Regular Savings Accounts: The Best Currently Available List!

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"Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with Hanley Economic.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 A penalty equivalent to 180 days loss of interest will be applied if the funds be withdrawn for any other reason than for a house deposit .If no subscriptions are received for 3 consecutive months or if 3 or more subscriptions are missed throughout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.

ForumUser7

@phillw said:

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.

Thanks for flagging this up, I've had another look and I can kind of see why either thing may happen. @PKman may wish to contact HEBS for a definite answer, as I'm not too sure @PKman, if you do call, please let us know what they say. The only reason not to call would be in case they realise that OP is trying to get it to change the account type, and then for whatever reason decide not to process it (reserves the right to etc.) - although this would be particularly nasty, so I don't know if they would do that. I've not had interactions with Hanley before.

I feel like they would've needed to make it clearer, and state that the penalty would apply if they transferred the balance too. 

I didn't think that a penalty would be applied if the account was transferred by HEBS. It says a penalty is applied if the funds are withdrawn, and it states they would transfer the account balance to an IASA if the subscriptions were missed. The withdrawal would be an action by the user, whereas the transfer would be an action by HEBS. I thought then the IASA terms would apply, and these allow access without penalty.

Section 11 of the terms may apply, not sure though - effectively they are closing the HDS by transferring into an IASA - https://thehanley.co.uk/wp-content/uploads/2016/01/1570-TCs_v2-amd.pdf

Do you think that the penalty would occur when the account is transferred, or when OP tried to make a withdrawal from the IASA if it had been transferred from a HDS? Presumably the former?

(HEBS - Hanley Economic Building Society, IASA - Instant Access Savings Account, HDS - Home Deposit Saver)

schiff

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

Wheres_My_Cashback

schiff said:

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

The replacement is the RS5, you can open another one once the original has matured.

Pkman

I think it would be wise to keep my head down and see how it play out. 

Hanley's system is not the best. There was no online banking until now. (I still don't have access)

Their t&c is not clear at all. Ie other says interest are calculate daily. Nope, not hanley.