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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 320
    • mgarl10024
    • By mgarl10024 5th Oct 17, 5:27 PM
    • 594 Posts
    • 413 Thanks
    mgarl10024
    You will need to withdraw more than £600 because interest/bonus is credited to the account.
    Originally posted by Speculator
    Not sure that's right. Just checked my saved copy of the terms and it says "The maximum investment balance is £6,000 (excluding accrued interest). "
    • Westie983
    • By Westie983 5th Oct 17, 10:55 PM
    • 3,808 Posts
    • 13,915 Thanks
    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.
    Originally posted by Vortigern
    its prepaid envelopes, I just fill out the forms include the cheque and the passbook, no cost apart from time writing the cheques out.

    I live nowhere near a branch so I cant update in person, like I do with Virgin.

    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
    • glider3560
    • By glider3560 6th Oct 17, 7:13 AM
    • 3,277 Posts
    • 1,993 Thanks
    glider3560
    I do not need to monthly balance update on my saving as I could easily see it online.

    By it is good to know about prepaid envelope. How did you get a prepaid envelope ??

    Would you mind telling
    Originally posted by adindas
    They send one everytime you send them the passbook. They also include a withdrawal/closure slip and possibly a deposit slip.

    There's also a freepost address on one of the old Carpetbagging threads.

    • patientperson
    • By patientperson 6th Oct 17, 12:51 PM
    • 430 Posts
    • 352 Thanks
    patientperson
    Freepost Building Society addresses
    There's also a freepost address on one of the old Carpetbagging threads.
    Originally posted by glider3560
    Perhaps Rpoints? .. this is the one I have used

    http://www.rpoints.com/forum/f11/society-freepost-addresses-34511.html#post248183
    • adindas
    • By adindas 6th Oct 17, 1:31 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas
    Originally posted by patientperson
    Could people who ever use this address
    Leeds BS
    FREEPOST LS465
    105 Albion Street
    Leeds
    LS1 5YY (online a/cs)

    Please share their experience
    • youngretired
    • By youngretired 6th Oct 17, 1:39 PM
    • 107 Posts
    • 47 Thanks
    youngretired
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    • Hattie625
    • By Hattie625 6th Oct 17, 1:46 PM
    • 574 Posts
    • 444 Thanks
    Hattie625
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    Originally posted by youngretired
    Haven't had mine yet but not checked today's post yet.
    • patientperson
    • By patientperson 6th Oct 17, 4:20 PM
    • 430 Posts
    • 352 Thanks
    patientperson
    Leeds BS Freepost
    Could people who ever use this address
    Leeds BS
    FREEPOST LS465
    105 Albion Street
    Leeds
    LS1 5YY (online a/cs)

    Please share their experience
    Originally posted by adindas
    I used this address in April 2017 .. all was okay.

    Another variant address is also shown by a google search which links to the Leeds BS website :

    http://www.leedsbuildingsociety.co.uk/savings/open-account-by-post/

    Leeds Building Society
    Freepost RTLC-TTTB-SBYS
    Leeds Building Society
    105 Albion Street
    Leeds
    LS1 5YY
    • flergalwit
    • By flergalwit 7th Oct 17, 2:41 AM
    • 63 Posts
    • 33 Thanks
    flergalwit
    I think the 2% Nationwide account in post #4 has been withdrawn. At the very least, the link is broken and I can't find any reference to it on their site.
    • Kim_13
    • By Kim_13 7th Oct 17, 5:40 AM
    • 1,254 Posts
    • 1,643 Thanks
    Kim_13
    I think the 2% Nationwide account in post #4 has been withdrawn. At the very least, the link is broken and I can't find any reference to it on their site.
    Originally posted by flergalwit
    It has been, it comes up under the find current and old interest rate and says that the account no longer accepts new applications. It was still £0-£500 a month, so whether they'll launch another limited to £250 in the future we will see.

    Here's a link to the section I found the information on: http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/view-savings-rates
    Last edited by Kim_13; 07-10-2017 at 4:14 PM.
    Sealed Pot 10 #520 ~ ~£10/£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00
    • Sea Shell
    • By Sea Shell 7th Oct 17, 7:11 AM
    • 404 Posts
    • 372 Thanks
    Sea Shell
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    Originally posted by youngretired
    No, no letters here yet either!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Hattie625
    • By Hattie625 7th Oct 17, 8:38 PM
    • 574 Posts
    • 444 Thanks
    Hattie625
    Buckinghamshire Building Society have a new members' and local residents' preferential Regular Saver, paying 2% pa (variable), can pay in up to £500 per month and unlimited in time (up to maximum £85,000 in the account). Two withdrawals per calendar year allowed, third withdrawal only by closing the account. No penalty for missed monthly deposits. Account can be held along with an existing Simple Regular Saver. Limited to existing members (anyone with a savings account with the Society, no time qualification, could be an existing Simple Regular Saver) and local residents. I'm going to open one, using my existing Simple RS Issue 2 (paying 1.75%) as qualifier and will then keep that open but only paying in the monthly minimum of £10.
    • glider3560
    • By glider3560 8th Oct 17, 9:22 AM
    • 3,277 Posts
    • 1,993 Thanks
    glider3560
    Buckinghamshire Building Society have a new members' and local residents' preferential Regular Saver, paying 2% pa (variable), can pay in up to £500 per month and unlimited in time (up to maximum £85,000 in the account). Two withdrawals per calendar year allowed, third withdrawal only by closing the account. No penalty for missed monthly deposits. Account can be held along with an existing Simple Regular Saver. Limited to existing members (anyone with a savings account with the Society, no time qualification, could be an existing Simple Regular Saver) and local residents. I'm going to open one, using my existing Simple RS Issue 2 (paying 1.75%) as qualifier and will then keep that open but only paying in the monthly minimum of £10.
    Originally posted by Hattie625
    Local is defined by anyone in the following postcode areas: HP, SL, UB, WD. This is actually quite a large area, compared to their single branch network.

    • Sea Shell
    • By Sea Shell 8th Oct 17, 6:49 PM
    • 404 Posts
    • 372 Thanks
    Sea Shell
    Bit harsh on people of MK !!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Special_Saver2
    • By Special_Saver2 8th Oct 17, 11:48 PM
    • 1,084 Posts
    • 3,614 Thanks
    Special_Saver2
    Hi Everybody,

    Here is this weekend's update.

    - Nationwide BS Regular Saver account withdrawn and removed from post 4
    - Bucks BS Regular Saver account added to post 2 (paying 2% variable on up to £500 per month with 2 penalty-free withdrawals per year for existing members and local residents with no maturity date)
    - Leeds BS Regular Saver Issue 7 replaced with Issue 8 in post 7 (same details as issue 7 but new maturity date of 30th September 2018 for issue 8)
    - Chorley BS Festive Fund and Members Festive Fund paying 2.25% and 2.5% on up to £500 per month until 31st October 2018

    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
    • mhoc
    • By mhoc 9th Oct 17, 8:45 AM
    • 16,711 Posts
    • 194,385 Thanks
    mhoc
    It has been, it comes up under the find current and old interest rate and says that the account no longer accepts new applications. It was still £0-£500 a month, so whether they'll launch another limited to £250 in the future we will see.

    Here's a link to the section I found the information on: http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/view-savings-rates
    Originally posted by Kim_13
    I tweeted them and they have withdrawn the regular saver and the only one they have now is
    Flexclusive Regular Saver 2

    (main account holders only from a switched account or £750 per month deposit from an external account for 3 months, maxium of £250 per month for 12 months 5% gross - total £81.25 interest estimate after 12 months)

    I managed to have a separate flexclusive reg saver 2 going for 4 months before they inevitably shut it down.
    “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.”
    • lucky77
    • By lucky77 9th Oct 17, 1:14 PM
    • 159 Posts
    • 83 Thanks
    lucky77
    Yorkshire Building Society reg saver ending
    Guess it was too good to last much longer. Just had letter advising that my regular saver will be transferred to Single Access Saver Unique Edition on 14 December. It pays 1.5% variable and no bonus. You can save between £10 and £500 per month up to £22000. From 14 October to 13 December you don't need to make further deposits into your existing regular saver to qualify for bonus. Ah well I've enjoyed the good interest rate with bonus for over 10 years.
    • Speculator
    • By Speculator 9th Oct 17, 2:40 PM
    • 1,687 Posts
    • 1,276 Thanks
    Speculator
    Guess it was too good to last much longer. Just had letter advising that my regular saver will be transferred to Single Access Saver Unique Edition on 14 December. It pays 1.5% variable and no bonus. You can save between £10 and £500 per month up to £22000. From 14 October to 13 December you don't need to make further deposits into your existing regular saver to qualify for bonus. Ah well I've enjoyed the good interest rate with bonus for over 10 years.
    Originally posted by lucky77
    Discussed here..



    You can close your account from 14th October and keep your bonus from 14/10 to 13/12. No point keeping your account open from 14th October. (see back of information sheet)
    Last edited by Speculator; 09-10-2017 at 2:45 PM. Reason: .
    • adindas
    • By adindas 9th Oct 17, 3:37 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas
    Buckinghamshire Building Society have a new members' and local residents' preferential Regular Saver, paying 2% pa (variable), can pay in up to £500 per month and unlimited in time (up to maximum £85,000 in the account). Two withdrawals per calendar year allowed, third withdrawal only by closing the account. No penalty for missed monthly deposits. Account can be held along with an existing Simple Regular Saver. Limited to existing members (anyone with a savings account with the Society, no time qualification, could be an existing Simple Regular Saver) and local residents. I'm going to open one, using my existing Simple RS Issue 2 (paying 1.75%) as qualifier and will then keep that open but only paying in the monthly minimum of £10.
    Originally posted by Hattie625
    Has anyone tried this address to open an account with Cheques
    Buckinghamshire BS
    FREEPOST
    High Street
    Chalfont St Giles
    Bucks
    HP8 4BR

    As stated in here
    http://forums.moneysavingexpert.com/showpost.html?p=8612303&postcount=11

    Thanks
    • adindas
    • By adindas 9th Oct 17, 4:21 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas
    Buckinghamshire Building Society have a new members' and local residents' preferential Regular Saver, paying 2% pa (variable), can pay in up to £500 per month and unlimited in time (up to maximum £85,000 in the account). Two withdrawals per calendar year allowed, third withdrawal only by closing the account. No penalty for missed monthly deposits. Account can be held along with an existing Simple Regular Saver. Limited to existing members (anyone with a savings account with the Society, no time qualification, could be an existing Simple Regular Saver) and local residents. I'm going to open one, using my existing Simple RS Issue 2 (paying 1.75%) as qualifier and will then keep that open but only paying in the monthly minimum of £10.
    Originally posted by Hattie625
    Just be aware with the term of this Buckinghamshire RSA. It is quite unusual as you could only change the amount of monthly investment once per calendar year. Also the date of the monthly payment will need to be same every month.

    So if for instance you open it with minimum amount of £10 (say) and in January 2018 (say) you change it to £500, you will need to pay £500 until the end of the year 2018 which for some people who has other accounts paying a better interest will not be good. You could still put it £500 and withdraws later it but you could only make 2 withdrawal per year.
    Last edited by adindas; 09-10-2017 at 4:26 PM.
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