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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 321
    • MarkFromCornwall
    • By MarkFromCornwall 9th Oct 17, 5:02 PM
    • 715 Posts
    • 447 Thanks
    MarkFromCornwall
    Also the date of the monthly payment will need to be same every month.
    Originally posted by adindas
    You made that bit up didn't you?!
    • adindas
    • By adindas 9th Oct 17, 5:17 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas
    You made that bit up didn't you?!
    Originally posted by MarkFromCornwall
    Their RS is always be like this.
    "As this is a regular saver you must pay in the same amount on the same day each month"

    The above term written in i2 ans i3. You could still find the above term mentioned on Reg Saver i3 which is still active.

    But I just had a look on the summary for Regular Saver for existing members this has not been made clear.It might be worthy asking them.
    Last edited by adindas; 09-10-2017 at 5:20 PM.
    • Wheres My Cashback
    • By Wheres My Cashback 10th Oct 17, 6:00 PM
    • 2,759 Posts
    • 33,654 Thanks
    Wheres My Cashback
    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
    Not a letter, but e-mail received giving basic details....

    YOUR REGULAR E-SAVER MATURES ON FRIDAY 20 OCTOBER 2017
    Thank you for saving in your Regular E-Saver which matures on 20 October 2017. When this product matures, we will transfer your savings to our Easy Access E-Saver Reward Issue 10 account, which pays a variable interest rate of 1.00% Gross‡/AER†. This account is available exclusively to maturing Regular E-Saver customers.

    The Easy Access E-Saver Reward Issue 10 gives you easy access to your savings anytime and you can deposit additional money up to £250,000. Ideal if you don't want to lock your money away.
    Or if you decide the Easy Access E-Saver Reward is not right for you, you can move your savings to another Virgin Money savings product. For our current range, including our new Regular Saver accounts, and for more details please visit virginmoney.com or call us on 0345 600 7301. Your existing Terms and Conditions will still apply.

    For more details on the Easy Access E-Saver Reward, see the Key product information sheet.


    or you could always just transfer out to your nominated account which they seem to have forgotten to mention
    • Hattie625
    • By Hattie625 10th Oct 17, 6:36 PM
    • 574 Posts
    • 444 Thanks
    Hattie625
    Not a letter, but e-mail received giving basic details....

    YOUR REGULAR E-SAVER MATURES ON FRIDAY 20 OCTOBER 2017
    Thank you for saving in your Regular E-Saver which matures on 20 October 2017. When this product matures, we will transfer your savings to our Easy Access E-Saver Reward Issue 10 account, which pays a variable interest rate of 1.00% Gross‡/AER†. This account is available exclusively to maturing Regular E-Saver customers.

    The Easy Access E-Saver Reward Issue 10 gives you easy access to your savings anytime and you can deposit additional money up to £250,000. Ideal if you don't want to lock your money away.
    Or if you decide the Easy Access E-Saver Reward is not right for you, you can move your savings to another Virgin Money savings product. For our current range, including our new Regular Saver accounts, and for more details please visit virginmoney.com or call us on 0345 600 7301. Your existing Terms and Conditions will still apply.

    For more details on the Easy Access E-Saver Reward, see the Key product information sheet.


    or you could always just transfer out to your nominated account which they seem to have forgotten to mention
    Originally posted by Wheres My Cashback
    When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.
    • ColdIron
    • By ColdIron 10th Oct 17, 6:43 PM
    • 3,450 Posts
    • 4,056 Thanks
    ColdIron
    or you could always just transfer out to your nominated account which they seem to have forgotten to mention
    Originally posted by Wheres My Cashback
    Or you could just close it and take the interest now instead of waiting until March, particularly in the case of the Issue 4 which matures 20/04/18
    • adindas
    • By adindas 10th Oct 17, 7:29 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas
    When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.
    Originally posted by Hattie625
    As far as I am aware, the info sofar is only speculation. None has got a definitive answer in writing directly from virgin money. Who wanted to TOFTT asking them in writing ???

    Next time I think for Regular eSaver it is better to ask the interest to be added monthly.
    • adindas
    • By adindas 10th Oct 17, 7:35 PM
    • 3,260 Posts
    • 1,578 Thanks
    adindas

    . When this product matures, we will transfer your savings to our Easy Access E-Saver Reward Issue 10 account, which pays a variable interest rate of 1.00% Gross‡/AER†.
    Originally posted by Wheres My Cashback
    Good news then. Apart from Ulster Bank which ic paying 1.25%. This is one of the best in this kind of accounts (apart from . Good to have at least one of this account as it could be used as a temporary container for RSA while wasting allocation to a higher interest rate.
    • Speculator
    • By Speculator 10th Oct 17, 9:08 PM
    • 1,687 Posts
    • 1,276 Thanks
    Speculator
    Good news then. Apart from Ulster Bank which ic paying 1.25%. This is one of the best in this kind of accounts (apart from . Good to have at least one of this account as it could be used as a temporary container for RSA while wasting allocation to a higher interest rate.
    Originally posted by adindas
    will be transferring the money to my Ford 1.17% instant access Flexible Saver account until I can find a home for it.
    • colsten
    • By colsten 10th Oct 17, 10:45 PM
    • 8,752 Posts
    • 7,413 Thanks
    colsten
    will be transferring the money to my Ford 1.17% instant access Flexible Saver account until I can find a home for it.
    Originally posted by Speculator
    Mine goes into my 1.25% Ulster e-saver which works like greased lightning.
    • ctdctd
    • By ctdctd 11th Oct 17, 7:42 AM
    • 845 Posts
    • 656 Thanks
    ctdctd
    will be transferring the money to my Ford 1.17% instant access Flexible Saver account until I can find a home for it.
    Originally posted by Speculator
    I have a high risk, high return strategy - mine goes into my RCI 1.3% instant access Freedom account until the next decent RS comes along.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • mgarl10024
    • By mgarl10024 11th Oct 17, 8:31 AM
    • 594 Posts
    • 413 Thanks
    mgarl10024
    When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.
    Originally posted by Hattie625
    As far as I am aware, the info sofar is only speculation. None has got a definitive answer in writing directly from virgin money. Who wanted to TOFTT asking them in writing ???
    Originally posted by adindas
    http://forums.moneysavingexpert.com/showpost.php?p=71381263&postcount=4454

    http://forums.moneysavingexpert.com/showpost.php?p=73133293&postcount=6277

    Not sure if this is conclusive, but its as far as I've got.
    • colsten
    • By colsten 11th Oct 17, 9:06 AM
    • 8,752 Posts
    • 7,413 Thanks
    colsten
    I have a high risk, high return strategy - mine goes into my RCI 1.3% instant access Freedom account until the next decent RS comes along.
    Originally posted by ctdctd
    You mean high, high risk strategy? As RCI doesn't come with FSCS protection. Before you say it, I know all about the French equivalent it comes with, and I wish you the best of luck if you ever need to use it.
    • Mee
    • By Mee 11th Oct 17, 11:00 AM
    • 945 Posts
    • 937 Thanks
    Mee
    HI All,

    Just wish to mention that some instant savers like those from Tesco and Ford Money have been increasing slowly over the last few months. Tesco's Internet Saver is now 1.20% (w bonus) and Ford Money (flagged above) has increased slowly from 1% to 1.17%. (no bonus)
    Last edited by Mee; 12-10-2017 at 9:26 AM. Reason: typo
    • Wheres My Cashback
    • By Wheres My Cashback 11th Oct 17, 12:08 PM
    • 2,759 Posts
    • 33,654 Thanks
    Wheres My Cashback
    Mine goes into my 1.25% Ulster e-saver which works like greased lightning.
    Originally posted by colsten
    Ditto, until something better comes up.
    • mhoc
    • By mhoc 11th Oct 17, 1:28 PM
    • 16,711 Posts
    • 194,385 Thanks
    mhoc
    HI All,

    Just wish to mention that some instant savers like those from Tesco and Ford Money have been increasingly slowly over the last few months. Tesco's Internet Saver is now 1.20% (w bonus)and Ford Money (flagged above) has increased slowly from 1% to 1.17%. (no bonus)
    Originally posted by Mee
    also this new one which at least gives you 1.27% for a year, fully flexible but variable

    https://www.postoffice.co.uk/savings-accounts/online-saver
    Last edited by mhoc; 13-10-2017 at 7:16 PM.
    “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 11th Oct 17, 3:31 PM
    • 430 Posts
    • 352 Thanks
    patientperson
    Monmouthshire BS - First Home Bonus Saver Issue 2
    Only for existing members and a selective range of residential post codes.

    http://www.monbs.com/first-home-bonus-saver-summary/

    Good Rate .. 4.5% including 4% bonus - Max £500 per month (£1000 pm for a joint application) BUT do not get too excited just yet.

    The bonus only becomes payable if the savers take out a mortgage with the Monmouthshire BS.

    Still for some it can be a great help for some.
    • EachPenny
    • By EachPenny 11th Oct 17, 4:44 PM
    • 2,418 Posts
    • 4,006 Thanks
    EachPenny
    Just wish to mention that some instant savers like those from Tesco and Ford Money have been increasingly slowly over the last few months. Tesco's Internet Saver is now 1.20% (w bonus)and Ford Money (flagged above) has increased slowly from 1% to 1.17%. (no bonus)
    Originally posted by Mee
    Which means they are knocking on the door of the 123 account effective rate (cashbacks excluded).

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    "In the future, everyone will be rich for 15 minutes"
    • Speculator
    • By Speculator 11th Oct 17, 4:51 PM
    • 1,687 Posts
    • 1,276 Thanks
    Speculator
    Which means they are knocking on the door of the 123 account effective rate (cashbacks excluded).

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    Originally posted by EachPenny
    I am pretty sure If you deposit via FP just after midnight, it gets credited same day and show in your account by 11am.

    My S/Os to my Ford Regular Saver and Regular ISA gets credited/shows up same day.
    Last edited by Speculator; 11-10-2017 at 4:54 PM. Reason: .
    • Neil Jones
    • By Neil Jones 11th Oct 17, 4:55 PM
    • 819 Posts
    • 447 Thanks
    Neil Jones
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    • Speculator
    • By Speculator 11th Oct 17, 5:08 PM
    • 1,687 Posts
    • 1,276 Thanks
    Speculator
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    Originally posted by Neil Jones
    The 123 is useful for depositing matured regular saver cheques over £5k that don't allow you to withdraw the balance via BACS.

    My £5 monthly fee is offset via utility cashback.
    Last edited by Speculator; 11-10-2017 at 5:09 PM. Reason: .
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