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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,043Posts
    • 3,140Thanks
    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 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 (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


    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, 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; 05-11-2016 at 4:02 PM.
Page 225
    • ToiletLicker
    • By ToiletLicker 8th Oct 16, 9:15 AM
    • 13 Posts
    • 44 Thanks
    ToiletLicker
    Thanks Kim_13
    I will say I am gutted. I kept telling myself I wasn't going to open another regular savings account, (this site/forum is tooooo addictive) but buckled and took the plunge.
    I will call them up again and let you know how I got on.
    Once again Many Thanks
    #84
    • Westie983
    • By Westie983 8th Oct 16, 10:05 AM
    • 3,219 Posts
    • 12,595 Thanks
    Westie983
    Annoying for me was September payment I opened the account with £1 then sent 249.00 to make it up to £250 but it left my HSBC account on the 29th but wasn't credited to Virgin until 3rd October so I have only credited £2 in September but my standing order for October didn't go either but could have bounced back as it was for £250 and I had already funded with £249.

    Let's see what happens with Novembers payment by SO if it fails again I will use faster payment instead even with the delay in crediting into Virgin as will do it beginning of the month, although all my other regular savers are done end of month out of my wages paid on the 23rd.

    Can you make multiple payments to this account like you can with nationwide and Kent! As long as it doesn't exceed £250.

    That may help me as I can put my WTC straight into it.

    Westie983
    Last edited by Westie983; 08-10-2016 at 10:07 AM.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • badger09
    • By badger09 8th Oct 16, 3:23 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Annoying for me was September payment I opened the account with £1 then sent 249.00 to make it up to £250 but it left my HSBC account on the 29th but wasn't credited to Virgin until 3rd October so I have only credited £2 in September but my standing order for October didn't go either but could have bounced back as it was for £250 and I had already funded with £249.

    Let's see what happens with Novembers payment by SO if it fails again I will use faster payment instead even with the delay in crediting into Virgin as will do it beginning of the month, although all my other regular savers are done end of month out of my wages paid on the 23rd.

    Can you make multiple payments to this account like you can with nationwide and Kent! As long as it doesn't exceed £250.

    That may help me as I can put my WTC straight into it.

    Westie983
    Originally posted by Westie983
    Yes you can.

    Opened mine 26/9 with FP £10 from Santander 123. Account appeared online 27/9 so I sent another FP £240 from Santander. Both were credited on the day they were sent.

    Earliest I could set up SO from Santander was 3/10, so instead I changed it to 1/11 and sent another FP £250 1/10, which was credited on the same day
    • Special_Saver2
    • By Special_Saver2 8th Oct 16, 5:06 PM
    • 1,043 Posts
    • 3,140 Thanks
    Special_Saver2
    Hi Everybody,

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

    - Mansfield BS Regular Savings (Issue 4) interest rate dropped from 2.5% to 2.25% (post 4)
    - Mansfield BS Young Regular Saver interest rate dropped from 3% to 2.5% (post 2)
    - Santander 123 current account interest rate dropping from 3% to 1.5% from 1st November 2016 (post 9)
    - Cambridge BS Regular Saver (Issue 5) added to post 4 paying 2% fixed interest for 12 months on up to £300 per month, branch only

    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 9th Oct 16, 3:36 PM
    • 511 Posts
    • 335 Thanks
    mgarl10024
    I just notice the letter I received and also key product info of this account which seems to me quite unusual.

    "Annual interest is paid on March 11. Monthly interest is paid on the 10th day of the month.

    Maturity date:20 October 2017"


    How actually this one works for those who open this account say September this year and have asked to be paid the annual interest instead of monthly interest ???

    1. Do they get interest on March 11 ??
    2. What happen after the maturity date on 20 October 2017, it seems to me the interest from March - October (or the total interest if March has not been paid) will be automatically added on the maturity and you could close the account ?? If not does it mean you will need to keep your account until March the following year to get interest ??
    Originally posted by adindas
    You'll get interest from Sep to March on March 11 and interest from March to Oct on maturity on 20 Oct.
    Originally posted by tg99
    Depends what happens at maturity. See the response I got (see: http://forums.moneysavingexpert.com/showpost.php?p=71381263&postcount=4454)
    I confirm interest is paid on 11th March. Once your account matures, interest will be paid upon closure/transfer.
    I took this to mean that the rates were fixed until the maturity date, and that afterwards the account lives on and you'll be offered some other (usually poor) rate - but that you could close the account and access the interest. I'm not so sure now!
    • adindas
    • By adindas 9th Oct 16, 8:26 PM
    • 2,861 Posts
    • 1,284 Thanks
    adindas
    Cambridge BS RS i4 & i5 together ??
    I have not read it carefully on the T&C. Wonder is there any restriction to hold newly launched Cambridge BS RS i5 together with Regular Saver i4 if you already have RS i4 ?? Leeds BS allow this what about Cambridge BS ??
    • moi
    • By moi 9th Oct 16, 10:01 PM
    • 915 Posts
    • 4,558 Thanks
    moi
    I have not read it carefully on the T&C. Wonder is there any restriction to hold newly launched Cambridge BS RS i5 together with Regular Saver i4 if you already have RS i4 ?? Leeds BS allow this what about Cambridge BS ??
    Originally posted by adindas

    In the "Key features":

    "You can have one Regular Saver account with the Society at any one time"
    • darkidoe
    • By darkidoe 10th Oct 16, 8:24 PM
    • 641 Posts
    • 695 Thanks
    darkidoe
    Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?
    Save 12K in 2016 # 8 £16 253.55/12 000 (135.45%) Achieved!
    • adindas
    • By adindas 10th Oct 16, 8:33 PM
    • 2,861 Posts
    • 1,284 Thanks
    adindas
    Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?
    Originally posted by darkidoe
    Yes that is what I have been doing ....
    • darkidoe
    • By darkidoe 10th Oct 16, 8:38 PM
    • 641 Posts
    • 695 Thanks
    darkidoe
    Yes that is what I have been doing ....
    Originally posted by adindas
    Oh goody! Nationwide is my favourite bank building society in the interest department!
    Save 12K in 2016 # 8 £16 253.55/12 000 (135.45%) Achieved!
    • Hattie625
    • By Hattie625 10th Oct 16, 8:56 PM
    • 417 Posts
    • 267 Thanks
    Hattie625
    I have not read it carefully on the T&C. Wonder is there any restriction to hold newly launched Cambridge BS RS i5 together with Regular Saver i4 if you already have RS i4 ?? Leeds BS allow this what about Cambridge BS ??
    Originally posted by adindas
    Looks like you can only have one RS open at any time. Another drawback is that the new RS i5 can only be opened in a branch, which appear to exist only in Cambridgeshire. RS i4 could be opened by post.
    • YorkshireBoy
    • By YorkshireBoy 10th Oct 16, 9:40 PM
    • 28,285 Posts
    • 16,109 Thanks
    YorkshireBoy
    Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?
    Originally posted by darkidoe
    Last time I looked the T&Cs were not at all clear as to whether eligibility was maintained by doing the above.

    I'm covered anyway via an old FlexAccount that sees monthly funding for ongoing travel insurance benefits, but if I didn't have this I'd make sure I had a 3 month overlap with both accounts before closing the FlexDirect. Actually, the only way to 'know' you're a main account customer with a FlexAccount is to be in possession of the travel insurance welcome letter (unless you've switched to it of course).

    Maybe take a look on their website and see if anything's changed?
    • Mee
    • By Mee 11th Oct 16, 10:31 AM
    • 769 Posts
    • 789 Thanks
    Mee
    FlexDirect down to FlexAccount
    Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
    Thanks
    Last edited by Mee; 11-10-2016 at 10:43 AM.
    You can click the Thanks button if you want

    • adindas
    • By adindas 11th Oct 16, 1:45 PM
    • 2,861 Posts
    • 1,284 Thanks
    adindas
    Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
    Thanks
    Originally posted by Mee
    Call them as simple as that.
    Just be aware if the interest you are after. Flex Account is hardly paying any interest. But you will get European travel insurance by meeting the criteria.
    • mary
    • By mary 11th Oct 16, 4:52 PM
    • 1,544 Posts
    • 438 Thanks
    mary
    Nationwide 5%
    My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.
    • YorkshireBoy
    • By YorkshireBoy 11th Oct 16, 6:31 PM
    • 28,285 Posts
    • 16,109 Thanks
    YorkshireBoy
    My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.
    Originally posted by mary
    Lots of people on here have been told that, and some of them in writing via secure message (the lucky ones?), but the fact remains that the T&Cs state you cannot have 'held' a FlexDirect account for 12 months if you want another bite at the 5% rate. I can't see that rate being available for much longer anyway. My money's on 3% for new customers at the start of November, or even before!
    • adindas
    • By adindas 11th Oct 16, 6:35 PM
    • 2,861 Posts
    • 1,284 Thanks
    adindas
    My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.
    Originally posted by mary
    It id a good idea if you write down the name of the person who told you that. You might need it in the future when something went wrong.

    Unlike other Banks such as HSBC, Tesco, 1st direct etc, NW Customer Services is notoriously known to be inconsistent one to each other. They have a lot of rookies working in their front lines. I fully doubt what she was telling you was true.

    You might want to call them another time to get a different person and ask the same question again and compare their answer ?

    But I also want to know if this was true. Probably good to know if there is a case like this previously that could be reported ??
    Last edited by adindas; 11-10-2016 at 6:41 PM.
    • Westie983
    • By Westie983 11th Oct 16, 7:03 PM
    • 3,219 Posts
    • 12,595 Thanks
    Westie983
    My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.
    Originally posted by mary
    I hope you have this is writing as this is not what the T&C's say.

    It says

    If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

    The choice is yours, but I have opened up at flex account in September when my rate finished, and will be down grading my flex direct in December when the Flexclusive regular saver matures, and I will have funded the flex account with £750 for the last three months, which will qualify me for the next flexclusive regular saver if they offer one, at a rate that is competitive, that said in a years time Im not sure that they will be offering the rate but its worth the wait to find out, by not holding a flex direct for 12 months.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • Ed-1
    • By Ed-1 11th Oct 16, 7:09 PM
    • 1,495 Posts
    • 808 Thanks
    Ed-1
    But I also want to know if this was true. Probably good to know if there is a case like this previously that could be reported ??
    Originally posted by adindas
    Yes it's true. Ask me and Speculator . If it isn't then downgrading to FlexAccount and upgrading to FlexDirect the next day certainly works.

    It's not just one NW customer service person that has said this. It's several so there's certainly been something sent out to staff to say this is fine. It's about time NW got round to updating the statement on their website to reflect it.
    • EarthBoy
    • By EarthBoy 11th Oct 16, 7:21 PM
    • 1,562 Posts
    • 902 Thanks
    EarthBoy
    ..Just be aware if the interest you are after. Flex Account is hardly paying any interest. ...
    Originally posted by adindas
    FlexAccount doesn't pay any interest at all; it hasn't done for years.
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