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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,077Posts
    • 3,554Thanks
    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
    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; 27-03-2017 at 12:28 AM.
Page 257
    • Frogletina
    • By Frogletina 9th Mar 17, 2:07 AM
    • 2,859 Posts
    • 10,326 Thanks
    Frogletina
    You sound like me, I think all of my regular savers add up to £3700.. like you its recycled money.

    I have Santander maturing next week, followed by Kent, and then Lloyds, and I have Leeds sitting at 2%, so I should be okay to recycle some more when they mature.

    Till my next balance transfer comes up in June.

    I have tried to stagger the maturities of my RS to one each month.

    Apart from Virgin they will all mature in March, with a few in December but its a good way to put away and forget how quickly it adds up when you get the maturity letter.

    Westie983
    Originally posted by Westie983
    I've got the Santander one maturing next week too and my next is Lloyds. I don't have the Kent or Leeds one - but I do have 15 in total.

    Yes, it would be good to have one a month.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • mgarl10024
    • By mgarl10024 9th Mar 17, 7:45 AM
    • 580 Posts
    • 389 Thanks
    mgarl10024
    like you its recycled money.
    Originally posted by Westie983
    I've often wondered about the costs of it all. To produce a regular saver, the bank needs to design the account; update their systems with rules about what can be paid in and when; produce the advertising; produce the legal terms and conditions; train its branch staff; train customer services; spend time dealing with problems; spend time dealing with complaints; etc. etc.

    Same with the current accounts to be fair, but at least they're hoping to cross sell to a customer they know far more about, and regular savers must cause more hassle given the regular scheduled movement of money and variable restrictions.

    Instead if they offered a simple 2% savings account, I'd snap that up over a 2% regular saver if I was using recycled money that was just sitting there, and if this account lasted far longer than 12mths then it'd reduce the churn and the costs. I'd also wager complaints would be fewer.

    I guess someone smarter than me with more data has concluded that the higher advertised interest rates with small payment amounts on regular savers help customer retention for minimal cost, and so few comparatively of their customers take them that it is more profitable to have the other majority in 0.05% accounts.
    • Marvo5
    • By Marvo5 10th Mar 17, 10:20 AM
    • 88 Posts
    • 79 Thanks
    Marvo5
    I currently have 5 regular savers, 4 at 5% and 1 at 4%. The funding for these is £1450 a month. I'm going to lose three of these when they mature, only the Nationwide & First Direct have at present the same rate.
    Santander rate for example is reduced to 2.5% which by their own figures means you'd make £32.16 annually. Of course that assumes you don't already have the money sitting elsewhere earning nothing. The worse I have is 0.96% in a Tesco savings account. Which means my actual "profit" should I open another regular saver at the end of the current term would be less than £20 for one year's investment and because of other investments I'd lose £4 of that in tax. Now, £16 is £16 I hear you say and I'm not one to turn down free money however I can no longer get enthused about the whole thing. Let's be honest, it's a pittance and it's not going to make any difference to my life. It was fun for a time seeing my money doing cartwheels going from account to account but to be honest I'm getting bored with the whole thing now.

    As a previous poster recently said, if someone offered a plain and simple 2% savings account, they'd snap that up. Well they do. Atom.
    • Westie983
    • By Westie983 10th Mar 17, 12:39 PM
    • 3,739 Posts
    • 13,764 Thanks
    Westie983
    I have been sorting out my YBAB categories and I have now listed them in order of maturity.. I am on the look out for the next one...

    Santander (5%)
    Kent (3%)
    LLoyds (4%)
    HSBC (6%)
    Buckinghamshire (1.75%)
    Leeds (2.3%)
    First Direct (6%)
    Virgin (2.25%)
    Leeds (2.3%)
    Natwest (1.5%)
    Nationwide (5%)
    Virgin x 6 (2.25%)

    I understand what others have said about the 2% accounts, I have two Tesco accounts at 3% and 3 BOS at 3% (although they are not all full as I use this to fund the RS)

    Just need to pick up one as one matures, so I can keep the cycle going

    :-)
    Save 12k in 2017 #16 Total £15130/£12000 126.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £300/£365 = 82.19%
    Virtual Sealed Pot #1 Total £1200/£1000 = 120.00%
    £2 Savers Club 2017 #3 Total (£1450)+£50/£2000 = 75.00%

    Total £18540/£15865 = 116.86%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • JusinScot
    • By JusinScot 10th Mar 17, 1:07 PM
    • 10 Posts
    • 1 Thanks
    JusinScot
    More info on this please
    HSBC 6%
    • jimclark1967
    • By jimclark1967 10th Mar 17, 1:19 PM
    • 485 Posts
    • 115 Thanks
    jimclark1967
    More info on this please
    HSBC 6%
    Originally posted by JusinScot
    https://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts

    It's now 5% for new customers with an HSBC Advance (or Premier) account.
    • Frogletina
    • By Frogletina 10th Mar 17, 1:25 PM
    • 2,859 Posts
    • 10,326 Thanks
    Frogletina
    I have been sorting out my YBAB categories and I have now listed them in order of maturity.. I am on the look out for the next one...

    Santander (5%)
    Kent (3%)
    LLoyds (4%)
    HSBC (6%)
    Buckinghamshire (1.75%)
    Leeds (2.3%)
    First Direct (6%)
    Virgin (2.25%)
    Leeds (2.3%)
    Natwest (1.5%)
    Nationwide (5%)
    Virgin x 6 (2.25%)

    I understand what others have said about the 2% accounts, I have two Tesco accounts at 3% and 3 BOS at 3% (although they are not all full as I use this to fund the RS)

    Just need to pick up one as one matures, so I can keep the cycle going

    :-)
    Originally posted by Westie983
    That's interesting. I have mine shown as accounts on Ynab in the order that they are paid. The interest gets paid into my 'interest for the year' category which I label each financial year so that I know how much I have earned (I will have to pay tax on some of this as I have exceeded the personal savings allowance). I'm wondering when my tax code will change to take this into account.

    I need to find new regular savers for the months April, May, October and January. I might carry on with the 2% ones that I have as they are the only ones in their month but would prefer higher ones of course for the missing months. I doubt if there will be new ones at a higher rate in April and May unless Virgin introduce more.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • Frogletina
    • By Frogletina 10th Mar 17, 1:38 PM
    • 2,859 Posts
    • 10,326 Thanks
    Frogletina
    https://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts

    It's now 5% for new customers with an HSBC Advance (or Premier) account.
    Originally posted by jimclark1967
    I've not been able to get the HSBC current account so far. I tried to get an appointment at the branch some time ago but as my regular income was not £1750 I was refused an appointment.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • schiff
    • By schiff 10th Mar 17, 9:13 PM
    • 17,556 Posts
    • 8,861 Thanks
    schiff
    Which means my actual "profit" should I open another regular saver at the end of the current term would be less than £20 for one year's investment and because of other investments I'd lose £4 of that in tax. Now, £16 is £16 I hear you say and I'm not one to turn down free money however I can no longer get enthused about the whole thing. Let's be honest, it's a pittance and it's not going to make any difference to my life. It was fun for a time seeing my money doing cartwheels going from account to account but to be honest I'm getting bored with the whole thing now.
    Originally posted by Marvo5
    You forget that some people have nothing else to do but muck about with their money Be grateful you have a life.
    • Stompa
    • By Stompa 15th Mar 17, 11:46 AM
    • 7,569 Posts
    • 3,658 Thanks
    Stompa
    My Santander Regular eSaver has matured today, and been converted to an Everyday Saver account. There's no sign of any interest though. Is there normally a delay for this to appear? (or perhaps I'm just being impatient, and it'll be there by the end of the day!)
    Stompa
    • ctdctd
    • By ctdctd 15th Mar 17, 12:40 PM
    • 830 Posts
    • 643 Thanks
    ctdctd
    My Santander Regular eSaver has matured today, and been converted to an Everyday Saver account. There's no sign of any interest though. Is there normally a delay for this to appear? (or perhaps I'm just being impatient, and it'll be there by the end of the day!)
    Originally posted by Stompa
    Mine was due to mature on the 14th - didn't check to see what the account was called though.
    Today, it's an Everyday Saver and interest is there fine.

    Also, you can open the current 3% version straight away online unlike last year :-)
    Do Money Saving sites make you buy more bargains - and spend more money?
    • Stompa
    • By Stompa 15th Mar 17, 1:16 PM
    • 7,569 Posts
    • 3,658 Thanks
    Stompa
    Mine was due to mature on the 14th - didn't check to see what the account was called though.
    Today, it's an Everyday Saver and interest is there fine.
    Originally posted by ctdctd
    Thanks.

    Also, you can open the current 3% version straight away online unlike last year :-)
    Originally posted by ctdctd
    Yes, I know. Already done!
    Stompa
    • mgarl10024
    • By mgarl10024 15th Mar 17, 1:22 PM
    • 580 Posts
    • 389 Thanks
    mgarl10024
    Also, you can open the current 3% version straight away online unlike last year :-)
    Originally posted by ctdctd
    That's a big improvement - thanks for the heads up.
    Had been building myself up to that phone-call, so this is a nice relief. Probably for the throats of the call handlers too!
    • xylophone
    • By xylophone 15th Mar 17, 1:35 PM
    • 22,322 Posts
    • 12,882 Thanks
    xylophone
    My Santander Regular eSaver has matured today, and been converted to an Everyday Saver account. There's no sign of any interest though.
    Ditto - I rang and it will be added tonight apparently.

    However, to my mind the interest was owed on the regular saver and should have been added to the regular saver before it was converted to an everyday saver.
    • Tayloriw1
    • By Tayloriw1 15th Mar 17, 2:09 PM
    • 10 Posts
    • 0 Thanks
    Tayloriw1
    Regular savers
    Hello i have lloyds and nationwide plus a BOS regular saver when they all mature, can i reopen new ones with same banks ??
    • colsten
    • By colsten 15th Mar 17, 2:23 PM
    • 8,670 Posts
    • 7,314 Thanks
    colsten
    Not had my interest paid either by Santander even though the account has changed to an esaver overnight. All they could tell me is that it will "probably" be added overnight, and that they would investigate it and call me back on Monday (!).

    On closer examination, I think it's correct that my interest doesn't get paid until tomorrow, as the T&Cs say "interest is .......added to this account annually on the anniversary of account opening", and my account was opened on March 16 2016. It appears that Santander are confusing everyone by changing the account to an esaver a day before the anniversary. They did write to me a couple of weeks ago though to say the account would mature today.

    EDIT: Interest appeared in my account today, March 16. All's well then, despite the confusion they introduced by renaming the account yesterday.
    Last edited by colsten; 16-03-2017 at 11:50 AM.
    • colsten
    • By colsten 15th Mar 17, 2:24 PM
    • 8,670 Posts
    • 7,314 Thanks
    colsten
    Hello i have lloyds and nationwide plus a BOS regular saver when they all mature, can i reopen new ones with same banks ??
    Originally posted by Tayloriw1
    If they still offer them and the T&Cs allow it, yes you can.
    • Stompa
    • By Stompa 15th Mar 17, 3:05 PM
    • 7,569 Posts
    • 3,658 Thanks
    Stompa
    ...as the T&Cs say "interest is .......added to this account annually on the anniversary of account opening", and my account was opened on March 16 2016.
    Originally posted by colsten
    Mine was opened on the 15th though.
    Stompa
    • xylophone
    • By xylophone 15th Mar 17, 3:06 PM
    • 22,322 Posts
    • 12,882 Thanks
    xylophone
    .
    .added to this account annually
    But it's not being added to "this" account where "this" account was the regular saver, which is the point I was making above.
    • Stompa
    • By Stompa 15th Mar 17, 3:07 PM
    • 7,569 Posts
    • 3,658 Thanks
    Stompa
    Ditto - I rang and it will be added tonight apparently.
    Originally posted by xylophone
    Thanks.

    However, to my mind the interest was owed on the regular saver and should have been added to the regular saver before it was converted to an everyday saver.
    Originally posted by xylophone
    I agree, though I notice that despite the account type having been redesignated, the account number remains unchanged.
    Stompa
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