Regular Savings Accounts: The Best Currently Available List!

dcs34

I think it's more the case that there's a wide spectrum from 'money saving' to 'taking advantage', and whilst everyone appreciates a good trick, hack or exploit - and no one's crying at the banks being played at their own game - the proliferation of the loopholes will tend to get them closed in the long term. People like a good David v Goliath story but not if it risks providers getting the hump and taking a harsher line on product perks and T&Cs in the future. 

Bank's IT systems not enforcing their product T&Cs doesn't render the T&Cs - that you as the customer agreed to - obsolete, even if it takes them days to manually go in and enforce them. If too many people stray on the wrong side of the T&Cs then don't complain if they decide to stop allowing people to upgrade issues, withdraw early etc. in future issues.

dealyboy

Section62 said:

aaj123 said:

gt94sss2 said:

aaj123 said:

Fine. You are being pedantic here and in all of this, you are missing the obvious that there is no downside for me, the applicant. I either get to keep the account, or i don't get to or I have a bit of to and fro and then get the account with some compensation for the trouble. What's not to like?

The obvious downside you've perhaps missed is that if you upset Saffron by applying for accounts you aren't entitled to, then make a fuss when they enforce the T&C's they have every right to enforce, they may decide that they never want to do business with you in the future, perhaps when they launch an attractive account which is open to all (except blacklisted individuals).

Saffron have form for accepting applications for non-eligible individuals and then manually closing the accounts at a later date.  Perhaps this time it will be different though.  Either way, anyone applying for an account they aren't eligible for needs to understand there could be negative implications.  Anyone encouraging others to apply for accounts they aren't eligible for needs to make sure they understand the risks, rather than misrepresenting it as risk-free.

... are people not at risk of not only upsetting one financial services company but others too indirectly ? due to adverse comments on credit files. edit: sorry this thread has gone way off topic!

aaj123

dealyboy said:

Section62 said:

aaj123 said:

gt94sss2 said:

aaj123 said:

Fine. You are being pedantic here and in all of this, you are missing the obvious that there is no downside for me, the applicant. I either get to keep the account, or i don't get to or I have a bit of to and fro and then get the account with some compensation for the trouble. What's not to like?

The obvious downside you've perhaps missed is that if you upset Saffron by applying for accounts you aren't entitled to, then make a fuss when they enforce the T&C's they have every right to enforce, they may decide that they never want to do business with you in the future, perhaps when they launch an attractive account which is open to all (except blacklisted individuals).

Saffron have form for accepting applications for non-eligible individuals and then manually closing the accounts at a later date.  Perhaps this time it will be different though.  Either way, anyone applying for an account they aren't eligible for needs to understand there could be negative implications.  Anyone encouraging others to apply for accounts they aren't eligible for needs to make sure they understand the risks, rather than misrepresenting it as risk-free.

... are people not at risk of not only upsetting one financial services company but others too indirectly ? due to adverse comments on credit files. edit: sorry this thread has gone way off topic!

You honestly think banks can willy nilly settle grudges by just writing comments into your credit file? Lol.

Velvet_Monkey

dealyboy said:

... are people not at risk of not only upsetting one financial services company but others too indirectly ? due to adverse comments on credit files. edit: sorry this thread has gone way off topic!

If you are opening a savings product, there is nothing to go on a credit file, as you are not applying for credit.
(Not that people shouldn't be aware of the rules though, and the various risks they may run in not following them...)

Special_Saver2

Hi Everybody,

I have changed the following items on page 1 of this thread.

- Saffron BS Small Saver (Issue 7) interest rate increased to 4.65% gross p.a. and changed to variable (rather than fixed) from 8th March

- Saffron BS 12 Month Members' Regular Saver added to page 1 paying 4.35% gross p.a. variable from 8th March on up to £500 per month for 12 months, for existing members of 12 months' or longer duration, and note that you can only hold one Regular Saver or Small Saver per customer, be it held in sole or joint name(s), with Saffron Building Society at a time.

I will do the next update in just over 2 weeks' time.

SS2

---

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

 

- 

adindas

For those who hold the previous version of Saffron Regular Saver, you could upgrade to to newer version paying higher interest rate by calling them. I did it yesterday it just took me about five minutes to do that. Certainly, you only transfer the maximum amount you could put in one month.

ChewyyBacca

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

You can pay in between £1 - £1,000 per month.  The account runs for 36 months.  

Moneyfacts indicates that unlimited withdrawals are permitted, though withdrawals are subject to 60 day notice or loss of interest is incurred. 

The minimum opening deposit is £1.  The maximum investment is £37,000.  

The account can be opened and managed online, via the branch, post or telephone. 

Please see here: 

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

Stargunner

ChewyyBacca said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

You can pay in between £1 - £1,000 per month.  The account runs for 36 months.  

Moneyfacts indicates that unlimited withdrawals are permitted, though withdrawals are subject to 60 day notice or loss of interest is incurred. 

The minimum opening deposit is £1.  The maximum investment is £37,000.  

The account can be opened and managed online, via the branch, post or telephone. 

Please see here: 

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

I opened the original version of this in December which is paying 5%. There were no restrictions and you don’t have to use the money towards a house purchase.

adindas

ChewyyBacca said:

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

Similarly to Stargunner I opened mine in December 2022, paying 5% and I do not have any intention to use it to purchase house.

I have others Home savers, no requirement to be used to purchase a house. Typically they allow anyone to open home buyer saving account even without intention to purchase house. Typically they will provide another incentive when you are using their mortgage products.

ChewyyBacca

Stargunner said:

ChewyyBacca said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching First Home Saver (issue 2), paying 4.00%.

You can pay in between £1 - £1,000 per month.  The account runs for 36 months.  

Moneyfacts indicates that unlimited withdrawals are permitted, though withdrawals are subject to 60 day notice or loss of interest is incurred. 

The minimum opening deposit is £1.  The maximum investment is £37,000.  

The account can be opened and managed online, via the branch, post or telephone. 

Please see here: 

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/first-home-saver-2.html

Kazza242 Does the bank demand proof of FTB & purchase of property for this account? or Can anyone open this account?
i have read through 60 d notice for withdrawal on T&C of the account

There are multiple accounts like this
Coventry BS First Home Saver (issue 2),
Principlaity BS First Home Steps Online (Issue 2)

Are there any specific restrictions here or one can invest without any intention of using the proceeds towards house purchase?

Thanks

I opened the original version of this in December which is paying 5%. There were no restrictions and you don’t have to use the money towards a house purchase.

Thanks Stargunner & adindas