informing the customer. 

Santander's T&Cs state that it doesn't renew if you haven't got a standing order. In the past, when their interest rates went down a while ago I cancelled the standing order to prevent the automatic renewal, but it didn't work and I had to close the account manually. So the banks' systems do not always work as they should, even when customers adhere to the T&Cs