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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 314
    • veryintrigued
    • By veryintrigued 11th Sep 17, 3:30 PM
    • 2,101 Posts
    • 1,370 Thanks
    veryintrigued
    In the past it is only their regular saver paying 2% is only available in Branch.

    I wonder, is it possible to apply online now ??
    Originally posted by adindas
    Wonder no more and look at the conditions of the account Adindas
    • Hattie625
    • By Hattie625 11th Sep 17, 3:56 PM
    • 618 Posts
    • 481 Thanks
    Hattie625
    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
    Originally posted by ColdIron

    Many thanks for highlighting. I've now opened Issue 7.

    Issue 1 matures on 20 October this year. Then Issue 2 on 20 December.
    • Frogletina
    • By Frogletina 11th Sep 17, 5:06 PM
    • 2,918 Posts
    • 10,642 Thanks
    Frogletina
    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
    Originally posted by ColdIron
    Thanks for this information, account now set up

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • eskbanker
    • By eskbanker 11th Sep 17, 7:00 PM
    • 5,818 Posts
    • 5,711 Thanks
    eskbanker
    Still showing that this is available online. I wonder if Ive been given some dud in branch info.
    Originally posted by veryintrigued
    In the past it is only their regular saver paying 2% is only available in Branch.

    I wonder, is it possible to apply online now ??
    Originally posted by adindas
    Wonder no more and look at the conditions of the account Adindas
    Originally posted by veryintrigued
    I suspect that the question was asked because of your wording that could be interpreted different ways - perhaps "Still showing online that this is available" would have eliminated the ambiguity!
    • veryintrigued
    • By veryintrigued 11th Sep 17, 8:47 PM
    • 2,101 Posts
    • 1,370 Thanks
    veryintrigued
    I suspect that the question was asked because of your wording that could be interpreted different ways - perhaps "Still showing online that this is available" would have eliminated the ambiguity!
    Originally posted by eskbanker
    I admire your optimism but Adindas has said repeatedly on here that she doesnt bother reading T&Cs as presumably others will do the hard work for her.
    Last edited by veryintrigued; 11-09-2017 at 8:50 PM.
    • Westie983
    • By Westie983 13th Sep 17, 6:14 AM
    • 3,842 Posts
    • 14,003 Thanks
    Westie983
    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
    Originally posted by ColdIron
    Yay another one

    Opened and small funding as I'm waiting for FD to mature on the 21st.

    Will be calling branch when I get home to open branch one too.

    Westie983
    Save 12k in 2017 #16 Total £22,555/£12,000 = 187.95%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0.00/£800 = 51.25% ( x 11)
    Xmas 2017 £1 a Day #6 Total £400/£365 = 109.58%
    Virtual Sealed Pot #1 Total £1,600/£1,800 = 88.88%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £26,465/£16,965 = 155.99%

    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
    • schiff
    • By schiff 13th Sep 17, 11:57 AM
    • 17,718 Posts
    • 9,052 Thanks
    schiff
    My earliest appointment next Thursday.

    That will be my 15th with the first one not due to mature till late October. I feel like a jihadist who hasn't had to blow himself up
    • eskbanker
    • By eskbanker 13th Sep 17, 12:20 PM
    • 5,818 Posts
    • 5,711 Thanks
    eskbanker
    My earliest appointment next Thursday.

    That will be my 15th with the first one not due to mature till late October. I feel like a jihadist who hasn't had to blow himself up
    Originally posted by schiff
    Just the 15 Virgins for you though....
    • EachPenny
    • By EachPenny 14th Sep 17, 9:46 AM
    • 2,957 Posts
    • 5,410 Thanks
    EachPenny
    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.
    Originally posted by veryintrigued
    Yesterday I asked when the next issue is likely to come out and was told the current one was being withdrawn at close of business this Saturday (16/09/2017).

    Maybe someone got their Saturdays mixed up, or they decided to extend the availability?
    "In the future, everyone will be rich for 15 minutes"
    • veryintrigued
    • By veryintrigued 14th Sep 17, 1:51 PM
    • 2,101 Posts
    • 1,370 Thanks
    veryintrigued
    Yesterday I asked when the next issue is likely to come out and was told the current one was being withdrawn at close of business this Saturday (16/09/2017).

    Maybe someone got their Saturdays mixed up, or they decided to extend the availability?
    Originally posted by EachPenny
    Thanks EachPenny.
    • eightfoot2
    • By eightfoot2 16th Sep 17, 9:43 AM
    • 13 Posts
    • 3 Thanks
    eightfoot2

    Virgin Regular E-Saver Issue 7 online available
    2.25% Matures 20 Oct 2018
    Thanks Virgin
    Originally posted by ColdIron


    Many thanks for highlighting. I've now opened Issue 7.

    Issue 1 matures on 20 October this year. Then Issue 2 on 20 December.


    can I ask what people will be doing regarding savers that mature please,im thinking remove all but £10 pounds on maturaty then wait for the intrest to be paid in march 2018 then close the saver
    I have a feeling that there is a min amount that needs to be in the account or it will close and I believe it will change to a variable saver


    can I also ask how to get quotes in my replys thanks
    in for a penny
    • glider3560
    • By glider3560 16th Sep 17, 10:19 AM
    • 3,320 Posts
    • 2,045 Thanks
    glider3560

    Virgin Regular E-Saver Issue 7 online available
    2.25% Matures 20 Oct 2018
    Thanks Virgin
    Originally posted by ColdIron


    Many thanks for highlighting. I've now opened Issue 7.

    Issue 1 matures on 20 October this year. Then Issue 2 on 20 December.


    can I ask what people will be doing regarding savers that mature please,im thinking remove all but £10 pounds on maturaty then wait for the intrest to be paid in march 2018 then close the saver
    I have a feeling that there is a min amount that needs to be in the account or it will close and I believe it will change to a variable saver


    can I also ask how to get quotes in my replys thanks
    Originally posted by eightfoot2
    The Virgin accounts have no minimum to get the regular savings rate - you can close them immediately. I opted for monthly interest and made several withdrawals from my accounts (for purchasing a property) which haven't affected the rate being paid.

    • ColdIron
    • By ColdIron 16th Sep 17, 10:34 AM
    • 3,582 Posts
    • 4,296 Thanks
    ColdIron
    I'm going to close my accounts as soon as they mature, no point in the cash, no matter how small, doing nothing

    You can quote messages by pressing the Quote button of the message you want to quote. As a new user you might be using the horrible newish 'blue' MSE interface though I'd be surprised if it didn't allow you to quote. Use the option to go back to the old 'green' interface as it's better for many things. Logon and go to your User CP (Control Panel) in the menu bar at the top. At the bottom left you'll see 'Forum Version Manager' and Manage version, choose Old
    Last edited by ColdIron; 16-09-2017 at 10:36 AM.
    • EachPenny
    • By EachPenny 16th Sep 17, 10:34 AM
    • 2,957 Posts
    • 5,410 Thanks
    EachPenny
    can I ask what people will be doing regarding savers that mature please,im thinking remove all but £10 pounds on maturaty then wait for the intrest to be paid in march 2018 then close the saver
    I have a feeling that there is a min amount that needs to be in the account or it will close and I believe it will change to a variable saver

    can I also ask how to get quotes in my replys thanks
    Originally posted by eightfoot2
    I don't have the older T&C's to confirm, but more recent ones say the account may be closed if it has a zero balance for 180 days, or less than £1 for 365 days.

    On maturity I would withdraw all but £1. Normally if you close an account before the date interest is applied then the interest is added and paid to you at the point of account closure. Virgin's T&C's don't appear to cover this issue specifically, so if you are concerned it might be worth contacting their customer services to be sure.

    To quote a post, click on the orange 'speech bubble' which should appear at the bottom of each quotable post. The blue speech bubble allows you to select other posts to quote before you finally click on the orange one.
    "In the future, everyone will be rich for 15 minutes"
    • steve65e
    • By steve65e 16th Sep 17, 10:42 AM
    • 146 Posts
    • 93 Thanks
    steve65e
    Nottingham Reg Saver (first issue) reduces to 1.5% inc bonus, from 1st October. Ouch!
    • Sea Shell
    • By Sea Shell 16th Sep 17, 10:50 AM
    • 415 Posts
    • 399 Thanks
    Sea Shell
    RE: Virgin Reg Savers

    I've just re-read the T&C's and they don't appear to cover the "if YOU close your account" scenario.

    Surely if you close your account after maturity date, they have to pay you all the balance, plus all accrued interest to date, to your nominated linked account, regardless of the 11th March annual interest date.

    Is that right?

    We too have our first one maturing on 20th October....so interested to see what occurs.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • mgarl10024
    • By mgarl10024 16th Sep 17, 11:15 AM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    I asked this question when I first opened up the account last Sept, and got the following answer. It's not exhaustive, but I think it covers what I was looking for. Sounded to me like it requires closure to get the remaining interest (or waiting until the next 11th March), but I'll probably reconfirm nearer the time.

    Good morning,
    Reading the account literature, I note that annual interest is paid on the 11th March.
    Is there another interest payment (for the period 11th March -> 20th October) when the account matures on the 20th October?
    Thanks,
    Thanks for getting in touch.
    I confirm interest is paid on 11th March. Once your account matures, interest will be paid upon closure/transfer.
    • glider3560
    • By glider3560 16th Sep 17, 11:48 AM
    • 3,320 Posts
    • 2,045 Thanks
    glider3560
    RE: Virgin Reg Savers

    I've just re-read the T&C's and they don't appear to cover the "if YOU close your account" scenario.

    Surely if you close your account after maturity date, they have to pay you all the balance, plus all accrued interest to date, to your nominated linked account, regardless of the 11th March annual interest date.

    Is that right?

    We too have our first one maturing on 20th October....so interested to see what occurs.
    Originally posted by Sea Shell
    There is no bonus rate. It is a fixed rate, with interest calculated daily. There are no penalties for withdrawals.

    Seems very obvious to me that closing before interest will just result in the interest due being added.

    You can always opt for monthly interest on future issues, in case you are unsure.

    • eightfoot2
    • By eightfoot2 16th Sep 17, 12:23 PM
    • 13 Posts
    • 3 Thanks
    eightfoot2
    There is no bonus rate. It is a fixed rate, with interest calculated daily. There are no penalties for withdrawals.

    Seems very obvious to me that closing before interest will just result in the interest due being added.

    You can always opt for monthly interest on future issues, in case you are unsure.
    Originally posted by glider3560

    re the monthly intrest I have opted for this on both issue 6 and 7 but when I look at the intrest paid/due section its showing as annually paid so not sure they pay it monthly
    in for a penny
    • glider3560
    • By glider3560 16th Sep 17, 12:27 PM
    • 3,320 Posts
    • 2,045 Thanks
    glider3560
    re the monthly intrest I have opted for this on both issue 6 and 7 but when I look at the intrest paid/due section its showing as annually paid so not sure they pay it monthly
    Originally posted by eightfoot2
    Mine show as monthly and the interest gets credited on 10th of each month (shows the following day).

    I wanted to push more income to the previous tax year, hence the choice of monthly.

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