Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

ForumUser7 said:

chris_the_bee said:

Yes, Council tax bill is valid for 12 months. This is good to know. Generally speaking and in Furness Building Society`s case a council tax bill is in the address verification list. It`s the Identity Verification list that is problematical because it requires original valuable documents (risk losing passport or driving license) or a certified copy (costly, unless you know someone in the right profession). The way round this is a government benefit letter less than 3 months old backed up by an address verification letter which could be a council tax bill less than 12 months old or a bank statement, credit card statement or utility bill (all less than 3 months old). This would satisfy F B Society.

I just opened a Furness account successfully using a Pension entitlement letter. Easy to request get a proof of benefit letter online from DWP. Takes about 5 days to arrive. Can also request another if one is not returned to you. Furness returned my original letter and council tax bill with the passbook.

@chris_the_bee How long from your date of account opening was it until you got your passbook and ID back please? They put my postcode in wrong on the system (despite it being correct in my application form) and that combined with the fact I have not had my ID or passbook or anything back yet is making me very concerned - I do have a tendency to overthink things so all may be well in the end, but for now I'm trying to figure out as much as possible about what to expect. For anyone wondering, say my postcode was AB1 2CD they put AB122CD - it may find its way to me eventually, but who knows.

Sent application  with £10 opening cheque 12th Nov
Account opened & passbook sent 16th Nov
I received passbook & paid max balance by bank transfer & set up online access 18th Nov
£10 cheque cashed 23rd Nov

happybagger

Suffolk (ex-Ipswich) BS wef 1 Dec

Holiday Save / Smart Save Monthly (Closed issues)

4.10%

Increase only 0.3%

source

cricidmuslibale

Nick_C said:

Bridlington1 said:

Monmouthshire BS have launched a Christmas Saver bond at 5.5% (max £200/mth).

Key points;

Open in branch or by post.

Fixed interest

• No withdrawals are permitted until 1st October 2023.
• If you close your account before 1st October 2023, the account will not qualify for the 5.50% AER/Gross interest rate. Any interest you have earned will be calculated at 0.20% AER/Gross.

Kazza242 said:

Monnouthshire Building Society have also launched a Regular Saver Bond (issue 8) today, paying 3.75% (fixed rate).

The account runs for one year.  It allows monthly deposits of up to £250 per calendar month.  

The maximum balance is £3,000.  It does not allow any withdrawals until after maturity. 

If you close the account before maturity, the account will not qualify for the 3.75% rate.  Any interest you have earned will be calculated at 0.20%.  

The account can only be opened in branch or agency.

https://www.monbs.com/products/regular-saver-bond/

To me at least it’s pretty clear that Monmouthshire BS has launched both of the above regular savings accounts today at least partly in order to ‘better’ the currently available equivalent regular savings accounts from their ‘local’ rival, Principality Building Society, and potentially divert at least some of the money that would otherwise be heading Principality’s way over the next few months to Monmouthshire instead!

How are Principality going to respond to this rather cheeky challenge from their slightly smaller neighbours in South Wales, if at all? If they do decide to come back with a very good offer or two of their own, it could be very good news for savers!

happybagger

Probably not at all. Principality have a Wales-wide and borders presence and won't be too concerned about Mon BS.

Swansea BS ought to get their 'pen ol' into gear though.

Reg_Smeeton

Re: Monmouth Xmas RS

Sorry if I’m being a bit thick, can you make an initial deposit into this account without sending a cheque?

Band7

Reg_Smeeton said:

Re: Monmouth Xmas RS

Sorry if I’m being a bit thick, can you make an initial deposit into this account without sending a cheque?

I suppose you could send/risk a £10 note but that's the only alternative, short of applying in person with cash.

happybagger

In that case check their t&cs. Many won't accepot cash in the post!

Wheres_My_Cashback

Reg_Smeeton said:

Re: Monmouth Xmas RS

Sorry if I’m being a bit thick, can you make an initial deposit into this account without sending a cheque?

You don't need to make any initial deposit during application. You can wait til you've received account details and then do Faster Payment anytime within 30 days of receiving your passbook.
The official opening date of the a/c is when your fist deposit is received, not when your application is processed.

Bridlington1

Wheres_My_Cashback said:

Reg_Smeeton said:

Re: Monmouth Xmas RS

Sorry if I’m being a bit thick, can you make an initial deposit into this account without sending a cheque?

You don't need to make any initial deposit during application. You can wait til you've received account details and then do Faster Payment anytime within 30 days of receiving your passbook.
The official opening date of the a/c is when your fist deposit is received, not when your application is processed.

That is correct. I only used a cheque in my case because it lets you deposit £200 per calendar month, so if the first deposit is received before the end of the month (which will be a bit tight given the postal strikes), I'll be able to get an extra £200 sat at 5.5% for the duration of the bond.

londoner62

Wheres_My_Cashback said:

Reg_Smeeton said:

Re: Monmouth Xmas RS

Sorry if I’m being a bit thick, can you make an initial deposit into this account without sending a cheque?

You don't need to make any initial deposit during application. You can wait til you've received account details and then do Faster Payment anytime within 30 days of receiving your passbook.
The official opening date of the a/c is when your fist deposit is received, not when your application is processed.

Sorry to disagree but I interpret the account as being active when opened, not when the deposit is made

What is the interest rate?

5.50% AER/Gross – Annual Interest. Interest is fixed for 1 year. The fixed term will start on the date the account is opened. Interest is calculated on a daily basis on the balance in the account and paid on maturity.