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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,084Posts
    • 3,614Thanks
    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 319
    • mgarl10024
    • By mgarl10024 4th Oct 17, 5:14 PM
    • 596 Posts
    • 415 Thanks
    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.
    Originally posted by bubieyehyeh
    Just checked - 13th payment was returned.
    • glider3560
    • By glider3560 4th Oct 17, 6:16 PM
    • 3,283 Posts
    • 2,008 Thanks
    glider3560
    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
    I closed mine a few months ago when I bought a flat. I posted it to head office with a withdrawal slip. Cheque arrived about 5 days later.

    There's not much point IMO to send it by recorded delivery, unless sending it right at the last minute. If it goes missing, you can just ask for a new one. Also, "signed for" delivery just gets transported with the regular mail, only they get a signature at point of delivery. Special Delivery gets transorted separately and tracked at every point.

    • glider3560
    • By glider3560 4th Oct 17, 6:17 PM
    • 3,283 Posts
    • 2,008 Thanks
    glider3560
    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?
    Originally posted by Speculator
    Cheque or CHAPS only. Cheque is feee, CHAPS has a fee. For the small amount of interest lost, the cheque worked out the best option for me.

    • interest Ted
    • By interest Ted 4th Oct 17, 6:31 PM
    • 114 Posts
    • 91 Thanks
    interest Ted
    YORKSHIRE Regular Savers
    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.
    Originally posted by Speculator
    No doesn't say.

    Please can I ask where your info came from? Have you had a letter in the post? Nothing on the website yet.
    Yes letter(s) in Royal Mail post.

    ------------

    Also just ought to highlight that the new single access account really is SINGLE ACCESS. Withdrawals are 'instant' but restricted to one specific day per year. Aaaargh !

    Ted
    • Speculator
    • By Speculator 4th Oct 17, 6:39 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    No doesn't say.




    Ted
    Originally posted by interest Ted
    Just remembered, I have online access so could probably make a FP/Bacs withdrawal before it converts to the new account. Think I can transfer to my YBS internet Saver then FP to nominated a/c.
    Last edited by Speculator; 04-10-2017 at 6:42 PM. Reason: .
    • Speculator
    • By Speculator 4th Oct 17, 6:49 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    I closed mine a few months ago when I bought a flat. I posted it to head office with a withdrawal slip. Cheque arrived about 5 days later.

    There's not much point IMO to send it by recorded delivery, unless sending it right at the last minute. If it goes missing, you can just ask for a new one. Also, "signed for" delivery just gets transported with the regular mail, only they get a signature at point of delivery. Special Delivery gets transorted separately and tracked at every point.
    Originally posted by glider3560
    Some BSs (think it was the Chorley) make a charge if your passbook goes missing.

    Posted some passbooks a few years ago and went missing and they wanted £10 per missing passbook. After 2 weeks, it was returned from the delivery sorting office for some reason, luckily just before I paid the £20.
    Last edited by Speculator; 04-10-2017 at 6:49 PM. Reason: .
    • adindas
    • By adindas 4th Oct 17, 6:56 PM
    • 3,264 Posts
    • 1,586 Thanks
    adindas
    There's not much point IMO to send it by recorded delivery, unless sending it right at the last minute. If it goes missing, you can just ask for a new one. Also, "signed for" delivery just gets transported with the regular mail, only they get a signature at point of delivery. Special Delivery gets transorted separately and tracked at every point.
    Originally posted by glider3560
    Did not you need to send the passbook ?? If you send the passbook, it is risky not to send via signed for. It will be a problem if it lost on their way to Leeds BS.
    • glider3560
    • By glider3560 4th Oct 17, 7:03 PM
    • 3,283 Posts
    • 2,008 Thanks
    glider3560
    Did not you need to send the passbook ?? If you send the passbook, it is risky not to send via signed for. It will be a problem if it lost on their way to Leeds BS.
    Originally posted by adindas
    Yes, I did send the passbook.

    Their "lost passbook" form has an option to get a closure cheque in the event of a loss.

    People lose passbooks all the time. Most people aren't quite as organised as those of us on this thread!

    • GreenBitterfly
    • By GreenBitterfly 5th Oct 17, 12:38 PM
    • 314 Posts
    • 645 Thanks
    GreenBitterfly
    Is the Leeds Building Society Regular Saver Issue 3, one of the continuous regular savers that previously had no maturity date? I've got Issue 4 that is a continuous regular saver.
    • mhoc
    • By mhoc 5th Oct 17, 12:58 PM
    • 16,763 Posts
    • 194,790 Thanks
    mhoc
    Is the Leeds Building Society Regular Saver Issue 3, one of the continuous regular savers that previously had no maturity date? I've got Issue 4 that is a continuous regular saver.
    Originally posted by GreenBitterfly
    Issue 4 - continuous but with a maximum holding of £6000 according to my notes - £250 a month allowed to be deposited that's 24 months - I've got January 2019 as my date when I reach that point - not sure how many withdrawals are allowed a year though - if its just one then I will remove £3000 and then keep it going for another year ...
    “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 5th Oct 17, 1:04 PM
    • 596 Posts
    • 415 Thanks
    mgarl10024
    Issue 4 - continuous but with a maximum holding of £6000 according to my notes - £250 a month allowed to be deposited that's 24 months - I've got January 2019 as my date when I reach that point - not sure how many withdrawals are allowed a year though - if its just one then I will remove £3000 and then keep it going for another year ...
    Originally posted by mhoc
    Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...
    • mgarl10024
    • By mgarl10024 5th Oct 17, 1:22 PM
    • 596 Posts
    • 415 Thanks
    mgarl10024
    Just to let people know with regards to the Leeds Building Society Issue 3 account which is due to mature 31st Oct 2017, I just phoned Leeds to ask how this worked and was advised that they would be writing with maturity options 14 days before the 31st Oct.
    I asked whether return of funds electronically was an option and was told that this should be available fee free.
    I guess I'll see what savings options they present...
    • mhoc
    • By mhoc 5th Oct 17, 1:27 PM
    • 16,763 Posts
    • 194,790 Thanks
    mhoc
    Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...
    Originally posted by mgarl10024
    Thanks for this, very useful, calendar adjust accordingly.
    “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 5th Oct 17, 1:49 PM
    • 16,763 Posts
    • 194,790 Thanks
    mhoc
    Is Leeds the only Building society with an open ended regular saver - no actual maturity date (except for a maximum deposit)

    I keep a projected list of regular saver payments going out and maturity dates with payments coming in (as accurately as possible) up to about February 2019 - possibly a few more Virgin regular savers along the way.

    I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers (apart from things like First Direct and marks) - my mother always did say I lived in a fantasy world
    “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.”
    • Eco Miser
    • By Eco Miser 5th Oct 17, 2:13 PM
    • 3,084 Posts
    • 2,849 Thanks
    Eco Miser
    I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers
    Originally posted by mhoc
    If that happens, Regular Savers are likely to be paying around 5%, so the juggling will continue.
    Eco Miser
    Saving money for well over half a century
    • Westie983
    • By Westie983 5th Oct 17, 2:15 PM
    • 3,812 Posts
    • 13,919 Thanks
    Westie983
    I send my books to Leeds each month and they always make it back, I closed my issue 3 last month by filling out the closure that comes back with the passbooks.

    I then got a cheque back in the post along with Issue 4 and 5 books.

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £360/£365 = 98.63%
    Virtual Sealed Pot #1 Total £1,500/£1,800 = 83.33%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £25,125/£16,665 = 150.76%

    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
    • Speculator
    • By Speculator 5th Oct 17, 2:16 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...
    Originally posted by mgarl10024
    What's the minimum monthly deposit?

    If it's £10, you could withdraw £120 and pay in £10pm.


    If it's £1, I would just withdraw £48 and forget about it for 4 years
    • mgarl10024
    • By mgarl10024 5th Oct 17, 2:53 PM
    • 596 Posts
    • 415 Thanks
    mgarl10024
    What's the minimum monthly deposit?

    If it's £10, you could withdraw £120 and pay in £10pm.


    If it's £1, I would just withdraw £48 and forget about it for 4 years
    Originally posted by Speculator
    No, the £50 was chosen deliberately as it is the minimum.
    • Speculator
    • By Speculator 5th Oct 17, 3:36 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    No, the £50 was chosen deliberately as it is the minimum.
    Originally posted by mgarl10024
    Ok thanks. Just found the Full details here.

    You will need to withdraw more than £600 because interest/bonus is credited to the account.

    You are allowed 1 withdrawal per bonus period so it may be wise to make your withdrawal just before your bonus is paid. I will withdraw £750 to cover the interest.

    I will then be free to make another withdrawal if I wish after the bonus/interest payment date 31/8/18.

    I will hit £6000 on 1st Sept 2018 but will make a £750 withdrawal a week before the bonus is paid (31/8/18) giving me another penalty free withdrawal after 31/08/2018


    Another method is to withdraw say £400 before the bonus date then make another withdrawal when you near the £6000 mark in 2019.
    Last edited by Speculator; 05-10-2017 at 4:04 PM. Reason: .
    • Vortigern
    • By Vortigern 5th Oct 17, 3:44 PM
    • 2,273 Posts
    • 1,473 Thanks
    Vortigern
    I send my books to Leeds each month
    Originally posted by Westie983
    What's your effective interest rate after paying for all those stamps?

    I can view my accounts online and I don't bother with passbook updates other than by annual visit to a nearby branch when I happen to be passing that way.
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