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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,092Posts
    • 3,720Thanks
    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 341
    • AirlieBird
    • By AirlieBird 2nd Dec 17, 11:49 AM
    • 743 Posts
    • 526 Thanks
    AirlieBird
    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
    Originally posted by Bobblehat
    The example is based on deposits made in the middle of the month rather than at the beginning of the month. Depositing £100 on day 15 of each month would amount to about 10.3p lost interest each month, around £1.23 over the year, compared with depositing at the beginning of the month. Accounting for rounding errors that would be £15 interest instead of the £16.25 for depositing at the beginning of each month.
    • ColdIron
    • By ColdIron 2nd Dec 17, 11:53 AM
    • 3,679 Posts
    • 4,424 Thanks
    ColdIron
    I did a quick spreadsheet and got the interest to be £16.25 ... not £15.
    Originally posted by Bobblehat
    You could use the MSE Regular Savings Calculator (which gives £16.19 )
    • Bobblehat
    • By Bobblehat 2nd Dec 17, 12:16 PM
    • 76 Posts
    • 63 Thanks
    Bobblehat
    Thanks Airliebird .....I see, I think! Are they saying if you open the account on 1st Jan, but not deposit anything until 15th of Jan (£100), you'd have £15 interest on the next 1st Jan?

    Just to make sure I have the hang of this ... If I open the account on 15th Jan and make the first deposit (£100) on 15th Jan, then after a year on the next 15th Jan I would get £16.25/£16.19?

    I do know about the MSE RSC ColdIron, but just wanted to play with the numbers myself
    Last edited by Bobblehat; 02-12-2017 at 12:17 PM. Reason: spelffing!
    • polymaff
    • By polymaff 2nd Dec 17, 2:31 PM
    • 1,806 Posts
    • 781 Thanks
    polymaff
    Thanks Airliebird .....I see, I think! Are they saying if you open the account on 1st Jan, but not deposit anything until 15th of Jan (£100), you'd have £15 interest on the next 1st Jan?
    Originally posted by Bobblehat
    Depends upon when you make the other payments.


    Just to make sure I have the hang of this ... If I open the account on 15th Jan and make the first deposit (£100) on 15th Jan, then after a year on the next 15th Jan I would get £16.25/£16.19?
    Originally posted by Bobblehat
    The guideline for a regular saver funded regularly from day one is that the interest actually earned is 13/24 times the advertised rate.

    13/24 times 0.025 times £1200 equals £16.25
    Last edited by polymaff; 02-12-2017 at 2:35 PM.
    • Bobblehat
    • By Bobblehat 2nd Dec 17, 5:17 PM
    • 76 Posts
    • 63 Thanks
    Bobblehat
    ffanks polymaff

    I was darn close with £16.25 then! I don't know why, but the BOS RS sounds just that bit better at £16.25 than at £15 ...... even £16.19 is not bad
    • Mee
    • By Mee 2nd Dec 17, 5:40 PM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    No, good to know
    Re: Lloyds CL c/a and MS
    Not yet as it is one I plan to keep as long as free cinema tickets are available.
    Good to know how others get on...
    Last edited by Mee; 02-12-2017 at 6:22 PM.
    • Special_Saver2
    • By Special_Saver2 3rd Dec 17, 9:27 PM
    • 1,092 Posts
    • 3,720 Thanks
    Special_Saver2
    Hi Everybody,

    Here is this weekend's update. I have checked every account on the first page of this thread and found the following changes.

    - Progressive BS Clockwork Regular Saver Issue 2 interest rate increased by 0.1% to 1.6%
    - Chorley BS Children's Regular Saver interest rate increased by 0.25% to 2.25%
    - Halifax Kids' Regular Saver interest rate increased by 0.5% to 4.5%
    - Halifax Regular Saver interest rate increased by 0.5% to 2.5%
    - Lloyds Bank Club Lloyds interest rate increased by 0.5% to 3%
    - Cumberland BS Regular Saver (issue 3) interest rate increased by 0.5% to 2.3%
    - Bank of Scotland Monthly Saver interest rate increased by 0.5% to 2.5%
    - Lloyds Bank Club Lloyds interest rate increased by 0.5% to 2.5%
    - Leeds BS Regular Saver (Issue 9) replaced with issue 10 paying 0.25% higher at 2.55%
    - Hanley Economic BS Home Deposit Saver interest rate increased by 0.1% to 2.95%
    - Cumberland BS Regular Saver (Issue 3) account interest rate increased by 0.25% to 2.3%

    I will do another update the weekend after next.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    • mgarl10024
    • By mgarl10024 3rd Dec 17, 9:49 PM
    • 605 Posts
    • 419 Thanks
    mgarl10024
    - Lloyds Bank Club Lloyds interest rate increased by 0.5% to 3%
    - Lloyds Bank Club Lloyds interest rate increased by 0.5% to 2.5%
    Originally posted by Special_Saver2
    Great work Special_Saver2.

    I think the second one is supposed to not have the 'club' bit.

    Incidentally, if someone has the club monthly saver, can they at the same time have a monthly saver?
    • YorkshireBoy
    • By YorkshireBoy 3rd Dec 17, 10:02 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    Incidentally, if someone has the club monthly saver, can they at the same time have a monthly saver?
    Originally posted by mgarl10024
    Yes they can.
    • eastofeden
    • By eastofeden 3rd Dec 17, 10:14 PM
    • 143 Posts
    • 92 Thanks
    eastofeden
    What about holding both a Halifax RS and a BOS RS? When I log into my Halifax account and try to open a BOS RS it tells me that this product is not available to me ( I have a Halifax RS).
    Iíve looked in Tís and Cís but canít find anything about not holding both?
    • Big W
    • By Big W 3rd Dec 17, 10:24 PM
    • 116 Posts
    • 60 Thanks
    Big W
    What about holding both a Halifax RS and a BOS RS? When I log into my Halifax account and try to open a BOS RS it tells me that this product is not available to me ( I have a Halifax RS).
    Iíve looked in Tís and Cís but canít find anything about not holding both?
    Originally posted by eastofeden
    Both I and my wife have both. I assume the problem is with trying to open a BOS account from the Halifax website, even though both banks products are visible.
    • Steve_xx
    • By Steve_xx 3rd Dec 17, 10:26 PM
    • 6,433 Posts
    • 2,682 Thanks
    Steve_xx
    What about holding both a Halifax RS and a BOS RS? When I log into my Halifax account and try to open a BOS RS it tells me that this product is not available to me ( I have a Halifax RS).
    Iíve looked in Tís and Cís but canít find anything about not holding both?
    Originally posted by eastofeden
    Try logging into the BoS site and see if it'll allow you to open one.
    • YorkshireBoy
    • By YorkshireBoy 3rd Dec 17, 10:28 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    What about holding both a Halifax RS and a BOS RS? When I log into my Halifax account and try to open a BOS RS it tells me that this product is not available to me ( I have a Halifax RS).
    Iíve looked in Tís and Cís but canít find anything about not holding both?
    Originally posted by eastofeden
    I assume you have a BoS current account? If so, then apply from within your BoS online area. If you've never registered, try your Halifax log in details...as they work for me.
    • eastofeden
    • By eastofeden 3rd Dec 17, 10:54 PM
    • 143 Posts
    • 92 Thanks
    eastofeden
    Thanks both. I've 3 BOS Vantage accounts and I have only ever logged onto them via my Halifax account. I will try to log on via BOS and see if that makes any difference.
    • mgarl10024
    • By mgarl10024 4th Dec 17, 8:34 AM
    • 605 Posts
    • 419 Thanks
    mgarl10024
    Thanks both. I've 3 BOS Vantage accounts and I have only ever logged onto them via my Halifax account. I will try to log on via BOS and see if that makes any difference.
    Originally posted by eastofeden
    I believe you'll have to use your BOS login to apply for BOS products.

    One word of warning...I used to use my Halifax login for my Halifax accounts and my BOS for my BOS accounts (logical!) but kept getting system errors and being locked out. BOS said that using both accounts was causing the errors and advised me to only use my Halifax login, and to administer my BOS accounts using it. Since then, no errors.

    However, the BOS regular saver posed a challenge. So I quickly used my BOS login, applied, then logged out.
    • eastofeden
    • By eastofeden 4th Dec 17, 9:20 AM
    • 143 Posts
    • 92 Thanks
    eastofeden
    Thanks for all the advice, especially the log in confusion by using both. Will apply via BOS later today and then just use Halifax.
    • BeachNut
    • By BeachNut 4th Dec 17, 9:20 AM
    • 83 Posts
    • 23 Thanks
    BeachNut
    Don't login on the BOS site, just apply for a BOS saver as if you are not an existing customer. If successful, next ttme you login to Halifax you'll see your BOS saver also listed (together with any existing Halifax Regular Savers).
    • schiff
    • By schiff 4th Dec 17, 11:36 AM
    • 17,754 Posts
    • 9,098 Thanks
    schiff
    I opened both BoS and Halifax RSs, the latter via a Halifax site. What I find odd is that the Halifax RS and its related Easy Access account appear on my BoS website pages! A useful short cut actually though.
    • castle96
    • By castle96 4th Dec 17, 12:19 PM
    • 1,619 Posts
    • 275 Thanks
    castle96
    Opened H and BofS RS each through their on sites. Noticed that Halifax is NO w/drawals and BofS IS ok to withdraw - strange
    • polymaff
    • By polymaff 4th Dec 17, 12:50 PM
    • 1,806 Posts
    • 781 Thanks
    polymaff
    Opened H and BofS RS each through their on sites. Noticed that Halifax is NO w/drawals and BofS IS ok to withdraw - strange
    Originally posted by castle96
    There's still little integration of the bits of LBG. For instance, why,

    "Birmingham Midshires is a trading name of Bank of Scotland plc" ?
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