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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,081Posts
    • 3,586Thanks
    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 304
    • Marvo5
    • By Marvo5 17th Jul 17, 9:42 PM
    • 89 Posts
    • 79 Thanks
    Marvo5
    Thanks. So if you and the wife have an account each and both have regular savers, can you then reduce the two current accounts to one joint account?
    • Careful_ly
    • By Careful_ly 18th Jul 17, 8:41 AM
    • 609 Posts
    • 432 Thanks
    Careful_ly
    If you have already got a regular saver each then personally I wouldn't be trying to change the feeder account to joint part way through.
    Is this because you both have the 123 accounts which you cannot justify due to the higher fee and lower interest? If so you could downgrade to the 123lite version.
    Certainly nothing to stop you making one of your accounts joint for the future. You both need to visit a branch to do this and when I looked into this you needed to make an appointment.
    • Westie983
    • By Westie983 21st Jul 17, 2:22 AM
    • 3,772 Posts
    • 13,834 Thanks
    Westie983
    YAY, another two virgin accounts to add to my collection...

    I have opened Issue 6 of the E Saver, but I noticed that there is no Key Product Information to download (I have them all saved on my laptop) but its there to download for the Issue 5 of the store version>

    I wonder if it will appear, or if its just me, has any one else got or can view the KPI for the I6 Regular E Saver.

    Just in time as HSBC matures next month, and I opened up a new Leeds and closed Issue 3, to bring me some extra funds to fund this habit I seem to have created for myself.

    I must say I do like a maturing regular saver each month, I dont have to worry about finding funds to repay my maturing balance transfers.

    11 Virgin RS is a little mad...

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £330/£365 = 90.41%
    Virtual Sealed Pot #1 Total £1,350/£1,800 = 75.00%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £24,945/£16,665 = 149.68%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Westie983
    • By Westie983 21st Jul 17, 2:58 AM
    • 3,772 Posts
    • 13,834 Thanks
    Westie983
    Does anyone have the Summary Box for Leeds Issue 4?

    Just doing a tidy up of my documents and its the one I'm missing, and it has been replaced with Issue 5, I cant retrospectively find it...

    Thanks in advance

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £330/£365 = 90.41%
    Virtual Sealed Pot #1 Total £1,350/£1,800 = 75.00%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £24,945/£16,665 = 149.68%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • 10_66
    • By 10_66 21st Jul 17, 6:12 AM
    • 2,614 Posts
    • 972 Thanks
    10_66
    ...If so you could downgrade to the 123lite version.
    ... You both need to visit a branch to do this and when I looked into this you needed to make an appointment.
    Originally posted by Careful_ly
    You can do this over the phone (both parties present), no need to visit bank.
    • Marvo5
    • By Marvo5 21st Jul 17, 6:33 AM
    • 89 Posts
    • 79 Thanks
    Marvo5
    You can do it via personal message online, just did, instantaneous.
    • ctdctd
    • By ctdctd 21st Jul 17, 6:38 AM
    • 838 Posts
    • 652 Thanks
    ctdctd
    Does anyone have the Summary Box for Leeds Issue 4?
    Originally posted by Westie983
    Yes, but I can't attach it as a file. Here is what it says but the formatting will probably break!

    Summary Box Key Product Information for our Savings Account(s) Account Name Regular Saver (Issue 4)
    Interest rates (AERs)
    Annual Interest 0.50% Gross*p.a./AER# (variable) excluding 1.80% conditional bonus 2.30% Gross*p.a./AER# (variable) including 1.80% conditional bonus
    Tax Status
    Interest will be paid gross, without the deduction of income tax. Payment of gross interest does not mean that interest you receive is exempt from tax. It is your responsibility to advise the appropriate tax authorities of any interest received.
    Conditions for bonus payment
    1.80% bonus payable annually on 31 August (commencing 31 August 2017) provided:  you make only one single payment of between £50 and £250 each month;  your account balance does not exceed £6,000 (excluding accrued interest); and  you only make one withdrawal per bonus period. The bonus period runs from 1 September to 31 August each year.
    Withdrawal arrangements
    Access is limited to one withdrawal of your capital investment during the bonus period, without notice or loss of interest subject to the minimum operating balance of £50 being maintained. If further withdrawals are required you will not qualify for a bonus in respect of that period.
    Access
    This account can be opened through any of our branches, via our website or by post and can be operated through any of our branches or by post. *
    Do Money Saving sites make you buy more bargains - and spend more money?
    • mgarl10024
    • By mgarl10024 21st Jul 17, 8:04 AM
    • 584 Posts
    • 392 Thanks
    mgarl10024
    I have opened Issue 6 of the [Virgin] E Saver, but I noticed that there is no Key Product Information to download (I have them all saved on my laptop) but its there to download for the Issue 5 of the store version>
    Originally posted by Westie983
    I couldn't find it either when I applied.
    • mhoc
    • By mhoc 21st Jul 17, 8:41 AM
    • 16,461 Posts
    • 192,761 Thanks
    mhoc
    YAY, another two virgin accounts to add to my collection...

    I have opened Issue 6 of the E Saver, but I noticed that there is no Key Product Information to download (I have them all saved on my laptop) but its there to download for the Issue 5 of the store version>

    I wonder if it will appear, or if its just me, has any one else got or can view the KPI for the I6 Regular E Saver.

    Just in time as HSBC matures next month, and I opened up a new Leeds and closed Issue 3, to bring me some extra funds to fund this habit I seem to have created for myself.

    I must say I do like a maturing regular saver each month, I dont have to worry about finding funds to repay my maturing balance transfers.

    11 Virgin RS is a little mad...

    Westie983
    Originally posted by Westie983
    and keeping the google calendar updated is another admin task it brings - maturity dates, interest payment dates, dates of any accounts that don't get funded on the 1st of the month ...
    “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.”
    • schiff
    • By schiff 21st Jul 17, 11:17 AM
    • 17,608 Posts
    • 8,905 Thanks
    schiff
    and keeping the google calendar updated is another admin task it brings - maturity dates, interest payment dates, dates of any accounts that don't get funded on the 1st of the month ...
    Originally posted by mhoc
    And if you're retired it keeps you off the streets mugging old ladies
    • 10_66
    • By 10_66 21st Jul 17, 12:46 PM
    • 2,614 Posts
    • 972 Thanks
    10_66
    You can do it via personal message online, just did, instantaneous.
    Originally posted by Marvo5
    Interesting how they're still giving different advice; when I tried doing it via secure message, I received a reply to say it couldn't be done via messaging and to ring them instead.
    • veryintrigued
    • By veryintrigued 21st Jul 17, 2:00 PM
    • 2,027 Posts
    • 1,266 Thanks
    veryintrigued
    Notts Building Society open seven new branches
    NBS have over the past few years offered market leading Regular Savers two or three times a year. This is also great news for existing members that may have had to travel a little too.

    Also great these former N&P branches are being recycled.

    https://www.thenottingham.com/news/nottingham-building-society-opens-seven-new-branches/
    Last edited by veryintrigued; 21-07-2017 at 2:36 PM.
    • colsten
    • By colsten 21st Jul 17, 2:04 PM
    • 8,718 Posts
    • 7,371 Thanks
    colsten
    NBS have over the past few years offered market leading Regular Savers two or three times a year. This is also great news for existing members they may have had to travel a little too.

    Also great these former N&P branches are being recycled.

    https://www.thenottingham.com/news/nottingham-building-society-opens-seven-new-branches/
    Originally posted by veryintrigued
    Took me ages to figure out that they are not offering a new, exciting regular saver
    • veryintrigued
    • By veryintrigued 21st Jul 17, 2:13 PM
    • 2,027 Posts
    • 1,266 Thanks
    veryintrigued
    Took me ages to figure out that they are not offering a new, exciting regular saver
    Originally posted by colsten
    Really?

    It took less than four mins for you read, absorb and then reply.

    I thought this info would be useful for those current NBS customers and those non NBS RS fanatics who'll be better positioned - but that this info didnt warrant a separate thread.

    Edit - PS the 1.5% R.S.at up to £500p.m. (already on the first page of this thread) may be more 'interesting' to some with this branch news.

    https://www.thenottingham.com/savings/products/regular-saver-issue-3/
    Last edited by veryintrigued; 21-07-2017 at 2:34 PM.
    • pantaiema
    • By pantaiema 21st Jul 17, 9:04 PM
    • 59 Posts
    • 22 Thanks
    pantaiema
    Really?

    It took less than four mins for you read, absorb and then reply.

    I thought this info would be useful for those current NBS customers and those non NBS RS fanatics who'll be better positioned - but that this info didnt warrant a separate thread.

    Edit - PS the 1.5% R.S.at up to £500p.m. (already on the first page of this thread) may be more 'interesting' to some with this branch news.

    https://www.thenottingham.com/savings/products/regular-saver-issue-3/
    Originally posted by veryintrigued
    I do not think 1.5% regular saver is a market leading where there are stil reasonable number of current acount paying 2% interest.
    • veryintrigued
    • By veryintrigued 21st Jul 17, 9:32 PM
    • 2,027 Posts
    • 1,266 Thanks
    veryintrigued
    I do not think 1.5% regular saver is a market leading where there are stil reasonable number of current acount paying 2% interest.
    Originally posted by pantaiema
    And if people have filled those?

    Is it market leading then?
    • pantaiema
    • By pantaiema 21st Jul 17, 9:38 PM
    • 59 Posts
    • 22 Thanks
    pantaiema
    And if people have filled those?

    Is it market leading then?
    Originally posted by veryintrigued
    I think it will depend on the interpretation of the market leading.
    If a person has maxed out of the current accounts, RSAs, saving account paying 1%+ (say). Could it be said that RSA paying 1% interest is a market leading??
    • veryintrigued
    • By veryintrigued 21st Jul 17, 9:51 PM
    • 2,027 Posts
    • 1,266 Thanks
    veryintrigued
    I think it will depend on the interpretation of the market leading.
    If a person has maxed out of the current accounts, RSAs, saving account paying 1%+ (say). Could it be said that RSA paying 1% interest is a market leading??
    Originally posted by pantaiema
    Not sure why you've now changed the interest rate to 1%.

    There are plenty of MSEs who've filled everything over 1.5 and are down and past using Santander 123 (equiv to less than 1.25% when you consider the monthly fee) up to 20k and hence have jumped into Ulster banks 1.25%.

    Hence the 1.5% RS esp one at 500pm with withdrawals allowed is very welcome to those and hence why its listed on the first page of this thread.
    Last edited by veryintrigued; 21-07-2017 at 10:14 PM.
    • GreenBitterfly
    • By GreenBitterfly 22nd Jul 17, 1:42 PM
    • 309 Posts
    • 625 Thanks
    GreenBitterfly
    NBS have over the past few years offered market leading Regular Savers two or three times a year. This is also great news for existing members that may have had to travel a little too.

    Also great these former N&P branches are being recycled.

    https://www.thenottingham.com/news/nottingham-building-society-opens-seven-new-branches/
    Originally posted by veryintrigued
    Good to see, it seems around here Building Societies are closing branches rather than opening them (I know they are recycling old N&P Branches, but still!)
    • Special_Saver2
    • By Special_Saver2 22nd Jul 17, 9:07 PM
    • 1,081 Posts
    • 3,586 Thanks
    Special_Saver2
    Hi Folks,

    I cannot find anything that has changed for this weekend's update.

    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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