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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,088Posts
    • 3,670Thanks
    Special_Saver2
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 27th Nov 07, 10:33 PM
    Regular Savings Accounts: The Best Currently Available List! 27th Nov 07 at 10:33 PM
    1. Introduction

    Welcome to this thread. I continually edit the first few posts of this thread to keep it up-to-date. This thread is meant to complement Martin Lewis' article which you can read here: Regular Savings Accounts and the accompanying discussion thread Regularly Beat the Best Savings Account Rates Discussion Area

    I am happy for people to use this thread to discuss the regular savings accounts on this list. If people want to discuss one of the feeder accounts or a maturing account that is no longer on this list, I am happy for people to post something on this thread (as it may be of interest to some of the people who follow this thread), although I would prefer they start a new thread and then post a message on this thread with a link to the new thread.

    I am only including accounts where the interest rate is 2.5% or better, or 1.5% if there are particularly favourable terms and conditions (e.g. fixed rate, no maturity date, allow payment of £500 or more per month, or have unlimited withdrawals without penalty).

    I have not included regular saver ISA accounts which you can find in Kazza242's thread here: Mini Cash ISAs: The Best ISAs Currently Available List

    I have included children's regular savers but I would strongly recommend that you read the section about the tax implications
    for interest from children's accounts in Martin's article Best Child Savings.

    If you are not sure whether the best place for your money is in a regular savings account or another type of savings account then look at Martin's article How to Start Saving. If you want to see a worked example of how to use these accounts to save the maximum possible, see the thread What is the Highest Interest Rate You Can Get?

    If you have information about a new regular saver account then please feel free to post a message on this thread or you can write a separate thread and then post a link here. Please try and limit discussion on this thread to regular savings accounts.

    If you want to bookmark a link that allows you to jump straight to the end of this thread then use this: http://forums.moneysavingexpert.com/...8697&page=9999

    If you want to receive automatic alerts when new posts are added to this thread then use the following instructions. Login, go to the top of any page in this thread, click "Thread tools" then click on "Subscribe to this thread" and then select whether you want to be notified as soon as there is a new post (you will receive an e-mail telling you to go to the website for more details) or select daily or weekly updates (you will receive an e-mail daily / weekly with a handy summary of all the new posts).

    You may also be interested in the following threads:
    How can regular savings accounts offer such good interest rates?
    Are Regular Savers still worth it? (Calculations and discussion regarding drip feeding lump sums into regular savings accounts)
    Is there a best time of the month to deposit in Regular Savers?
    Transfers from Barclays to regular savings accounts
    Interest on BACS credits
    Direct Debit Payments
    A-Z of bank/building society sort codes/account nos
    Account opening date and 13th payments

    Websites with useful information include:
    Moneyfacts.co.uk News Page
    Moneyfacts.co.uk Regular Savings Accounts Page
    Moneyfacts.co.uk Children's Savings Accounts Page
    Moneysupermarket.com Regular Savings Accounts Page

    (you need to choose the right hand option on that page to view all regular savings accounts)
    Savings Champion Regular Savings Account Page

    Thanks to Money Savers
    adindas, Afahmaep, alanq, aleph_0, AlwaysLearnin, apt, Archi Bald, Ashen, Baldur, blindman, Bluebirdnick, bob792, bristolleedsfan, Careful_ly, Chadsman, Chaykin, chookie1, chris1, colsten, Cosworth806, ctdctd, Dagobert, DeepSporran, dougz, Ed-1, edda, F4, Fella, Froglet, Frogletina, glider3560, gt94sss2, happy with my lot!!, HardCoreProgrammer, IanIan, IanManc, info addict, InMyDreams, innovate, interest Ted, jdavtz, jimbow25, Jo Blogs, johnmoney05, karlie88, Kazza242, Ken68, KTF, lightbulb2760, LongTermLurker, lr1277, lucky77, mary, midzone, MarkFromMullion, MARTYM8', Milarky, moi, moneylover, Money_Man_Steve, MoneySaverLog, motoko, Mr Pumpendumpen, MRMX9, mrssjs, Nessie23, Newly retired, Nick_C, nicko33, notalk, numbers123, Old Slaphead, opinions4u, oxenryd, parker1982, patientperson, penguine, premierfella, psychic teabag, quinlanmd, RayWolfe, red ant, redcar, Rich2808, SalsaDanca, secret wookie, schiff, shokadelika, Snowman, Speculator, steveteach, steve65e, veryintrigued, ViksB, vinylmusic, Vortigern, weeallen, Westie983, worried3, Willing2Learn, and YorkshireBoy for their contributions (useful posts either directly on this thread or on another thread that I have then incorporated here).

    I have divided up the information here into several different sections. You can therefore easily skip any sections that you are not interested in.

    Unless indicated otherwise, you can only open one of each account.


    I have included a summary of the terms and conditions of each account as these can be complicated with regular savings accounts. I would advise you to look at these terms and conditions to check that the account is suitable for you.

    2. No Time Limit / Account Maturity Date

    The advantage of these accounts is that you can build up a large balance which all earns a high rate of interest. You also avoid the hassle of continually opening and closing accounts and setting up new standing orders for each new account. The terms and conditions are also generally good - they generally allow you to make a penalty-free withdrawal and miss a payment each year. The disadvantage of these accounts is that there is no guarantee that the rate will remain high and often these accounts have a balance limit. If the interest rate drops after 12 months then I include the account in post 4 instead.

    3. Matures After More Than 12 Months

    The interest rate drops significantly after the date specified.

    4. Matures After 12 Months

    These accounts usually offer higher interest rates and they often offer interest rates that are fixed for the full 12 months. The main disadvantage with these accounts is that after 12 months the interest rate usually drops significantly. The terms and conditions can also be quite restrictive, so read them carefully.

    5. Matures After 12 Months, Requires Another Account

    These accounts are similar to the above accounts but they require you to open another account (usually a current account, which often has a funding requirement). They are more hassle than the accounts in section 4 but usually have a higher interest rate in return.

    6. Matures After 12 Months, Requires Another Product (Insurance or Investment)

    These accounts usually also offer a short term, high interest rate but they require you to make a long term investment or take out an insurance product.

    7. Matures After Less Than 12 Months

    These accounts are usually Christmas Saver accounts designed to encourage saving in time for Christmas.

    8. Homebuyer Accounts

    Okay, these accounts will not be of much use to you unless you are going to buy a house but they may be of use to some of you out there.

    9. Best Feeder Accounts

    These are accounts where you can leave a large lump sum and drip feed the money into your regular savers each month. Certain accounts are not listed here as they cannot transfer money directly to regular savings accounts. The accounts listed can do BACS transfers to regular savings accounts directly. Alternatively, if you have an offset mortgage, you might be able to use that as a feeder account but it is only worth doing so if the interest paid (after tax) on the regular saver account is higher than the interest rate on your mortgage account.
    Last edited by Special_Saver2; 05-11-2017 at 7:54 PM.
Page 333
    • ColdIron
    • By ColdIron 10th Nov 17, 2:28 PM
    • 3,573 Posts
    • 4,283 Thanks
    ColdIron
    Virgin Regular E-Saver Issue 8 now available
    2.25% Matures 20 December 2018

    Thank you again Virgin Money

    Having problems opening it, some wibble about not pressing the back button in both FireFox and Chrome. I expect it will sort itself out
    Last edited by ColdIron; 10-11-2017 at 2:38 PM.
    • andi2
    • By andi2 10th Nov 17, 2:53 PM
    • 643 Posts
    • 776 Thanks
    andi2
    Virgin Regular E-Saver Issue 8 now available
    2.25% Matures 20 December 2018

    Thank you again Virgin Money

    Having problems opening it, some wibble about not pressing the back button in both FireFox and Chrome. I expect it will sort itself out
    Originally posted by ColdIron
    I get the same issue if I log in & try to open it. However log out & go to open it (logging in as part of the process) & that works.

    Either that or they fixed it in between my two attempts

    & thank you
    Smile and be happy, things can usually get worse!
    • ColdIron
    • By ColdIron 10th Nov 17, 3:00 PM
    • 3,573 Posts
    • 4,283 Thanks
    ColdIron
    Yup, it's worked for me now
    • mgarl10024
    • By mgarl10024 10th Nov 17, 3:05 PM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    Virgin Regular E-Saver Issue 8 now available
    2.25% Matures 20 December 2018

    Thank you again Virgin Money

    Having problems opening it, some wibble about not pressing the back button in both FireFox and Chrome. I expect it will sort itself out
    Originally posted by ColdIron
    Sadly no rate uplift. :-(
    • Speculator
    • By Speculator 10th Nov 17, 3:12 PM
    • 1,724 Posts
    • 1,319 Thanks
    Speculator
    The YBS monthly saver should be paying 2.00% next month so maybe worth opening especially as it allows £500pm and 1 withdrawal.
    • ToiletLicker
    • By ToiletLicker 10th Nov 17, 3:19 PM
    • 17 Posts
    • 52 Thanks
    ToiletLicker
    Nice one ColdIron!
    Have just tried to apply.
    I genuinely don't remember having to put my employers details in before.
    Will apply later when I get a chance to 'make sure' I have the correct address.
    #24
    • Speculator
    • By Speculator 10th Nov 17, 3:33 PM
    • 1,724 Posts
    • 1,319 Thanks
    Speculator
    Have you had a letter? I had a look online but I cant see anything mentioned.
    This was my sacrificial goat account if every I needed emergency money at short notice but at 2% it will be a keeper
    Originally posted by mhoc
    This is on their website.

    "The Society will be adding the full Bank Rate increase of 0.25% to all our variable rate savings accounts with effect from 14th December 2017. "
    • Play
    • By Play 10th Nov 17, 3:36 PM
    • 17 Posts
    • 3 Thanks
    Play
    VM RS 7 STORE is out too
    • gingercordial
    • By gingercordial 10th Nov 17, 4:14 PM
    • 1,027 Posts
    • 1,012 Thanks
    gingercordial
    Sadly no rate uplift. :-(
    Originally posted by mgarl10024
    I had to call them yesterday (how to do a name change on marriage) and the first part of the recorded message before getting to speak to someone was about how they are currently considering what to do about the rate increase. Shame they couldn't have reached a conclusion before releasing this one
    • mhoc
    • By mhoc 10th Nov 17, 5:31 PM
    • 15,960 Posts
    • 198,569 Thanks
    mhoc
    Virgin Regular E-Saver Issue 8 now available
    2.25% Matures 20 December 2018

    Thank you again Virgin Money

    Having problems opening it, some wibble about not pressing the back button in both FireFox and Chrome. I expect it will sort itself out
    Originally posted by ColdIron
    Very nice timing as the Virgin regular saver 2 matures in December so Virgin regular saver 8 neatly replaces it.

    Is this a 14 month account - I've sent the first £250 and then from 01/12/2017 to 01/12/2018 is another 13 monthly payments so £3500 - ??? Have I got this correct?
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • ColdIron
    • By ColdIron 10th Nov 17, 5:43 PM
    • 3,573 Posts
    • 4,283 Thanks
    ColdIron
    Yes, 14 payments of £250 as they say in this section

    What would the estimated balance be after 14 months based on a £3,500 deposit?


    Projected balance at the end of the fixed term £3,549.22
    • Hattie625
    • By Hattie625 10th Nov 17, 6:53 PM
    • 617 Posts
    • 480 Thanks
    Hattie625
    Very nice timing as the Virgin regular saver 2 matures in December so Virgin regular saver 8 neatly replaces it.

    Is this a 14 month account - I've sent the first £250 and then from 01/12/2017 to 01/12/2018 is another 13 monthly payments so £3500 - ??? Have I got this correct?
    Originally posted by mhoc
    Most, maybe all, the Virgin Money RS's have been timetabled to allow 14 calendar monthly payments before the maturity date specified in the launch info. Only if you open the account and make the first payment before the end of the calendar month in which the issue is launched, of course. Recent issues have launched between about 10th to 13th of the month, so you have plenty of time to open and make the first payment before the end of the launch month. Issue 8 has launched slightly earlier in the month than recent issues. I was expecting it on Monday of next week.
    • xylophone
    • By xylophone 10th Nov 17, 10:56 PM
    • 23,447 Posts
    • 13,633 Thanks
    xylophone
    I've just opened and funded issue 8 on line with no problem.
    • JamesRobinson48
    • By JamesRobinson48 11th Nov 17, 9:58 AM
    • 21 Posts
    • 53 Thanks
    JamesRobinson48
    Yorkshire BS RS
    In my opinion the current edition Yorkshire BS RS will have something going for it if (as implied by YBS lately) next month the interest rate is to be increased from 1.75% back up to the original 2.00%. This is a two year RS with monthly max of £500, so worthwhile amounts can be sheltered here.

    I opened this RS when it was first released, then closed the account when they cut the rate. But my local YBS branch was more than happy to allow me to open a new account of the same issue last week (different account number), so the two year term has started over again. Actually, allowing people to start the same RS issue again (having previously closed their account) seems to drive a coach and horses through this account's once-per-year withdrawal restrictions.
    • Hattie625
    • By Hattie625 11th Nov 17, 12:47 PM
    • 617 Posts
    • 480 Thanks
    Hattie625
    In my opinion the current edition Yorkshire BS RS will have something going for it if (as implied by YBS lately) next month the interest rate is to be increased from 1.75% back up to the original 2.00%. This is a two year RS with monthly max of £500, so worthwhile amounts can be sheltered here.

    I opened this RS when it was first released, then closed the account when they cut the rate. But my local YBS branch was more than happy to allow me to open a new account of the same issue last week (different account number), so the two year term has started over again. Actually, allowing people to start the same RS issue again (having previously closed their account) seems to drive a coach and horses through this account's once-per-year withdrawal restrictions.
    Originally posted by JamesRobinson48
    The T and Cs say that you cannot open a new account until a year has passed from the closing of the previous one.
    • veryintrigued
    • By veryintrigued 11th Nov 17, 3:46 PM
    • 2,098 Posts
    • 1,369 Thanks
    veryintrigued
    N&Ps Regular Saver
    The YBS monthly saver should be paying 2.00% next month so maybe worth opening especially as it allows £500pm and 1 withdrawal.
    Originally posted by Speculator
    N&Ps Regular Saver is almost identical and will also be benefitting from the 0.25% raise:

    The Society will be adding the full Bank Rate increase of 0.25% to all our variable rate savings accounts with effect from 14th December 2017.

    https://www.nandp.co.uk/savings/regular-savings/monthly-regular-saver/?view=Standard
    • Westie983
    • By Westie983 12th Nov 17, 1:03 AM
    • 3,842 Posts
    • 14,002 Thanks
    Westie983
    Nice maturity date for Christmas 2018

    Happy Westie, as my Nationwide matures this months.

    Wesrie983
    Save 12k in 2017 #16 Total £22,555/£12,000 = 187.95%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0.00/£800 = 51.25% ( x 11)
    Xmas 2017 £1 a Day #6 Total £400/£365 = 109.58%
    Virtual Sealed Pot #1 Total £1,600/£1,800 = 88.88%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £26,465/£16,965 = 155.99%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • hgt
    • By hgt 12th Nov 17, 11:03 AM
    • 202 Posts
    • 137 Thanks
    hgt
    I am thinking that the old Yorkshire Building Society regular saver 1 and 2 which are becoming Single Access Saver Unique Edition on December 14th and paying 1.5% variable - I am wondering if they will go up to 1.75% - possibly it will be December before any announcement is made.
    I've put my standing order down to £10 for the time being
    Originally posted by mhoc
    What I've done with my YBS Regular Saver.... I've cancelled my SO and have already withdrawn the majority of the balance ahead of 14th Dec as they've already paid the bonus interest in advance, and also withdrawals are unrestricted before 14th Dec. Plus there is no longer a requirement for a monthly deposit.

    I intend to only leave a token amount in there, then see what happens with the rate going forward, as even though the Single Access Saver only allows one withdrawal per year, it allows deposits at any time (no SO needed, these can be ad-hoc). So my thinking is pretty much clear the account out while I can, then shove money back in if the rate is competitive (I think it's a Max balance on £22 on the Single Access Saver).

    If you leave a pretty high balance in there after 14th Dec, it's stuck there for a year unless you close the account.
    • pafpcg
    • By pafpcg 12th Nov 17, 5:04 PM
    • 168 Posts
    • 130 Thanks
    pafpcg
    Off-topic: YBS Regular Saver Issues1&2/Single Access accounts
    If you leave a pretty high balance in there after 14th Dec, it's stuck there for a year unless you close the account.
    Originally posted by hgt
    Not quite - with the post-Dec14th Single Access account you can make one withdrawal per year, plus the right to withdraw everything by closing the account.

    As these accounts are no longer available, they are outside the scope of this discussion thread - please post in the Yorkshire BS Regular Saver thread here: http://forums.moneysavingexpert.com/showthread.php?t=5722669
    • Special_Saver2
    • By Special_Saver2 13th Nov 17, 12:38 AM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Folks,

    Many thanks to all the people who placed useful posts on this thread. Here is this weekend's update.

    - Virgin Money Regular E-Saver (Issue 7) updated in post 7 to issue 8 (same details as old issue but maturity date in December for the new issue)
    - Virgin Money Regular Saver (Issue 6) updated in post 7 to issue 7 (same details as old issue but maturity date in December for the new issue)
    - Yorkshire BS Monthly Regular Saver updated in post 3 with 0.25% interest rate increase from 14th December and link to their website confirming this
    - N&P BS Monthly Regular Saver updated in post 3 with 0.25% interest rate increase from 14th December and link to their website confirming this
    - Principality BS Member Only Regular Saver Bond paying 4% fixed on up to £250 per month for 12 months to customers who have held a savings or mortgage account with them for 2 years added to post 3
    - Santander Regular eSaver (Issue 5) updated to issue 6 in post 5 with a higher interest rate of 3% fixed (was 2.5%) for non-123 customers opening one of these accounts and sustained 5% fixed rate for 123 members

    I will do another update the weekend after next.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1
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