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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,088Posts
    • 3,670Thanks
    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 happy for people to use this thread to discuss the regular savings accounts on this list. If people want to discuss one of the feeder accounts or a maturing account that is no longer on this list, I am happy for people to post something on this thread (as it may be of interest to some of the people who follow this thread), although I would prefer they start a new thread and then post a message on this thread with a link to the new thread.

    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; 05-11-2017 at 7:54 PM.
Page 299
    • surreysaver
    • By surreysaver 5th Jun 17, 1:39 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    It's clear enough to me - says "maximum one account per customer". Versions don't come into it.

    http://www.santander.co.uk/uk/savings/regular-esaver
    Originally posted by colsten
    Still cannot see where it says it. And what is the difference between accounts and versions? Virgin Money allows you to have more than one Regular Savings if they are different issues.

    It is not clear. Despite you and EasyPenny telling me, I cannot see where it says it in the terms and conditions, therefore I have been sat here all morning today, and a lot of yesterday, and have not found this clause. Therefore it isn't clear. I have plenty of time on my hands at the moment, with being off sick, so how can they expect busy people to pick these things up if I cannot?
    I consider myself to be a male feminist. Is that allowed?
    • castle96
    • By castle96 5th Jun 17, 1:43 PM
    • 1,608 Posts
    • 274 Thanks
    castle96
    I went in to the Branch and 'insisted' on another account but they just wouldn't have it. "You can only have one a/c", "you can only have one account"
    They wouldn't accept the issue/account arguement.

    Yet again, the T&Cs they draft are not 100% conclusive, but open to their interpretation.
    • surreysaver
    • By surreysaver 5th Jun 17, 1:48 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    I'm perfectly willing to take people's word for it on here, but I have specifically looked for a clause, and I cannot even see one about 1 account. And the fact I can go through to the application process from my Online Banking whilst logged on, and not until I click 'Apply' at the end of the application process it tells me I'm not eligible.
    I consider myself to be a male feminist. Is that allowed?
    • etienneg
    • By etienneg 5th Jun 17, 1:48 PM
    • 47 Posts
    • 14 Thanks
    etienneg
    Click the link you were given and look at the first bullet point in "How do I open and manage my account?".

    Can you find it now?
    • surreysaver
    • By surreysaver 5th Jun 17, 1:52 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    Click the link you were given and look at the first bullet point in "How do I open and manage my account?".

    Can you find it now?
    Originally posted by etienneg
    Yes, thanks. I can see it now!

    Like others have said, though, I wouldn't consider an Issue 5 paying 5% to be the same as an Issue 2 paying 3%. Different accounts with different names paying different rates of interest and available at different times.
    I consider myself to be a male feminist. Is that allowed?
    • castle96
    • By castle96 5th Jun 17, 2:01 PM
    • 1,608 Posts
    • 274 Thanks
    castle96
    I'm sure 'everyone' would agree with you (including me), ...................apart from Santander !
    • etienneg
    • By etienneg 5th Jun 17, 2:03 PM
    • 47 Posts
    • 14 Thanks
    etienneg
    Terms and conditions define what is being agreed when a contract is made. They do not create any "entitlement" to make a contract (in this case, to open an account).


    Compare it with a credit card account. These are advertised and T&Cs are published. But when someone applies, the bank is not bound to accept the application. They may decide the applicant is a bigger risk than they want, and either decline the application or give less generous terms (such as shorter interest-free period or higher interest rate).


    Regular savers don't usually cause such major clashes, but the principle is the same. There is no entitlement to such accounts.
    • surreysaver
    • By surreysaver 5th Jun 17, 2:17 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    Terms and conditions define what is being agreed when a contract is made. They do not create any "entitlement" to make a contract (in this case, to open an account).
    Originally posted by etienneg
    Which is fair enough, but if they are going to automatically decline a Regular eSaver to everyone who has a previous incarnation of one, then would it not make sense to put that in the terms and conditions?
    Like the credit card companies do - they will say they may offer less generous terms.
    I consider myself to be a male feminist. Is that allowed?
    • EachPenny
    • By EachPenny 5th Jun 17, 2:17 PM
    • 2,899 Posts
    • 5,253 Thanks
    EachPenny
    It is not clear. Despite you and EasyPenny telling me...
    Originally posted by surreysaver
    Hey! I'm not 'easy', I have a very good reputation

    Compare it with a credit card account. These are advertised and T&Cs are published. But when someone applies, the bank is not bound to accept the application. They may decide the applicant is a bigger risk than they want, and either decline the application or give less generous terms (such as shorter interest-free period or higher interest rate).
    Originally posted by etienneg
    But once the credit account is opened and the card issued.....

    If banks took as much care writing savings T&C's as they seem to do with credit card T&C's then we'd all have much easier lives. We might be financially less well off though.
    "In the future, everyone will be rich for 15 minutes"
    • schiff
    • By schiff 5th Jun 17, 4:08 PM
    • 17,715 Posts
    • 9,045 Thanks
    schiff
    I'm perfectly willing to take people's word for it on here, but I have specifically looked for a clause, and I cannot even see one about 1 account. And the fact I can go through to the application process from my Online Banking whilst logged on, and not until I click 'Apply' at the end of the application process it tells me I'm not eligible.
    Originally posted by surreysaver
    You didn't by any chance try to open multiple Ford Money Regular Saver accounts, did you? Something else to get your teeth into
    • surreysaver
    • By surreysaver 5th Jun 17, 4:21 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    You didn't by any chance try to open multiple Ford Money Regular Saver accounts, did you? Something else to get your teeth into
    Originally posted by schiff
    No, I've only just started looking at savings accounts again while I've got some spare time whilst I'm off sick. Are you trying to suggest to me that Ford should have stuck with making cars, then?
    I consider myself to be a male feminist. Is that allowed?
    • schiff
    • By schiff 5th Jun 17, 4:38 PM
    • 17,715 Posts
    • 9,045 Thanks
    schiff
    No, I've only just started looking at savings accounts again while I've got some spare time whilst I'm off sick. Are you trying to suggest to me that Ford should have stuck with making cars, then?
    Originally posted by surreysaver
    No, it's just that there is endless capacity on MSE to object to what seem unfair terms and discuss them ad nauseam. Usually the obvious common sense answer wins the day and even then folk don't like it and keep battering away.
    • mgarl10024
    • By mgarl10024 5th Jun 17, 5:32 PM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    If banks took as much care writing savings T&C's as they seem to do with credit card T&C's then we'd all have much easier lives.
    Originally posted by EachPenny
    Don't count on it.
    I took Halifax to the Ombudsman after they blatantly breached their CC T&Cs and admitted that the policy they operate is different to that in the terms (and so they would breach them again in the future). However, because Halifax offered compensation, I was 'put back into the position I should be' and the FOS were disinterested/unable to protect other customers. I referred it to the FCA who wont respond individually and nothing changed.

    So, in short, I'm not sure the T&Cs are worth much unless you're prepared to go to Court.
    • alternate
    • By alternate 6th Jun 17, 12:08 AM
    • 411 Posts
    • 144 Thanks
    alternate
    bum, I only just noticed that the Ford RS are "anniversary month" not calendar.

    I sent June's payment yesterday - will it just bounce back automatically or is going to end up in limbo?

    thx
    • EachPenny
    • By EachPenny 6th Jun 17, 12:42 AM
    • 2,899 Posts
    • 5,253 Thanks
    EachPenny
    bum, I only just noticed that the Ford RS are "anniversary month" not calendar.

    I sent June's payment yesterday - will it just bounce back automatically or is going to end up in limbo
    Originally posted by alternate
    Is that the ISA or non-ISA version?

    If it isn't allowed then you should get the money back into your nominated account. If you don't get it back and it stays in the Ford account then it must be allowed - can you let people know what happens please

    As isasmurf helpfully adds below, can you do that on the other thread. Thanks.
    Last edited by EachPenny; 06-06-2017 at 7:50 AM.
    "In the future, everyone will be rich for 15 minutes"
    • isasmurf
    • By isasmurf 6th Jun 17, 7:12 AM
    • 1,718 Posts
    • 738 Thanks
    isasmurf
    Can we keep the pernickety discussion on the Ford Money T+C to the Ford Money thread, so those of not interested in looking for loopholes to squeeze every last penny out of them can have a choice whether to read it and leave this thread for notifying of new regular savers.
    • mgarl10024
    • By mgarl10024 9th Jun 17, 7:21 PM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    Hi Special_Saver2,

    I think there might be a small mistake with the below:

    Cambridge BS Regular Saver (Issue 5)
    Interest rate: 2% gross p.a. fixed
    Monthly payment: £0-£300
    Miss any payments: Yes, miss as many as you like, no penalties
    Penalty-free withdrawals: No withdrawals but the account can be closed early with a 90 day interest penalty
    Age of applicant: Not specified
    How to open account: Branch only
    https://www.cambridgebs.co.uk/savings/bonds/cambridge-regular-saver
    You can open and manage your account at any of our local branches, by phone or via post.
    Keep up the good work!
    • andy_s_1986
    • By andy_s_1986 10th Jun 17, 2:15 PM
    • 3 Posts
    • 0 Thanks
    andy_s_1986
    Hi all, Am I right in thinking you can change the date on Lloyds reg saver? I'm sure on one reg saver (I cant remember which bank) you have to wait a month before your allowed was this Lloyds? Thanks
    • badger09
    • By badger09 10th Jun 17, 2:49 PM
    • 5,399 Posts
    • 4,640 Thanks
    badger09
    Hi all, Am I right in thinking you can change the date on Lloyds reg saver? I'm sure on one reg saver (I cant remember which bank) you have to wait a month before your allowed was this Lloyds? Thanks
    Originally posted by andy_s_1986
    If you mean can you change the date of your SO into the Club Lloyds Monthly Saver, then yes, you can.

    First Direct, HSBC, Santander, and others use a set date, based on the opening/funding date.
    • Special_Saver2
    • By Special_Saver2 18th Jun 17, 7:35 PM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Folks,

    I have updated the first post with the information about the Cambridge BS account (can be opened by post or phone).

    There is nothing else I can see that has changed.

    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
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