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
    • 1,088Posts
    • 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 315
    • veryintrigued
    • By veryintrigued 16th Sep 17, 2:11 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    Notts 2% RS5
    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
    Now gone from their website.
    • veryintrigued
    • By veryintrigued 16th Sep 17, 2:16 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    Nottingham Reg Saver (first issue) reduces to 1.5% inc bonus, from 1st October. Ouch!
    Originally posted by steve65e
    That's a shame - but thanks for this as Ive not received any notification of the interest cut for this closed issue.

    Only just over a year ago this was paying 3.1% (for years)!
    • EachPenny
    • By EachPenny 16th Sep 17, 2:23 PM
    • 2,815 Posts
    • 5,026 Thanks
    EachPenny
    Now gone from their website.
    Originally posted by veryintrigued
    Hopefully a new one will be along soon, now the old one has gone.
    "In the future, everyone will be rich for 15 minutes"
    • steve65e
    • By steve65e 16th Sep 17, 9:59 PM
    • 142 Posts
    • 88 Thanks
    steve65e
    That's a shame - but thanks for this as Ive not received any notification of the interest cut for this closed issue.

    Only just over a year ago this was paying 3.1% (for years)!
    Originally posted by veryintrigued
    I got the letter from them this morning. Yes, the issue started in 2005, so possible to have 40k in there.
    • skitskut
    • By skitskut 17th Sep 17, 8:35 PM
    • 162 Posts
    • 81 Thanks
    skitskut
    I got the letter from them this morning. Yes, the issue started in 2005, so possible to have 40k in there.
    Originally posted by steve65e
    Nothing to stop you whacking in 40K in one hit!
    • veryintrigued
    • By veryintrigued 17th Sep 17, 8:42 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    Notts reg saver (1)
    Nothing to stop you whacking in 40K in one hit!
    Originally posted by skitskut
    You mean apart from the fact the T&Cs only allow £250 to be deposited per month.
    • skitskut
    • By skitskut 17th Sep 17, 10:25 PM
    • 162 Posts
    • 81 Thanks
    skitskut
    You mean apart from the fact the T&Cs only allow £250 to be deposited per month.
    Originally posted by veryintrigued
    The T&Cs said you mustn't pay in more than £250 in one calendar month but if you did you'd just lose your bonus interest for the rest of that interest year.
    • Ed-1
    • By Ed-1 17th Sep 17, 10:46 PM
    • 2,030 Posts
    • 1,090 Thanks
    Ed-1
    The T&Cs said you mustn't pay in more than £250 in one calendar month but if you did you'd just lose your bonus interest for the rest of that interest year.
    Originally posted by skitskut
    It's withdrawals that affect the bonus. You're allowed 2 withdrawals a year without losing the bonus. But you can't pay in more than £250 full stop.
    • veryintrigued
    • By veryintrigued 17th Sep 17, 11:02 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    It's withdrawals that affect the bonus. You're allowed 2 withdrawals a year without losing the bonus. But you can't pay in more than £250 full stop.
    Originally posted by Ed-1
    I've just dug out some very dog eared paper T&Cs and skitskut is quoting correctly.

    Other Notts RS have simply returned any overpayment back to my feeder account when I've mistakingly overpaid.

    Its an interesting concept - I.e. accepting that you get 0.1% (without bonus) on the full balance until 30th September (when interest is paid) such that you can earn 1.5% from that point onwards.

    Skitskut - appreciate your input - have you actually tried this?
    • skitskut
    • By skitskut 17th Sep 17, 11:23 PM
    • 162 Posts
    • 81 Thanks
    skitskut
    I've just dug out some very dog eared paper T&Cs and skitskut is quoting correctly.

    Other Notts RS have simply returned any overpayment back to my feeder account when I've mistakingly overpaid.

    Its an interesting concept - I.e. accepting that you get 0.1% (without bonus) on the full balance until 30th September (when interest is paid) such that you can earn 1.5% from that point onwards.

    Skitskut - appreciate your input - have you actually tried this?
    Originally posted by veryintrigued
    Yes, I used to pay in thousands towards the back end of September. But I have to come clean now and say the last time I tried it the money was returned so I guess they've closed that little loop hole now. Sorry I thought this was common practice - would have shared sooner.
    • Special_Saver2
    • By Special_Saver2 18th Sep 17, 12:57 AM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    Hi Everybody,

    Here is this weekend's update.

    - Nottingham BS Special Regular Saver 5 withdrawn and removed from post 3
    - Virgin Money Regular E-Saver Issue 6 replaced with issue 7, same conditions as issue 6 but the maturity date is 20th October 2018, updated in post 3
    - Virgin Money Regular Saver Issue 5 replaced with issue 6, same conditions as issue 5 but the maturity date is 1st October 2018, updated in post 3

    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
    Last edited by Special_Saver2; 18-09-2017 at 1:01 AM.
    • steve65e
    • By steve65e 18th Sep 17, 12:37 PM
    • 142 Posts
    • 88 Thanks
    steve65e
    Yes, I used to pay in thousands towards the back end of September. But I have to come clean now and say the last time I tried it the money was returned so I guess they've closed that little loop hole now. Sorry I thought this was common practice - would have shared sooner.
    Originally posted by skitskut
    That's interesting, I hadn't thought of it before. A manager in another building society told me that until this year they had absolutely no system for detecting overpayments into Reg Savers, and that some people had been getting away with it for years.
    • mhoc
    • By mhoc 18th Sep 17, 12:52 PM
    • 15,903 Posts
    • 198,080 Thanks
    mhoc
    That's interesting, I hadn't thought of it before. A manager in another building society told me that until this year they had absolutely no system for detecting overpayments into Reg Savers, and that some people had been getting away with it for years.
    Originally posted by steve65e
    Interesting this - I know that Virgin money just bounce your money back if you have gone beyond your £250 a month and I think Nationwide returned money - but this was for a Cheshire building society account, before it became Nationwide.
    Maybe its the bigger building societies that have systems in place but not the smaller ones?
    This would make an interesting experiment - to put just an extra £1 into your regular savers and see what happens, how long before it bounces back
    “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.”
    • mgarl10024
    • By mgarl10024 18th Sep 17, 12:55 PM
    • 599 Posts
    • 419 Thanks
    mgarl10024
    This would make an interesting experiment - to put just an extra £1 into your regular savers and see what happens, how long before it bounces back
    Originally posted by mhoc
    This might put you in breach of the Ts&Cs and might give them wiggle room for not paying interest etc.
    I'm not saying that any of them will, just that I like not to give them excuses.
    • Mee
    • By Mee 18th Sep 17, 4:43 PM
    • 1,015 Posts
    • 990 Thanks
    Mee
    First Direct Reg Saver
    Hi!

    I'm in the process of opening a FD c/a and then I hope to open a RS account with s/o starting as early in the month as possible. I note the the T&Cs state "The date of your standing order payment needs to remain the same once set up." Is the RS when opened online opened instantaneously or is there a delay?
    • ctdctd
    • By ctdctd 18th Sep 17, 5:27 PM
    • 851 Posts
    • 663 Thanks
    ctdctd
    Hi!

    I'm in the process of opening a FD c/a and then I hope to open a RS account with s/o starting as early in the month as possible. I note the the T&Cs state "The date of your standing order payment needs to remain the same once set up." Is the RS when opened online opened instantaneously or is there a delay?
    Originally posted by Mee
    When you open the RS, they automatically set up the S/O from your FD C/A.
    The first amount is debited on the day you open the RS.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • veryintrigued
    • By veryintrigued 18th Sep 17, 6:38 PM
    • 2,087 Posts
    • 1,353 Thanks
    veryintrigued
    Yes, I used to pay in thousands towards the back end of September. But I have to come clean now and say the last time I tried it the money was returned so I guess they've closed that little loop hole now. Sorry I thought this was common practice - would have shared sooner.
    Originally posted by skitskut
    That being the case I don't understand your previous 'Nothing to stop you whacking in 40K in one hit!' 'advice'

    Bit daft IMO.
    • JamesRobinson48
    • By JamesRobinson48 19th Sep 17, 2:39 PM
    • 21 Posts
    • 50 Thanks
    JamesRobinson48
    Holmesdale Building Society
    I had good news today. My Holmesdale BS RS Issue 3 (2.00% variable, 12 months, max £3,000) matured on Saturday, and my bank account has been efficiently credited with the maturity proceeds. What to do with the cash? I phoned the Holmesdale's savings department and was told that, since Issue 3 is still open for business, I am welcome to simply apply for it again and run the 12 months from scratch, in the usual way. So I've sent off an application form and cheque for £250, hoping that's confirmed.

    That seems more attractive to me than the published alternative, which is to rollover the Issue 3 balance into Issue 4 (1.60% p.a. variable) and then subsequently into Issue 5 (1.25% p.a. variable). Just thinking about it (I didn't ask), but perhaps another permitted alternative might be to both rollover into Issue 4 and also re-apply for a fresh Issue 3.
    Last edited by JamesRobinson48; 19-09-2017 at 2:44 PM.
    • mhoc
    • By mhoc 19th Sep 17, 3:08 PM
    • 15,903 Posts
    • 198,080 Thanks
    mhoc
    I had good news today. My Holmesdale BS RS Issue 3 (2.00% variable, 12 months, max £3,000) matured on Saturday, and my bank account has been efficiently credited with the maturity proceeds. What to do with the cash? I phoned the Holmesdale's savings department and was told that, since Issue 3 is still open for business, I am welcome to simply apply for it again and run the 12 months from scratch, in the usual way. So I've sent off an application form and cheque for £250, hoping that's confirmed.

    That seems more attractive to me than the published alternative, which is to rollover the Issue 3 balance into Issue 4 (1.60% p.a. variable) and then subsequently into Issue 5 (1.25% p.a. variable). Just thinking about it (I didn't ask), but perhaps another permitted alternative might be to both rollover into Issue 4 and also re-apply for a fresh Issue 3.
    Originally posted by JamesRobinson48
    This is interesting, not heard of this one.

    On the website issue 3 is still there - please can someone confirm this one is suitable for people out of area and can be run totally online (after the first postal application?)

    https://www.theholmesdale.co.uk/savings/products/2103-regular-saver-issue-3
    “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.”
    • patientperson
    • By patientperson 19th Sep 17, 6:16 PM
    • 434 Posts
    • 361 Thanks
    patientperson
    This is interesting, not heard of this one.

    On the website issue 3 is still there - please can someone confirm this one is suitable for people out of area and can be run totally online (after the first postal application?)

    https://www.theholmesdale.co.uk/savings/products/2103-regular-saver-issue-3
    Originally posted by mhoc
    I have held accounts with this BS since 2000 and live a long way from their operational area.

    You can download an application form and then post it off with an opening cheque. As monthly payments are made by STO then that aspect is online.

    Holmesdale is a small BS and use their online option for enquiry of accounts only. No transfers, no account opening or closing. Other smaller BS also use similar software.

    It is the member who must add their account number so that enquiry is possible. It is not automatic. One puts in the request online and when approved one can view that account.

    I have never had any problems with Holmesdale and they used to supply 1st class pre addressed envelopes.
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

79Posts Today

2,578Users online

Martin's Twitter
  • I believe I can boldly go where no twitter poll has gone before https://t.co/HA0jC92gAK

  • OK I'm wilting to public pressure and there will be a star trek captain's poll at some point next week

  • I can get that. My order is 1. Picard 2. Janeway 3. Kirk. Too early to say where Lorca will end up (or would you? https://t.co/kawtCOe9RA

  • Follow Martin