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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 323
    • ColdIron
    • By ColdIron 12th Oct 17, 5:11 PM
    • 3,660 Posts
    • 4,402 Thanks
    ColdIron
    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.
    Originally posted by EachPenny
    There's a limit of 6 which isn't hard to hit if, like me, you open them at the drop of a hat to chase their best rates
    • EachPenny
    • By EachPenny 12th Oct 17, 5:19 PM
    • 3,276 Posts
    • 6,031 Thanks
    EachPenny
    I'm not sure why your posts are aimed at me as I wasn't aware I had 'criticised' an account. I think I made it clear it is how I choose to use accounts and I do not think I was 'complaining' about my experience per se.

    ...another universe, another planet...
    Originally posted by Mee
    Post #6433, before you made it clear what you were doing.

    But lets not argue about it, it isn't really the place.
    "In the future, everyone will be rich for 15 minutes"
    • Malchester
    • By Malchester 13th Oct 17, 7:40 AM
    • 54 Posts
    • 28 Thanks
    Malchester
    adindas - it is easy to close an account but you have to ring up to do it, it cannot be done online. They will add any interest owed and transfer it to the new account instantly. In my contact with Tesco I said that it would be better to be able to close an account online and they said they would look into it. However, having to ring to close an account means they can try to persuade you to change your mind especially if you are leaving Tesco altogether
    • Malchester
    • By Malchester 13th Oct 17, 7:42 AM
    • 54 Posts
    • 28 Thanks
    Malchester
    And it is only for one year
    You are right adindas, it is only for 1 year but if you keep upgrading the account the 1 year starts again. I took my first account out in Jan 17 but by moving each time they bring out a higher rate the 1 year starts again so I am now OK up to Oct 18
    • EachPenny
    • By EachPenny 13th Oct 17, 2:37 PM
    • 3,276 Posts
    • 6,031 Thanks
    EachPenny
    Yes, ditto #6417. Agree to disagree, and I'll try not to give a view which is counter to your's in future.

    My posts seems to have caused offence which was not my intention. Apologies to whoever felt they needed to report me.
    Originally posted by Mee
    I wasn't going to respond to your post yesterday because I felt it wouldn't add value. But in light of your edit and apology I would just like to say that it wasn't me who reported you, and no apology was required. As much as I found some of your side comments like "...another universe, another planet..." unhelpful, I wasn't offended to the point of reporting it.

    You should also have no concerns about expressing views counter to mine. Things we say on here are usually a matter of opinion or preference, unless it relates to technical details of accounts. We are all entitled to our views, so long as they are accurate or appropriately qualified.

    I said in post #6417 that personally I favour the Tesco account because "it is truly instant access". That is an opinion, which I feel is relevant where the account is used as a feeder to Regular Savers.

    For example, if Virgin launched a new RS this afternoon it could be opened and funded from a Tesco IS account within minutes. If the same money was in Ford Money account, since the 2pm deadline has now passed the funds wouldn't be available to transfer into the new Virgin RS until some time on Tuesday, possibly not until close of business. To me that is far from being 'instant' access. Even though the interest loss is marginal.


    So I would stand by my opinion that personally I favour the Tesco account because "it is truly instant access" - and the slightly higher interest rate is also currently a factor.

    But that, and also nothing I've said, was intended to be a criticism of they way you prefer to do things or your personal choices. All I sought to do was to clarify why your experience of the Tesco IS account was that you couldn't do same day payments, and offer advice if appropriate.


    I hope that has cleared things up and we can go back to looking out for the best regular saver accounts
    "In the future, everyone will be rich for 15 minutes"
    • Archi Bald
    • By Archi Bald 13th Oct 17, 5:39 PM
    • 9,354 Posts
    • 7,418 Thanks
    Archi Bald
    There's a limit of 6 which isn't hard to hit if, like me, you open them at the drop of a hat to chase their best rates
    Originally posted by ColdIron
    Blimey, I better do some housekeeping and close some of the older ones if that is true. I have 5 right now, might need some new ones if their rates improve again.

    Are you 100% certain 6 is the limit?
    • Archi Bald
    • By Archi Bald 13th Oct 17, 5:43 PM
    • 9,354 Posts
    • 7,418 Thanks
    Archi Bald
    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.
    Originally posted by Malchester
    I agree in principle - although I have never-ending trouble with the Tesco app. Transfers out to non-Tesco accounts sometimes work, sometimes they don't. I have particular issues with Barclays Bank and Nationwide.

    Tesco have not been able to fix that bug for months. There is a reliable bypass though: transfers from online banking always work like clockwork, including to the accounts the app cannot send any money to.
    • ColdIron
    • By ColdIron 13th Oct 17, 5:48 PM
    • 3,660 Posts
    • 4,402 Thanks
    ColdIron
    Are you 100% certain 6 is the limit?
    Originally posted by Archi Bald
    As certain as I can be. I've asked the question when closing the last 3 accounts and that was the unprompted response each time
    • glider3560
    • By glider3560 13th Oct 17, 5:50 PM
    • 3,343 Posts
    • 2,066 Thanks
    glider3560
    Any chance that the discussion here could be more focussed on regular savers?

    I keep getting excited about a new market beating product when I see the number of replies, only to be disappointed.

    I'm sure the discussion of Tesco accounts is worthy of it's own thread

    • Hattie625
    • By Hattie625 13th Oct 17, 6:59 PM
    • 624 Posts
    • 491 Thanks
    Hattie625
    Any chance that the discussion here could be more focussed on regular savers?

    I keep getting excited about a new market beating product when I see the number of replies, only to be disappointed.

    I'm sure the discussion of Tesco accounts is worthy of it's own thread
    Originally posted by glider3560
    I agree. This thread is about Regular Savers. The clue is in the title. Have a thought for Special Saver 2 who provides a weekly update and has to plough through all these irrelevant posts in the search for the pearl of a new shiny market-leading RS.
    • Mee
    • By Mee 14th Oct 17, 10:13 AM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    Blimey, I better do some housekeeping and close some of the older ones if that is true. I have 5 right now, might need some new ones if their rates improve again.

    Are you 100% certain 6 is the limit?
    Originally posted by Archi Bald

    I spoke to T yesterday to close a few accounts and they confirmed the max is 6.
    • Mee
    • By Mee 14th Oct 17, 10:17 AM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    I wasn't going to respond to your post yesterday because I felt it wouldn't add value. But in light of your edit and apology I would just like to say that it wasn't me who reported you, and no apology was required. As much as I found some of your side comments like "...another universe, another planet..." unhelpful, I wasn't offended to the point of reporting it.

    You should also have no concerns about expressing views counter to mine. Things we say on here are usually a matter of opinion or preference, unless it relates to technical details of accounts. We are all entitled to our views, so long as they are accurate or appropriately qualified.

    I said in post #6417 that personally I favour the Tesco account because "it is truly instant access". That is an opinion, which I feel is relevant where the account is used as a feeder to Regular Savers.

    For example, if Virgin launched a new RS this afternoon it could be opened and funded from a Tesco IS account within minutes. If the same money was in Ford Money account, since the 2pm deadline has now passed the funds wouldn't be available to transfer into the new Virgin RS until some time on Tuesday, possibly not until close of business. To me that is far from being 'instant' access. Even though the interest loss is marginal.


    So I would stand by my opinion that personally I favour the Tesco account because "it is truly instant access" - and the slightly higher interest rate is also currently a factor.

    But that, and also nothing I've said, was intended to be a criticism of they way you prefer to do things or your personal choices. All I sought to do was to clarify why your experience of the Tesco IS account was that you couldn't do same day payments, and offer advice if appropriate.


    I hope that has cleared things up and we can go back to looking out for the best regular saver accounts
    Originally posted by EachPenny
    Thank you. I think we were talking at cross purposes all the long.
    • Mee
    • By Mee 14th Oct 17, 10:20 AM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    I agree. This thread is about Regular Savers. The clue is in the title. Have a thought for Special Saver 2 who provides a weekly update and has to plough through all these irrelevant posts in the search for the pearl of a new shiny market-leading RS.
    Originally posted by Hattie625
    I have deleted two of my posts to assist you.
    • bristolleedsfan
    • By bristolleedsfan 14th Oct 17, 10:26 AM
    • 7,475 Posts
    • 9,623 Thanks
    bristolleedsfan
    I have deleted two of my posts to assist you.
    Originally posted by Mee
    Was there a limit to the number posts not related to "regular savings accounts" you were able to delete.
    Last edited by bristolleedsfan; 14-10-2017 at 10:28 AM.
    Often what I dont say is more significant than what i do say ........
    • pafpcg
    • By pafpcg 14th Oct 17, 12:04 PM
    • 170 Posts
    • 132 Thanks
    pafpcg
    Keeping posts on-topic
    Was there a limit to the number posts not related to "regular savings accounts" you were able to delete.
    Originally posted by bristolleedsfan
    If one user deletes all their own posts then posts by others in reply can become meaningless.

    The solution is either much greater self-discipline by users in staying on-topic or much greater intervention by the moderators to move off-topic posts to other threads. Experience on other forums leads me to conclude that only the latter option is viable.

    [Moderators: feel free to delete this off-topic post when appropriate.]
    • flergalwit
    • By flergalwit 14th Oct 17, 12:52 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    OK I have a question about regular savers. This limit of 6 that's being talked about - may I clarify that this is *not* a limit on the number of regular savers one is allowed to have? It's hard for me to follow this thread; I've tried backtracking but I still cannot deduce what the limit of 6 refers to. So can I just check it isn't regular savers? I certainly hope not - I have 10 of the things open currently and was planning to open more soon.
    • Hattie625
    • By Hattie625 14th Oct 17, 1:01 PM
    • 624 Posts
    • 491 Thanks
    Hattie625
    OK I have a question about regular savers. This limit of 6 that's being talked about - may I clarify that this is *not* a limit on the number of regular savers one is allowed to have? It's hard for me to follow this thread; I've tried backtracking but I still cannot deduce what the limit of 6 refers to. So can I just check it isn't regular savers? I certainly hope not - I have 10 of the things open currently and was planning to open more soon.
    Originally posted by flergalwit
    I've got about 27 Regular Savers currently open. There is no limit to how many RS's you can have. However usually the bank or institution will have a rule that you can only have one of their RS's open at a time. Sometimes you can have more than one RS open at the same time with the same institution but only one of each issue (eg I have issues 3,4 and 5 of Leeds BS, but I can't have any later issue, that's 6,7 or 8 at the moment, along with Issue 5; once Issue 5 matures I will be able to open the Issue then current, assuming there is one),
    Last edited by Hattie625; 14-10-2017 at 1:03 PM.
    • trix-a-belle
    • By trix-a-belle 14th Oct 17, 1:36 PM
    • 779 Posts
    • 3,307 Thanks
    trix-a-belle
    OK I have a question about regular savers. This limit of 6 that's being talked about - may I clarify that this is *not* a limit on the number of regular savers one is allowed to have? It's hard for me to follow this thread; I've tried backtracking but I still cannot deduce what the limit of 6 refers to. So can I just check it isn't regular savers? I certainly hope not - I have 10 of the things open currently and was planning to open more soon.
    Originally posted by flergalwit
    the 6 limit is in relation to tesco internet saver accounts only
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • karlie88
    • By karlie88 14th Oct 17, 2:08 PM
    • 8,304 Posts
    • 106,026 Thanks
    karlie88
    Received a letter today from Leeds BS with regards to my reg saver issue 3 which is due to be closed soon.

    You can submit maturity/closing instructions online and, surprisingly, you can ask them to transfer the money across to a nominated bank account. There's no fee to do this. Other options include sending a cheque, transferring across to another Leeds BS account etc.

    Link: www.leedsbuildingsociety.co.uk/savings/maturity/forms/

    No need to visit the branch or send something via snail mail. We're making process, let's hope other BSs follow...
    Official MSE canny forumite and HUKD VIP badge member
    • Neil Jones
    • By Neil Jones 14th Oct 17, 2:26 PM
    • 1,011 Posts
    • 559 Thanks
    Neil Jones
    OK I have a question about regular savers. This limit of 6 that's being talked about - may I clarify that this is *not* a limit on the number of regular savers one is allowed to have? It's hard for me to follow this thread; I've tried backtracking but I still cannot deduce what the limit of 6 refers to. So can I just check it isn't regular savers? I certainly hope not - I have 10 of the things open currently and was planning to open more soon.
    Originally posted by flergalwit
    You can have as many regular savers as you like subject to T&Cs of the banks providing them. Virgin for example let you have one of each of their regular savers branch and online which had you snapped them all up would probably be, what, 15 by now?

    I dare say a more practical limit is the amount of money you have available in order to feed these things and pay everything else you pay for in your life, though due to the way these work it goes you'd get all that feeding money back anyway with a bit extra on top.
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