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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 342
    • schiff
    • By schiff 4th Dec 17, 4:16 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff
    Chorley Building Society
    Their regular saver interest rate has been increased from 2.5% to 2.75% with effect, I assume, from 1/12/17.

    They are not continuing the offer of a regular saver and this one matures after 12 months which for me is April 2018. Hopefully that may change!

    The Childrens' RS continues.
    • schiff
    • By schiff 4th Dec 17, 4:20 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff
    Saffron BS
    Some useful info about their RS. I've just completed the 12 months, how time flies! They will be sending letters in advance of the maturity. As I'm a long way out of their area I can ask them in advance to open a new RS when this matures and they will take the first £200 out of the maturity balance. I can also provide them with a request to FP the rest of the matured funds.

    Seems perfect to me!
    • IanManc
    • By IanManc 4th Dec 17, 5:24 PM
    • 367 Posts
    • 545 Thanks
    IanManc
    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
    Also the Halifax one is available to everyone whereas the Bank of Scotland one is only available to people with a BoS current account.
    • veryintrigued
    • By veryintrigued 4th Dec 17, 7:18 PM
    • 2,117 Posts
    • 1,402 Thanks
    veryintrigued
    Their regular saver interest rate has been increased from 2.5% to 2.75% with effect, I assume, from 1/12/17.

    They are not continuing the offer of a regular saver and this one matures after 12 months which for me is April 2018. Hopefully that may change!

    The Childrens' RS continues.
    Originally posted by schiff
    Credit to Interest Ted who highlighted this three weeks ago:


    http://forums.moneysavingexpert.com/showpost.php?p=73441922&postcount=6763
    • veryintrigued
    • By veryintrigued 4th Dec 17, 7:20 PM
    • 2,117 Posts
    • 1,402 Thanks
    veryintrigued
    Some useful info about their RS. I've just completed the 12 months, how time flies! They will be sending letters in advance of the maturity. As I'm a long way out of their area I can ask them in advance to open a new RS when this matures and they will take the first £200 out of the maturity balance. I can also provide them with a request to FP the rest of the matured funds.

    Seems perfect to me!
    Originally posted by schiff
    Am on about my sixth annual RS with them. Always tremendous service.
    • Rich2808
    • By Rich2808 4th Dec 17, 8:06 PM
    • 531 Posts
    • 417 Thanks
    Rich2808
    Some useful info about their RS. I've just completed the 12 months, how time flies! They will be sending letters in advance of the maturity. As I'm a long way out of their area I can ask them in advance to open a new RS when this matures and they will take the first £200 out of the maturity balance. I can also provide them with a request to FP the rest of the matured funds.

    Seems perfect to me!
    Originally posted by schiff
    As you are already a long term member you can just write to them enclosing a completed savings application form for a new regular saver and ask that first £200 be moved from your maturing regular saver.

    Also it may be worth opening their esaver online account - you can view your balances online for all your Saffron accounts including your regular saver. Saves calling them or going to a branch
    • Careful_ly
    • By Careful_ly 4th Dec 17, 11:00 PM
    • 613 Posts
    • 437 Thanks
    Careful_ly
    Saffron maturity
    Hi

    Here is a form that you can print off for the maturity of Saffron regular saver and open a new one.
    https://www.saffronbs.co.uk/pdf/savings/Maturity-Application-Form-SBS9781d.pdf


    HTH
    • qsk
    • By qsk 5th Dec 17, 11:32 AM
    • 244 Posts
    • 130 Thanks
    qsk
    Hi

    Here is a form that you can print off for the maturity of Saffron regular saver and open a new one.
    https://www.saffronbs.co.uk/pdf/savings/Maturity-Application-Form-SBS9781d.pdf


    HTH
    Originally posted by Careful_ly

    Thanks for this. I can see how to close the old one. Can you explain how to open a new one with this form?
    • schiff
    • By schiff 5th Dec 17, 2:04 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff
    Thanks for this. I can see how to close the old one. Can you explain how to open a new one with this form?
    Originally posted by qsk
    Heading 2, isn't it?
    • liamcov
    • By liamcov 6th Dec 17, 9:55 AM
    • 366 Posts
    • 338 Thanks
    liamcov
    It's not a problem!

    The Member Only Regular Saver Bond is a separate product to the Regular Saver Bond and there's nothing in the T&C documents to exclude holders of other Principality regular saver accounts. I already have the Regular Saver Bond and my application for a Member Only Regular Saver Bond was accepted and opened today.
    Originally posted by pafpcg
    So what is the account called that members with less than 2 years can open?
    • liamcov
    • By liamcov 6th Dec 17, 9:58 AM
    • 366 Posts
    • 338 Thanks
    liamcov
    Started an application, however the conditions are:
    You do not already have a Regular eSaver
    I could not proceed with my application, as I already have Issue 5.
    Originally posted by Barney1954
    Can I apply if I already have the 5% reg saver?

    Thanks
    • liamcov
    • By liamcov 6th Dec 17, 10:39 AM
    • 366 Posts
    • 338 Thanks
    liamcov
    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
    Originally posted by Special_Saver2
    Can someone just confirm whether the rate increases for the following accounts are just for new customers or existing account holders?

    Leeds issue 4
    Leeds issue 5
    Halifax
    BoS
    TSB
    Santander
    Lloyds
    Club Lloyds
    Principality issue 17

    Thanks in advance
    • YorkshireBoy
    • By YorkshireBoy 6th Dec 17, 11:03 AM
    • 29,615 Posts
    • 17,473 Thanks
    YorkshireBoy
    Can someone just confirm whether the rate increases for the following accounts are just for new customers or existing account holders?

    Leeds issue 4
    Leeds issue 5
    Halifax
    BoS
    TSB
    Santander
    Lloyds
    Club Lloyds
    Principality issue 17

    Thanks in advance
    Originally posted by liamcov
    Could you first thin down your list by telling us which of those are variable rates and which are fixed rates.
    • bristolleedsfan
    • By bristolleedsfan 6th Dec 17, 12:08 PM
    • 7,476 Posts
    • 9,623 Thanks
    bristolleedsfan
    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
    Originally posted by Special_Saver2

    Leek B.S - Open Issue regular saver was increased to 2.25% including bonus on 1 December

    https://www.leekunited.co.uk/savings/regular-savings/
    Often what I dont say is more significant than what i do say ........
    • liamcov
    • By liamcov 6th Dec 17, 12:33 PM
    • 366 Posts
    • 338 Thanks
    liamcov
    Could you first thin down your list by telling us which of those are variable rates and which are fixed rates.
    Originally posted by YorkshireBoy
    I've got no idea i'm afraid.
    • schiff
    • By schiff 6th Dec 17, 12:34 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff
    Leek B.S - Open Issue regular saver was increased to 2.25% including bonus on 1 December

    https://www.leekunited.co.uk/savings/regular-savings/
    Originally posted by bristolleedsfan
    Quote from their T&Cs:

    "These rates apply from 2 December 2917.

    * Gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax)."

    Is this to coincide with the UK finally clearing its current account deficit I wonder?
    • YorkshireBoy
    • By YorkshireBoy 6th Dec 17, 12:38 PM
    • 29,615 Posts
    • 17,473 Thanks
    YorkshireBoy
    I've got no idea i'm afraid.
    Originally posted by liamcov
    It'll say in your paperwork and on their websites.
    • schiff
    • By schiff 6th Dec 17, 2:09 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff
    Leek B.S - Open Issue regular saver was increased to 2.25% including bonus on 1 December
    Originally posted by bristolleedsfan
    Starting one of these is equivalent to starting two Virgins, if necessary withdrawing most of the balance after several months and in effect starting two more Virgins.

    Depends on the interest rate on the next pair of Virgins.
    • bristolleedsfan
    • By bristolleedsfan 6th Dec 17, 3:10 PM
    • 7,476 Posts
    • 9,623 Thanks
    bristolleedsfan
    Starting one of these is equivalent to starting two Virgins, if necessary withdrawing most of the balance after several months and in effect starting two more Virgins.

    Depends on the interest rate on the next pair of Virgins.
    Originally posted by schiff

    Really

    Leek B.S Regular Saver has been going for years and currently carries on year after year, those who have been saving into it will have a significant amount attracting 2.25% and those starting one of these now will probably be able to carry on saving into it year after year unlike Virgin regular saver.
    • schiff
    • By schiff 6th Dec 17, 4:01 PM
    • 17,750 Posts
    • 9,089 Thanks
    schiff

    Leek B.S Regular Saver has been going for years and currently carries on year after year, those who have been saving into it will have a significant amount attracting 2.25% and those starting one of these now will probably be able to carry on saving into it year after year unlike Virgin regular saver.
    Originally posted by bristolleedsfan
    I was losing my fondness for 2% RSs when my Leek matured, especially as it had to be kept open for the bonus, in favour of the Virgins, and others of course, with higher and more solid interest rates.
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