Regular Savings Accounts: The Best Currently Available List!

ForumUser7

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

ChewyyBacca

ForumUser7 said:

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

If its CHAPS fee, its very low. When HSBC, FD are charging £17, Virgin Money £25 & Llyods bank £30; Principality £8 must be the lowest of them all

How does having a web saver helps? The interest rate is not at all exciting
Incidentally, for web saver too, The Tariff document states: Telegraphic Transfer fee: £8

Did you close the previous issues after July 2019?
Thanks

ForumUser7

ChewyyBacca said:

ForumUser7 said:

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

If its CHAPS fee, its very low. When HSBC, FD are charging £17, Virgin Money £25 & Llyods bank £30; Principality £8 must be the lowest of them all

How does having a web saver helps? The interest rate is not at all exciting
Incidentally, for web saver too, The Tariff document states: Telegraphic Transfer fee: £8

Did you close the previous issues after July 2019?
Thanks

A telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions. These transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system ~ https://www.investopedia.com/terms/t/telegraphic-transfer.asp N.B I don’t know if it is the same thing, I was just going off this

It isn’t a good rate - the reason I have it is so I can avoid having to add new payees all the time. All PBS deposits go into there, and then I request the transfers internally. All PBS maturities/withdrawals go into there, and I then request the transfers. This means that if the agent says ‘your closing balance is this, interest is this’ etc., I can check I’ve received the right amount as it reflects immediately in the web saver, but would take a few hours to show on the current account. I keep it with a balance of £1.

The web saver allows you to move funds to your ‘linked account’ by faster payment yourself, online.

I have - I closed several issues in 2022

OceanSound

Nevergonnaretire said:

I foolishly messaged Halifax when the new Regular saver was announced to see if I could renew but was told I couldn't and if I closed the existing one I'd lose any interest.

Of course this was before I saw this thread so I've just 'renewed' my existing to an everyday saver, moved out the money (including small amount of interest which was there immediately) and opened the new one. Took 5 mins max! Thanks to all you knowledgeable types on here who are far more helpful than Halifax staff it would seem

BTW, How did you contact Halifax bank?

If using online chat, my experience has been that, when I used the chat via the main Halifax home page (without logging into online banking), the support was pretty awful. I asked them how to close my regular saver (I actually wanted it closed - not renewed - but the trick on these forum is handy to know nevertheless

I didn't really get anywhere with the first chap, then tried again and she said call a number. I had no time for this. So, i logged in to online banking, then accessed online chat (after logging in). That staff member was much more on the ball. Closed account straight away, then informed me what will happen to balance+interest (it was about a month gone after it had renewed automatically). I.e balance+ whatever interest (it wasn't much) credited to my nominated account I believe. 

edit: there was no interest returned actually. Only £25 payment. I just looked at my previous statements and it seems I had been paying in £250 each month. The RS matured on 31 May 2022. There was £11.40 in interest which was added to the balance making it £3011.40. This was transferred (automatically or by good self) to my longstanding Halifax instant saver on 1 June 2022. 

The interest rate on the Halifax RS at that point was paltry, and as I was of the impression that there was no easy way to cancel the RS (other than phoning) I remember changing the SO amount to £25. The first SO (with £25 as revised amount) had been collected on 13 June 2022. 

I then closed account by chatting with CS agent (after logging on to online banking) on 20 June 2022. She arranged for closing statement to be made available also. I've just checked it and it has statement closing balance as £25.06. So, I forfeited £0.06 interest by closing it early. Not too shabby I suppose!

wmb194

ForumUser7 said:

ChewyyBacca said:

ForumUser7 said:

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

If its CHAPS fee, its very low. When HSBC, FD are charging £17, Virgin Money £25 & Llyods bank £30; Principality £8 must be the lowest of them all

How does having a web saver helps? The interest rate is not at all exciting
Incidentally, for web saver too, The Tariff document states: Telegraphic Transfer fee: £8

Did you close the previous issues after July 2019?
Thanks

A telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions. These transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system ~ https://www.investopedia.com/terms/t/telegraphic-transfer.asp N.B I don’t know if it is the same thing, I was just going off this

It isn’t a good rate - the reason I have it is so I can avoid having to add new payees all the time. All PBS deposits go into there, and then I request the transfers internally. All PBS maturities/withdrawals go into there, and I then request the transfers. This means that if the agent says ‘your closing balance is this, interest is this’ etc., I can check I’ve received the right amount as it reflects immediately in the web saver, but would take a few hours to show on the current account. I keep it with a balance of £1.

The web saver allows you to move funds to your ‘linked account’ by faster payment yourself, online.

I have - I closed several issues in 2022

"Telegraphic transfer" is just a very old fashioned way of saying CHAPS, but that's building societies for you.

jaypers

I wonder if/when Santander will review their RS. Still a messily 2.75%

londoner62

jaypers said:

I wonder if/when Santander will review their RS. Still a messily 2.75%

That'd be good, mine mature in 14 days! Gonna have to be topside of 4% tho.

londoner62

Leeds Regular Saver (issue 38) is now paying 3.7% replacing issue 37 on page 1 paying 4.2%

IanManc

londoner62 said:

Leeds Regular Saver (issue 38) is now paying 3.7% replacing issue 37 on page 1 paying 4.2%

Issue 37 is currently only paying 3.7% too, and rises to 4.2% on 28th March, in two days time.

The announcement of the increase in rates on Issue 37, and earlier issues, was made on 17 February:

https://www.leedsbuildingsociety.co.uk/savings/savings-account-changes/

and Issue 38 was only made available on 1st March:

https://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/REGSAVER38.pdf

after the announcement of the rate increase on earlier issues but before that increase came into effect; so I'd expect the rate on the currently available Issue 38 to increase to from 3.7% to 4.2% on the 28th March along with all the other earlier issues which are currently paying 3.7%. That would be in line with the way Leeds BS have behaved in the past, but we'll have to wait and see to be sure.

Band7

Thanks for posting those Leeds links. It had somehow escaped me that the interest rate drops to 1.8% above £6k, so my SO would have run for too long. Amended now to stop earlier.