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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,028Posts
    • 3,035Thanks
    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 only including accounts where the interest rate is 2.5% or better, or 2% 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 am temporarily keeping accounts between 2% and 2.5% that were on this list prior to the August 2016 Bank of England interest rate cut.

    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 (you need to choose the right hand option on that page to view all regular savings accounts)
    Moneyfacts.co.uk Children's Savings Accounts Page
    Moneysupermarket.com Regular Savings Accounts Page
    Savings Champion Regular Savings Account Page

    eMoneyfacts Daily News Bulletin (no longer free, now subscription only)

    Thanks to Money Savers
    adindas, Afahmaep, alanq, aleph_0, AlwaysLearnin, apt, Archi Bald, 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, 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; 04-09-2016 at 2:06 PM.
Page 221
    • spidystrider
    • By spidystrider 19th Sep 16, 7:36 PM
    • 1,205 Posts
    • 1,550 Thanks
    spidystrider
    We have a TSB Classic Plus joint account and I have just opened up one in my name. Can I transfer the £500 from the joint account to my one or does it have to come from another bank?
    Mortgage Free in 3-T2 : Started at £151,000 Nov. 2009 Mortgage Free Oct 1st 2015
    • veryintrigued
    • By veryintrigued 19th Sep 16, 8:28 PM
    • 1,528 Posts
    • 777 Thanks
    veryintrigued
    I know SportsAid Regular Save is a branch application.

    Just wonder if anyone has tried to open it by post by downloading the application form, completed and send together with cheque and it is accepted ??
    Originally posted by adindas
    It was only launched today so doubt anyone has had chance.....but previous Notts RS have been listed on the front page on this thread and annoated with something along the lines of 'several forumites have reported postal applications to branches being rejected'.

    I'd therefore suggest its a waste of a stamp.
    • adindas
    • By adindas 19th Sep 16, 8:32 PM
    • 2,779 Posts
    • 1,242 Thanks
    adindas
    We have a TSB Classic Plus joint account and I have just opened up one in my name. Can I transfer the £500 from the joint account to my one or does it have to come from another bank?
    Originally posted by spidystrider
    You could do it from one of your TSB account.
    • Roland Flagg
    • By Roland Flagg 20th Sep 16, 12:16 PM
    • 1,096 Posts
    • 398 Thanks
    Roland Flagg
    I've just noticed that Leeds Reg Saver issue 4 has a max limit of £6k to get the best interest rate.

    Can anyone remember if Issue 3 had a similar T&C?
    • apt
    • By apt 20th Sep 16, 1:30 PM
    • 3,030 Posts
    • 1,691 Thanks
    apt
    No, the only limit for issue 3 is £250 per month, but Leeds has closed regular savers in the past even though there was no limit in the T&Cs.
    • CRAIGSVILLE
    • By CRAIGSVILLE 20th Sep 16, 3:12 PM
    • 32 Posts
    • 7 Thanks
    CRAIGSVILLE
    After 12 months ?
    Hi,

    I have a few regular savers coming to their 12 month maturity shortly - HSBC/M+S/FD 6%
    After the 12 months is up + the money is in a different lower savings account, is it then ok to open another 6% 12 month saver with the same bank?
    Just trying to decide what to do next

    Thanks

    Craig
    • schiff
    • By schiff 20th Sep 16, 3:44 PM
    • 16,845 Posts
    • 8,298 Thanks
    schiff
    Hi,

    I have a few regular savers coming to their 12 month maturity shortly - HSBC/M+S/FD 6%
    After the 12 months is up + the money is in a different lower savings account, is it then ok to open another 6% 12 month saver with the same bank?
    Just trying to decide what to do next

    Thanks

    Craig
    Originally posted by CRAIGSVILLE
    You need to see if it's available first!
    • johnmoney05
    • By johnmoney05 20th Sep 16, 3:55 PM
    • 1,364 Posts
    • 437 Thanks
    johnmoney05
    I've just noticed that Leeds Reg Saver issue 4 has a max limit of £6k to get the best interest rate.

    Can anyone remember if Issue 3 had a similar T&C?
    Originally posted by Roland Flagg
    The maximum investment and operating balance is £1,000,000 (£1,000,000 for joint accounts). Although it is unlikely to reach the limit.
    • Eco Miser
    • By Eco Miser 20th Sep 16, 4:15 PM
    • 2,323 Posts
    • 2,158 Thanks
    Eco Miser
    I have a few regular savers coming to their 12 month maturity shortly - HSBC/M+S/FD 6%
    After the 12 months is up + the money is in a different lower savings account, is it then ok to open another 6% 12 month saver with the same bank?
    Originally posted by CRAIGSVILLE
    That is the normal way of operating these sort of accounts. However, as schiff said, 6% may not be available when you come to open a new one.
    Read the T&Cs of each individual account to be sure you still qualify.
    Last edited by Eco Miser; 20-09-2016 at 4:17 PM. Reason: Aded further sentence.
    Eco Miser
    Saving money for well over half a century
    • CRAIGSVILLE
    • By CRAIGSVILLE 20th Sep 16, 4:41 PM
    • 32 Posts
    • 7 Thanks
    CRAIGSVILLE
    Thanks for that guys :-)

    I will check. I have a maturing TSB one aswell, but that is 2% for a new one now, so defo going to stick that monthly saving towards the mortgage instead

    Cheers

    Craig
    • Westie983
    • By Westie983 20th Sep 16, 10:15 PM
    • 3,000 Posts
    • 11,968 Thanks
    Westie983
    That is the normal way of operating these sort of accounts. However, as schiff said, 6% may not be available when you come to open a new one.
    Read the T&Cs of each individual account to be sure you still qualify.
    Originally posted by Eco Miser
    Lets hope so, my FD matures tomorrow, the interest has already been added to the account, but still showing online at the moment, so I think it will transfer tomorrow, so I will be opening another 6% as soon as I see the payment transferred, and no sign of the regular saver account.

    Crossing my fingers

    :-)
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • schiff
    • By schiff 21st Sep 16, 9:57 AM
    • 16,845 Posts
    • 8,298 Thanks
    schiff
    I was in a similar situation waiting for the 12 months gap to end since my last Nationwide FlexDirect was closed. It's an agonising time. Hope it works out for you.
    • karlie88
    • By karlie88 21st Sep 16, 10:01 AM
    • 8,187 Posts
    • 105,744 Thanks
    karlie88
    I was in a similar situation waiting for the 12 months gap to end since my last Nationwide FlexDirect was closed. It's an agonising time. Hope it works out for you.
    Originally posted by schiff
    You make it sound like a life or death situation.
    Official MSE canny forumite and HUKD VIP badge member
    • schiff
    • By schiff 21st Sep 16, 10:06 AM
    • 16,845 Posts
    • 8,298 Thanks
    schiff
    You make it sound like a life or death situation.
    Originally posted by karlie88
    Not quite, more mince or fillet steak
    • badger09
    • By badger09 21st Sep 16, 3:42 PM
    • 4,093 Posts
    • 3,327 Thanks
    badger09
    Not quite, more mince or fillet steak
    Originally posted by schiff
    Fillet steak or mince
    • Westie983
    • By Westie983 22nd Sep 16, 1:03 AM
    • 3,000 Posts
    • 11,968 Thanks
    Westie983
    FD, regular saver matured, and new one opened at 6%,
    quite good in the current situation.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • afmfifgh
    • By afmfifgh 22nd Sep 16, 9:51 AM
    • 250 Posts
    • 151 Thanks
    afmfifgh
    Loughborough BS - Regular Saver
    Letter dated 09-09-2016.

    Rate reduced from 2.25% to 2.00% effective 20-09-2016.

    The rate is 0.50 % + a bonus of 1.5% provided 11 equal payments received and only 1 withdrawal made annually.
    Originally posted by patientperson
    Can anyone else check the following for me:

    The letter dated 09/09/2016 said that the rate was changing from:

    0.75% + 1.50% bonus
    to
    0.50% + 1.50% Bonus.

    However, according to my records and the letter for the last rate change on 01/06/2016, letter dated 29/04/2016, the previous rate was changed from:

    1.00% + 1.50% bonus
    to
    1.00% + 1.25% bonus

    So I don't get why they are saying on the most recent rate change letter (09/09/2016) that the rate was made up of only a base rate of 0.75% and not the 1.00% they had said previously and a 1.25% Bonus. Basically the rate is the same if you meet the bonus requirements but if you don't they have seemingly retrospectively shifted 0.25% from the base rate to the bonus rate.

    Did I miss a rate change or are Loughborough incorrect and potentially under paying those that don't get the bonus, i.e. paying 0.75% instead of 1.00% from some unknown date?

    And also have they now therefore from 20/09/2016 dropped the base rate by 0.50% and increased the bonus part by 0.25%.
    Last edited by afmfifgh; 22-09-2016 at 9:57 AM. Reason: More detail added.
    • johnmoney05
    • By johnmoney05 22nd Sep 16, 10:49 AM
    • 1,364 Posts
    • 437 Thanks
    johnmoney05
    Can anyone else check the following for me:

    The letter dated 09/09/2016 said that the rate was changing from:

    0.75% + 1.50% bonus
    to
    0.50% + 1.50% Bonus.

    However, according to my records and the letter for the last rate change on 01/06/2016, letter dated 29/04/2016, the previous rate was changed from:

    1.00% + 1.50% bonus
    to
    1.00% + 1.25% bonus

    So I don't get why they are saying on the most recent rate change letter (09/09/2016) that the rate was made up of only a base rate of 0.75% and not the 1.00% they had said previously and a 1.25% Bonus. Basically the rate is the same if you meet the bonus requirements but if you don't they have seemingly retrospectively shifted 0.25% from the base rate to the bonus rate.

    Did I miss a rate change or are Loughborough incorrect and potentially under paying those that don't get the bonus, i.e. paying 0.75% instead of 1.00% from some unknown date?

    And also have they now therefore from 20/09/2016 dropped the base rate by 0.50% and increased the bonus part by 0.25%.
    Originally posted by afmfifgh
    You sure it is the same issue of the regular saver?
    • afmfifgh
    • By afmfifgh 22nd Sep 16, 6:22 PM
    • 250 Posts
    • 151 Thanks
    afmfifgh
    You sure it is the same issue of the regular saver?
    Originally posted by johnmoney05
    Yes - I only have one so have only received the letters about one and on double checking the letters they have sent me the 'correct' letter.
    • Hattie625
    • By Hattie625 22nd Sep 16, 7:52 PM
    • 364 Posts
    • 220 Thanks
    Hattie625
    Virgin Money have launched a Regular Saver (Issue 1). Fixed rate of interest 2.25% pa. Matures 20 October 2017. Max deposit £250 pcm (maximum account balance= £3500). Unlimited withdrawals.
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