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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 313
    • Wheres My Cashback
    • By Wheres My Cashback 7th Sep 17, 11:19 AM
    • 2,643 Posts
    • 34,017 Thanks
    Wheres My Cashback
    I have 3 4 and 5 (what happened to 6) and have just opened 7.
    Will it be closed/recinded ?
    Originally posted by castle96
    Banks are very well known for their ambiguity

    However.....

    Please note that you cannot open a Regular Saver (Issue 7) if you already have a Regular Saver (Issue 5 or 6).
    • adindas
    • By adindas 8th Sep 17, 1:46 AM
    • 3,321 Posts
    • 1,643 Thanks
    adindas
    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.
    Originally posted by mhoc
    You could open three if you want but they just pay you one Flex Direct with 5% interest, for the other two they will just pay you 1% interest. The algorithm will pick you up that you have more than one FD AC. This is based on my personal experience.

    Also this has been reported by a few people on here.

    But If you already manage to open three please feed the forum your finding.
    Last edited by adindas; 08-09-2017 at 8:52 AM.
    • BeachNut
    • By BeachNut 8th Sep 17, 7:58 AM
    • 81 Posts
    • 23 Thanks
    BeachNut
    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
    Not online.
    And you don't need to do it straight away. Can be done in 12 months time when you want to start the 5% again.
    • hgt
    • By hgt 8th Sep 17, 8:28 AM
    • 202 Posts
    • 137 Thanks
    hgt
    Not online.
    And you don't need to do it straight away. Can be done in 12 months time when you want to start the 5% again.
    Originally posted by BeachNut
    Ah that's good to know.... So if I've understood this right, in theory (presuming the 5% Flex Direct was still available in 12 months time) I could leave the Flex Direct account alone after the rate drops to 1%, then call up in 11 months for example to have it downgraded to a Flex Account, then in theory just upgrade online back to a Flex Direct and should then earn the 5% for another year?
    • Eco Miser
    • By Eco Miser 8th Sep 17, 8:53 AM
    • 3,178 Posts
    • 2,943 Thanks
    Eco Miser
    In theory, no, as the condition is to not have had a Flex Direct for 12 months, rather than not getting 5% for 12 months; in practice, possibly, as has been reported to have happened many times in the recent past.
    However it has been reported here that the loophole has been/is going to be closed.
    Eco Miser
    Saving money for well over half a century
    • schiff
    • By schiff 8th Sep 17, 11:14 AM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    All this conjecture about what might happen in 12 months' time!

    We could be at war with North Korea by then.

    Or worse
    • MarkFromCornwall
    • By MarkFromCornwall 8th Sep 17, 2:02 PM
    • 722 Posts
    • 450 Thanks
    MarkFromCornwall
    We could be at war with North Korea by then.
    Originally posted by schiff
    Who is "we" ?
    • teddysmum
    • By teddysmum 8th Sep 17, 2:28 PM
    • 8,522 Posts
    • 5,050 Thanks
    teddysmum
    Ah that's good to know.... So if I've understood this right, in theory (presuming the 5% Flex Direct was still available in 12 months time) I could leave the Flex Direct account alone after the rate drops to 1%, then call up in 11 months for example to have it downgraded to a Flex Account, then in theory just upgrade online back to a Flex Direct and should then earn the 5% for another year?
    Originally posted by hgt
    This has been a controversial point as people have been given different information from Nationwide. I have twice been told that you can keep the accounts paying 1% then downgrade and upgrade in 12 months, if the 5% offer is still available, but my local branch insist that you have to be without the Direct account for 12 months.


    They say this is strictly by the book and I do agree that this is what the T&Cs imply. However, when I asked the CS person, who said she was at the head office, if her information was correct, after quoting the relevant part of the T&Cs,she said she was correct and that my local branch would be contacted sothey were informed.


    I've decide to play it safe, downgrade the two sole accounts (leaving in a few pounds only),so my husband and I can have new savers in a few months ,closing the joint account, as that is no use for obtaining a saver and putting the majority of the money into Lloyds, who pay 2%,with perks.
    • schiff
    • By schiff 8th Sep 17, 2:53 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    Who is "we" ?
    Originally posted by MarkFromCornwall
    Thatcher's Falklands will become May's North Korea!
    • Archi Bald
    • By Archi Bald 8th Sep 17, 5:29 PM
    • 9,354 Posts
    • 7,417 Thanks
    Archi Bald

    Please note that you cannot open a Regular Saver (Issue 7) if you already have a Regular Saver (Issue 5 or 6).
    Originally posted by Wheres My Cashback
    I believe their system does allow you to open one. They will then manually close it within a few days.
    • Eco Miser
    • By Eco Miser 8th Sep 17, 9:45 PM
    • 3,178 Posts
    • 2,943 Thanks
    Eco Miser
    All this conjecture about what might happen in 12 months' time!

    We could be at war with North Korea by then.
    Originally posted by schiff
    Or we may not be - that's just more conjecture.

    This is the Savings and Investments board. We generally have to assume life and banking will continue much as it has been, or else we may just as well spend as much as we can before the end of the world.
    Eco Miser
    Saving money for well over half a century
    • Wheres My Cashback
    • By Wheres My Cashback 8th Sep 17, 10:33 PM
    • 2,643 Posts
    • 34,017 Thanks
    Wheres My Cashback
    I believe their system does allow you to open one. They will then manually close it within a few days.
    Originally posted by Archi Bald
    hence why they clearly tell you not to
    • bigadaj
    • By bigadaj 9th Sep 17, 6:49 AM
    • 10,724 Posts
    • 7,009 Thanks
    bigadaj
    Thatcher's Falklands will become May's North Korea!
    Originally posted by schiff
    Won't have thought so.

    The last Korean War represented a British split with American foreign policy, which meant we luckily avoided Vietnam.

    Can't see any reason for British military involvement in this case.
    • Special_Saver2
    • By Special_Saver2 9th Sep 17, 8:26 AM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Folks,

    I cannot see anything that has changed for this weekend's update. The Notts BS website has no changes yet but I shall check again next weekend to look for any changes.

    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
    • adindas
    • By adindas 9th Sep 17, 12:12 PM
    • 3,321 Posts
    • 1,643 Thanks
    adindas
    This has been a controversial point as people have been given different information from Nationwide. I have twice been told that you can keep the accounts paying 1% then downgrade and upgrade in 12 months, if the 5% offer is still available, but my local branch insist that you have to be without the Direct account for 12 months.

    They say this is strictly by the book and I do agree that this is what the T&Cs imply. However, when I asked the CS person, who said she was at the head office, if her information was correct, after quoting the relevant part of the T&Cs,she said she was correct and that my local branch would be contacted sothey were informed.


    I've decide to play it safe, downgrade the two sole accounts (leaving in a few pounds only),so my husband and I can have new savers in a few months ,closing the joint account, as that is no use for obtaining a saver and putting the majority of the money into Lloyds, who pay 2%,with perks.
    Originally posted by teddysmum
    Well, with with Nationwide, there is no need to be surprised when you get a different information from a different agent.

    I have accounts in almost every high street bank in the UK and many Building Societies. In my personal experience dealing with them, when come to giving information on their own products, NW is one of the worst one. You cannot just believe what they are telling you. If you call on different time and get another agent, you might get a different information.

    What is good about this if you want to capitalize this misinformation giving is that the information they are giving you might lead to the loophole on their online banking to be tried to be taken as an advantage.
    • Kosher Kid
    • By Kosher Kid 11th Sep 17, 10:20 AM
    • 176 Posts
    • 80 Thanks
    Kosher Kid
    Or we may not be - that's just more conjecture.

    This is the Savings and Investments board. We generally have to assume life and banking will continue much as it has been, or else we may just as well spend as much as we can before the end of the world.
    Originally posted by Eco Miser
    "Being of sound mind, I have spent it all"
    • veryintrigued
    • By veryintrigued 11th Sep 17, 1:34 PM
    • 2,100 Posts
    • 1,370 Thanks
    veryintrigued
    Notts BS 2% offering is closing for new savers on Saturday.
    Originally posted by veryintrigued
    Still showing that this is available online. I wonder if Ive been given some dud in branch info.
    • schiff
    • By schiff 11th Sep 17, 2:10 PM
    • 17,716 Posts
    • 9,052 Thanks
    schiff
    The Nationwide riddle
    Hot from the press, or more accurately 35 minutes on the phone.

    Three different people, the first on the phone to a branch, the second to Nationwide on the phone and the last to Nationwide on the phone to put everything in place, different department. Each of them gave the same answer to my questions asking about the way forward, no confusion there.

    My previous regular saver having reached maturity was closed over the weekend. It became a Flexclusive Saver Issue 8. As soon as it was renamed online, I opened a fresh Regular Saver 2, on Saturday. I virtually emptied my FlexDirect account which had also reached its 12 month stage.

    On the phone my FlexDirect was changed to a FlexAccount, they call it switching. It keeps the FlexDirect account number etc, which is what I wanted as there is continuity of the £1000 per month deposits on the FlexDirect account. The switch was instant as I was online throughout.

    The FlexAccount requires a monthly deposit of £750 to keep the regular saver at 5%. I've asked online for the Flexclusive Saver to be closed. That's Nationwide sorted then.

    Having spent a similar length of time to FirstDirect sorting out a similar situation there, I've had to listen to the seemingly interminable explanations of the accounts and replied to personal questions by the dozen, twice. But it's a one off so gritting the teeth and trying not to drift off thinking about something else is the answer. How the staff members responsible for churning out this stuff all day and every day cope, I've no idea, it's mind numbing.

    Anyway, that's it for what it's worth
    • ColdIron
    • By ColdIron 11th Sep 17, 2:29 PM
    • 3,578 Posts
    • 4,289 Thanks
    ColdIron
    Virgin Regular E-Saver Issue 7 online available
    2.25% Matures 20 Oct 2018
    Thanks Virgin
    https://uk.virginmoney.com/savings/find/regular_e_saver_issue_7/overview?FromETS2=False
    • JamesRobinson48
    • By JamesRobinson48 11th Sep 17, 3:08 PM
    • 21 Posts
    • 53 Thanks
    JamesRobinson48
    Virgin Money
    ... also new Virgin Money 'Store' RS out this afternoon, Issue 6.

    https://uk.virginmoney.com/savings/find/results/#all
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