Home saver regular saving accounts

35har1old

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).

I think it could be age dependent 

jameseonline

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.

Thinking same/similar tbh

[Deleted User]

jameseonline said:

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.

Thinking same/similar tbh

I'm earning some interest  which was more than before MSE forum.:) 

35har1old

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).

Is it still paying 5.6%?

soulsaver

35har1old said:

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).

Is it still paying 5.6%?

Yes... But it's NLA.

janusdesign

35har1old said:

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).

Is it still paying 5.6%?

as @soulsaver mentioned, it's still paying 5.6%.

it was Issue 1 of their "First Home Saver"... a 3-year regular saver that was 5% when I opened it (days before going NLA), but has had 3 incremental rate increases over the last 19 months... if memory serves, it has no withdrawal limitations, so could effectively use it as an easy access (next day) account if necessary... I would expect the rate to drop when the BoE make their next move.

the current Issue 2 has a lower rate and more withdrawal restrictions, e.g you have to give 60 days notice or pay an interest penalty.