Regular Savings Accounts: The Best Currently Available List!

Section62

Chaykin said:

AmityNeon said:

In practice, First Direct and HSBC are based on calendar months. HSBC allows internal transfers into the Regular Saver, whilst First Direct restricts deposits to internal standing orders.

So can you change the dates of SOs on HSBC's and FD's Regular Savers to 1st of the month? Even though it's not technically allowed by the accounts T&Cs?

I don't know exactly how they handle it now, but a while back HSBC would allow the SO to be changed to the first of the month, but they would only pay a nominal (not full) rate of interest on the deposit until the anniversary date arrived (i.e. when the SO would have gone through if not changed).

That HSBC's systems were sufficiently sophisticated to only pay this nominal rate on early SO's in the past makes me doubt there would be any significant advantage to paying in more than the monthly amount on the due date now.

...unless anyone has done the interest calculations to show what they got was the full interest rate paid on each pound for every day it was in the account.

LeopoldBloom

ForumUser7 said:

MoneyFacts is showing a Monmouthshire BS ‘Coronation’ Regular Saver, branch application only.

Pays 5.6%, and appears to be £300 max per month and MoneyFacts shows unlimited withdrawals.

Hopefully it will show on the Mon BS website with information from tomorrow. It appears after the Christmas RS issues they had, they won’t open this up to online and post applications.

www.monbs.com/products/coronation-regular-saver/

gt94sss2

ForumUser7 said:

MoneyFacts is showing a Monmouthshire BS ‘Coronation’ Regular Saver, branch application only.

Pays 5.6%, and appears to be £300 max per month and MoneyFacts shows unlimited withdrawals.

Hopefully it will show on the Mon BS website with information from tomorrow. It appears after the Christmas RS issues they had, they won’t open this up to online and post applications.

I wish they would open this up to all existing customers not just those near a branch - perhaps via online applications only

t1redmonkey

gt94sss2 said:

ForumUser7 said:

MoneyFacts is showing a Monmouthshire BS ‘Coronation’ Regular Saver, branch application only.

Pays 5.6%, and appears to be £300 max per month and MoneyFacts shows unlimited withdrawals.

Hopefully it will show on the Mon BS website with information from tomorrow. It appears after the Christmas RS issues they had, they won’t open this up to online and post applications.

I wish they would open this up to all existing customers not just those near a branch - perhaps via online applications only

Same.  Though I have a branch near the office I work at so I just need to plan my next office visit to coincide with a visit to their branch to open one of these I guess!

trickydicky14

gt94sss2 said:

ForumUser7 said:

MoneyFacts is showing a Monmouthshire BS ‘Coronation’ Regular Saver, branch application only.

Pays 5.6%, and appears to be £300 max per month and MoneyFacts shows unlimited withdrawals.

Hopefully it will show on the Mon BS website with information from tomorrow. It appears after the Christmas RS issues they had, they won’t open this up to online and post applications.

I wish they would open this up to all existing customers not just those near a branch - perhaps via online applications only

I live in the midlands and currently staying in Chepstow for a few days, five mins walk from a branch, have booked an appointment for Monday how lucky is that.

ForumUser7

Not a top rate, but posting as lots of us hold it for direct debits, Ecology RS has increased to 3.05%

Pkman

Anyone got this account (Hanley BS home deposit Saver )

and have any idea how to get money out. Currently paying 3.3% have £27k stuck in there.

T+c said no withdrawal allowed unless for mortgage, I still got one year left before the account being mature (36 months saving account)

It also mentioned if there are no deposit in 3 months straight, they reserve the right to downgrade to easy access, which I am relying on it 

If it does happen, am I right in thinking the interest rate prior of downgrade will still got honoured

ForumUser7

Pkman said:

Anyone got this account (Hanley BS home deposit Saver )

and have any idea how to get money out. Currently paying 3.3% have £27k stuck in there.

T+c said no withdrawal allowed unless for mortgage, I still got one year left before the account being mature (36 months saving account)

It also mentioned if there are no deposit in 3 months straight, they reserve the right to downgrade to easy access, which I am relying on it 

If it does happen, am I right in thinking the interest rate prior of downgrade will still got honoured

You could withdraw the money now, but it looks like there is a 180 day interest penalty...

"Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with Hanley Economic. No partial withdrawals are permitted for any other reason. A penalty equivalent to 180 days loss of interest will be applied if the funds be withdrawn for any other reason than for a house deposit .If no subscriptions are received for 3 consecutive months or if 3 or more subscriptions are missed throughout the Society year (1 September – 31 August) then the Society after giving you 30 days notice of our intention to do so, reserves the right to close the account or to transfer the account balance to an Instant Access Savings Account. To withdraw money in a branch you must provide your passbook. If making a withdrawal through the post you must send your passbook along with written instruction."

it's probably best to not make the deposits and wait and see if they downgrade it - otherwise you'll have to work out all the calculations to determine if you're actually likely to profit overall by the time the penalty is taken into account.

I don't know the answer to your last question.

Kazza242

Suffolk Building Society will be increasing the interest rate on their Smart Save Monthly and Holiday Save Monthly accounts:

From 4.35% to 4.60% w.e.f. 24th April 2023.

This includes a standard interest rate, which will be 1.60% plus a conditional bonus rate of 3.00% (= 4.60%). 

Both accounts are NLA.

See here (PDF).

phillw

ForumUser7 said:
it's probably best to not make the deposits and wait and see if they downgrade it - otherwise you'll have to work out all the calculations to determine if you're actually likely to profit overall by the time the penalty is taken into account.

You're assuming the penalty doesn't apply if they close it. While I think it might.