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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 340
    • Special_Saver2
    • By Special_Saver2 26th Nov 17, 7:56 PM
    • 1,091 Posts
    • 3,704 Thanks
    Special_Saver2
    Hi Everybody,

    Many thanks to all the people who placed useful posts on this thread. Here is this weekend's update.

    - Bank of Scotland Vantage account entry updated to make the current interest rate clear
    - Chorley BS Festive Fund account withdrawn and removed from post 3
    - Link at the bottom of this post altered so that I can copy and paste the link to the first page easily and correctly every time I do an update

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    • Speculator
    • By Speculator 27th Nov 17, 10:55 AM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    just had letter confirmation from Coventry.
    Their former Stroud & Swindon regular saver will be increasing from 2.75% to 3.00% from 1/12.
    Last edited by Speculator; 27-11-2017 at 12:17 PM. Reason: speling
    • rob37uk
    • By rob37uk 30th Nov 17, 4:56 PM
    • 3 Posts
    • 4 Thanks
    rob37uk
    rate update
    On page 1, the interest rate on the Progressive Clockwork Reg Saver issue 2 is inceasing on 1st December to a very mean 1.60%, up from 1.50%
    • EachPenny
    • By EachPenny 1st Dec 17, 12:16 AM
    • 3,335 Posts
    • 6,190 Thanks
    EachPenny
    YBS Regular Saver
    The details for the current version of the Yorkshire Building Society Regular Saver on their website say "Minimum investment of £10 and maximum investment of £6000 in each account year".

    The end of my account year is the middle of December and the balance is already £6000. I'll be able to add another £500 in December, but if I do that before the anniversary date I would exceed the £6000 annual limit.

    Has anyone tried paying in more than £6000 within an account year? (or more than £12,000 over the two years?) If so, was the payment returned? The T&C's deal with attempting to pay in more than £500 per month, but appear vague about how the annual limit is enforced (if at all).
    "In the future, everyone will be rich for 15 minutes"
    • interest Ted
    • By interest Ted 1st Dec 17, 11:34 AM
    • 121 Posts
    • 93 Thanks
    interest Ted
    BUCKS BS rate increase
    Two envelopes in post today from the Bucks.

    I have two accounts there - the old 1.75% regular saver and the more recent 'Locals and Members only' 2% regular saver.

    One envelope contains two letters - dealing with the old monthly saver - says rates rise today from 1.75% to 2.00% and also encloses notice of changes to general T&C.

    The other envelope contains only the notice of changes to T&C.

    So by inference (and website confirms), they are not raising the rates on the Locals & Members regular saver

    Just like the Chorley, I guess who did the same thing with their festive saver and then promptly withdrew it from sale when people started to comment.

    So much for "a rewarding regular saver" (Bucks website), and "dedicated to our customers" (Bucks website) and "serving our members" (Bucks annual report). But whats new !

    Maybe I am totally wrong and that they will raise the Locals and Members rate for current holders by a massive amount later this month.......oooh - was that a pig flying past the window ?

    Ted
    • Sea Shell
    • By Sea Shell 1st Dec 17, 11:41 AM
    • 425 Posts
    • 409 Thanks
    Sea Shell
    To anyone looking to open a new 2.5% Halifax Reg Saver....be careful....the front page states the new rate, but when you then proceed to the Summary page, it's still showing as 2%. I've raised this as a query with them, and they hope to have it updated within a day or 2. Without ringing up, they couldn't guarantee that an application made today would get 2.5%.

    If anyone successful applies at 2.5% please let us know.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Hattie625
    • By Hattie625 1st Dec 17, 12:38 PM
    • 624 Posts
    • 491 Thanks
    Hattie625
    Just a reminder that Virgin Money Regular E Saver Issue 2 matures on 20 December. Remember to cancel your standing order into this account after the December payment has been made (for most people, this will have been paid today).
    • Nationwide8
    • By Nationwide8 1st Dec 17, 1:43 PM
    • 319 Posts
    • 135 Thanks
    Nationwide8
    To anyone looking to open a new 2.5% Halifax Reg Saver....be careful....the front page states the new rate, but when you then proceed to the Summary page, it's still showing as 2%. I've raised this as a query with them, and they hope to have it updated within a day or 2. Without ringing up, they couldn't guarantee that an application made today would get 2.5%.

    If anyone successful applies at 2.5% please let us know.
    Originally posted by Sea Shell
    Thanks,just had exact same problem,thought I'd come on here to check.Will give it a day or two.
    Going to look at Lloyds and BOS RS now.
    • arianparod2
    • By arianparod2 1st Dec 17, 4:03 PM
    • 5 Posts
    • 2 Thanks
    arianparod2
    To anyone looking to open a new 2.5% Halifax Reg Saver....be careful....the front page states the new rate, but when you then proceed to the Summary page, it's still showing as 2%. I've raised this as a query with them, and they hope to have it updated within a day or 2. Without ringing up, they couldn't guarantee that an application made today would get 2.5%.

    If anyone successful applies at 2.5% please let us know.
    Originally posted by Sea Shell
    My confirmation e-mail this afternoon confirms a rate 2.5%
    • hgt
    • By hgt 1st Dec 17, 4:54 PM
    • 205 Posts
    • 144 Thanks
    hgt
    Newcastle BS - Big Home Saver
    Hi all, I suspect very few people still hold one of the Newcastle BS Big Home Saver accounts.

    As far as I was concerned all issues (1, 2 & 3) even the ISA versions were paying 1.25% interest (0.25 base plus 1% interest).

    So I was quite pleased to see a banner on the Newcastle BS website saying that all variable rate accounts would receive a 0.25% rate increase on 01/12. However on checking the published interest rates it appears it has actually dropped on these accounts and now appears to be 0.25% base plus only a 0.8% bonus (1.05% total) which is indeed pants.

    Has anyone else spotted this or indeed received anything to notify of the rate cut? I've had nothing, and as far as I'm aware it's in the NBS Ts&Cs that they have to advise you of any detrimental rate cut.
    • schiff
    • By schiff 1st Dec 17, 5:39 PM
    • 17,754 Posts
    • 9,096 Thanks
    schiff
    I don't have any accounts with Halifax but in setting off to open the 2.5% regular saver, I see this:

    "Itíll be quicker applying for this account if youíre already an Online Banking customer. Sign in and save yourself some time.

    Also, we might be able to offer you a better interest rate on this account. See if youíre eligible by signing in."

    That won't help me but is it in fact true?
    • glider3560
    • By glider3560 1st Dec 17, 5:42 PM
    • 3,348 Posts
    • 2,069 Thanks
    glider3560
    I don't have any accounts with Halifax but in setting off to open the 2.5% regular saver, I see this:

    "Itíll be quicker applying for this account if youíre already an Online Banking customer. Sign in and save yourself some time.

    Also, we might be able to offer you a better interest rate on this account. See if youíre eligible by signing in."

    That won't help me but is it in fact true?
    Originally posted by schiff
    Quicker, yes. Higher rate, no.

    I guess this goes back to the days when they offered "Reward" accounts for those with "Reward" Current Accounts.

    • Big W
    • By Big W 1st Dec 17, 7:34 PM
    • 116 Posts
    • 60 Thanks
    Big W
    Hi all, I suspect very few people still hold one of the Newcastle BS Big Home Saver accounts.

    As far as I was concerned all issues (1, 2 & 3) even the ISA versions were paying 1.25% interest (0.25 base plus 1% interest).

    So I was quite pleased to see a banner on the Newcastle BS website saying that all variable rate accounts would receive a 0.25% rate increase on 01/12. However on checking the published interest rates it appears it has actually dropped on these accounts and now appears to be 0.25% base plus only a 0.8% bonus (1.05% total) which is indeed pants.

    Has anyone else spotted this or indeed received anything to notify of the rate cut? I've had nothing, and as far as I'm aware it's in the NBS Ts&Cs that they have to advise you of any detrimental rate cut.
    Originally posted by hgt
    I cannot recall how I was notified, but I do have this account on my spreadsheet as being at 1.05%, with the last rate change being on the 2nd February (this year).
    • glider3560
    • By glider3560 1st Dec 17, 7:50 PM
    • 3,348 Posts
    • 2,069 Thanks
    glider3560
    Has anyone closed their Club Lloyds Current Account whilst still holding a Club Lloyds Monthly Saver? I'm trying to declutter and reduce the number of payments going here and there, in advance of April.

    The conditions seem to only stipulate needing the current account on opening, but it appears you can only transfer the money to other Lloyds accounts. Is there any other way to access the money?

    • Hal17
    • By Hal17 1st Dec 17, 9:21 PM
    • 95 Posts
    • 39 Thanks
    Hal17
    Goods news, just opened two Halifax regular savers for myself and the wife, and found the details appeared in our on-line BOS Banking screen. Then realised we could open two BOS regular savers as well. So that's another 4 to the list.
    • neverbrokensarah
    • By neverbrokensarah 1st Dec 17, 9:36 PM
    • 21 Posts
    • 6 Thanks
    neverbrokensarah
    Hi Everybody,

    Many thanks to all the people who placed useful posts on this thread. Here is this weekend's update.

    - Bank of Scotland Vantage account entry updated to make the current interest rate clear
    - Chorley BS Festive Fund account withdrawn and removed from post 3
    - Link at the bottom of this post altered so that I can copy and paste the link to the first page easily and correctly every time I do an update

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    Originally posted by Special_Saver2
    The Bank of Scotland Regular Saver is now being advertised as 2.5%. I opened one on 6th November at 2%. It looks like you can't close and re-open one until the full year is up from opening.
    • schiff
    • By schiff 1st Dec 17, 9:48 PM
    • 17,754 Posts
    • 9,096 Thanks
    schiff
    The Bank of Scotland Regular Saver is now being advertised as 2.5%. I opened one on 6th November at 2%. It looks like you can't close and re-open one until the full year is up from opening.
    Originally posted by neverbrokensarah
    I think it's appalling on the part of BoS that they have been showing their old 2% RS on their website, right up until yesterday. They could at least have either removed the RS till today or pointed out the better rate.

    I feel for you.
    • neverbrokensarah
    • By neverbrokensarah 2nd Dec 17, 7:38 AM
    • 21 Posts
    • 6 Thanks
    neverbrokensarah
    I think it's appalling on the part of BoS that they have been showing their old 2% RS on their website, right up until yesterday. They could at least have either removed the RS till today or pointed out the better rate.

    I feel for you.
    Originally posted by schiff
    I only opened their current account at the end of October with money in at beginning of November. At least the interest rate is more than my mortgage and it's only 0.5 difference. Also just to rub it in it gives an option to "renew" your account to take advantage of a new product via the internet banking, with only the Access Saver at 0.35%. Yes I really want to do that!
    • Sea Shell
    • By Sea Shell 2nd Dec 17, 7:42 AM
    • 425 Posts
    • 409 Thanks
    Sea Shell
    To anyone looking to open a new 2.5% Halifax Reg Saver....be careful....the front page states the new rate, but when you then proceed to the Summary page, it's still showing as 2%. I've raised this as a query with them, and they hope to have it updated within a day or 2. Without ringing up, they couldn't guarantee that an application made today would get 2.5%.

    If anyone successful applies at 2.5% please let us know.
    Originally posted by Sea Shell
    All appears to be OK now....accounts duly opened!!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Bobblehat
    • By Bobblehat 2nd Dec 17, 11:07 AM
    • 76 Posts
    • 63 Thanks
    Bobblehat
    All appears to be OK now....accounts duly opened!!!
    Originally posted by Sea Shell
    You may think so ..... but at the risk of exposing my poor maths or misunderstanding of how these things work ..... I spotted that on the BOS Monthly Saver Tab (2.5%) it gives the following example of what you might expect the future balance to be ....

    £100 per month for 12 months @ 2.5%, balance at 12 months = £1215.00

    I did a quick spreadsheet and got the interest to be £16.25 ... not £15.

    What am I missing? ...... as I was hoping that the BOS RS would be equal to, if not a little better than, Tesco Saver (not RS) at 1.35% = £16.20
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