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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,074Posts
    • 3,520Thanks
    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 273
    • Yorkshire Pud
    • By Yorkshire Pud 16th May 17, 8:56 PM
    • 736 Posts
    • 462 Thanks
    Yorkshire Pud
    I wonder if this could be useful? Updated.

    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
    Regular E-Saver Issue 5, matures 20/6/18

    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.
    Regular Saver 4, matures 1/6/18
    Originally posted by schiff
    I have a couple of online Virgin savers and have the opportunity to visit a store this week. Will I need to bring ID and proof of address as if I was a new customer or will having online accounts serve this purpose please?
    • margf
    • By margf 16th May 17, 8:59 PM
    • 154 Posts
    • 2,302 Thanks
    margf
    I have a couple of online Virgin savers and have the opportunity to visit a store this week. Will I need to bring ID and proof of address as if I was a new customer or will having online accounts serve this purpose please?
    Originally posted by Yorkshire Pud
    You will need to bring ID and proof of address as if you were a new customer, I did
    • EachPenny
    • By EachPenny 16th May 17, 10:21 PM
    • 1,376 Posts
    • 1,406 Thanks
    EachPenny
    I have a couple of online Virgin savers and have the opportunity to visit a store this week. Will I need to bring ID and proof of address as if I was a new customer or will having online accounts serve this purpose please?
    Originally posted by Yorkshire Pud
    As margf says, take your documents because they may want to see them. Virgin has separate computer systems for online and store customers, although there appears to be some visibility of online accounts on the store's staff computers. However, there is no certainty they will be able to see your online accounts to verify your identity.

    Also be prepared to argue with them that it is possible to have both the online and in-store versions. I've not had a problem myself, but some people have reported issues, a phone call to head office will probably resolve any doubt
    "In the future, everyone will be rich for 15 minutes"
    • keyboardworrier
    • By keyboardworrier 17th May 17, 12:18 PM
    • 31 Posts
    • 32 Thanks
    keyboardworrier
    Ford have announced a new regular saver open to all paying 4% on a max of £250 PM. Open from 22nd May
    • Chrisv
    • By Chrisv 17th May 17, 12:24 PM
    • 3,697 Posts
    • 71,762 Thanks
    Chrisv
    Ford have announced a new regular saver open to all paying 4% on a max of £250 PM. Open from 22nd May
    Originally posted by keyboardworrier
    Challenger bank, Ford Money, has added a new regular saver and regular Isa saver to its line up, both paying four per cent.
    http://www.thisismoney.co.uk/money/saving/article-4510644/Ford-Money-launches-best-buy-4-cent-regular-saver.html
    Not wanting something is as good as possessing it – Donald Horban
    • Marvo5
    • By Marvo5 17th May 17, 3:58 PM
    • 80 Posts
    • 75 Thanks
    Marvo5
    Challenger bank, Ford Money, has added a new regular saver and regular Isa saver to its line up, both paying four per cent.
    http://www.thisismoney.co.uk/money/saving/article-4510644/Ford-Money-launches-best-buy-4-cent-regular-saver.html
    Originally posted by Chrisv
    I'm surmising you'll need to set up a direct debit to pay the money in?

    Bingo! I've just done the double.
    • ColdIron
    • By ColdIron 17th May 17, 4:07 PM
    • 3,188 Posts
    • 3,625 Thanks
    ColdIron
    I'm surmising you'll need to set up a direct debit to pay the money in?
    Originally posted by Marvo5
    I very much doubt it. You would probably want to set up a standing order from one of your existing accounts for ease but since there doesn't seem to be a requirement for a linked Ford account it'll be up to you
    • Hal17
    • By Hal17 17th May 17, 4:09 PM
    • 89 Posts
    • 38 Thanks
    Hal17
    I'm surmising you'll need to set up a direct debit to pay the money in?

    Bingo! I've just done the double.
    Originally posted by Marvo5
    Have you opened an account? Just looked on their web site and there is nothing mentioned regarding these two new accounts?

    Ok - just seen it launches 22nd May.
    Last edited by Hal17; 17-05-2017 at 4:12 PM.
    • eskbanker
    • By eskbanker 17th May 17, 4:16 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    I'm surmising you'll need to set up a direct debit to pay the money in?

    Bingo! I've just done the double.
    Originally posted by Marvo5
    No idea what your second line is all about (some sort of joke going way over my head perhaps) but if your first line was intended in a non-facetious way then no, deposits and withdrawals to/from their existing savings accounts are by faster payments rather than direct debits so it would be unlikely they'd introduce DDs for these ones.
    • castle96
    • By castle96 17th May 17, 4:22 PM
    • 1,584 Posts
    • 266 Thanks
    castle96
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    • Marvo5
    • By Marvo5 17th May 17, 4:28 PM
    • 80 Posts
    • 75 Thanks
    Marvo5
    No idea what your second line is all about (some sort of joke going way over my head perhaps) but if your first line was intended in a non-facetious way then no, deposits and withdrawals to/from their existing savings accounts are by faster payments rather than direct debits so it would be unlikely they'd introduce DDs for these ones.
    Originally posted by eskbanker
    Okay. The only experience I have of a regular saver with a company that I don't have an account with is the Post Office and they do accept Direct Debits. I bow to your superior knowledge regarding Ford.

    May 22nd it is then, 4%. Better than these Virgin savers you all keep banging on about.
    • Marvo5
    • By Marvo5 17th May 17, 4:30 PM
    • 80 Posts
    • 75 Thanks
    Marvo5
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    No. I'm pretty sure they'll accept a standing order, it's you that initiates that so I don't see how they could refuse it.
    • badger09
    • By badger09 17th May 17, 4:30 PM
    • 5,071 Posts
    • 4,271 Thanks
    badger09
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    The accounts don't launch until 22 May. No one knows what payment method/s they will accept

    Though it is likely they will follow the same pattern as their other accounts.
    Last edited by badger09; 17-05-2017 at 4:35 PM.
    • eskbanker
    • By eskbanker 17th May 17, 4:31 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    No, looks like SOs are fine too (assuming the new products are going to accept the same funding options as the existing ones) - see https://www.fordmoney.co.uk/content/dam/fmny/uk/documents/General-Customer-Terms.pdf (which can be overlaid with product-specific terms):
    You can make deposits into your Ford Money savings account from your Nominated Account via BACS, CHAPS, Faster Payments or Standing Order. We don’t accept cash or cheque deposits.
    • Speculator
    • By Speculator 17th May 17, 5:43 PM
    • 1,650 Posts
    • 1,250 Thanks
    Speculator
    I hope the Ford Regular ISA saver will allow people to deposit £1385 per month (£15240/11) and not just £250 pm.
    • Sea Shell
    • By Sea Shell 17th May 17, 5:51 PM
    • 352 Posts
    • 285 Thanks
    Sea Shell
    Good news!! Put us down for 2! (Standard - not ISA)
    Last edited by Sea Shell; 18-05-2017 at 6:44 AM.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • eskbanker
    • By eskbanker 17th May 17, 5:58 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    I hope the Ford Regular ISA saver will allow people to deposit £1385 per month (£15240/11) and not just £250 pm.
    Originally posted by Speculator
    Time will tell once it's properly launched but that quoted This Is Money piece implies £250 (and for once I think I'd be inclined to believe Daily Mail figures!).

    In any event there is no significance to £15,240 this year, the current ISA allowance is a round £20K....
    • Speculator
    • By Speculator 17th May 17, 6:03 PM
    • 1,650 Posts
    • 1,250 Thanks
    Speculator
    Time will tell once it's properly launched but that quoted This Is Money piece implies £250 (and for once I think I'd be inclined to believe Daily Mail figures!).

    In any event there is no significance to £15,240 this year, the current ISA allowance is a round £20K....
    Originally posted by eskbanker
    The second sentence in the article starts with "The account " and not "accounts" so I am hoping the £250 pm refers to the Regular Saver only.
    Last edited by Speculator; 17-05-2017 at 8:47 PM. Reason: amended £300 to £250
    • eskbanker
    • By eskbanker 17th May 17, 7:08 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    The second sentence in the article starts with "The account " and not "accounts" so I am hoping the £300 pm refers to the Regular Saver only.
    Originally posted by Speculator
    I'm sure we'd all hope for a regular saver that accepts four-figure monthly deposits but whether we'd consider it likely or realistic is another matter!
    • schiff
    • By schiff 17th May 17, 7:45 PM
    • 17,517 Posts
    • 8,833 Thanks
    schiff
    No, looks like SOs are fine too (assuming the new products are going to accept the same funding options as the existing ones) - see dam/fmny/uk/documents/General-Customer-Terms.pdf">https://www.fordmoney.co.uk/content/dam/fmny/uk/documents/General-Customer-Terms.pdf (which can be overlaid with product-specific terms):
    Originally posted by eskbanker
    Love that bit tough if you've only got serious documents.
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