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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 322
    • EachPenny
    • By EachPenny 11th Oct 17, 5:32 PM
    • 3,345 Posts
    • 6,203 Thanks
    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.
    Originally posted by Speculator
    It is the withdrawal process which lets it down. The request has to be made before 2pm for payment by CoB the next working day. As a holding account to feed RS accounts you need to think ahead, especially if the RS deposits are spread over different days (e.g. Santander, HSBC)

    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
    It is getting close to that point for me, the main advantage as Speculator mentions is when it comes to cheques (outgoing as well as received).
    "In the future, everyone will be rich for 15 minutes"
    • Hattie625
    • By Hattie625 11th Oct 17, 5:49 PM
    • 624 Posts
    • 491 Thanks
    Hattie625
    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.
    Originally posted by patientperson
    No use for me. Not an existing memeber. live about as far away from Monmouthshire as it's possible to be without falling into the North Sea.

    And taking out a mortgage just to get access to a 4.5% RS, even at 500 a month...they have to be joking, those nice folk at MBS
    • Wheres My Cashback
    • By Wheres My Cashback 11th Oct 17, 6:29 PM
    • 2,705 Posts
    • 34,646 Thanks
    Wheres My Cashback
    also this new one which at least gives you 1.27% for a year, fully flexible

    https://www.postoffice.co.uk/savings-accounts/online-saver
    Originally posted by mhoc
    My experience of a previous PO saver is that funds are not moved until the day after the request. Not a good solution in my book.
    • adindas
    • By adindas 11th Oct 17, 6:49 PM
    • 3,345 Posts
    • 1,650 Thanks
    adindas
    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.
    Originally posted by Speculator
    Any particular reason ??
    Is it because the date you start earning interest based on is when you are handing the cheque, not when the cheque is cleared ??

    If that is the reason then Lloyds, TSB is also doing the same thing
    • adindas
    • By adindas 11th Oct 17, 7:00 PM
    • 3,345 Posts
    • 1,650 Thanks
    adindas
    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
    Given the opportunity to put all of the money into flexible regular saver earning higher interest (e.g Virgin Money) then no brainier. I have been arguing this case since Santander dropping their Santander 123 interest while increasing the fee.

    After maximizing RS, you could still easily find flexible online saver paying interest effectively the same with Santander 123 (if you count the fee). For many people you will be better of to lite it, keep earning cashback with lower fee of 1 (instead of 5). So the money could still be moved to flexible online saver earn interest of 1.25% if needed.

    The only exception is that if you have maxed out all of the flexible Regular savers and online eSaver. But keep in mind you could put more than 100k in online eSaver. Much higher than Santander 123.
    Last edited by adindas; 11-10-2017 at 7:03 PM.
    • Neil Jones
    • By Neil Jones 11th Oct 17, 8:17 PM
    • 1,020 Posts
    • 562 Thanks
    Neil Jones
    I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned 5.73 in cashback and 15 interest on my 123 account.

    I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...
    Last edited by Neil Jones; 11-10-2017 at 8:19 PM.
    • adindas
    • By adindas 11th Oct 17, 9:03 PM
    • 3,345 Posts
    • 1,650 Thanks
    adindas
    I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned 5.73 in cashback and 15 interest on my 123 account.

    I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...
    Originally posted by Neil Jones
    If you have flexible saver earning 1.3% it is very easy to see that you will be better off to lite it and just pay 1. You receive exactly the same amount of cash back but with lower fee.
    • soulsaver
    • By soulsaver 11th Oct 17, 11:51 PM
    • 1,495 Posts
    • 541 Thanks
    soulsaver
    also this new one which at least gives you 1.27% for a year, fully flexible

    https://www.postoffice.co.uk/savings-accounts/online-saver
    Originally posted by mhoc
    1.27% aer variable for a year...
    • bigadaj
    • By bigadaj 12th Oct 17, 2:49 AM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    Depends on how much cashback you earn. It does work out to be around 1.2% (assuming max balance with no cashback from DDs).

    I lited mine and have shifted funds across to various RSs paying 2% or more.

    I'd like to personally thank Richard Branson for helping with this process over the past year...

    Don't forget Santander's 5% reg saver.
    Originally posted by karlie88
    Though Branson only has a third of Virgin money, the power of branding eh.
    • Wheres My Cashback
    • By Wheres My Cashback 12th Oct 17, 8:48 AM
    • 2,705 Posts
    • 34,646 Thanks
    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.
    Originally posted by Hattie625
    In addition to the details I posted before, Virgin have responded...

    I can confirm all interest accrued will be added upon transfer to the new account on 20 October 2017.
    • Mee
    • By Mee 12th Oct 17, 9:30 AM
    • 1,031 Posts
    • 1,007 Thanks
    Mee

    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
    Each to their own! I find with Tesco [Internet Saver], which I favour in many ways, there is a delay when setting up a new payee for payment which then doesn't allow me to make a same day payment.
    Last edited by Mee; 12-10-2017 at 5:41 PM. Reason: For clarification...
    • EachPenny
    • By EachPenny 12th Oct 17, 11:50 AM
    • 3,345 Posts
    • 6,203 Thanks
    EachPenny
    Each to their own! I find with Tesco which I favour in many ways there is delay when setting up a new payee for payment which doesn't allow me to make a same day payment.
    Originally posted by Mee
    Do you mean delays in setting up payees from one of the Tesco savings accounts, or from their current account?

    For me transfers from the savings to either of my current accounts is instant, and I then FP from the Tesco current account to my 'hub' current account from where it then goes out to the RS accounts. Granted, it is an extra step in the process but it all happens 'instantly'.

    I've never had a delay in setting up a new payee from the Tesco current account either, so not sure what is going wrong for you. If you don't have a Tesco current account I guess the next question is why not?

    But the Ford money instant access is still useful because it allows instant transfers into the RS account. So I always keep at least 250 in there ready for the next month's payment.
    "In the future, everyone will be rich for 15 minutes"
    • Mee
    • By Mee 12th Oct 17, 12:27 PM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    A little didactic, methinks!
    I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

    I'm aware that we all use our accounts in different ways (horses for courses)
    I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.
    Last edited by Mee; 12-10-2017 at 12:29 PM.
    • EachPenny
    • By EachPenny 12th Oct 17, 3:03 PM
    • 3,345 Posts
    • 6,203 Thanks
    EachPenny
    A little didactic, methinks!
    I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

    I'm aware that we all use our accounts in different ways (horses for courses)
    I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.
    Originally posted by Mee
    I'm not sure I get your previous point then. The Ford Money account always delays a manual external payment until next day (or later), there is apparently no way of getting round that. The Tesco IS account can be used to achieve genuine instant access. Fair enough "Each to their own" and "horses for courses", but it is slightly unfair to offer criticism of an account because of the way you choose to operate it.

    Apologies if my previous post caused some offence and you felt it didactic. But this forum is about helping people solve problems and finding better ways of doing things, so it feels natural to offer advice to someone complaining that their experience of an account is not what others experience.

    All of us operating multiple regular savers and 'holding' accounts are looking for ways to find better (and faster) options, sharing our experiences and tips is all part of that
    "In the future, everyone will be rich for 15 minutes"
    • Malchester
    • By Malchester 12th Oct 17, 3:57 PM
    • 55 Posts
    • 29 Thanks
    Malchester
    I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.
    • Speculator
    • By Speculator 12th Oct 17, 4:11 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    I am not quite sure if you area talking about FPI or FPO. If it is an FPI to Ford money, there is, Try this

    Transfer it about 00:30 (it might be working anytime after 00:00 but have not tried it so can not say).

    After 12:00 midday the same day (might be later) you will notice the money is already on your account for eSaver.

    I have not tried it with FPO from ford money, but it should be working in the same way with FPI, someone needs to try it.

    I have been doing this for several months to feed my ISA RSA with ford money.I am not doing this for the sake of a few pennies but it normally fits to time where I normally go to bed so to me there is not any extra work at all. But you might want to reconsider the benefit of this if you are going to bed earlier.
    Originally posted by adindas
    See post #6422
    • adindas
    • By adindas 12th Oct 17, 4:13 PM
    • 3,345 Posts
    • 1,650 Thanks
    adindas
    I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.
    Originally posted by Malchester
    And it is only for one year.

    I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??
    • ColdIron
    • By ColdIron 12th Oct 17, 4:19 PM
    • 3,673 Posts
    • 4,420 Thanks
    ColdIron
    And it is only for one year.

    I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??
    Originally posted by adindas
    Easy peasy, give them a ring, takes about 3 minutes. I'm pretty sure you can't do it online
    • EachPenny
    • By EachPenny 12th Oct 17, 5:05 PM
    • 3,345 Posts
    • 6,203 Thanks
    EachPenny
    I went and had a look and one of my two Tescos is paying just 0.25% instead of 1.2% so this is a job I need to do tomorrow - get it closed and then re open a new one

    The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc
    Originally posted by mhoc
    As far as I can tell there is no reason to close the existing accounts, Tesco allow you to open new ones and keep the existing running.

    So rather than disturbing existing DD arrangements I opened a new account to receive my holding money and scrape the funds from the old ones into the new on a regular basis.

    When the rate on the new one drops after 12 months I'll repeat the process. Because I am keeping it a relatively 'clean' account (only one DD in) it will be less hassle to close it down.
    "In the future, everyone will be rich for 15 minutes"
    • ColdIron
    • By ColdIron 12th Oct 17, 5:06 PM
    • 3,673 Posts
    • 4,420 Thanks
    ColdIron
    The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc
    Originally posted by mhoc
    I've had 8 Internet Savers but I've kept the first 2 open for Direct Debits so I never have to set anything back up, obviously I don't keep much cash in these. As a new one becomes available I close the oldest one (apart from 1 and 2) and stick the interest in the new account. I usually keep the newest and the previous one to avoid any problems with the 48 hour period where you can't make payments and don't transfer all the cash until I can. One thing I do like about Tesco is that your list of payees are shared across all accounts so you don't have to re-do these for new accounts
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