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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,074Posts
    • 3,531Thanks
    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 274
    • Archi Bald
    • By Archi Bald 17th May 17, 8:02 PM
    • 9,338 Posts
    • 7,378 Thanks
    Archi Bald
    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!
    Originally posted by eskbanker
    Regular Saver ISAs usually do allow you to deposit your entire ISA allowance for the year, spread out evenly over the months. We'll know on Monday what Ford offer.
    • Rich2808
    • By Rich2808 17th May 17, 8:32 PM
    • 457 Posts
    • 382 Thanks
    Rich2808
    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
    I have already opened the Nottingham BS regular saver isa paying 2.25% - so I won't be eligible for the Ford one. That allows £2,400 in month 1 and £1600 per month there after.

    You would assume Ford would allow higher than £250 a month for their regular savings ISA as the most you would be able to save otherwise is £2750 compared to the £20k ISA allowance.

    But the 4% standard offering sounds a good bet anyway.

    Come Mondeo we will have to stay Focused and Explorer our Ford options amongst their Galaxy of savings offerings. And then come interest payment day a Fiesta may be in order.
    • schiff
    • By schiff 17th May 17, 8:34 PM
    • 17,522 Posts
    • 8,836 Thanks
    schiff

    Come Mondeo we will have to stay Focused and Explorer our Ford options amongst their Galaxy of savings offerings. And then come interest payment day a Fiesta may be in order.
    Originally posted by Rich2808
    Until Monday we're all in transit
    • schiff
    • By schiff 17th May 17, 8:36 PM
    • 17,522 Posts
    • 8,836 Thanks
    schiff
    I have already opened the Nottingham BS regular saver isa paying 2.25% - so I won't be eligible for the Ford one.
    Originally posted by Rich2808
    Why? I'm afraid that passes me by.
    • Rich2808
    • By Rich2808 17th May 17, 8:40 PM
    • 457 Posts
    • 382 Thanks
    Rich2808
    Why? I'm afraid that passes me by.
    Originally posted by schiff
    You can't invest in more than one cash isa a year is why - and if the Ford isa regular saver account only allows £250 a month it isn't worth my while as I cannot maximise my £20k allowance.

    I would also lose six months interest if I transferred out the £4k I have already invested with the Nottingham - and its unlikely Ford would accept a transfer in on a regular saver (and I assume they aren't a split isa provider either).

    Still up for the non isa product !
    Last edited by Rich2808; 17-05-2017 at 8:52 PM.
    • isasmurf
    • By isasmurf 17th May 17, 8:56 PM
    • 1,719 Posts
    • 738 Thanks
    isasmurf
    You would assume Ford would allow higher than £250 a month for their regular savings ISA as the most you would be able to save otherwise is £2750 compared to the £20k ISA allowance.
    Originally posted by Rich2808
    Ford allow you to share your allowance across all their Cash ISAs, so you can still use all your allowance.
    • schiff
    • By schiff 17th May 17, 9:05 PM
    • 17,522 Posts
    • 8,836 Thanks
    schiff
    You can't invest in more than one cash isa a year is why - and if the Ford isa regular saver account only allows £250 a month it isn't worth my while as I cannot maximise my £20k allowance.
    Originally posted by Rich2808
    Missed the ISA reference
    • eskbanker
    • By eskbanker 18th May 17, 12:49 AM
    • 5,008 Posts
    • 4,760 Thanks
    eskbanker
    Regular Saver ISAs usually do allow you to deposit your entire ISA allowance for the year, spread out evenly over the months. We'll know on Monday what Ford offer.
    Originally posted by Archi Bald
    Fair point - I was looking at it from the perspective of the interest rate being closer to the heavily-capped standard regular savers than cash ISA rates but as you say there is a strong argument that a (non-HTB) cash ISA should be able to accommodate a year's allowance. Anyway, let's see what Monday brings....
    • EachPenny
    • By EachPenny 18th May 17, 1:23 AM
    • 1,377 Posts
    • 1,411 Thanks
    EachPenny
    Until Monday we're all in transit
    Originally posted by schiff
    Cor, Tina. If you're listening you should get this new account

    Ok, the joke has got a bit thin
    "In the future, everyone will be rich for 15 minutes"
    • Sea Shell
    • By Sea Shell 18th May 17, 6:46 AM
    • 353 Posts
    • 287 Thanks
    Sea Shell
    Monday will tell, but i'd be very surprised if they'll allow £20k to be deposited over 12 months. I'm betting it'll be £250 pm the same.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Hal17
    • By Hal17 18th May 17, 8:22 AM
    • 89 Posts
    • 38 Thanks
    Hal17
    Monday will tell, but i'd be very surprised if they'll allow £20k to be deposited over 12 months. I'm betting it'll be £250 pm the same.
    Originally posted by Sea Shell
    So does that mean we could not open a second cash ISA to take any balance. Only able to invest a total of a possible £3K in the Ford ISA is not very good.
    • schiff
    • By schiff 18th May 17, 8:40 AM
    • 17,522 Posts
    • 8,836 Thanks
    schiff
    Cor, Tina. If you're listening you should get this new account

    Ok, the joke has got a bit thin
    Originally posted by EachPenny
    Maybe, but we can always afford an amusing diversion in such a serious thread.
    • B_G_B
    • By B_G_B 18th May 17, 9:42 AM
    • 376 Posts
    • 377 Thanks
    B_G_B
    Maybe, but we can always afford an amusing diversion in such a serious thread.
    Originally posted by schiff
    Don't need a diversion when I am trying to Focus.
    • isasmurf
    • By isasmurf 18th May 17, 10:20 AM
    • 1,719 Posts
    • 738 Thanks
    isasmurf
    So does that mean we could not open a second cash ISA to take any balance. Only able to invest a total of a possible £3K in the Ford ISA is not very good.
    Originally posted by Hal17
    You can spread your allowance across all their cash ISAs so you can still use your full allowance.
    • EachPenny
    • By EachPenny 18th May 17, 10:49 AM
    • 1,377 Posts
    • 1,411 Thanks
    EachPenny
    Maybe, but we can always afford an amusing diversion in such a serious thread.
    Originally posted by schiff
    Don't need a diversion when I am trying to Focus.
    Originally posted by B_G_B
    Yes, saving is a serious business. Rather than messing around with these short-term regular savings I wish it were still possible to invest all my money in Consuls.
    "In the future, everyone will be rich for 15 minutes"
    • Steve_xx
    • By Steve_xx 18th May 17, 10:51 AM
    • 6,408 Posts
    • 2,672 Thanks
    Steve_xx
    You can spread your allowance across all their cash ISAs so you can still use your full allowance.
    Originally posted by isasmurf
    Are you indicating that whilst you could utilise your full year ISA allowance if you had multiple ISA's with Ford, but if you wanted to go elsewhere to use the remainder; you can't?
    • EachPenny
    • By EachPenny 18th May 17, 11:03 AM
    • 1,377 Posts
    • 1,411 Thanks
    EachPenny
    On a genuinely more serious note, I've just been reading the latest Private Eye magazine. There's a piece on page 5 about concerns over consumer debt and the "credit quality of new lending". Consumer behaviour at the end of 0% deals is one of the issues - perhaps fueled by the popularity of stoozing?

    One of our favourite regular saver banks gets a mention, as does the "growth of complex sub-prime car loans dressed up as 'personal contract purchase' deals".

    An interesting article, and a story worth following. Will it mean an increase in companies known for providing consumer credit starting to provide tempting consumer savings accounts?
    "In the future, everyone will be rich for 15 minutes"
    • B_G_B
    • By B_G_B 18th May 17, 11:15 AM
    • 376 Posts
    • 377 Thanks
    B_G_B
    It will be interesting to see the terms, as the final payment of 12 could fall into the 18-19 tax year.
    • badger09
    • By badger09 18th May 17, 11:31 AM
    • 5,078 Posts
    • 4,276 Thanks
    badger09
    Are you indicating that whilst you could utilise your full year ISA allowance if you had multiple ISA's with Ford, but if you wanted to go elsewhere to use the remainder; you can't?
    Originally posted by Steve_xx
    Yes

    You can't pay new money into a Cash ISA elsewhere if you're paying into the Ford reg saver Cash ISA.

    You could pay into a different type of ISA, such as S&S, IF though.
    • eskbanker
    • By eskbanker 18th May 17, 12:06 PM
    • 5,008 Posts
    • 4,760 Thanks
    eskbanker
    Are you indicating....
    Originally posted by Steve_xx
    Ford drivers have better habits than those with certain German models....
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