Home saver regular saving accounts

Exodi

callum9999 said:

Exodi said:

[Deleted User] said:

Exodi said:

Could you link an example of one as this isn't something I've ever heard of (and a quick google search doesn't bear any fruit either).

Are you sure this isn't a misinterpretation of something in their marketing along the lines of them being great for people saving up for a home or a car (but in reality, you can use the money for whatever you want)?

"Home Deposit Saver Issue 1"
just been mention on the 
BEST REGULAR SAVERS CURRENTLY AVAILABLE  thread.
Is, l think what I'm thinking about. 

Thanks, what a silly thing to name it.

No requirement whatsoever to use it towards a house deposit (and I read through the full T&C's to be sure), but clearly causes confusion.

Do you have a First Direct regular saver account? I'm part way through my second cycle with them (who knows, there may be a third cycle if they are still holding the rate in December!).

I'd say it's a perfectly logical thing to name it if you were wanting to attract people who are saving for a house deposit... (Presumably to try and sell your mortgages to)

Except the ambiguity about whether it has to be used for a deposit deters people that are not wanting to save for a house deposit (such as the case with the OP) and there are more people not saving for house deposits than there are.

[Deleted User]

flaneurs_lobster said:

[Deleted User] said:

Hello.
I noticed a few building societies  have regular saving accounts for people to save for homes.
Can you apply for them even if you are not saving for a house?

It would depend on the terms & conditions that apply to a particular savings product. The new Skipton Home Deposit Saver (that you refer to upthread) simply suggests that it would be a suitable account for it's titular purpose, there's no compulsion to only use monies saved therein for a home deposit.

By contrast, the Coventry First Home Saver (issue 1, NLA) of a couple of years ago had the following as part of the terms

Must be saving to build up a deposit to buy a first home

For yourself or a family member

It's quite specific, but has not (at least in my experience) been enforced (how could it?).

You might consider it to be simply a marketing term, after all no-one would expect that money saved in a "Rainy Day Saver" can only be spent in wet weather.

OK, thanks for clearing that up for me.

[Deleted User]

gravel_2 said:

https://www.skipton.co.uk/savings/regular-savers/home-deposit-saver is an example. Buying a home is not a requirement.

However, the rate is not better than the best normal easy access accounts you can get right now. It's also variable so for me there's no attraction to this specific account. 

OK, thank you.

[Deleted User]

gravel_2 said:

@[Deleted User] having seen a number of your posts recently on the forum you seem to be doing a lot of research into a lot of different accounts. At the same time I recall you have in other threads indicated you are only looking to save small amounts monthly. 

I am hopefully you are not suffering analysis paralysis as a result of your research and that, notwithstanding your recent queries, your spare cash is already earning a nice rate of interest.

Maybe a little bit sometimes there is too much information  on here for my own good.

Yes, I have dipped my toe into the saving world, and my cash is earning interest. 
Maybe not top draw but earning something. Thanks to this forum.

[Deleted User]

janusdesign said:

[Deleted User] said:

Hello.
I noticed a few building societies  have regular saving accounts for people to save for homes.
Can you apply for them even if you are not saving for a house?

I would say yes - depending on any specific terms & conditions not being broken (and some of the posters on the main RS thread would likely ignore those terms even if they existed - possibly on the assumption that worst case, the account would just be closed by the bank!).

personally, I have one (with Coventry BS  @ 5.6%) - but I am not saving for a home... I ummed and arghed about opening it for a while concerned of the morality/legality of opening it... in the end, others were opening it who weren't saving for a home, so I jumped on board. 

Principality BS has one (as does Leeds BS) - but the PBS one states that the account is only for "first time buyers"... don't know if they could enforce or check that, but I didn't bother to open that (rate is only 5.25% anyway)... if memory serves, you do have to tick a checkbox during application to state that you are a first time buyer.

I had a quick look at the t&c for the Skipton one posted by Bridlington in the main thread and I can see nothing that would worry me about opening it (other than the rate).

Thanks for the information. 

callum9999

Exodi said:

callum9999 said:

Exodi said:

[Deleted User] said:

Exodi said:

Could you link an example of one as this isn't something I've ever heard of (and a quick google search doesn't bear any fruit either).

Are you sure this isn't a misinterpretation of something in their marketing along the lines of them being great for people saving up for a home or a car (but in reality, you can use the money for whatever you want)?

"Home Deposit Saver Issue 1"
just been mention on the 
BEST REGULAR SAVERS CURRENTLY AVAILABLE  thread.
Is, l think what I'm thinking about. 

Thanks, what a silly thing to name it.

No requirement whatsoever to use it towards a house deposit (and I read through the full T&C's to be sure), but clearly causes confusion.

Do you have a First Direct regular saver account? I'm part way through my second cycle with them (who knows, there may be a third cycle if they are still holding the rate in December!).

I'd say it's a perfectly logical thing to name it if you were wanting to attract people who are saving for a house deposit... (Presumably to try and sell your mortgages to)

Except the ambiguity about whether it has to be used for a deposit deters people that are not wanting to save for a house deposit (such as the case with the OP) and there are more people not saving for house deposits than there are.

Which obviously isn't a problem if you are targeting people who ARE wanting to save for a house deposit... Which common sense would dictate is exactly what they're doing. 

Middle_of_the_Road

callum9999 said:

Exodi said:

[Deleted User] said:

Exodi said:

Could you link an example of one as this isn't something I've ever heard of (and a quick google search doesn't bear any fruit either).

Are you sure this isn't a misinterpretation of something in their marketing along the lines of them being great for people saving up for a home or a car (but in reality, you can use the money for whatever you want)?

"Home Deposit Saver Issue 1"
just been mention on the 
BEST REGULAR SAVERS CURRENTLY AVAILABLE  thread.
Is, l think what I'm thinking about. 

Thanks, what a silly thing to name it.

No requirement whatsoever to use it towards a house deposit (and I read through the full T&C's to be sure), but clearly causes confusion.

Do you have a First Direct regular saver account? I'm part way through my second cycle with them (who knows, there may be a third cycle if they are still holding the rate in December!).

I'd say it's a perfectly logical thing to name it if you were wanting to attract people who are saving for a house deposit... (Presumably to try and sell your mortgages to)

Coventry FHS 2 has a 3 year term, and pays a bonus of £500 if you take one of their mortgages.

jameseonline

5.25% Principality First Home Steps (£1500 a month)

5.15% Leeds Home Deposit Saver (£500 a month)

5.05% Coventry First Home Saver (£1000 a month)

5% YBS First Home esaver (£500 a month)

Conclusion: not worth doing unless exhausting a lot of other accounts (regular savers/easy access with limits) if at all.

But you should be fine to open them if you want, also if you do go with these accounts you may get a bonus if you do end up buying a house with a provider

Barkin

Looking quickly at the Principality account, during the online application process it asks:

---x---
Please click to confirm that: You are a first time buyer and do not own or have not previously owned a property.
---x---

Myself, I wouldn't tick that box were the statement not true. 

[Deleted User]

jameseonline said:

5.25% Principality First Home Steps (£1500 a month)

5.15% Leeds Home Deposit Saver (£500 a month)

5.05% Coventry First Home Saver (£1000 a month)

5% YBS First Home esaver (£500 a month)

Conclusion: not worth doing unless exhausting a lot of other accounts (regular savers/easy access with limits) if at all.

But you should be fine to open them if you want, also if you do go with these accounts you may get a bonus if you do end up buying a house with a provider

Well least my query was  answered. 
Thank you.