Regular Savings Accounts: The Best Currently Available List!

boingy

someone said:

boingy said:

simonsmithsays said:

Furness 3 year Regular Saver

Has anyone any experience of attempting to close the account when they've already made the allowed 'one withdrawal per account year'?

Thanks in advance 

I don't know about that account but check the T&Cs. Principality have an account with a limit of two withdrawals per year and their small print says that closing the account counts as a withdrawal and if you have already done two then you can't close the account until the next account year! 

Not quite sure how they can insist on that but there you go.

Furness 3 year Regular Saver

"Not quite sure how they can insist on that but there you go." - Like a fixed rate fixed term savings account but you can top up each month. Unless it's an ISA the provider can block access to the money. The actual offer here is a relatively long lived account, with a single withdrawal each year. This makes it "limited instant access" and suits the needs of some.

Yeah, I understand and I do use fixed term accounts sometimes but I've always thought it should be possible to close them at any time but with a very heavy interest penalty. The Principality one I referenced is not a fixed term, just a limited access one, and I bet it catches more than a few people out who have not paid enough attention to the terms. But I'm a bit off topic for this thread so I'll shut up!

someone

Furness 3 year Regular Saver

Just for context the wording from the pdf I have says

Can I withdraw money?

The Regular Saver allows one withdrawal to be made in each anniversary year. If more than one withdrawal is required in the anniversary year, we will transfer your balance to an access account and the relevant terms and conditions and interest rate will apply. We will notify you of this at that time. As long as you leave £1 or more in your account you can carry on saving each month. You can close your account at any time without notice or penalty.

allegro120

liamcov said:

Re the Beehive/Notts 6% accounts, I know no withdrawals are allowed, but what if one closes the accounts - will interest still be paid or is there a penalty?

You can't close it until 01/08/2024.

OneUser1

The no longer available Suffolk Holiday Save and Smart Save Monthly rises to 5.15% (when including the bonus.) My Smart Save (2) only reaches 4.65%.

TiVo_Lad

allegro120 said:

liamcov said:

Re the Beehive/Notts 6% accounts, I know no withdrawals are allowed, but what if one closes the accounts - will interest still be paid or is there a penalty?

You can't close it until 01/08/2024.

If I recall the earlier conversation in this thread correctly, if you don't fund the Beehive RS for three months, they'll convert it into a normal EA account so you can then get your money out that way.

ForumUser7

TiVo_Lad said:

allegro120 said:

liamcov said:

Re the Beehive/Notts 6% accounts, I know no withdrawals are allowed, but what if one closes the accounts - will interest still be paid or is there a penalty?

You can't close it until 01/08/2024.

If I recall the earlier conversation in this thread correctly, if you don't fund the Beehive RS for three months, they'll convert it into a normal EA account so you can then get your money out that way.

Wasn’t that Tipton and Coseley?

Bridlington1

ForumUser7 said:

TiVo_Lad said:

allegro120 said:

liamcov said:

Re the Beehive/Notts 6% accounts, I know no withdrawals are allowed, but what if one closes the accounts - will interest still be paid or is there a penalty?

You can't close it until 01/08/2024.

If I recall the earlier conversation in this thread correctly, if you don't fund the Beehive RS for three months, they'll convert it into a normal EA account so you can then get your money out that way.

Wasn’t that Tipton and Coseley?

It was. See:
https://forums.moneysavingexpert.com/discussion/comment/80150454#Comment_80150454

TiVo_Lad

I hate getting old...

friolento

TiVo_Lad said:

allegro120 said:

liamcov said:

Re the Beehive/Notts 6% accounts, I know no withdrawals are allowed, but what if one closes the accounts - will interest still be paid or is there a penalty?

You can't close it until 01/08/2024.

If I recall the earlier conversation in this thread correctly, if you don't fund the Beehive RS for three months, they'll convert it into a normal EA account so you can then get your money out that way.

I wish they did do this. I have the prior issue of their current RS. As it pays only 3.5%, I have not added anything since last November. It's still an RS, still at 3.5%, and I can't get out of it. It also means I am not eligible for the current issue as they only allow you one RS.

soulsaver

TiVo_Lad said:

I hate getting old...

Better than being old..