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
    • 1,084Posts
    • 3,614Thanks
    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 302
    • Hattie625
    • By Hattie625 8th Jul 17, 3:58 PM
    • 572 Posts
    • 444 Thanks
    Hattie625
    The last Virgin Money Regular E Saver was launched on 9 May, so perhaps the next one will be launched this coming week? Maturity date should be 20 August 2018.
    • Jo Blogs
    • By Jo Blogs 8th Jul 17, 5:33 PM
    • 751 Posts
    • 2,594 Thanks
    Jo Blogs
    The last Virgin Money Regular E Saver was launched on 9 May, so perhaps the next one will be launched this coming week? Maturity date should be 20 August 2018.
    Originally posted by Hattie625
    Thanks for the reminder Hattie
    I too am keeping my eye out for this new launch. I expect and hope to see it around Monday 10th time
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44 for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 Sept NSDs 4/15CCCChl 9/12 months
    Sept PPChl#002 Pts 71
    • Jo Blogs
    • By Jo Blogs 13th Jul 17, 2:08 PM
    • 751 Posts
    • 2,594 Thanks
    Jo Blogs
    Virgin Money - Regular E-saver Issue 6 - New as of today!
    Virgin Money - Regular E-saver Issue 6 - New as of today!

    Replacing Issue 5

    Regular E-Saver Issue 6 £250 pm 2.25% fixed rate - Interest paid Monthly or Annually

    There's also a parallel Store version for those who can easily get to one. (Issue 5) Interest paid Annually

    Here's the link: [Easy Access]

    http://uk.virginmoney.com/savings/find/results/#all
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44 for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 Sept NSDs 4/15CCCChl 9/12 months
    Sept PPChl#002 Pts 71
    • Hattie625
    • By Hattie625 13th Jul 17, 2:31 PM
    • 572 Posts
    • 444 Thanks
    Hattie625
    Virgin Money - Regular E-saver Issue 6 - New as of today!

    Replacing Issue 5

    Regular E-Saver Issue 6 £250 pm 2.25% fixed rate - Interest paid Monthly or Annually

    There's also a parallel Store version for those who can easily get to one. (Issue 5) Interest paid Annually

    Here's the link: [Easy Access]

    http://uk.virginmoney.com/savings/find/results/#all
    Originally posted by Jo Blogs
    Thanks, Mr Bloggs. I have just opened Issue 6 of the E-version.
    • karlie88
    • By karlie88 13th Jul 17, 2:42 PM
    • 8,286 Posts
    • 105,951 Thanks
    karlie88
    Also, thanks to iamsam over on the reg saver discussion thread, NW have launched issue 2 of their 5% Flexclusive Regular Saver:

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

    Monthly deposits are now £250 rather than £500. Unfortunately, you can't hold a Flexclusive Regular Saver and a Flexclusive Regular Saver 2.
    Official MSE canny forumite and HUKD VIP badge member
    • Motormad
    • By Motormad 13th Jul 17, 4:52 PM
    • 82 Posts
    • 32 Thanks
    Motormad
    Virgin Money - Regular E-saver Issue 6 - New as of today!

    Replacing Issue 5

    Regular E-Saver Issue 6 £250 pm 2.25% fixed rate - Interest paid Monthly or Annually

    There's also a parallel Store version for those who can easily get to one. (Issue 5) Interest paid Annually

    Here's the link: [Easy Access]

    http://uk.virginmoney.com/savings/find/results/#all
    Originally posted by Jo Blogs
    Sod's law,I passed the Virgin store today and did consider going in to ask if issue 5 was available.
    • schiff
    • By schiff 13th Jul 17, 5:43 PM
    • 17,649 Posts
    • 8,962 Thanks
    schiff
    At this rate I'm going to wake up one day and find I've no money left for food, it'll all be in regular savers!
    • briddj
    • By briddj 13th Jul 17, 8:04 PM
    • 35 Posts
    • 2 Thanks
    briddj
    That's regular saver 13 then... still an amateur on here....
    • patientperson
    • By patientperson 14th Jul 17, 7:31 AM
    • 430 Posts
    • 352 Thanks
    patientperson
    That's regular saver 13 then... still an amateur on here....
    Originally posted by briddj
    We all started with 1.
    • surreysaver
    • By surreysaver 14th Jul 17, 9:15 AM
    • 2,270 Posts
    • 1,282 Thanks
    surreysaver
    Also, thanks to iamsam over on the reg saver discussion thread, NW have launched issue 2 of their 5% Flexclusive Regular Saver:

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

    Monthly deposits are now £250 rather than £500. Unfortunately, you can't hold a Flexclusive Regular Saver and a Flexclusive Regular Saver 2.
    Originally posted by karlie88
    I could have done the £500pm one, but they took three weeks to get the card reader to be so I couldn't log on.
    I consider myself to be a male feminist. Is that allowed?
    • binaryuniverse
    • By binaryuniverse 14th Jul 17, 9:57 AM
    • 408 Posts
    • 202 Thanks
    binaryuniverse
    The Nationwide RS going down to £250 is a bit of a blow. Was looking to open one of those in the near future.
    • Over62
    • By Over62 14th Jul 17, 10:26 AM
    • 37 Posts
    • 22 Thanks
    Over62
    The Nationwide RS going down to £250 is a bit of a blow. Was looking to open one of those in the near future.
    Originally posted by binaryuniverse
    Yes, the OH's existing Nationwide RS matures in 3 weeks and we were expecting to open a new one on the same terms.
    • mhoc
    • By mhoc 14th Jul 17, 11:18 AM
    • 16,693 Posts
    • 194,251 Thanks
    mhoc
    The worst of it was that Nationwide at one time had a monthly saver which you could add £1000 to a month, no restrictions, no maturity date -excellent for the longer term "what if" savings.

    Then Nationwide decided to do some streamlining last year and the monthly saver went and we were left with the £500 a month flexclusives.
    And now its down to £250 a month for new accounts ...

    I also had a Cheshire building society monthly saver - my very first foray into saving and it even came with a passbook and again I was with them for years.
    Then Cheshire was absorbed by Nationwide but they let us keep the monthly saver going and it became manageable online on the Nationwide banking app. You could put up to £500 a month in and it was opened ended, no expiry date.
    Also you could have both a £1000 Nationwide monthly saver and the old Cheshire £500 regular saver.

    This ex-Cheshire was also withdrawn in the same month as the up to £1000 monthly saver was withdrawn.

    Most of my savings used to be with the Nationwide, I really didn't need to go much further - bonds, ISAs and monthly savers and that covered everything.
    A year long bond and the 4 year ISA both mature this September and their contents will both go to feed various regular savers in other banks and building societies.
    Next January it will be down to £250 a month in nationwide.
    savings.
    “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.”
    • apt
    • By apt 14th Jul 17, 5:39 PM
    • 3,060 Posts
    • 1,718 Thanks
    apt
    Yes, the OH's existing Nationwide RS matures in 3 weeks and we were expecting to open a new one on the same terms.
    Originally posted by Over62
    Would have been nice if you could have, but it has already lasted longer than most Nationwide savings offers.
    • TheGardener
    • By TheGardener 14th Jul 17, 6:41 PM
    • 2,155 Posts
    • 2,035 Thanks
    TheGardener
    Comes to something when we are all excited by the prospect of a product that earns us £2.50 per mth (ish)

    Savings rates need to rise!
    • surreysaver
    • By surreysaver 14th Jul 17, 6:46 PM
    • 2,270 Posts
    • 1,282 Thanks
    surreysaver
    Comes to something when we are all excited by the prospect of a product that earns us £2.50 per mth (ish)

    Savings rates need to rise!
    Originally posted by TheGardener
    Makes me wonder if its worth my time administering it. And whether is costs banks more money to administer it than they make. Perhaps we'd all just be better off not doing anything!
    I consider myself to be a male feminist. Is that allowed?
    • TheGardener
    • By TheGardener 14th Jul 17, 6:47 PM
    • 2,155 Posts
    • 2,035 Thanks
    TheGardener
    ...but Kent Reliance have now got a regular saver at £500 pm at 3% - woo hooo...(hint of sarcasm...)
    • colsten
    • By colsten 14th Jul 17, 6:56 PM
    • 8,751 Posts
    • 7,413 Thanks
    colsten

    Savings rates need to rise!
    Originally posted by TheGardener
    Those with a mortgage and other big debts would be deliriously happy if their rates went up. Not.
    • TheGardener
    • By TheGardener 14th Jul 17, 7:10 PM
    • 2,155 Posts
    • 2,035 Thanks
    TheGardener
    Those with a mortgage and other big debts would be deliriously happy if their rates went up. Not.
    Originally posted by colsten
    Indeed. You can't please all of the people all of time. My first ever mortgage was 8% and I though that was a great rate at the time...
    But this is the savings and investments board - they can moan about mortgage rates on the House buying and selling board
    Last edited by TheGardener; 14-07-2017 at 7:13 PM.
    • Hattie625
    • By Hattie625 14th Jul 17, 7:20 PM
    • 572 Posts
    • 444 Thanks
    Hattie625
    Indeed. You can't please all of the people all of time. My first ever mortgage was 8% and I though that was a great rate at the time...
    But this is the savings and investments board - they can moan about mortgage rates on the House buying and selling board
    Originally posted by TheGardener
    My first ever mortgage was 15.4%. I thought I was lucky (to have got a mortgage at all). But I decided that I must pay it off asap.
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

314Posts Today

3,846Users online

Martin's Twitter