Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • 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 301
    • mhoc
    • By mhoc 30th Jun 17, 5:39 PM
    • 15,900 Posts
    • 198,036 Thanks
    mhoc
    You may not get as far as year 3. Leeds have a habit of terminating these accounts if they perceive that they're paying interest over the odds!
    Originally posted by Steve_xx
    That was my initial thought, that they just would not let the account run for a full three years.
    Issue three was terminated but at least they have allowed us to keep the account open and earning until October so quite possibly this is what will happen with Issue four .
    (Maybe if issue 5 is an over whelming success they will shut down issue 4??? )
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • steve65e
    • By steve65e 30th Jun 17, 5:42 PM
    • 142 Posts
    • 88 Thanks
    steve65e
    You may not get as far as year 3. Leeds have a habit of terminating these accounts if they perceive that they're paying interest over the odds!
    Originally posted by Steve_xx
    Which would make our entire discussion academic!
    • schiff
    • By schiff 30th Jun 17, 6:00 PM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    You may not get as far as year 3. Leeds have a habit of terminating these accounts if they perceive that they're paying interest over the odds!
    Originally posted by Steve_xx
    The OP said they were planning another RS shortly which isn't the attitude of a society withdrawing from the fight!

    There is a report today highlighting the dramatic fall in the % of income being 'saved' generally, as austerity bites even harder. Maybe the market is responding, trying to attract more funds in a decreasing market?
    • Steve_xx
    • By Steve_xx 30th Jun 17, 7:11 PM
    • 6,412 Posts
    • 2,675 Thanks
    Steve_xx
    The OP said they were planning another RS shortly which isn't the attitude of a society withdrawing from the fight!

    There is a report today highlighting the dramatic fall in the % of income being 'saved' generally, as austerity bites even harder. Maybe the market is responding, trying to attract more funds in a decreasing market?
    Originally posted by schiff
    I'm not implying that they are "withdrawing from the fight". But they have, on several occasions, terminated these open-ended type regular saver accounts when it seems that punters are earning nicely from them due to fair sized deposits having accumulated in them.

    However, on this occasion it may well not need to run to the third year, ie if there's a hike in rates then suddenly this account may not be so attractive as it seems today!
    • GreenBitterfly
    • By GreenBitterfly 30th Jun 17, 8:33 PM
    • 316 Posts
    • 658 Thanks
    GreenBitterfly
    Thanks for the information about the Leeds Building Society RS. After them closing the Issue 1 and 2 accounts, and given Issue 4 is no longer for sale, I keep expecting to receive a letter about them closing that particular issue.
    • karlie88
    • By karlie88 1st Jul 17, 9:15 PM
    • 8,297 Posts
    • 106,008 Thanks
    karlie88
    My Cambridge BS (issue 4) reg saver matured today - funds sent over via FP to my current account. As alluded to previously, they do a check via Equifax beforehand.

    Upcoming launch of Leeds BS reg saver is good timing. May be a busy July, especially if Virgin launch another 2 reg savers...
    Official MSE canny forumite and HUKD VIP badge member
    • Special_Saver2
    • By Special_Saver2 2nd Jul 17, 11:25 AM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Folks,

    I cannot see anything that has changed for this weekend's update. I will add the new Leeds BS account after it has launched.

    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
    • arsenalboy
    • By arsenalboy 3rd Jul 17, 7:52 AM
    • 275 Posts
    • 117 Thanks
    arsenalboy
    My Cambridge BS (issue 4) reg saver matured today - funds sent over via FP to my current account. As alluded to previously, they do a check via Equifax beforehand.

    Upcoming launch of Leeds BS reg saver is good timing. May be a busy July, especially if Virgin launch another 2 reg savers...
    Originally posted by karlie88
    Did you have to pay for FP?

    I have the same account which matures in a couple of weeks. They have sent me a maturity instruction form which only gives option of cheque?
    • mgarl10024
    • By mgarl10024 3rd Jul 17, 9:34 AM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    Did you have to pay for FP?

    I have the same account which matures in a couple of weeks. They have sent me a maturity instruction form which only gives option of cheque?
    Originally posted by arsenalboy
    I had to add a 'nominated account' which required them to do an ID check and possibly see a statement, and then they'd do the FP for free. My account hasn't reached maturity yet, but when it does, I'll see if it works!
    Last edited by mgarl10024; 03-07-2017 at 10:22 AM.
    • karlie88
    • By karlie88 3rd Jul 17, 10:16 AM
    • 8,297 Posts
    • 106,008 Thanks
    karlie88
    Did you have to pay for FP?

    I have the same account which matures in a couple of weeks. They have sent me a maturity instruction form which only gives option of cheque?
    Originally posted by arsenalboy
    No fee to send a FP. They were fairly insistent that I send them the form back, but I said that I would like to sort it out over the phone which she graciously did.

    Kept £1 with them for obvious reasons.
    Official MSE canny forumite and HUKD VIP badge member
    • schiff
    • By schiff 5th Jul 17, 9:59 AM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    Saffron Walden BS
    This is from the opening posts:

    "Special conditions: To open this account you need to have held a savings account or mortgage with Saffron BS for at least 6 months. All customers can open the account by post. The interest rate falls to 0.05% if the account balance is less than £10. You may only hold one Regular Saver account (includes all issues)."

    I opened this account in January in a branch without having any existing relationship with them. Does this need amending?
    • castle96
    • By castle96 5th Jul 17, 10:26 AM
    • 1,606 Posts
    • 274 Thanks
    castle96
    I was told that I had to have a savings a/c before I could open the RS. I opened an E Saver with £10, then a RS straight away. There was no mention of "6 mths"
    • schiff
    • By schiff 5th Jul 17, 10:50 AM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    I was told that I had to have a savings a/c before I could open the RS. I opened an E Saver with £10, then a RS straight away. There was no mention of "6 months"
    Originally posted by castle96
    Well, that's strange. I've been through all the paperwork and everything seems OK.
    • schiff
    • By schiff 5th Jul 17, 10:57 AM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    Leek United BS
    In asking about withdrawals from the Leek RS which is on my mind for the near future, I was told cash withdrawals of £5000 etc are OK with 48 hours notice and BACS transfers attract a £20 charge! Because they are a building society not a bank they said. Seems rather steep to me!
    • Rollinghome
    • By Rollinghome 5th Jul 17, 11:37 AM
    • 2,097 Posts
    • 2,276 Thanks
    Rollinghome
    BACS transfers attract a £20 charge! Because they are a building society not a bank they said. Seems rather steep to me!
    Originally posted by schiff
    Could they have been confusing BACS with CHAPS (which typically has a charge of around £20).
    • interest Ted
    • By interest Ted 5th Jul 17, 12:39 PM
    • 114 Posts
    • 91 Thanks
    interest Ted
    Leeds issue 5
    As readers will probably be aware - this is up and running as of yesterday. It has at least a couple of changes (improvements) from previous issues. Firstly - it matures on 02 July 2018, so no need to guess if and when it might be closed. Secondly you can make deposits as and when you want, providing your account balance does not exceed amount specified at end of month (amount specified is in a table they provide in T&C, but boils down to multiples of £250 per month).
    I like it !!!
    Ted
    • schiff
    • By schiff 5th Jul 17, 12:50 PM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    I agree. The T&Cs sheet I was given yesterday is also very clear and explicit, I'm not left wondering about some detail that isn't covered.
    • schiff
    • By schiff 5th Jul 17, 12:51 PM
    • 17,709 Posts
    • 9,037 Thanks
    schiff
    Could they have been confusing BACS with CHAPS (which typically has a charge of around £20).
    Originally posted by Rollinghome
    Didn't think of that, but they did say BACS.
    • Rich2808
    • By Rich2808 5th Jul 17, 7:39 PM
    • 506 Posts
    • 397 Thanks
    Rich2808
    This is from the opening posts:

    "Special conditions: To open this account you need to have held a savings account or mortgage with Saffron BS for at least 6 months. All customers can open the account by post. The interest rate falls to 0.05% if the account balance is less than £10. You may only hold one Regular Saver account (includes all issues)."

    I opened this account in January in a branch without having any existing relationship with them. Does this need amending?
    Originally posted by schiff
    Yes it does. Anyone can open the account at a branch - but only customers with six months membership can open one by post.

    I am a long term member who joined via the now closed Stratford branch. So I tend to transact by post now to avoid a drive to the nearest branch to London in Brentwood. The postage is cheaper than the parking/petrol.

    https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2
    • Special_Saver2
    • By Special_Saver2 8th Jul 17, 2:34 PM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Everybody,

    I have added the Leeds BS Regular Saver (Issue 5) account to post 7 (accounts that run for less than 12 months), paying 2.3% on up to £250 per month until 2nd July 2018.

    I cannot see anything else 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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,487Posts Today

7,103Users online

Martin's Twitter