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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 334
    • AirlieBird
    • By AirlieBird 13th Nov 17, 4:27 PM
    • 696 Posts
    • 463 Thanks
    AirlieBird
    Leeds BS are increasing all variable rate regular savers to 2.55% from 23 November
    • adindas
    • By adindas 13th Nov 17, 4:36 PM
    • 3,311 Posts
    • 1,640 Thanks
    adindas
    I've been successful with Chorley, Saffron (with their Reg ISA) and Principality so far and will be keeping £100 in the Yorkshire BS and Skipton.

    I never close a BS account and always keep at least £1 in one of their accounts.
    Originally posted by Speculator
    It seems to me that
    While for BS is good to provide an anchor leaving a token amount in the saving a/c to keep the account open to quality to a newly launched account regular saver, the high street Banks is just the opposite. With their current accounts /switching deal, Credit Cards companies, it is better to close your account and open a new one later to qualify for a new customer deal
    • glider3560
    • By glider3560 13th Nov 17, 5:49 PM
    • 3,318 Posts
    • 2,042 Thanks
    glider3560
    Leeds BS are increasing all variable rate regular savers to 2.55% from 23 November
    Originally posted by AirlieBird
    So presumably:
    Issue 4: 0.75% (was 0.50%) + 1.80% bonus
    Issues 5-9: 2.55% (was 2.30%)

    Or is the Issue 4 not classed as a "variable rate regular saver"?

    • cosh25
    • By cosh25 13th Nov 17, 6:48 PM
    • 4 Posts
    • 28 Thanks
    cosh25
    So presumably:
    Issue 4: 0.75% (was 0.50%) + 1.80% bonus
    Issues 5-9: 2.55% (was 2.30%)

    Or is the Issue 4 not classed as a "variable rate regular saver"?
    Originally posted by glider3560
    When I asked them earlier it is only issue 8 and 9 that are increasing. The rest are 'fixed rates'
    • gilly56
    • By gilly56 13th Nov 17, 7:12 PM
    • 79 Posts
    • 40 Thanks
    gilly56
    Here is the pdf summary file I saved off their site for Issue 4.......'variable'?

    https://drive.google.com/open?id=1FSKmaA-7nJyAvdPGXrByoSfJSHYAACpK
    Last edited by gilly56; 13-11-2017 at 7:19 PM.
    • veryintrigued
    • By veryintrigued 13th Nov 17, 8:13 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    Leeds BS are increasing all variable rate regular savers to 2.55% from 23 November
    Originally posted by AirlieBird

    http://www.leedsbuildingsociety.co.uk/your-society/base-rate/

    We’re increasing the rate on all variable Regular Saver accounts by 0.25% to 2.55% from 23rd November.
    • Kernel Sanders
    • By Kernel Sanders 13th Nov 17, 8:31 PM
    • 3,180 Posts
    • 1,317 Thanks
    Kernel Sanders
    So, if I open an Issue 9 now with The Leeds, the interest will rise in ten days?
    For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1
    Originally posted by Special_Saver2
    I've noticed that the BoS Vantage is still showing as 3% in #9. Whilst correcting it, maybe add that NWFD continues @ 1% after 12 months ?
    Your link doesn't seem to work anymore, it now takes me to an MSE page stating Whoops! Sorry, you've landed on a page that doesn't exist!
    Last edited by Kernel Sanders; 13-11-2017 at 8:59 PM.
    • Speculator
    • By Speculator 13th Nov 17, 8:35 PM
    • 1,723 Posts
    • 1,318 Thanks
    Speculator
    Here is the pdf summary file I saved off their site for Issue 4.......'variable'?

    https://drive.google.com/open?id=1FSKmaA-7nJyAvdPGXrByoSfJSHYAACpK
    Originally posted by gilly56
    I've messaged them via Facebook. Should get an answer tomorrow.
    • karlie88
    • By karlie88 13th Nov 17, 9:10 PM
    • 8,297 Posts
    • 106,008 Thanks
    karlie88
    I've messaged them via Facebook. Should get an answer tomorrow.
    Originally posted by Speculator
    Issue 4 is listed as a variable rate account here: http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/closed-account-pdfs/closed-rates.pdf
    Official MSE canny forumite and HUKD VIP badge member
    • schiff
    • By schiff 13th Nov 17, 10:40 PM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    Leeds
    I keep a record card for each RS that I have. According to those Issue 4 is variable and Issue 6 is fixed.
    • Speculator
    • By Speculator 14th Nov 17, 1:11 AM
    • 1,723 Posts
    • 1,318 Thanks
    Speculator
    So the only the variable rate Leeds Regular Savers are Issue 4,8 & 9.

    Fortunately, I have issue 4 & 8.
    • FriendlyFoe
    • By FriendlyFoe 14th Nov 17, 11:43 AM
    • 4 Posts
    • 10 Thanks
    FriendlyFoe
    LBG increase from December 1st
    Hi guys, didn't see it posted so thought I'd share.

    Bank of Scotland and Halifax regular savers going from 2.0% to 2.5% on December 1st. Club Lloyds going back to 3% where it was in October.
    Last edited by FriendlyFoe; 14-11-2017 at 11:45 AM.
    • Nationwide8
    • By Nationwide8 14th Nov 17, 12:02 PM
    • 312 Posts
    • 123 Thanks
    Nationwide8
    Hi guys, didn't see it posted so thought I'd share.

    Bank of Scotland and Halifax regular savers going from 2.0% to 2.5% on December 1st. Club Lloyds going back to 3% where it was in October.
    Originally posted by FriendlyFoe
    Thanks Some place for BOS money then without having to find DD s other than Tesco

    Where did you find the info ? Edit....Sorry found it
    Last edited by Nationwide8; 14-11-2017 at 12:20 PM.
    • ColdIron
    • By ColdIron 14th Nov 17, 12:17 PM
    • 3,567 Posts
    • 4,274 Thanks
    ColdIron
    Will it be automatic or new accounts only? Do you mean the Club Lloyds current account or the Club Lloyds Monthly Saver?

    How will I know if the interest rate of my account is affected?

    If you have a savings account which:
    • tracks the Bank Rate, your rate will change on 1 December 2017.
    • has a fixed rate of interest, your account will not be affected by this change.
    • has a variable rate of interest, see how your interest rate will change.
    In addition, new Monthly Saver and Club Monthly Saver accounts opened from 1st December onwards will receive a 0.5% increase to the current available rate.
    • Nationwide8
    • By Nationwide8 14th Nov 17, 12:31 PM
    • 312 Posts
    • 123 Thanks
    Nationwide8
    Yes seems like all 3 need you to apply 1st Dec onwards to get the higher rates.

    I had a Lloyds RS saver mature at 3% mid Oct Held off renewing as the rate fell down to 2.5% People who renewed at 2.5% are going to be peeved it's gone back to 3% a few weeks later
    • Kim_13
    • By Kim_13 14th Nov 17, 12:32 PM
    • 1,332 Posts
    • 1,706 Thanks
    Kim_13
    Halifax increase: "
    On 2nd November 2017 the Bank of England announced an increase in the Bank of England Base Rate from 0.25% to 0.50%.

    What is the Base Rate (also known as the Bank Rate)?

    The Base Rate is set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. The Base Rate is reviewed regularly and can be increased or decreased by the Bank of England at any time.

    What does it mean for my savings account?

    The Bank of England Base Rate is one of a number of factors we take into account when reviewing interest rates. Any change in the Base Rate will form part of ongoing rate reviews across our savings product range.

    How will I know if the interest rate of my account is affected?

    If you have a savings account which:

    tracks the Bank Rate, your rate will change on 1st December 2017.
    has a fixed rate of interest, your account will not be affected by this change.
    has a variable rate of interest, see how your interest rate will change.
    In addition, new Regular Saver and Kids Regular Saver accounts opened from 1st December onwards will receive a 0.5% increase to the current available rate.

    If you are unsure which type of account you hold, please refer to your account conditions."

    Taken from here: https://www.halifax.co.uk/savings/options-for-existing-customers/base-rate/

    The BOS version is here: https://www.bankofscotland.co.uk/savings/options-for-existing-customers/base-rate/ . Much the same text as the Halifax one, minus the kids part.

    Nothing to suggest that the cuts to interest rates/rewards from Lloyds/Halifax/BOS current accounts after last year's cut are being changed.
    Last edited by Kim_13; 14-11-2017 at 2:27 PM.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Kim_13
    • By Kim_13 14th Nov 17, 12:36 PM
    • 1,332 Posts
    • 1,706 Thanks
    Kim_13
    Yes seems like all 3 need you to apply 1st Dec onwards to get the higher rates.

    I had a Lloyds RS saver mature at 3% mid Oct Held off renewing as the rate fell down to 2.5% People who renewed at 2.5% are going to be peeved it's gone back to 3% a few weeks later
    Originally posted by Nationwide8
    This is correct. The regular savers are fixed rate accounts and the new rate doesn't become payable until December 1st, so savers should hold off to fix at the higher rate.

    Fixed is just that, it is immaterial whether change is to the customer's advantage or disadvantage.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Speculator
    • By Speculator 14th Nov 17, 12:46 PM
    • 1,723 Posts
    • 1,318 Thanks
    Speculator
    Looks like if you opened the Lloyds Reg at 2.5%, you're stuck with it until it matures.

    If you close the account early, you won’t be able to open another one before the first anniversary of opening the first account.
    • Kim_13
    • By Kim_13 14th Nov 17, 12:48 PM
    • 1,332 Posts
    • 1,706 Thanks
    Kim_13
    Looks like if you opened the Lloyds Reg at 2.5%, you're stuck with it until it matures.

    If you close the account early, you won’t be able to open another one before the first anniversary of opening the first account.
    Originally posted by Speculator
    I'm yet to find such a clause with the Halifax, but they do state that there may be a charge to close a Regular Saver early. See here: https://www.halifax.co.uk/aboutonline/things-you-can-do/managing-your-accounts/closing-accounts/close-a-savings-account/default.asp , under the overview drop down:

    "Bear in mind

    Fixed rate and monthly savers cannot be closed online - this is because they are structured to pay interest at the end of a fixed period. You might be charged for closing this type of account early. We have not made it possible to close these accounts online to protect you from accidentally being charged.

    Not all accounts that meet the criteria are eligible, due to for example, periods of inactivity or restrictions on your account.

    Your account will not be fully closed until the day after your request when it will disappear from your accounts homepage. You may not be able to open additional savings accounts until the account is fully closed."

    BOS have the same clause as Lloyds about not being able to open another until the first anniversary: https://www.bankofscotland.co.uk/savings/accounts/monthly-saver/
    Last edited by Kim_13; 14-11-2017 at 12:58 PM.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Nationwide8
    • By Nationwide8 14th Nov 17, 12:57 PM
    • 312 Posts
    • 123 Thanks
    Nationwide8
    Wonder if TSB will be next ? 2% to 2.5 %

    Although as above couldn't open another RS there until March when my current one matures.It's the same anniversary date clause
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