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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 312
    • castle96
    • By castle96 4th Sep 17, 3:18 PM
    • 1,609 Posts
    • 275 Thanks
    castle96
    not joking.. maybe a 'senior moment'.

    7 is still current. No doubt will be cancelled
    • aldershot
    • By aldershot 5th Sep 17, 5:39 PM
    • 148 Posts
    • 148 Thanks
    aldershot
    Tesco have bumped up their fixed rate savings rates. They look pretty competitive at the moment.

    1y 1.5%
    2y 1.84%
    3y 2.1%
    5y 2.35%
    Last edited by aldershot; 05-09-2017 at 10:36 PM. Reason: Edited incorrect 5y rate
    • colsten
    • By colsten 5th Sep 17, 10:06 PM
    • 8,789 Posts
    • 7,466 Thanks
    colsten
    Tesco have bumped up their fixed rate savings rates. They look pretty competitive at the moment.

    1y 1.5%
    2y 1.84%
    3y 2.1%
    5y 2.5%
    Originally posted by aldershot
    These are not Regular Savers. One-off deposits only.
    • surreysaver
    • By surreysaver 5th Sep 17, 10:11 PM
    • 2,342 Posts
    • 1,316 Thanks
    surreysaver
    These are not Regular Savers. One-off deposits only.
    Originally posted by colsten
    And the 5 year one is 2.35%, not 2.5
    I consider myself to be a male feminist. Is that allowed?
    • aldershot
    • By aldershot 5th Sep 17, 10:39 PM
    • 148 Posts
    • 148 Thanks
    aldershot
    Fixed 5y rate. My bad.

    I guess I've posted on the wrong thread too but these are market leading rates so someone may find them useful.
    • veryintrigued
    • By veryintrigued 6th Sep 17, 12:39 PM
    • 2,100 Posts
    • 1,370 Thanks
    veryintrigued
    Notts BS 2% offering is closing for new savers on Saturday.
    • Mee
    • By Mee 6th Sep 17, 3:12 PM
    • 1,008 Posts
    • 993 Thanks
    Mee
    Has anyone dealt with a matured Smart Save Monthly account from Ipswich Building Society?

    I should have checked the closing accounts in T&Cs. I am surprised to be told it would be a cheque with supplied I.D., or paying £25.00 for a transfer to a nominated account.
    Last edited by Mee; 06-09-2017 at 3:57 PM.
    • Ken68
    • By Ken68 6th Sep 17, 5:31 PM
    • 6,284 Posts
    • 3,988 Thanks
    Ken68
    Yes Mee, same here.
    Am consolidating so opted for the ID by post and received cheque and ID by return. This was mid August.
    • glider3560
    • By glider3560 6th Sep 17, 7:51 PM
    • 3,320 Posts
    • 2,045 Thanks
    glider3560
    Has anyone dealt with a matured Smart Save Monthly account from Ipswich Building Society?

    I should have checked the closing accounts in T&Cs. I am surprised to be told it would be a cheque with supplied I.D., or paying £25.00 for a transfer to a nominated account.
    Originally posted by Mee
    I've made three withdrawals, over three years (most recent Feb 2017), no ID was required. Just wrote a letter which I signed and posted to them. Cheque came a few days later.

    They don't do BACS for Faster Payments, just CHAPS at £25.

    • schiff
    • By schiff 6th Sep 17, 8:06 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    I've popped in to a few Nationwide branches in recent weeks as my FlexDirect current account moves to 1% from Friday, trying to find out exactly what to do next. The young man I spoke to today was the most definite and most emphatic I've come across. If I want to have 5% on a FlexDirect current account next September, if the offer is still available of course, I have to close my current FlexDirect account. Definitely! I'm happy to do that.

    But I also have a Flexclusive Regular Saver that matures on Friday. I've had a very useful letter on the topic from Nationwide and the relevant bits read:

    "you can open a new Flexclusive Regular Saver and earn ... 5%. It's quick and easy to open another one..... online.
    But.... please wait until the day after your existing account has matured".

    There is nothing about keeping the FlexDirect account open and ongoing in the letter, and as far as I can see there is no requirement to that effect in the T&Cs of the Regular Saver on the website, except for:

    The one worm of worry is that the Flexclusives come to me via the FlexDirect account and if I don't have a FlexDirect account..........

    "If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and conditions of that account will apply and we'll contact you when we do this."

    I'm not paying for a FlexPlus account and I'm not 17 any more so it appears to me that I may not be able to open the new Regular Saver
    without keeping the FlexDirect open. 1% on the FlexDirect for the next 12 months is not attractive, but 5% on the Regular Saver is.

    May do it that way. Hope for the best next September. Twelve months is a long time.

    I might pop in to another branch tomorrow
    Last edited by schiff; 06-09-2017 at 8:08 PM.
    • EachPenny
    • By EachPenny 6th Sep 17, 10:44 PM
    • 2,933 Posts
    • 5,340 Thanks
    EachPenny
    There is nothing about keeping the FlexDirect account open and ongoing in the letter, and as far as I can see there is no requirement to that effect in the T&Cs of the Regular Saver on the website, except for:
    ...
    I'm not paying for a FlexPlus account and I'm not 17 any more so it appears to me that I may not be able to open the new Regular Saver without keeping the FlexDirect open. 1% on the FlexDirect for the next 12 months is not attractive, but 5% on the Regular Saver is.
    Originally posted by schiff
    In the terms and conditions clauses 1(a), (b) & (c) set out the ways in which you can be eligible to hold a Flexclusive Regular Saver. Clause 4 states that if you no longer meet the eligibility criteria the account might be transferred.

    The other way of meeting the criteria is through 1(a)(i) with a standard FlexAccount, although to do so you have to have been paying in £750 per month for the last three months. So if you close your FlexDirect account and open a new FlexAccount then you would, in theory, have a three month gap where you were not eligible to hold a FlexRegSaver. But I suspect Nationwide might not exercise their right to transfer the account if they can see you are working towards meeting the criteria with the new FlexAccount.

    Whether or not you will be eligible for a new 5% FlexDirect account in 12 months time seems to vary from day to day and according to who speaks to who. My own view is there is no certainty the 5% offer will still be available, and no certainty that it will be available to anyone who has ever had it before (i.e. more like the switching bonus restrictions imposed by other banks).

    Therefore I took the decision to grab the 5% FlexRegSaver while it was still available, and retain the FlexDirect account at 1% because as a feeder account it offers nearly the best instant access interest rate. However, I also took the precaution of getting confirmation in writing from Nationwide that I would be eligible for the 5% FlexDirect offer (or whatever offer was available at the time) after a year of 1%. If they refuse to honour that then I'd consider a FOS complaint, depending on the situation at the time
    "In the future, everyone will be rich for 15 minutes"
    • Zanderman
    • By Zanderman 6th Sep 17, 10:47 PM
    • 1,292 Posts
    • 3,717 Thanks
    Zanderman
    ....I'm not paying for a FlexPlus account and I'm not 17 any more so it appears to me that I may not be able to open the new Regular Saver
    without keeping the FlexDirect open. 1% on the FlexDirect for the next 12 months is not attractive, but 5% on the Regular Saver is.
    Originally posted by schiff
    You don't need to open a FlexPlus. Convert the FlexDirect to a FlexAccount.

    Double check this approach still fits the T&C though - should do I think, but wording isn't designed for a change in accounts so is a bit ambiguous.
    • schiff
    • By schiff 6th Sep 17, 11:17 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    You don't need to open a FlexPlus. Convert the FlexDirect to a FlexAccount.

    Double check this approach still fits the T&C though - should do I think, but wording isn't designed for a change in accounts so is a bit ambiguous.
    Originally posted by Zanderman
    The Flex Account is not a 'qualifying' account at my stage. I've never had one so I haven't deposited £750 per month for three months. Maybe Nationwide would consider my year of £1000 monthly deposits into the FlexDirect as being in the spirit of the thing? But we still can't be sure.
    • trix-a-belle
    • By trix-a-belle 7th Sep 17, 7:42 AM
    • 776 Posts
    • 3,283 Thanks
    trix-a-belle
    The Flex Account is not a 'qualifying' account at my stage. I've never had one so I haven't deposited £750 per month for three months. Maybe Nationwide would consider my year of £1000 monthly deposits into the FlexDirect as being in the spirit of the thing? But we still can't be sure.
    Originally posted by schiff
    Thats why Zanderman said convert the flexdirect to the flex account rather than open a new one, a new one would have no history, a downgraded flexdirect to flexaccount would show you have been making credits which meet the requirements. when i've closed flexdirects they have always asked if i want to just downgrade it so am pretty sure the downgrade will fit the bill
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    • schiff
    • By schiff 7th Sep 17, 8:30 AM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    Thats why Zanderman said convert the flexdirect to the flex account rather than open a new one, a new one would have no history, a downgraded flexdirect to flexaccount would show you have been making credits which meet the requirements. when i've closed flexdirects they have always asked if i want to just downgrade it so am pretty sure the downgrade will fit the bill
    Originally posted by trix-a-belle
    That clarifies things for me nicely. I had wrongly assumed that downgrading meant a form of closing the old account. TY
    • hgt
    • By hgt 7th Sep 17, 8:36 AM
    • 202 Posts
    • 137 Thanks
    hgt
    Is there any way to downgrade a FlexDirect to a standard FlexAccount online? I'll be needing to do this soon as my 12 months is almost up.
    • Mee
    • By Mee 7th Sep 17, 10:07 AM
    • 1,008 Posts
    • 993 Thanks
    Mee
    I've made three withdrawals, over three years (most recent Feb 2017), no ID was required. Just wrote a letter which I signed and posted to them. Cheque came a few days later.

    They don't do BACS for Faster Payments, just CHAPS at £25.
    Originally posted by glider3560
    I guessed it was a CHAPS payment for which I was being quoted.... They offer BACS on certain products, obviously not this saver.
    Will use the cheque option.

    Did everyone save the max per month (£500)?
    • mhoc
    • By mhoc 7th Sep 17, 10:28 AM
    • 15,974 Posts
    • 198,668 Thanks
    mhoc
    Is there any way to downgrade a FlexDirect to a standard FlexAccount online? I'll be needing to do this soon as my 12 months is almost up.
    Originally posted by hgt
    I downgraded mine over the phone - its a very long job as the girl has to read out all of the pages to you. Your card and account number etc don't change.

    I then opened a new Flexdirect online (I think you are allowed three) I was sent the forms for the free European travel insurance. I put in £2500 which resulted in £10.38 in interest at the end of August. Then I set up a new Flex regular saver 5% which only allows £250 a month but still better than nothing.
    “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 7th Sep 17, 10:37 AM
    • 17,716 Posts
    • 9,052 Thanks
    schiff

    I then opened a new Flexdirect online (I think you are allowed three) I put in £2500 which resulted in £10.38 in interest at the end of August. Then I set up a new Flex regular saver 5% which only allows £250 a month but still better than nothing.
    Originally posted by mhoc
    I think this might surprise a few people on here
    • mhoc
    • By mhoc 7th Sep 17, 10:51 AM
    • 15,974 Posts
    • 198,668 Thanks
    mhoc
    I think this might surprise a few people on here
    Originally posted by schiff
    Have I made that up - just wondering where I got my info from now or if I misread something somewhere ......
    I know I have only ever had one flexdirect at a time but I seemed to think you could have 3 different ones running at the same time.
    “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.”
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