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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 260
    • KTF
    • By KTF 17th Mar 17, 2:07 PM
    • 4,519 Posts
    • 1,838 Thanks
    KTF
    You can have the HSBC account with a 0 balance and still get the regular saver. This is what I do.
    • briddj
    • By briddj 17th Mar 17, 2:48 PM
    • 34 Posts
    • 2 Thanks
    briddj
    You can have the HSBC account with a 0 balance and still get the regular saver. This is what I do.
    Originally posted by KTF
    Perfect. Thanks. Easy 5% then.
    • purplemusky
    • By purplemusky 17th Mar 17, 4:11 PM
    • 127 Posts
    • 34 Thanks
    purplemusky
    Hi All - I have my TSB monthly saver account maturing this month and wondered what my best option would be now. I was thinking of opening a Nationwide Flex Direct account. Can I open one in my sole name and one in joint names? Thanks
    Claire
    • Rich2808
    • By Rich2808 17th Mar 17, 5:19 PM
    • 431 Posts
    • 368 Thanks
    Rich2808
    Hi All - I have my TSB monthly saver account maturing this month and wondered what my best option would be now. I was thinking of opening a Nationwide Flex Direct account. Can I open one in my sole name and one in joint names? Thanks
    Originally posted by purplemusky
    Yes you can have both a single and joint flex direct. You get 5% for 1 year on up to £2,500 - you must pay in £1k a month - and get access to the 5% flexclusive regular saver (up to £500 a month).

    And if you do a switch with two direct debits you would also be eligible for the Nationwide recommend a friend scheme. You just find an existing NW current account holder to refer you and you can share £100 each - you can even refer family members/spouses and share the £200.

    http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab
    • soulsaver
    • By soulsaver 18th Mar 17, 1:27 AM
    • 1,243 Posts
    • 403 Thanks
    soulsaver
    Hi All - I have my TSB monthly saver account maturing this month and wondered what my best option would be now. I was thinking of opening a Nationwide Flex Direct account. Can I open one in my sole name and one in joint names? Thanks
    Originally posted by purplemusky
    Yes but according to NW CS, you will not get the 5% on both - unless the joint is opened as OH first named on the joint account.

    Others here argue you do/can... but no one has said NW agrees you can have 3 between 2 people, all earning 5%.
    There are 24 bottles of beer in a crate. There are 24 hours in a day. Coincidence? I think not....
    • pafpcg
    • By pafpcg 18th Mar 17, 4:25 PM
    • 136 Posts
    • 86 Thanks
    pafpcg
    Yes but according to NW CS, you will not get the 5% on both - unless the joint is opened as OH first named on the joint account.

    Others here argue you do/can... but no one has said NW agrees you can have 3 between 2 people, all earning 5%.
    Originally posted by soulsaver
    I wonder if the NW CS advisor was thinking of the procedure for applying to open a joint FlexDirect account?

    However, a Nationwide web-page on the FlexDirect says this:
    Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
    I interpret that Nationwide statement as any individual can get the 5% rate on one sole account and one joint account; two individuals can therefore have, between them, two sole accounts and one joint account. I would suggest that any other interpretation, such as the second-named person on a joint account could not also have a sole account, would be perverse.

    In my case, my partner and I have each had one sole FlexDirect account and shared a joint account - no problems opening and receiving the full 5% rate on all three accounts for twelve months.
    • Special_Saver2
    • By Special_Saver2 19th Mar 17, 11:07 PM
    • 1,067 Posts
    • 3,402 Thanks
    Special_Saver2
    Hi Everybody,

    Here is this weekend's update.

    - Virgin Regular Saver and Regular E-Saver accounts updated to issues 3 and 4 (replacing issues 2 and 3 respectively) in post 7

    Thanks to Jo Blogs for pointing this out.

    Many thanks to all the forum users who to continue to make useful posts on this thread with helpful information.

    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
    • soulsaver
    • By soulsaver 20th Mar 17, 12:32 AM
    • 1,243 Posts
    • 403 Thanks
    soulsaver
    I would suggest that any other interpretation, such as the second-named person on a joint account could not also have a sole account, would be perverse.
    Originally posted by pafpcg
    I didn't say you can't have a sole and joint account; indeed - that interpretation of what I and the NW CS said, would an indicator of.. perversity.
    Last edited by soulsaver; 20-03-2017 at 12:35 AM.
    There are 24 bottles of beer in a crate. There are 24 hours in a day. Coincidence? I think not....
    • Westie983
    • By Westie983 21st Mar 17, 6:13 PM
    • 3,630 Posts
    • 13,587 Thanks
    Westie983
    I Manage to open Matchday Saver Branch, Regular Saver Branch i3 in Virgin Money Branch in London.

    So I now have nine of them paying 2.25%.

    I miss the Regular Saver Branch i1, but never mind.
    Originally posted by adindas
    There has only been nine launched including Issue 1 I thought,

    Store - 1, 2, 3 & Matchday
    Online - 1, 2, 3, 4, & Matchday.

    Which other one have you got?

    Westie983
    Save 12k in 2017 #16 Total £9475/£12000 78.95%
    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 £12125.00/£15865 = 76.42%


    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
    • adindas
    • By adindas 21st Mar 17, 8:58 PM
    • 3,067 Posts
    • 1,443 Thanks
    adindas
    There has only been nine launched including Issue 1 I thought,

    Store - 1, 2, 3 & Matchday
    Online - 1, 2, 3, 4, & Matchday.

    Which other one have you got?

    Westie983
    Originally posted by Westie983
    You are right I just counted it, I actually only have eight, not nine.
    • Westie983
    • By Westie983 22nd Mar 17, 12:40 AM
    • 3,630 Posts
    • 13,587 Thanks
    Westie983
    You are right I just counted it, I actually only have eight, not nine.
    Originally posted by adindas
    I decided to close my matchday account, (The online accounts all run in order) but I know the match days ones are there if I need them, I opened I3 in branch on Monday, so I now have seven to balance, including the other 9 I have...

    Lets see what happens, as one matures, I can increase the amount going into the virgin ones.

    Its a continuous juggle

    :-0)
    Save 12k in 2017 #16 Total £9475/£12000 78.95%
    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 £12125.00/£15865 = 76.42%


    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
    • mgarl10024
    • By mgarl10024 22nd Mar 17, 8:20 AM
    • 553 Posts
    • 359 Thanks
    mgarl10024
    I decided to close my matchday account... but I know the match days ones are there if I need them
    Originally posted by Westie983
    Wouldn't you have been better to keep them open, but adjust the SOs to the minimum (either £0 or £1 depending on how you read the terms)?

    If Virgin pull the accounts tonight, they might not be there when you need them.
    • adindas
    • By adindas 22nd Mar 17, 8:37 AM
    • 3,067 Posts
    • 1,443 Thanks
    adindas
    I decided to close my matchday account, (The online accounts all run in order) but I know the match days ones are there if I need them, I opened I3 in branch on Monday, so I now have seven to balance, including the other 9 I have...

    Lets see what happens, as one matures, I can increase the amount going into the virgin ones.

    Its a continuous juggle

    :-0)
    Originally posted by Westie983
    Indeed. What is so special about Virgin money online RSA is that, it is all in one platform, so very easy to manage.
    • schiff
    • By schiff 23rd Mar 17, 4:25 PM
    • 17,405 Posts
    • 8,738 Thanks
    schiff
    Virgin Regular Savers
    I wonder if this could be useful?

    Online Accounts:

    Regular E-Saver, matures 20/10/17
    Regular E-Saver Issue 2, matures 20/12/17
    Regular E-Saver Issue 3, matures 20/2/18
    Matchday Regular E-Saver, matures 20/3/18
    Regular E-Saver Issue 4, matures 20/4/18

    The first four credited interest on 11/3/17 and will pay out interest at maturity.

    Store based Accounts:

    Regular Saver, matures 1/12/17, interest credited on 31/10/17 and at maturity.
    Regular Saver 2, matures 1/2/18, interest credited on 31/10/17 and at maturity.
    Matchday Saver Issue 1, matures 1/3/18.
    Regular Saver 3, matures 1/4/18.

    I find the whole business of Virgin Regular Savers requires intense concentration, with the proliferation of them, very similar names and some being Store based and the rest online.

    Got in a mess today setting up standing orders for the latest one twice, which I've now undone of course. But I drew up the above schedule with my own additions to make sure I know what I'm doing in the future. And thought it could be helpful for others.

    Fingers crossed!
    Last edited by schiff; 23-03-2017 at 8:14 PM.
    • schiff
    • By schiff 23rd Mar 17, 8:16 PM
    • 17,405 Posts
    • 8,738 Thanks
    schiff
    According to the "Key Product Information" for my VirginMoney branch-based Regular Saver Issue2, the maturity date is 01-February-2018.
    Originally posted by pafpcg
    You are quite right, thank you! Suitably corrected

    That date is on my records too. I did say the whole thing was confusing
    • bumpercars99
    • By bumpercars99 25th Mar 17, 1:18 PM
    • 67 Posts
    • 61 Thanks
    bumpercars99
    I'm not sure if someone here can help me. I'm looking for the terms and conditions of a Santander Regular Saver that I've had open since October.

    In my online banking it's just labelled "Monthly Saver" and I'm not sure if that's a name I gave it or whether that was its official product name.

    I've been making a fairly small monthly payment into the account but I've started a small second job and want to put the earnings from that into the account as well. What I'd love to know is whether I can make more than one payment into the account as long as the total is under £200(?) a month as it would make it a lot easier to just send it across when I got paid rather than constantly adjusting my normal standing order each month.

    I can see that this would be fine on the new Regular eSaver they have out but I'm not sure that's the product I have. I know my product is at 5%. If anyone knows the official account name, can find the T&Cs or has this account and knows the answer to my question, I'd be very grateful thanks.
    • ColdIron
    • By ColdIron 25th Mar 17, 1:23 PM
    • 3,141 Posts
    • 3,551 Thanks
    ColdIron
    In my online banking it's just labelled "Monthly Saver" and I'm not sure if that's a name I gave it or whether that was its official product name.
    Originally posted by bumpercars99
    That's what Santander call it on the account overview page, if you click on it it should give you the proper name e.g.
    Product name: 123 REGULAR ESAVER (ISSUE 4)
    • bumpercars99
    • By bumpercars99 25th Mar 17, 1:26 PM
    • 67 Posts
    • 61 Thanks
    bumpercars99
    Ah great thankyou!!
    It's a REGULAR ESAVER (ISSUE 1)
    No wonder I couldn't find t&c for this "Monthly Saver" account.

    Looks like I can do what I want if I use a standing order.

    Thanks for your help.
    • Special_Saver2
    • By Special_Saver2 27th Mar 17, 12:31 AM
    • 1,067 Posts
    • 3,402 Thanks
    Special_Saver2
    Hi Folks,

    I cannot find anything that has changed for this weekend's update.

    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
    • gt94sss2
    • By gt94sss2 31st Mar 17, 11:06 AM
    • 3,951 Posts
    • 1,826 Thanks
    gt94sss2
    Santander increase Regular Saver Rate
    Dear gt94sss2

    Your Regular eSaver interest rate increase to 5.00% AER/Gross (variable)

    As you’re a 1|2|3 World or Santander Select customer we’re pleased to let you know that from 3 April 2017 we’re increasing the rate on your Regular eSaver (Issue 4) to 5.00% AER/Gross (variable).
    Please see the table below for more details.

    Regular eSaver for 1|2|3 World or Santander Select customers
    Interest rate AER / Gross (variable) up to and including 2 April 2017
    3.00%




    Regular eSaver for 1|2|3 World or Santander Select customers
    Interest rate AER / Gross (variable) effective from 3 April 2017
    5.00%

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