For a human or expert at Money Saving Expert ( only )

IanManc

lr1277 said:

Eco_Miser said:

The accounts that give the highest interest rate possible are usually what are known as Regular Saver or Monthly Saver accounts. These have very limited amounts and usually only last for a year, but by using lots of banks and building societies you can have many thousands earning top rates of interest. There is a dedicated thread to keep up to date on the best rates at https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1 

I mentioned accounts closed by the bank/building society. This post reminded me of a regular saver (RS) I had that was closed by the building society.

I opened an RS account with Yorkshire building society (YBS) in around 2007. It had a reasonable rate of interest and the only condition was that you could make 1 penalty free withdrawl a year. So if you were disciplined and kept putting money in but not taking money out, you could build up a balance of many 10's of thousands of pounds. YBS would pay interest on the whole balance (on a daily basis).  In hindsight this was unsustainable for YBS. If memory serves this account was closed for everyone by 2013/14. The money in the account was moved to an instant access saver with a lower but not shabby rate of interest.

It had a maximum balance of £20000 so you couldn't "build up a balance of many 10's of thousands of pounds", but you could take out a few hundred each year and continue to pay in the minimum of £10 a month, thus ensuring that you had just under £20k on a high rate all the time, while skimming off the interest.

lr1277

IanManc said:

lr1277 said:

Eco_Miser said:

The accounts that give the highest interest rate possible are usually what are known as Regular Saver or Monthly Saver accounts. These have very limited amounts and usually only last for a year, but by using lots of banks and building societies you can have many thousands earning top rates of interest. There is a dedicated thread to keep up to date on the best rates at https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1 

I mentioned accounts closed by the bank/building society. This post reminded me of a regular saver (RS) I had that was closed by the building society.

I opened an RS account with Yorkshire building society (YBS) in around 2007. It had a reasonable rate of interest and the only condition was that you could make 1 penalty free withdrawl a year. So if you were disciplined and kept putting money in but not taking money out, you could build up a balance of many 10's of thousands of pounds. YBS would pay interest on the whole balance (on a daily basis).  In hindsight this was unsustainable for YBS. If memory serves this account was closed for everyone by 2013/14. The money in the account was moved to an instant access saver with a lower but not shabby rate of interest.

It had a maximum balance of £20000 so you couldn't "build up a balance of many 10's of thousands of pounds", but you could take out a few hundred each year and continue to pay in the minimum of £10 a month, thus ensuring that you had just under £20k on a high rate all the time, while skimming off the interest.

Thanks for the reminder. 

Nasqueron

MSE_James said:

Hi - just for clarity (given the subject line of your post) - this is primarily a space for users of MoneySavingExpert to help one another, rather than a place where the MSE team answers questions. 

As regards humans ... our rules say that "the Forum is a place for real people to share their experiences and insights" and we remove posts we believe may have been AI generated.

Are we human or are we dancer?