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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,085Posts
    • 3,624Thanks
    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 317
    • steve65e
    • By steve65e 1st Oct 17, 11:24 AM
    • 141 Posts
    • 88 Thanks
    steve65e
    http://www.chorleybs.co.uk/Files/rb/FestiveFund.pdf#zoom=auto

    £0 - 500 per month, no withdrawals or closure until maturity, 31/10/18.
    • mhoc
    • By mhoc 1st Oct 17, 11:47 AM
    • 16,803 Posts
    • 195,042 Thanks
    mhoc
    http://www.chorleybs.co.uk/Files/rb/FestiveFund.pdf#zoom=auto

    £0 - 500 per month, no withdrawals or closure until maturity, 31/10/18.
    Originally posted by steve65e
    If I click on the download an application link all I get is a share application form ????
    Is it just a case of them not updating or is the actual festivefund form elsewhere?

    And why festivefund?
    “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.”
    • Steve_xx
    • By Steve_xx 1st Oct 17, 11:58 AM
    • 6,409 Posts
    • 2,672 Thanks
    Steve_xx
    If I click on the download an application link all I get is a share application form ????
    Is it just a case of them not updating or is the actual festivefund form elsewhere?

    And why festivefund?
    Originally posted by mhoc
    The form you mentioned is the form you use to apply. You have to write on it, in the field provided, the name of the account you wish to apply for.

    http://www.chorleybs.co.uk/Files/share3.pdf

    Why Festive Fund? Who cares what they decide to call any given account?
    Last edited by Steve_xx; 01-10-2017 at 12:01 PM.
    • Wheres My Cashback
    • By Wheres My Cashback 1st Oct 17, 12:05 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback
    If I click on the download an application link all I get is a share application form ????
    Is it just a case of them not updating or is the actual festivefund form elsewhere?

    And why festivefund?
    Originally posted by mhoc
    To open an account you will need to apply in branch or by post and let us have;
    a fully completed Share Account application form;
     at least the minimum deposit of £1.00; and
     proof of your identity, address andresidency
    • apt
    • By apt 1st Oct 17, 12:13 PM
    • 3,061 Posts
    • 1,718 Thanks
    apt
    Why take the risk? Send a faster payment today before Nationwide's cut-off time to make sure you won't be charged.
    • Hattie625
    • By Hattie625 1st Oct 17, 12:41 PM
    • 582 Posts
    • 447 Thanks
    Hattie625
    Thanks.

    Up to £500 per month.

    A member is anyone who's got an open product with Chorley BS for 12+ months. Rules me out - still may go for it @ 2.25%.
    Originally posted by karlie88
    Same here. I opened a Chorley BS Regular Saver in May 2017, so not quite a year yet. Still worth it for 2.25%, particularly with the generous £500 monthly allowance.
    I can't see anything in the T and C's preventing me from opening a Festive Fund RS when I have an existing ordinary RS (just that you can't have both a Members Festive Fund RS and a non-members Festive Fund RS). Have I missed this?
    • glider3560
    • By glider3560 1st Oct 17, 12:48 PM
    • 3,287 Posts
    • 2,015 Thanks
    glider3560
    And why festivefund?
    Originally posted by mhoc
    Because it matures in time for Christmas shopping?

    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 3:35 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback
    Have also posted this in a separate thread...

    VRS ISSUE 1 matures 20/10/17 - Max balance permitted £3500

    Today I have had £10.48 returned to me entitled A/c limit breach, however the £10.48 was interest into the a/c which should be excluded from the max permissible balance.

    Maximum deposit limit £3,500 a year. For all accounts the maximum deposit limit also applies to joint accounts.
    • If a monthly deposit results in your account going over the maximum £250 per calendar month deposit limit we will return the
    additional money to you. This does not include any interest you have asked to be added direct to your account.

    Have contacted Virgin and awaiting a call back.

    Anyone else had this ?
    Last edited by Wheres My Cashback; 02-10-2017 at 3:52 PM.
    • mgarl10024
    • By mgarl10024 2nd Oct 17, 3:38 PM
    • 596 Posts
    • 415 Thanks
    mgarl10024
    have also posted this in a separate thread...
    Vrs issue 1 matures 20/07/17 -
    Originally posted by wheres my cashback
    20/10/17? .
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 3:52 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback
    20/10/17? .
    Originally posted by mgarl10024
    Oops...typo...corrected
    • gingercordial
    • By gingercordial 2nd Oct 17, 3:58 PM
    • 1,003 Posts
    • 964 Thanks
    gingercordial
    Have also posted this in a separate thread...

    VRS ISSUE 1 matures 20/10/17 - Max balance permitted £3500

    Today I have had £10.48 returned to me entitled A/c limit breach, however the £10.48 was interest into the a/c which should be excluded from the max permissible balance.

    Maximum deposit limit £3,500 a year. For all accounts the maximum deposit limit also applies to joint accounts.
    • If a monthly deposit results in your account going over the maximum £250 per calendar month deposit limit we will return the
    additional money to you. This does not include any interest you have asked to be added direct to your account.

    Have contacted Virgin and awaiting a call back.

    Anyone else had this ?
    Originally posted by Wheres My Cashback
    I've just come on here looking for information about this, as I had a random £10.39 deposited into my feeder account today and I couldn't work out where from - I'm looking at the Tesco current account app and can't see that it has any kind of reference. Eventually scrutinising my spreadsheet found that this was the amount of interest added to my first Virgin RS (the one due to mature at the end of the month) back in March. Logging in to Virgin I see the same "breach" message.

    I will send them a message now too.
    • steve65e
    • By steve65e 2nd Oct 17, 4:19 PM
    • 141 Posts
    • 88 Thanks
    steve65e
    At the moment my extra £10.46 is still in the account balance, and no message, so they must pick it up at the end of the day.

    They are clearly in breach of their t&cs but it's hard to get upset about a 1p loss of interest.
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:26 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback

    They are clearly in breach of their t&cs but it's hard to get upset about a 1p loss of interest.
    Originally posted by steve65e
    But 1p is not the point, it's an error which could effect thousands of people. Some customers will be concerned and call them at their own time and expense to query it.
    Any account holder would expect as the norm for their account to be managed correctly.
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:37 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but s it worthy to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    Who's arguing ? It was simply a question of 'why have you returned funds' labelled as a/c limit breached'?

    I'd suggest most account holders (outside this thread) would be concerned as they would have no idea why and what, if any implications there are etc. let's face it, a high volume of customers who open these accounts have no idea of how RSs in terms of interest actually work. You just have to look at the number of threads started stating they haven't been paid enough interest at the end of the term.
    Last edited by Wheres My Cashback; 02-10-2017 at 4:40 PM.
    • gingercordial
    • By gingercordial 2nd Oct 17, 4:42 PM
    • 1,003 Posts
    • 964 Thanks
    gingercordial
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but s it worthy to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    I'm not arguing with them! I was perplexed at having an extra £10 appear in my current account as I had no idea what that was. Now I have identified it as coming from Virgin, I have dropped them a quick message to tell them their systems aren't working as they are supposed to in line with the T&Cs. I though they might like to know this so they can fix it and avoid the same thing happening (and loads of questions from savers) as each subsequent RS matures, this being number one. It took me two minutes to write a message. I am not demanding compo...

    ETA: in fact seeing as my Tesco current account is not full this week it's earning more (3%) back with me than in the RS (2.25%) so why would I complain?
    • steve65e
    • By steve65e 2nd Oct 17, 4:44 PM
    • 141 Posts
    • 88 Thanks
    steve65e
    I agree entirely that banks should be forced to follow their own t&cs, and I hope they will rapidly fix their programming error. I might even send them a secure message if they return my £10.46. But more in the spirit of helping them than moaning and demanding my 1.43p.
    • schiff
    • By schiff 2nd Oct 17, 4:49 PM
    • 17,663 Posts
    • 8,977 Thanks
    schiff
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but is it worth it to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    I agree. My £10.49 is the interest credited on 11/3/17 and I don't mind one bit being paid 18 days early. The 'lost' interest is a penny.

    But it does need clarifying with another 14 accounts to come to maturity!
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:49 PM
    • 2,769 Posts
    • 33,714 Thanks
    Wheres My Cashback
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    They said they would happily accept a re-deposit of the same amount, but I declined. They also assured me that it will not occur on other live RS accounts in their system due to mature in future months.
    • schiff
    • By schiff 2nd Oct 17, 4:51 PM
    • 17,663 Posts
    • 8,977 Thanks
    schiff
    I agree entirely that banks should be forced to follow their own t&cs, and I hope they will rapidly fix their programming error. I might even send them a secure message if they return my £10.46. But more in the spirit of helping them than moaning and demanding my 1.43p.
    Originally posted by steve65e
    Where exactly do you get £1.43 from? I'm puzzled.
    • schiff
    • By schiff 2nd Oct 17, 4:53 PM
    • 17,663 Posts
    • 8,977 Thanks
    schiff
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    They said they would happily accept a re-deposit of the same amount, but I declined. They also assured me that it will not occur on other live RS accounts in their system due to mature in future months.
    Originally posted by Wheres My Cashback
    What are the odds that this discussion will continue
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