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Regular Savings Accounts: The Best Currently Available List!
Comments
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Yes, just tried to work it out. If I close it (I get 2% instead of 5%), stick the money straight in Tandem, I think I'll lose £9 overall, though compound interest would reduce that slightly. If I stick it in Santander (worth 7%) then I'd probably break even (roughly). I might be wrong. The longer I leave it, the worse it gets.0
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Kazza242 said:Stafford Railway Building Society have increased their Regular Saver (issue 1) monthly deposit limit.
They now allow holders of this account to pay in up to £1,000 per month (this has recently increased from £500 per month).
Hopefully, Stafford Railway BS will increase the interest rate on their regular saver, which is currently paying 4.90% (as they have yet to respond to the latest BOE base rate increase).
See the account details page, here.
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Zopa_Trooper said:Yes, just tried to work it out. If I close it (I get 2% instead of 5%), stick the money straight in Tandem, I think I'll lose £9 overall, though compound interest would reduce that slightly. If I stick it in Santander (worth 7%) then I'd probably break even (roughly). I might be wrong. The longer I leave it, the worse it gets.
On page 45 of their terms and conditions it states:Regular Saver Account conditions: You must have a qualifying current account with us. If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account.Then on page 46 it statesIf we close the account: If we close your account early for any reason, we’ll pay interest at the Regular Saver interest rate until the date we close it.That would suggest to me that if they close the Regular Saver, rather than you, they pay the full 5% up to the point of closure.
Terms are open to interpretation and they do seem poorly written. It's not clear how they're going to pay your savings into your current account if you no longer have one.
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fabsaver said:Zopa_Trooper said:Yes, just tried to work it out. If I close it (I get 2% instead of 5%), stick the money straight in Tandem, I think I'll lose £9 overall, though compound interest would reduce that slightly. If I stick it in Santander (worth 7%) then I'd probably break even (roughly). I might be wrong. The longer I leave it, the worse it gets.
From reports here, others have found it very difficult to get money out of HSBC without a current account in place. Their savings accounts are not designed to let you make external withdrawals from them.
Also, the only way you can fund their RS is via their own current account - and the T&C of their regular saver says you should make a minimum payment of £25/month.3 -
Kazza242 said:Stafford Railway Building Society have increased their Regular Saver (issue 1) monthly deposit limit.
They now allow holders of this account to pay in up to £1,000 per month (this has recently increased from £500 per month).
Hopefully, Stafford Railway BS will increase the interest rate on their regular saver, which is currently paying 4.90% (as they have yet to respond to the latest BOE base rate increase).
See the account details page, here.
During the call, the adviser told me that existing SRBS regular saver customers who had an account with the Society before the 21st August 2023, will be allowed to make a one-off lump sum deposit of up to £12,000 into their Regular Saver (issue 1) account by the 31st December 2023. This is in addition to the £1,000 monthly deposit.
They will be sending letters and emails out to customers about this soon. I asked if they planned to increase the interest rate on their regular saver, currently paying 4.90%. They advised that they have not yet received notification of any increases to the interest rate on this account.
They'll need to increase the interest rate on this account for the above to be worthwhile, though there is still plenty of time to review the savings market over the coming months and make a decision before the deadline.
Please call me 'Kazza'.16 -
gt94sss2 said:fabsaver said:Zopa_Trooper said:Yes, just tried to work it out. If I close it (I get 2% instead of 5%), stick the money straight in Tandem, I think I'll lose £9 overall, though compound interest would reduce that slightly. If I stick it in Santander (worth 7%) then I'd probably break even (roughly). I might be wrong. The longer I leave it, the worse it gets.
From reports here, others have found it very difficult to get money out of HSBC without a current account in place. Their savings accounts are not designed to let you make external withdrawals from them.
Also, the only way you can fund their RS is via their own current account - and the T&C of their regular saver says you should make a minimum payment of £25/month.0 -
csw5780 said:gt94sss2 said:fabsaver said:Zopa_Trooper said:Yes, just tried to work it out. If I close it (I get 2% instead of 5%), stick the money straight in Tandem, I think I'll lose £9 overall, though compound interest would reduce that slightly. If I stick it in Santander (worth 7%) then I'd probably break even (roughly). I might be wrong. The longer I leave it, the worse it gets.
From reports here, others have found it very difficult to get money out of HSBC without a current account in place. Their savings accounts are not designed to let you make external withdrawals from them.
Also, the only way you can fund their RS is via their own current account - and the T&C of their regular saver says you should make a minimum payment of £25/month.1 -
It's the next Nationwide Start to Save prize draw tomorrow. May I wish all those on here who are entered into it the very best of luck.24
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I'm looking to withdraw a lump sum from my Stafford Railway BS Regular Saver in order to fund a fixed rate bond. I can't presently access my online SRBS account (no text message with authentication code arriving). Can anyone advise if funds can be withdrawn by online instruction or does passbook have to be sent in by post? Thanks.0
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Hattie627 said:I'm looking to withdraw a lump sum from my Stafford Railway BS Regular Saver in order to fund a fixed rate bond. I can't presently access my online SRBS account (no text message with authentication code arriving). Can anyone advise if funds can be withdrawn by online instruction or does passbook have to be sent in by post? Thanks.If you have registered a nominated account then withdrawals can be made via faster payment, but this can only be actioned by sending in your passbook along with a withdrawal request form by post.If you haven't registered a nominated account then they will post a cheque to you upon receipt of the passbook and withdrawal form.1
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