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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,091Posts
    • 3,704Thanks
    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 318
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 5:01 PM
    • 2,705 Posts
    • 34,646 Thanks
    Wheres My Cashback
    What are the odds that this discussion will continue
    Originally posted by schiff
    Evens...and again maybe on 01/12 as the next one is due to mature on 20/12
    • EachPenny
    • By EachPenny 2nd Oct 17, 5:03 PM
    • 3,345 Posts
    • 6,203 Thanks
    EachPenny
    What are the odds that this discussion will continue
    Originally posted by schiff
    I now understand why Virgin's phone lines were so busy when I tried to call about something else earlier!
    "In the future, everyone will be rich for 15 minutes"
    • Vortigern
    • By Vortigern 2nd Oct 17, 7:10 PM
    • 2,324 Posts
    • 1,532 Thanks
    Vortigern
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    Originally posted by Wheres My Cashback
    I think it's called an OSWF error.
    • bubieyehyeh
    • By bubieyehyeh 2nd Oct 17, 8:48 PM
    • 362 Posts
    • 103 Thanks
    bubieyehyeh
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    • TheShape
    • By TheShape 2nd Oct 17, 9:24 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    Originally posted by bubieyehyeh
    I thought I'd find out today when my SO would normally be sent to Saffron but I appear to have set the final payment for 01/09/17 so no payment attempted today.

    I don't think it's clear from the Saffron site:

    Paying money in

    Each month, for a maximum of 12 months, you can make payments from £10 up to £200, into your account at any of our branches or by post. You can make as many deposits during the month as you need to, providing they don't exceed the monthly limit of £200. Your deposits can be made by cash, cheque, or transfer from another bank or building society account. Where deposits are made by cheque we require at least seven working days before the funds are available to withdraw.

    To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted. Any missed payments can't be backdated.
    • mgarl10024
    • By mgarl10024 3rd Oct 17, 8:32 AM
    • 605 Posts
    • 419 Thanks
    mgarl10024
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    Originally posted by bubieyehyeh
    Each month, for a maximum of 12 months, you can make payments from £10 up to £200
    https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2



    I can't check atm, but pretty sure I tried last year and it bounced.
    • schiff
    • By schiff 3rd Oct 17, 1:30 PM
    • 17,754 Posts
    • 9,097 Thanks
    schiff
    Virgin
    What are the odds that this discussion will continue
    Originally posted by schiff
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.
    • mgarl10024
    • By mgarl10024 3rd Oct 17, 1:34 PM
    • 605 Posts
    • 419 Thanks
    mgarl10024
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.
    Originally posted by schiff
    Almost certain it applies in the tax year when it was paid, whether you have access or not.

    I remember this from a couple of years back: http://www.telegraph.co.uk/personal-banking/savings/nsi-pensioner-bond-warning-you-may-be-taxed-before-your-bond-mat/
    • glider3560
    • By glider3560 3rd Oct 17, 5:57 PM
    • 3,348 Posts
    • 2,069 Thanks
    glider3560
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises.
    Originally posted by schiff
    I've said it before and I'll say it again: the Virgin Regular Savers are all instant access. There is no bonus rate. The rate is fixed. Therefore there are no conditions to get the "higher" interest rate as there isn't a lower one.

    /QUOTE]Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.[/QUOTE]
    Interest counts in the year it is paid, not when you withdraw it.
    Last edited by glider3560; 03-10-2017 at 6:00 PM.

    • bubieyehyeh
    • By bubieyehyeh 3rd Oct 17, 10:50 PM
    • 362 Posts
    • 103 Thanks
    bubieyehyeh
    I thought I'd find out today when my SO would normally be sent to Saffron but I appear to have set the final payment for 01/09/17 so no payment attempted today.

    I don't think it's clear from the Saffron site:
    Originally posted by TheShape
    Agreed, it isn't.

    I might give them a ring, but it the sort of question where staff might guess on the safe side (as they see it), when they don't know for sure.

    I could just try and see if bounces, and if it does then I ask them why, and because of what part of the T&Cs.
    • bubieyehyeh
    • By bubieyehyeh 3rd Oct 17, 10:52 PM
    • 362 Posts
    • 103 Thanks
    bubieyehyeh
    https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2



    I can't check atm, but pretty sure I tried last year and it bounced.
    Originally posted by mgarl10024
    The T&C aren't clear, but it would be great if they get chance to check what happened last year and report back.
    • Westie983
    • By Westie983 4th Oct 17, 10:42 AM
    • 3,856 Posts
    • 14,033 Thanks
    Westie983
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises.
    Originally posted by schiff
    Yes you can withdraw the interest as the account is not fixed like other regular savers, I removed the interest paid in March from my online regular savers and I will do the same with the store versions when their interest is added at the end of the month.

    This means that the totals are round figures, rather then paying in less then I do to make the balance an even round number.

    Waiting for the first Virgin RS to mature in of the month, then I will know how it works for the other 12 I have opened

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£0.00/£12,000 = 0.0%
    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 £1,800/£1,800 = 100.00%
    £2 Savers Club 2017 #3 Total (£1,450)+-450/£2,000 = 50.00%

    Total £28,560/£16,965 = 168.34%

    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
    • Westie983
    • By Westie983 4th Oct 17, 10:52 AM
    • 3,856 Posts
    • 14,033 Thanks
    Westie983
    Not sure if this has been mentioned, but its not on the front page, so needs updating Leeds issue 7 has been withdrawn,

    Issue 8 has been launched, you cant open issue 8 if you have issue 5, 6, or 7.

    http://www.leedsbuildingsociety.co.uk/savings/regularsaver/

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£0.00/£12,000 = 0.0%
    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 £1,800/£1,800 = 100.00%
    £2 Savers Club 2017 #3 Total (£1,450)+-450/£2,000 = 50.00%

    Total £28,560/£16,965 = 168.34%

    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
    • interest Ted
    • By interest Ted 4th Oct 17, 11:52 AM
    • 121 Posts
    • 93 Thanks
    interest Ted
    YORKSHIRE Regular Savers
    Sad news received in today's post.
    YBS Reg Saver (issue 1) will change to a "single access saver" with rate reduced from 3.55% down to 1.50%, (which I note is less than the current regular saver rate !)
    Change is due on 14 Dec, but they are going to pay accrued bonus early, on 14 Oct.
    Anyway - guess we all knew something would probably happen sooner or later.
    Understand similar thing happening to the Regular saver issue 2.
    Disappointed Ted
    • Speculator
    • By Speculator 4th Oct 17, 4:09 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    Originally posted by bubieyehyeh
    I phoned them two weeks ago and she said 12 payments only, no 13th payment allowed.
    • Speculator
    • By Speculator 4th Oct 17, 4:44 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    Sad news received in today's post.
    YBS Reg Saver (issue 1) will change to a "single access saver" with rate reduced from 3.55% down to 1.50%, (which I note is less than the current regular saver rate !)
    Change is due on 14 Dec, but they are going to pay accrued bonus early, on 14 Oct.
    Anyway - guess we all knew something would probably happen sooner or later.
    Understand similar thing happening to the Regular saver issue 2.
    Disappointed Ted
    Originally posted by interest Ted
    Disappointing news. Only Stroud & Swindon/Coventry (2.75%) and N&P Family Saver/Family Esaver (3.25%) left now.

    Does it say in the letter if they will allow closure by BACS/FP to our current accounts or is it CHAPS/Cheques only? Thanks.
    Last edited by Speculator; 04-10-2017 at 4:45 PM. Reason: .
    • adindas
    • By adindas 4th Oct 17, 4:51 PM
    • 3,345 Posts
    • 1,650 Thanks
    adindas
    Leeds BS RS i3 maturing October 31, 2017. Easiest way to close it.
    Does anyone knwo the best way to close a postal account with pass book such as Leeds RS i3.

    Leeds RS i3 is maturing on October 31, 2017 I just called them that I wanted to close it, bus he was asking me to send the letter together with the pass book to them.

    Sending the passbook will need to be done by signed for letter otherwise it might loose during transfer and you have no proof of posting it. Signed for will cost around £1.75 not to mention time need to go to the post office.

    Does anyone a better method to close your RS with passbook such as Leeds RS ??
    • mhoc
    • By mhoc 4th Oct 17, 4:53 PM
    • 16,110 Posts
    • 199,964 Thanks
    mhoc
    Sad news received in today's post.
    YBS Reg Saver (issue 1) will change to a "single access saver" with rate reduced from 3.55% down to 1.50%, (which I note is less than the current regular saver rate !)
    Change is due on 14 Dec, but they are going to pay accrued bonus early, on 14 Oct.
    Anyway - guess we all knew something would probably happen sooner or later.
    Understand similar thing happening to the Regular saver issue 2.
    Disappointed Ted
    Originally posted by interest Ted
    Please can I ask where your info came from? Have you had a letter in the post? Nothing on the website yet.

    I've got the regular saver issue 2 which is the odd one with the 0.05% interest but a total of 3% including bonus - interest just paid out on October 1st.
    This was one of my first forays into collecting regular savings - October 2013. Its redeeming feature is that in March 2017 they let us pay £500 a month in instead of £250.
    I also have the newest regular saver started in February 2017 - again £500 a month - OH pays one and I pay the other. This one pays a miserable 1.75% - this is the sacrificial goat when I run short of money to pay the other regular savers.
    “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.”
    • mhoc
    • By mhoc 4th Oct 17, 4:56 PM
    • 16,110 Posts
    • 199,964 Thanks
    mhoc
    Does anyone knwo the best way to close a postal account with pass book such as Leeds RS i3.

    Leeds RS i3 is maturing on October 31, 2017 I just called them that I wanted to close it, bus he was asking me to send the letter together with the pass book to them.

    Sending the passbook will need to be done by signed for letter otherwise it might loose during transfer and you have no proof of posting it. Signed for will cost around £1.75 not to mention time need to go to the post office.

    Does anyone a better method to close your RS with passbook such as Leeds RS ??
    Originally posted by adindas
    Sorry cant help, mine is just online and I am putting off thinking about it until the final week in the month.
    I am going to start up the Chorley one to take its place
    “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.”
    • Speculator
    • By Speculator 4th Oct 17, 5:03 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    Does anyone knwo the best way to close a postal account with pass book such as Leeds RS i3.

    Leeds RS i3 is maturing on October 31, 2017 I just called them that I wanted to close it, bus he was asking me to send the letter together with the pass book to them.

    Sending the passbook will need to be done by signed for letter otherwise it might loose during transfer and you have no proof of posting it. Signed for will cost around £1.75 not to mention time need to go to the post office.

    Does anyone a better method to close your RS with passbook such as Leeds RS ??
    Originally posted by adindas
    Post it to your nearest branch and phone them next morning to see if they've received it. Should be easier to locate your passbook than if you posted it to head office.

    Post it at the Post Office and ask for a certificate of posting.

    I may make a trip to the Stevenage branch. Does anyone know if it's closure by cheque only or will they allow BACS/FP withdrawals?
    Last edited by Speculator; 04-10-2017 at 5:05 PM. Reason: .
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