Regular Savings Accounts: The Best Currently Available List!

trickydicky14

subjecttocontract said:

I'm only aware of one bank offering 5% fixed. That's thru Raisin and requires £10,000 min deposit.

I have an account with Raisin, you are mistaken regarding min deposit, it is 1k.
So, is it a good idea?

Band7

trickydicky14 said:

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

It would depend on how much most of the cash is. If it's your existing balance in <5% accounts, it's more or less a no brainer. But if you want to hold back some, it might not be worth it - -  where will you keep the remaining cash?

I am currently considering my options but I am a bit uneasy with Isbank. The rates they are offering via Raisin are several light years from the rates they are offering their direct customers, and it seems somewhat odd that they are offering the same rates for several years. I think I'll hold fire for now.

trickydicky14

Band7 said:

trickydicky14 said:

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

It would depend on how much most of the cash is. If it's your existing balance in <5% accounts, it's more or less a no brainer. But if you want to hold back some, it might not be worth it - -  where will you keep the remaining cash?

I am currently considering my options but I am a bit uneasy with Isbank. The rates they are offering via Raisin are several light years from the rates they are offering their direct customers, and it seems somewhat odd that they are offering the same rates for several years. I think I'll hold fire for now.

Thanks for your comments, when I use the term ‘most of the cash’ I’m just thinking of holding back sufficient to pay the first instalment when I reopen the new R.S at the higher rate, I may not even have to do that.

Do you really have concerns with Isbank? You are protected up to 85k aren’t you.

We may also see others hitting 5% over the next few weeks? or is that just wishful thinking.

Band7

trickydicky14 said:

Do you really have concerns with Isbank? You are protected up to 85k aren’t you.

Raisin say there is FSCS protection for Isbank. I suppose they have verified that this is the case but I would confirm it myself before making any deposits into a bank I know nothing about.

trickydicky14 said:

We may also see others hitting 5% over the next few weeks? or is that just wishful thinking.

We might well see more 5%+ deals if the BoE raises rates again.

allegro120

trickydicky14 said:

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

I'm not sure, savings rates are still going up.  However, locking money is less hassle than chasing the rates and feeding RSs so it could be a good decision.  I personally prefer to have access to my money, don't mind extensive banking and I have time for it.  I will probably lock some money in one or more fixed offers in near future, but that will be a very small proportion of my savings.

Wheres_My_Cashback

Band7 said:

trickydicky14 said:

Do you really have concerns with Isbank? You are protected up to 85k aren’t you.

Raisin say there is FSCS protection for Isbank. I suppose they have verified that this is the case but I would confirm it myself before making any deposits into a bank I know nothing about.

trickydicky14 said:

We may also see others hitting 5% over the next few weeks? or is that just wishful thinking.

We might well see more 5%+ deals if the BoE raises rates again.

I'd say more chance of when rather than if, given the FED have again increased theirs recently.

t1redmonkey

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

gt94sss2

t1redmonkey said:

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

Yes, that is correct

Bigwheels1111

t1redmonkey said:

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

Next working day

aaj123

TheBanker said:

10_66 said:

TheBanker said:

I would imagine that the reference to Terms and Conditions is ia reference to their ability to close the account, rather than to using debit card payments. 

If you are depositing money by debit card then immediately withdrawing it, this is indicative of fraud or money laundering so I am not surprised they don't like it. Also you are costing them money in terms of card processing fees. I am not surprised they say this is not how the account is intended to be used, and therefore are considering exercising their right to give notice of closure. 

I've regularly moved money into and immediately out of my other accounts for many years (not for money laundering purposes, I hasten to add), as do many people on this forum who are chasing the best interest rates, and have never received any such notice of possible closure from anywhere else.

That may all be true but the anti-money laundering rules these days are much more onerous than they used to be.

Truth is, making a deposit to a savings account using a debit card and then immediately withdrawing it is not normal behaviour and has raised a red flag with Skipton. They are entitled to close your account but have decided to send a letter asking you to use your account in the way it's intended (i.e. for saving). I don't see much point in calling them as they haven't invited you to explain or discuss your activities, just to stop them. And if you don't stop then they'll stop you by closing your account.  

Plenty of people on here have had accounts with other banks frozen and closed when the bank doesn't like the way they're transacting. The only difference is Skipton seem to issue a warning first. With other banks the first you might know about it is when your card or internet banking stop working. 

Could they act similarly in the Flexible ISA account that they offer? Saying so because I am not sure how they could just close an isa account and unwrap your money.