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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,028Posts
    • 3,030Thanks
    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 222
    • adindas
    • By adindas 22nd Sep 16, 8:32 PM
    • 2,773 Posts
    • 1,241 Thanks
    adindas
    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.
    Originally posted by Hattie625
    "
    Minimum withdrawal amount is 1 (or less if closing). If you withdraw money from your Regular E-Saver in a calendar month
    you cannot pay money back in to your account beyond the 250 per calendar month deposit limit.
    • You can have access to your money whenever you need it. Simply log into your account and arrange to take money in the
    following ways ...
    !"

    You could withdraws but it is not mentioned whether there is penalty, lower interest rate, etc

    Has anyone called Virgin to confirm about unlimited withdrawal ??....
    Last edited by adindas; 22-09-2016 at 8:51 PM.
    • glider3560
    • By glider3560 22nd Sep 16, 8:36 PM
    • 2,970 Posts
    • 1,765 Thanks
    glider3560
    "
    Minimum withdrawal amount is 1 (or less if closing). If you withdraw money from your Regular E-Saver in a calendar month
    you cannot pay money back in to your account beyond the 250 per calendar month deposit limit.
    You can have access to your money whenever you need it. Simply log into your account and arrange to take money in the
    following ways ...
    !"

    You could withdraws but it is not mentioned whether there is penalty, lower interest rate, etc

    Has anyone call Virgin to confirm about unlimited withdrawal ??....
    Originally posted by adindas
    If there is no mention of a penalty, then there is no penalty. Same with the interest rate: there is no bonus, it is just a fixed rate.

    • karlie88
    • By karlie88 23rd Sep 16, 10:15 AM
    • 8,187 Posts
    • 105,743 Thanks
    karlie88
    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.
    Originally posted by Hattie625
    Thanks for this.

    Direct link: http://uk.virginmoney.com/savings/find/regular_e_saver_issue_1/overview/
    Official MSE canny forumite and HUKD VIP badge member
    • Vortigern
    • By Vortigern 23rd Sep 16, 1:19 PM
    • 1,954 Posts
    • 1,221 Thanks
    Vortigern
    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.
    Originally posted by Hattie625
    Max balance of 3500 means they will allow 14 payments of 250

    The first payment must be made in September to achieve this, followed by 13 payments in the months October 2016 to October 2017.

    First payment can be immediate faster payment as soon as the account is open.
    • Hattie625
    • By Hattie625 23rd Sep 16, 1:22 PM
    • 356 Posts
    • 218 Thanks
    Hattie625
    Max balance of 3500 means they will allow 14 payments of 250

    The first payment must be made in September to achieve this, followed by 13 payments in the months October 2016 to October 2017.

    First payment can be immediate faster payment as soon as the account is open.
    Originally posted by Vortigern
    I opened my account yesterday and paid 250 by faster payment. I've set up monthly standing order for 250 from 1 October 2016 to 1 October 2017, inclusive, so should pay in 14 X 250 before maturity.
    • Westie983
    • By Westie983 24th Sep 16, 9:55 PM
    • 2,990 Posts
    • 11,958 Thanks
    Westie983
    I opened my account yesterday and paid 250 by faster payment. I've set up monthly standing order for 250 from 1 October 2016 to 1 October 2017, inclusive, so should pay in 14 X 250 before maturity.
    Originally posted by Hattie625
    I have joined this club, too, and done the same as you, 250 a month from 1st October, and 250 transferred once the account was opened.
    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%
    • Special_Saver2
    • By Special_Saver2 24th Sep 16, 10:06 PM
    • 1,028 Posts
    • 3,030 Thanks
    Special_Saver2
    Hi Everybody,

    I have completed this weekend's update for the first page of this thread.

    - Yorkshire BS, Penrith BS 200 and Progressive BS Clockwork Regular Saver accounts updated (all had interest rate changes noted for September that have now come to pass)
    - Virgin Money Regular E-Saver account added to post 3 (has very flexible terms and conditions on payments in and withdrawals paying 2.25% fixed on up to 250 per month until 20th October 2017)

    Many thanks to all the forum users who have provided useful information throughout the week.

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1
    • mgarl10024
    • By mgarl10024 25th Sep 16, 5:40 PM
    • 501 Posts
    • 331 Thanks
    mgarl10024
    This may be viewed as being pedantic, but anyone opening and paying the maximum payment for all 14 months in the Virgin Regular E-Saver will exceed that stated maximum balance of 3500 due to the interest payment(s) prior.

    In practice, I would imagine they mean a maximum amount deposited of 3500, but if taken exactly as written, it would exceed the maximum balance they've stated before the account matures.
    Originally posted by Ashen
    http://uk.virginmoney.com/savings/pdf/regular_e_saver_issue_1-key_product_info.pdf
    Maximum deposit limit 3,500 a year
    It's not 100% clear, but this would suggest that interest isn't counted?
    • schiff
    • By schiff 25th Sep 16, 6:05 PM
    • 16,832 Posts
    • 8,287 Thanks
    schiff
    It will probably be similar to a condition in the T&Cs of the Leeds BS RS which reads:

    '....providing your account balance doesn't exceed 6000 (excluding accrued interest)...'
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