Regular Savings Accounts: The Best Currently Available List!

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  • Special_Saver2
    Special_Saver2 Posts: 1,406 Forumite
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    bristolleedsfan wrote: »
    has to be said that with 1 year fixed rate bonds paying 6.70% gross drip feeding 250.00 per month into a regular saver paying 7.5% gross which finishes after 12 months does not appear to be a productive exercise.

    I would agree. Also interest rates may continue to rise over the next 12 months so I do not like the idea of having an interest rate that is fixed right now.

    By the way, this thread is one month old today and has been viewed over 5,000 times!!!

    I have been wondering how regular savings accounts can be offered with such good interest rates. If you can explain it to me, then please go to the following separate thread that I have started:
    How can regular savings accounts offer such good interest rates?
  • bristolleedsfan
    bristolleedsfan Posts: 12,091 Forumite
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    Special_Saver2 wrote: »
    I would agree. Also interest rates may continue to rise over the next 12 months so I do not like the idea of having an interest rate that is fixed right now.

    By the way, this thread is one month old today and has been viewed over 5,000 times!!!

    I have been wondering how regular savings accounts can be offered with such good interest rates. If you can explain it to me, then please go to the following separate thread that I have started:
    How can regular savings accounts offer such good interest rates?

    reason y reg savers accounts can be offered with such good interest rates is because transaction costs are low and for majority of savers involved amounts involved are relatively low, ( yorkshire BS had no way of knowing in advance the sheer weight of high balances that would be held in its reg saver relaunch, so no suprise last base rate increase nothing was added to yorkshire RS now that balances in yorkshire BS regular savers will be high.)

    Also not everyone will qualify for full regular saver rates.

    as balances in ongoing reg savers increase ( like they will be now due to time they been running) expect rates to be pruned slightly, lets face reality their arent many ongoing regular savers that pay much higher rates than sainsburys inmstant access internet account, and only a few that are as high as the 6.70% gross 1 year fixed where a lump sum can be dropped straight in.
  • Special_Saver2
    Special_Saver2 Posts: 1,406 Forumite
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    I have updated the first post of this thread to include Monmouthshire's updated rate (up by 0.2% gross p.a.) and I have also edited the beginning to make my link to Martin's article more prominent and to emphasize that this thread is meant to complement his article.

    Next weekend I will further update the first post in this thread as I am sure the majority of the other rates will be updated by then. Also, if the Skipton non-Christmas Regular Saver does increase to 6.4% then it looks like I shall have to include it in this thread too as it will be doing (slightly) better than the best savings accounts.
  • shokadelika
    shokadelika Posts: 364 Forumite
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    Have not seen this account listed.Mercantile 7% fixed monthly saver is still open for new business and by post now operated by Leeds.
    £10 to £250 per month

    Leeds Building Society

    Tel: 0113 225 7777
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  • bristolleedsfan
    bristolleedsfan Posts: 12,091 Forumite
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    shokadelika wrote: »
    Have not seen this account listed.Mercantile 7% fixed monthly saver is still open for new business and by post now operated by Leeds.
    £10 to £250 per month

    Leeds Building Society

    Tel: 0113 225 7777

    last time this account was queried, was still being offered in north east branches, something to do with leeds offering the account to ex mercantile members following leeds takeover of the mercantile building society.
  • shokadelika
    shokadelika Posts: 364 Forumite
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    Mercantile 7% monthey saver is open to everybody ex member or not. You can apply by post so you do not have to go into a branch.
    Are U getting enough Vitamin D in your life!?
  • bristolleedsfan
    bristolleedsfan Posts: 12,091 Forumite
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    shokadelika wrote: »
    Mercantile 7% monthey saver is open to everybody ex member or not. You can apply by post so you do not have to go into a branch.


    thats why the account appears on leeds BS general open access website ( not) :rolleyes:

    7% fixed for a year, fed in account is not particularly appealing anyway considering 6.7% fixed for a year can be obtained with all funds going straight into the 6.7% 1 year fixed rate bond.
  • Special_Saver2
    Special_Saver2 Posts: 1,406 Forumite
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    Thank you for your messages above, I was not familiar with this account.

    I have found references here:
    http://www.leedsbuildingsociety.co.uk/mercantile/
    http://www.leedsbuildingsociety.co.uk/mercantile/mercantile_monthly_saver.html

    It is definitely only available to people who go to one of these north east branches to open one.
    http://www.leedsbuildingsociety.co.uk/contact/branch_north_east.html

    I shall add it to the list on the first post of this thread although it might be a brief entry given that I am running short on space and its limited availability.

    I am going to update the first post of this thread later this evening.
  • Special_Saver2
    Special_Saver2 Posts: 1,406 Forumite
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    Okay, I have updated the first post of this thread.

    I have updated all the interest rates. Bristol BS have not updated their rate yet - they always take about a week or two longer to announce their updated rate.

    I am a bit tight on space due to the 25,000 word limit, so have had to delete one or two unimportant bits.

    As the Prinicipality BS Regular Saver is now only paying 6.25% (only 0.05% rise in interest rate), you would be better off leaving your money in an ICICI account or an A&L Direct Saver account at 6.30% for either account (fewer strings with the ICICI account).

    I have therefore removed the Principality account and replaced it with the Skipton account which has increased its rate to 6.40%. It allows up to £1,000 per month but I personally am a bit skeptical about how long that rate will stay above the best savings account. I am sure others here will point out that a fixed rate bond will pay more although a fixed rate bond will not rise with each subsequent interest rate rise. One of the Skipton account pages mentions that opening this account gives you full membership of the society. I don't know if that makes it suitable for carpet-bagging (for those of you who are into that) - it depends on whether there is a charity assignment clause. My computer cannot seem to download the application form and terms and conditions at the moment so I cannot answer that question.

    By the way, the formatting in the first message on this post seems to somewhat randomly get messed up. It is not me being lazy or messy!
  • Special_Saver2
    Special_Saver2 Posts: 1,406 Forumite
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    By the way, I forgot to mention that I have removed the A&L Mortgage Saver which is about to close tomorrow and have replaced it with the new A&L 12% regular saver for people opening up new Premier current accounts, as mentioned by Kazza in another thread.

    Mary has also been kind enough to point out a Principality account that is paying 6.50%, which I have now included in the 12 month section.

    That is different from the Principality 6.25% regular saver which I have deleted from the no maturity date section, i.e. this one:
    http://www.principality.co.uk/default.aspx?page=316

    The more I think about it, the less and less good that Skipton 6.40% account sounds (see no maturity date section of my first post). Once you take into account interest lost through money being transferred between accounts, you really should just keep your money in the best savings account.

    At the moment, I am putting in regular savings accounts that beat the best savings account. I might change that in future to regular savings accounts that beat the best savings account by at least 0.20% or 0.25%, particularly as I am struggling to keep within the 25,000 character limit. I shall think about that...
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