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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,088Posts
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    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 335
    • schiff
    • By schiff 14th Nov 17, 1:03 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    This rush of good news rather puts Virgin's continuing 2.25% in the shade.
    • schiff
    • By schiff 14th Nov 17, 1:07 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    Am I right in thinking that the Halifax and Club Lloyds Regular Savers require being an existing customer?
    • Kim_13
    • By Kim_13 14th Nov 17, 1:23 PM
    • 1,360 Posts
    • 1,717 Thanks
    Kim_13
    Am I right in thinking that the Halifax and Club Lloyds Regular Savers require being an existing customer?
    Originally posted by schiff
    Yes they do. Must have a Club Lloyds account for the Club Lloyds Regular Saver, but a standard one will do for the 2% version. Details remain as they are recorded on the front page of the thread.
    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
    • ColdIron
    • By ColdIron 14th Nov 17, 1:24 PM
    • 3,579 Posts
    • 4,291 Thanks
    ColdIron
    Club Lloyds Regular Saver requires you to have a Club Lloyds current account
    • FriendlyFoe
    • By FriendlyFoe 14th Nov 17, 1:26 PM
    • 5 Posts
    • 10 Thanks
    FriendlyFoe
    Yeah you need a Halifax current account to get the RS and if you want the Club Lloyds RS you have to be a Club LLoyds current customer.

    However the rules about early closure and not being able to open a new one within the year don't seem to be set in stone. I had to close my Halifax RS earlier this year and was able to open a new one recently. I was able to do the same thing with the Club Lloyds RS.

    The Club Lloyds current account rate remains at 2%.

    With regards to closing accounts online- it can be done easily and within minutes. You choose to renew the account early (BoS monthly saver and Club Lloyds Monthly Saver) then close. The Halifax RS has a straight closure option.

    There seems to be a disconnect from policy implementation and how LBG internet banking actually functions in reality. An example of this is that I have opened a BoS monthly saver with no BoS current account- just Halifax. So the plan come December is to have both a Halifax RS and BoS RS contributing £500 total a month at 2.5%.

    (I'm using monthly saver and regular saver interchangeably)
    • Ed-1
    • By Ed-1 14th Nov 17, 1:43 PM
    • 2,036 Posts
    • 1,096 Thanks
    Ed-1
    I have opened a BoS monthly saver with no BoS current account- just Halifax. So the plan come December is to have both a Halifax RS and BoS RS contributing £500 total a month at 2.5%.
    Originally posted by FriendlyFoe
    Did you do it through a BOS internet banking login or did you open the BOS Reg saver from outside of internet banking?
    • Speculator
    • By Speculator 14th Nov 17, 1:45 PM
    • 1,724 Posts
    • 1,319 Thanks
    Speculator
    I may wait until the next BOE interest rate meeting just in case rates go up again.
    • schiff
    • By schiff 14th Nov 17, 1:47 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    It's clear enough in the Club Lloyds T&Cs but oddly enough not in Halifax. I haven't got anything to switch right now but I've got a Bank of Scotland current account, so I can do their RS. I discontinued my previous BoS regular saver when it matured as I stopped doing 2%s.
    • schiff
    • By schiff 14th Nov 17, 1:48 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    I may wait until the next BOE interest rate meeting just in case rates go up again.
    Originally posted by Speculator
    Decisions were easy when it was clear that base rate would stay static.
    • beefturnmail
    • By beefturnmail 14th Nov 17, 2:08 PM
    • 612 Posts
    • 178 Thanks
    beefturnmail
    I may wait until the next BOE interest rate meeting just in case rates go up again.
    Originally posted by Speculator
    When is that?
    • RG2015
    • By RG2015 14th Nov 17, 2:16 PM
    • 499 Posts
    • 240 Thanks
    RG2015
    When is that?
    Originally posted by beefturnmail
    Thu 14 Dec
    Last edited by RG2015; 14-11-2017 at 2:22 PM.
    • FriendlyFoe
    • By FriendlyFoe 14th Nov 17, 2:53 PM
    • 5 Posts
    • 10 Thanks
    FriendlyFoe
    Either. If you have an existing BoS mandate sign in and apply from there. If you are a Halifax only customer apply on the BoS website as a new customer. You will be able to see the BoS RS on your Halifax internet banking right away.
    • ColdIron
    • By ColdIron 14th Nov 17, 2:54 PM
    • 3,579 Posts
    • 4,291 Thanks
    ColdIron
    Thu 14 Dec
    Originally posted by RG2015
    2018? With only 2 rate rises predicted before 2020 you could be right
    • Midland45
    • By Midland45 14th Nov 17, 4:12 PM
    • 71 Posts
    • 24 Thanks
    Midland45
    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.
    Originally posted by ColdIron
    Can anyone provide the link that shows Lloyd's are increasing their Club Monthly Saver from 2.5% back to 3.0% on 01/12/2017. I can see other savings accounts are rising, however not the Club monthly saver.
    • RG2015
    • By RG2015 14th Nov 17, 4:27 PM
    • 499 Posts
    • 240 Thanks
    RG2015
    Thu 14 Dec
    Originally posted by RG2015
    2018? With only 2 rate rises predicted before 2020 you could be right
    Originally posted by ColdIron
    You may be right but it's a nonsense anyway. The banks set their consumer rates based on their own expectations and requirements.

    A week before the 0.25% rise, VM offered 1.81% on a two year cash ISA and 2.50% on a five year cash ISA. They are now down to 1.55% and 2.00%.
    • ColdIron
    • By ColdIron 14th Nov 17, 4:39 PM
    • 3,579 Posts
    • 4,291 Thanks
    ColdIron
    Can anyone provide the link that shows Lloyd's are increasing their Club Monthly Saver from 2.5% back to 3.0% on 01/12/2017. I can see other savings accounts are rising, however not the Club monthly saver.
    Originally posted by Midland45
    If you mean for new accounts from 1st December it's that quote. For existing accounts the rates are fixed so will not change
    • Midland45
    • By Midland45 14th Nov 17, 5:19 PM
    • 71 Posts
    • 24 Thanks
    Midland45
    If you mean for new accounts from 1st December it's that quote. For existing accounts the rates are fixed so will not change
    Originally posted by ColdIron
    I'm just wondering where you've copied that quote from? I can see it on both BOS and Halifax sites for their Monthly/Regular savers.
    • ColdIron
    • By ColdIron 14th Nov 17, 5:22 PM
    • 3,579 Posts
    • 4,291 Thanks
    ColdIron
    It was in the that quote link but here it is in full

    https://www.lloydsbank.com/savings/existing-customer-information/base-rate.asp
    • Midland45
    • By Midland45 14th Nov 17, 7:28 PM
    • 71 Posts
    • 24 Thanks
    Midland45
    Cheers. The link in the original post led me to a different document 😀
    • Kernel Sanders
    • By Kernel Sanders 14th Nov 17, 10:08 PM
    • 3,186 Posts
    • 1,318 Thanks
    Kernel Sanders
    2018? With only 2 rate rises predicted before 2020 you could be right
    Originally posted by ColdIron
    You need to check your calendar.
    14.12.17 is a Thursday.
    Last edited by Kernel Sanders; 14-11-2017 at 10:16 PM.
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