The Top Regular Savers Discussion Thread

Hal17

Has anyone closed a Suffolk Building Society fixed regular saver before maturity? The T&C say you can close the account without penalty. I guess you would need to request this via message. Many thanks.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82010794#Comment_82010794

Thanks. Payment didn't go out today, so presumably will be tomorrow. Now I know for next time.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82010963#Comment_82010963

Which issue/version do you mean? The T&C's often vary slightly between different issues, and branch and online versions have different processes.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82010963#Comment_82010963

Only the most recently issued Suffolk BS fixed rate RS allows early closure, earlier versions (both online or Branch) don't allow it.

dcs34

Slightly off-topic notes below but I figure it might be relevant to regular saver obsessives - @Bridlington1 do please say if I should move this elsewhere!

With the current fallow period of new regular savers and the end of some of the more lucrative regular savers on offer (e.g. Principality renewals), I've been filling the time trying to broaden my membership of Building Societies. My hope is this might come in handy should these smaller BSs decide to offer loyalty/'existing customer only' higher-rate regular saver accounts as Cambridge BS and Vernon BS currently do.

I've scoured through most of the BSs websites to open their lowest deposit (~£5), non-ISA, viewable online, easy access accounts. This resulted in a few leftover oddities which I figure might (1) be of interest to some on here doing a similar exercise, or (2) prompt someone to tell me something I've overlooked!

Those requiring a higher minimum deposit:

• Cambridge BS - minimum deposit is £100 for online E/A accounts
• Marsden BS - minimum deposit is £5000 for online fixed term bond accounts
• Suffolk BS - minimum deposit is £100 for online E/A accounts
• Teachers BS - minimum deposit is £100 for online E/A accounts
• Vernon BS - minimum deposit is £100 for online E/A accounts

Those requiring customers to reside in a limited postcode area (with no exceptions or loopholes I could find):

• Cumberland BS - customer address must be in north-west England
• Swansea BS - customer address must be in Wales (online system will reject other addresses)

Those with other "barriers":

• Hinckley & Rugby BS - must apply for an online account via post/branch
• Loughborough BS - no online accounts offered (and no online management system as far as I can tell)

Those that don't offer personal savings accounts:

• Chelsea BS - part of YBS, mortgages only
• National Counties BS - business accounts only (Family BS is their personal banking "brand")
• Norwich & Peterborough BS - part of YBS, mortgages only

Section62

dcs34 said: I've scoured through most of the BSs websites to open their lowest deposit (~£5), non-ISA, viewable online, easy access accounts. This resulted in a few leftover oddities which I figure might (1) be of interest to some on here doing a similar exercise, or (2) prompt someone to tell me something I've overlooked!

Suffolk BS - minimum deposit is £100 for online E/A accounts

The Suffolk BS Branch EA account (can be opened by post as well) has a minimum deposit of £10 and can be viewed online.

Cambridge BS - minimum deposit is £100 for online E/A accounts

The minimum deposit for Cambridge BS maturity accounts is usually £1. This is one of the maturity accounts worth keeping hold of once you've got one. Arguably worth opening the poorer paying RS account (5% currently) and giving it minimal funding (£100) in order to generate a £1 minimum EA maturity account after 12 months. (Edit: see kermchem's following post)

kermchem

Dragging back towards topic - I could not find a Cambridge BS RS account that is currently open to non-members. The 5% account requires 12 months membership.

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82011133#Comment_82011133

Thanks @Section62 - for SuffolkBS do you mean the Everyday Saver (as I can't see a 'Branch EA' account): https://www.suffolkbuildingsociety.co.uk/savings-products/everyday-saver-2/

I had assumed it couldn't be managed/viewed online as their key details include:

• You’re happy to manage your account in branch, on the telephone, and by post

Whereas the Online 30 Day Notice includes reference to online management. Although now it appears that account is no longer available!

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82010916#Comment_82010916

Think you mean Standing Order, not direct debit?

Section62

https://forums.moneysavingexpert.com/discussion/comment/82011357#Comment_82011357

That's the one, but it is read-only viewing online, there is no management of the account available. But TBH as an account to earn membership years for eligibility for prospective special regular saver accounts then the amount of management needed is minimal.