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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,067Posts
    • 3,402Thanks
    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 258
    • Marvo5
    • By Marvo5 15th Mar 17, 4:01 PM
    • 71 Posts
    • 69 Thanks
    Marvo5
    I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.
    • KTF
    • By KTF 15th Mar 17, 4:04 PM
    • 4,521 Posts
    • 1,840 Thanks
    KTF
    The regular saver converts into an instant access account at the end of the term. What did you think would happen?
    • Marvo5
    • By Marvo5 15th Mar 17, 4:07 PM
    • 71 Posts
    • 69 Thanks
    Marvo5
    Nothing. But the account was opened online so I would have expected that it could be closed in the same fashion.
    • Jo Blogs
    • By Jo Blogs 15th Mar 17, 4:11 PM
    • 647 Posts
    • 2,061 Thanks
    Jo Blogs
    I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.
    Originally posted by Marvo5
    It's common practice for banks to do this upon RS maturity. However, I do agree that to have write or go into branch to close an account can be a real pain at times, to say the very least
    Saved Nitty Gritty 3895.25 [77.91%] / 5000-[June] 1592.56 for the 'Save 12k in 2017' #157
    2017 Womble #35 3265.97 May NSDs 24/15CCCChl 21/52 weeks
    May PPChl#002 Pts 119
    • xylophone
    • By xylophone 15th Mar 17, 4:16 PM
    • 21,318 Posts
    • 12,243 Thanks
    xylophone
    I agree, though I notice that despite the account type having been redesignated, the account number remains unchanged.
    You think the weasel words will prevent our demanding compo?

    And there was I planning my next cruise.....
    • steve65e
    • By steve65e 15th Mar 17, 6:59 PM
    • 113 Posts
    • 73 Thanks
    steve65e
    It appears that Santander are confusing everyone by changing the account to an esaver a day before the anniversary.
    Originally posted by colsten
    And depriving us of a day's interest (32p) on the full amount?
    • Westie983
    • By Westie983 15th Mar 17, 7:13 PM
    • 3,633 Posts
    • 13,602 Thanks
    Westie983
    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
    I have just called up to find out, and they said they are aware of the issue..

    I have a deja vu of Nationwides problem last christmas, when the first batch of regular savers matured...

    I have been told just to wait but my interest will be added in time.

    Westie983
    Save 12k in 2017 #16 Total 11225/12000 93.54%
    Sealed Pot Challenge ~ 10 #97 Total (252) +158/500 = 82.00% ( x 10)
    Xmas 2017 1 a Day #6 Total 140/365 = 38.35%
    Virtual Sealed Pot #1 Total 600/1000 = 60.00%
    2 Savers Club 2017 #3 Total (1450)+50/2000 = 75.00%
    Total 13875.00/15865 = 87.45%


    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
    • Westie983
    • By Westie983 15th Mar 17, 7:16 PM
    • 3,633 Posts
    • 13,602 Thanks
    Westie983
    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.
    Originally posted by colsten
    I also got a letter saying the account would mature on the 15th so maybe the interest will be added tomorrow?

    That said the call handler I just spoke too, said it has been escalated to back office to look into and I should just be patient..
    I have waited 12 months, what one more day...

    I have opened a new one to start again...

    And the cycle continues

    Westie983
    Save 12k in 2017 #16 Total 11225/12000 93.54%
    Sealed Pot Challenge ~ 10 #97 Total (252) +158/500 = 82.00% ( x 10)
    Xmas 2017 1 a Day #6 Total 140/365 = 38.35%
    Virtual Sealed Pot #1 Total 600/1000 = 60.00%
    2 Savers Club 2017 #3 Total (1450)+50/2000 = 75.00%
    Total 13875.00/15865 = 87.45%


    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
    • colsten
    • By colsten 15th Mar 17, 7:17 PM
    • 8,504 Posts
    • 7,095 Thanks
    colsten
    And depriving us of a day's interest (32p) on the full amount?
    Originally posted by steve65e
    How did you conclude that from me saying "I think it's correct that my interest doesn't get paid until tomorrow".
    • Vortigern
    • By Vortigern 15th Mar 17, 7:40 PM
    • 2,188 Posts
    • 1,410 Thanks
    Vortigern
    I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.
    Originally posted by Marvo5
    If they are causing you some effort or expense to close an unwanted account, don't close it! Just leave it empty until they declare it dormant. It may take a while and they'll probably send you an annual statement. Their problem, not yours or mine.
    • mgarl10024
    • By mgarl10024 15th Mar 17, 8:04 PM
    • 553 Posts
    • 359 Thanks
    mgarl10024
    I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.
    Originally posted by Marvo5
    I had the same. Raised it to CEO level and they just weren't interested. The chap from the CEO's office was actually quite rude. I haven't opened another RS with them.
    • hgt
    • By hgt 15th Mar 17, 10:49 PM
    • 190 Posts
    • 130 Thanks
    hgt
    I had the same. Raised it to CEO level and they just weren't interested. The chap from the CEO's office was actually quite rude. I haven't opened another RS with them.
    Originally posted by mgarl10024
    Yes this is a ploy employed by all brands that run on Lloyds Banking Group IT systems (Lloyds, Halifax, BoS, TSB) where they don't let you close the majority of accounts online. Just keep the account open as that way the bank loses out when they have to pay postage to send you a statement for a nill balance every year!
    • colsten
    • By colsten 15th Mar 17, 11:05 PM
    • 8,504 Posts
    • 7,095 Thanks
    colsten
    I had the same. Raised it to CEO level and they just weren't interested. The chap from the CEO's office was actually quite rude. I haven't opened another RS with them.
    Originally posted by mgarl10024
    It'll really hurt them if you don't save with them.
    • glider3560
    • By glider3560 16th Mar 17, 7:13 AM
    • 3,163 Posts
    • 1,920 Thanks
    glider3560
    Yes this is a ploy employed by all brands that run on Lloyds Banking Group IT systems (Lloyds, Halifax, BoS, TSB) where they don't let you close the majority of accounts online. Just keep the account open as that way the bank loses out when they have to pay postage to send you a statement for a nill balance every year!
    Originally posted by hgt
    The new Lloyds online system allows savings accounts to be closed by the customer. TSB never adopted this system.

    • mgarl10024
    • By mgarl10024 16th Mar 17, 8:23 AM
    • 553 Posts
    • 359 Thanks
    mgarl10024
    It'll really hurt them if you don't save with them.
    Originally posted by colsten
    I know what you're saying. My 250/mth probably isn't going to bring down the TSB empire.

    Rather than a "I'm really angry and wont save with them out of principle even if I spite myself because they have market leading rates (they don't)" sort of way, it's more of a "I can get the same 2% RS in many places which don't cause this hassle so in the current market I'll go elsewhere" sort of way.

    It's hassle-minimisation rather than vengeance.

    That said, the response from the CEO's office was very disappointing, and given an *equal* offering, I would opt elsewhere.
    • Marvo5
    • By Marvo5 16th Mar 17, 9:06 AM
    • 71 Posts
    • 69 Thanks
    Marvo5
    I know what you're saying. My 250/mth probably isn't going to bring down the TSB empire.

    Rather than a "I'm really angry and wont save with them out of principle even if I spite myself because they have market leading rates (they don't)" sort of way, it's more of a "I can get the same 2% RS in many places which don't cause this hassle so in the current market I'll go elsewhere" sort of way.

    It's hassle-minimisation rather than vengeance.

    That said, the response from the CEO's office was very disappointing, and given an *equal* offering, I would opt elsewhere.
    Originally posted by mgarl10024
    Good for you. It's amazing how many people in life these days are willing to forget their principles in order to make what nowadays has become a pittance. It's this way of behaviour that results in children working in factories and the like.
    • elektra
    • By elektra 16th Mar 17, 12:56 PM
    • 1,323 Posts
    • 806 Thanks
    elektra
    Pleased to say that Santander now let you open a Regular Saver online.

    A very quick process and it opened and appeared on-screen immediately.
    • mgarl10024
    • By mgarl10024 16th Mar 17, 1:01 PM
    • 553 Posts
    • 359 Thanks
    mgarl10024
    Pleased to say that Santander now let you open a Regular Saver online.

    A very quick process and it opened and appeared on-screen immediately.
    Originally posted by elektra
    Do you have to set up your own SO, or does the process do that for you?
    • elektra
    • By elektra 16th Mar 17, 1:05 PM
    • 1,323 Posts
    • 806 Thanks
    elektra
    Do you have to set up your own SO, or does the process do that for you?
    Originally posted by mgarl10024
    Set your own SO up, but that was quick and easy to do as well.
    • Jo Blogs
    • By Jo Blogs 16th Mar 17, 3:00 PM
    • 647 Posts
    • 2,061 Thanks
    Jo Blogs
    Virgin Money NEW RS's
    Virgin Money - New as from today

    Regular E-Saver Issue 4 250 pm 2.25%

    There's also a parallel Store version for those who can easily get to one. (Issue 3)

    http://uk.virginmoney.com/savings/find/results/#all (easy access)
    Last edited by Jo Blogs; 16-03-2017 at 3:08 PM.
    Saved Nitty Gritty 3895.25 [77.91%] / 5000-[June] 1592.56 for the 'Save 12k in 2017' #157
    2017 Womble #35 3265.97 May NSDs 24/15CCCChl 21/52 weeks
    May PPChl#002 Pts 119
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