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Regular Savings Accounts: The Best Currently Available List!

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Comments

  • Zopa_Trooper
    Zopa_Trooper Posts: 293 Forumite
    100 Posts Second Anniversary
    edited 20 August 2023 at 1:29PM
    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.
  • 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.
    With Shawbrook and others snapping at their heels with 4.83% it won't be worth drip feeding even £1000 a month into a reg saver with its withdrawal restrictions unless they significantly increase the rate. I already withdrew most of my money from my multiple Darlington reg savers with their now poor 4.5%. It seems they have given up being competitive

  • fabsaver
    fabsaver Posts: 1,306 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
    If you do decide to switch your current account I would wait to see if they close the Regular Saver.

    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 states
    If 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.


  • gt94sss2
    gt94sss2 Posts: 6,185 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 21 August 2023 at 11:35AM
    fabsaver 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.
    If you do decide to switch your current account I would wait to see if they close the Regular Saver.
    A word of caution. 

    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.
  • csw5780
    csw5780 Posts: 126 Forumite
    100 Posts Second Anniversary Photogenic Name Dropper
    gt94sss2 said:
    fabsaver 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.
    If you do decide to switch your current account I would wait to see if they close the Regular Saver.
    A word of caution. 

    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.
    Although I have an HSBC current account, I fund the RS via SO from another bank without issue. 
  • csw5780 said:
    gt94sss2 said:
    fabsaver 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.
    If you do decide to switch your current account I would wait to see if they close the Regular Saver.
    A word of caution. 

    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.
    Although I have an HSBC current account, I fund the RS via SO from another bank without issue. 
    I also fund the HSBC RS externally (via a Chase Faster Payment, earlier than the account monthiversary date too). I know I'm living dangerously breaching the T&Cs but no problems so far 8 months in.
  • Hattie627
    Hattie627 Posts: 448 Forumite
    100 Posts Second Anniversary Name Dropper
    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.
  • kaMelo
    kaMelo Posts: 2,885 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    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.
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