Regular Savers

[Sarah]

I've just made an appointment with Virgin Money so that I can open the newest iteration (Issue 12) of their Regular Savings account.

This latest offering pays 3% which is an improvement over preceding issues, but what a blooming faff having to actually turn up in branch in person to open it.

Yeah 3% is pretty good, however no local branch so I'd need to jump off a train en-route to London or some such similar shenanigans:
https://uk.virginmoney.com/savings/find ... 2/overview

[Sarah]

Switched a couple of current accounts to M&S back in August whilst having a clear-out and now have their 5% monthly saver up and running.

Had a nice surprise afterwards when a £125 gift card arrived, despite having previously held an M&S current account several years ago (this more than makes up for them switching one of my accounts on an earlier date than agreed, probably costing me a chunk of Santander 123 interest when that account closed sooner than expected); also receiving £5 per month gift card top-up for meeting the ongoing conditions during first 12 months.

I need to credit £1000 and pay out 2 direct debits every month to maintain these benefits; although I've noticed they've since changed to stricter terms. New M&S current accounts now require monthly £1250 credit and 4 direct debits to enjoy the same benefits!

[planteria]

that's a lot to satisfy... i have an account with them already in place with a RegSav. is it worth transferring to them for benefits now?

[Sarah]

Have to switch within 3 months of account opening - but presumably you already did that anyway?
https://bank.marksandspencer.com/pdf/CA ... gguide.pdf

[planteria]

i've had mine for a few years now.. but are there incentives for a 2nd/3rd account? -i didn't think so.

[Sarah]

No; where subsequent accounts are concerned the benefits are only within their capacity to make mistakes.

In my case it probably helped that there was such a long gap between closing and reopening, during which time the switch process and incentives have also changed significantly.

[planteria]

i'm still saving into HSBC, M&S and Nationwide at 5%. any others as handy out there?

[Sarah]

First Direct still paying 5% however Santander has just cut theirs from 5% to 3% with the latest issue. Club Lloyds is only 2.50% but no fee to pay. In all these cases you'd need the requisite current accounts for access.

[planteria]

yes, with you all round Sarah.. i have a CL account but wouldn't bother tieing up the money for 2.5%... edit: just checked, it's 2.0% https://www.lloydsbank.com/savings/mont ... monthlysav

[Sarah]

That's not the Club Lloyds regular saver - all Lloyds current account customers qualify for that one.

If you have Club Lloyds then you can open this one paying 2.5% (or even open both of them):
https://www.lloydsbank.com/savings/club ... -saver.asp