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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 343
    • bristolleedsfan
    • By bristolleedsfan 6th Dec 17, 4:52 PM
    • 7,476 Posts
    • 9,623 Thanks
    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.
    Originally posted by schiff

    When I posted this it was neither aimed/meant for you

    http://forums.moneysavingexpert.com/showpost.php?p=73521894&postcount=6834


    I dont think Ive ever had someone come back to me so many times, normally someone gives up after 1 reply to me.


    There can be a lot said for 2% regular savers that carry on year after year, I have Leek Homebuyers regular saver not available for new applications, paid 1000 into it month after month year after year currently have 42000 paying 2% and Yes I also maximise higher paying accounts.
    • schiff
    • By schiff 6th Dec 17, 5:04 PM
    • 17,752 Posts
    • 9,091 Thanks
    schiff

    I don't think I've ever had someone come back to me so many times, normally someone gives up after 1 reply to me.
    Originally posted by bristolleedsfan
    I'll try to remember that when I'm tempted to chat with you next time

    I don't have your bottomless funds to play with.

    Sorry, I forgot
    • nomorekids
    • By nomorekids 7th Dec 17, 12:17 AM
    • 289 Posts
    • 236 Thanks
    nomorekids
    Anyone not willing or indeed able to open a 4%

    Principality BS Member Only Regular Saver Bond

    in branch can do so by post. We did and our passbooks arrived this morning.

    Application form is on their website.
    [quote]
    If you want to be rich, never get married and most definately never have kids
    • soulsaver
    • By soulsaver 7th Dec 17, 12:56 AM
    • 1,495 Posts
    • 541 Thanks
    soulsaver
    Anyone not willing or indeed able to open a 4%

    Principality BS Member Only Regular Saver Bond

    in branch can do so by post. We did and our passbooks arrived this morning.

    Application form is on their website.
    Originally posted by nomorekids
    This info could useful if included...
    http://www.principality.co.uk/savings-accounts/fixed-term-savings-and-bonds/member-only-regular-saver-bond

    "Only available to Members who’ve been with us for two years or more, this bond, with a one year term, offers regular saving at an exclusive rate to reward loyal savers and mortgage customers."
    • interest Ted
    • By interest Ted 7th Dec 17, 9:59 AM
    • 121 Posts
    • 93 Thanks
    interest Ted
    Halifax
    Just curious - aren't Halifax supposed to open an everyday saver for you at same time as opening the Regular saver ?
    Or have they changed this requirement? (still in T&C, or don't I have the latest T&C ?)

    Ted
    • schiff
    • By schiff 7th Dec 17, 10:25 AM
    • 17,752 Posts
    • 9,091 Thanks
    schiff
    Just curious - aren't Halifax supposed to open an everyday saver for you at same time as opening the Regular saver ?
    Or have they changed this requirement? (still in T&C, or don't I have the latest T&C ?)

    Ted
    Originally posted by interest Ted
    They opened one for me without my asking! Both Halifax accounts appear when I open up Bank of Scotland.
    • glider3560
    • By glider3560 7th Dec 17, 5:55 PM
    • 3,345 Posts
    • 2,069 Thanks
    glider3560
    Just curious - aren't Halifax supposed to open an everyday saver for you at same time as opening the Regular saver ?
    Or have they changed this requirement? (still in T&C, or don't I have the latest T&C ?)

    Ted
    Originally posted by interest Ted
    If you already have a "suitable savings account" then they won't open one during the application.

    • Neil Jones
    • By Neil Jones 7th Dec 17, 6:30 PM
    • 1,016 Posts
    • 561 Thanks
    Neil Jones
    I only had a current account with Halifax when I opened my regular saver and I've since switched the current account away (the only other Halifax account I have is H2B which can't take a £3k lump sum) so it'll be interesting to see what happens when the regular saver matures...
    • glider3560
    • By glider3560 7th Dec 17, 6:36 PM
    • 3,345 Posts
    • 2,069 Thanks
    glider3560
    I only had a current account with Halifax when I opened my regular saver and I've since switched the current account away (the only other Halifax account I have is H2B which can't take a £3k lump sum) so it'll be interesting to see what happens when the regular saver matures...
    Originally posted by Neil Jones
    The terms cover that eventuality Your Regular Saver will be redesignated to a Everyday Saver. No idea why they can't do that for everyone?

    • veryintrigued
    • By veryintrigued 7th Dec 17, 9:07 PM
    • 2,122 Posts
    • 1,402 Thanks
    veryintrigued
    Notts savvy saver follow on - maturity
    Just a reminder that this Savvy Saver should have matured but also that you're able to make £200 deposit (on top of the maximum £100) making a potential total £300 for the month of December into the SSFO.

    Then back to a maximum of £200 per month going forwards.
    Originally posted by veryintrigued
    I haven't had postal notification yet but a heads up that maturity on this should be next month.
    Last edited by veryintrigued; 11-12-2017 at 3:00 PM.
    • mhoc
    • By mhoc 9th Dec 17, 5:02 PM
    • 16,105 Posts
    • 199,920 Thanks
    mhoc
    I have had the letter about our Nationwide Flexclusive regular saver which is due to mature very early January.
    When it does mature it will have the same details - account and sort code but a new name Flexclusive Saver issue 8 - to me this is flannel as on your accounts list is just looks like an account name change and not a drop in interest rate to 0.50% (- the complacent few that don't check their accounts regularly wont realise, will ignore their letters and carry on paying in each month).

    It does say though that I could carry on with "my savings journey" by opening a new Flexclusive regular saver next day after maturity with another year of 5% but it does not say what the maximum monthly payments it will allow.

    (At the moment its in joint names but letters tend to come just in OHs name).

    The account should now have the full £6000. Will the account allow the £500 payment for January 1st making the total £6500 or will it bounce back. Or should I just cancel the standing order now as the extra £500 will only be in the account a few days and wont make a vast amount of extra interest.
    Or should I just cancel the standing order and put the final £500 in manually on January 1st?

    When I open the new one should I be able to just open it in my name only - its funded by the household joint account?
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • glider3560
    • By glider3560 9th Dec 17, 5:21 PM
    • 3,345 Posts
    • 2,069 Thanks
    glider3560
    the complacent few that don't check their accounts regularly wont realise, will ignore their letters and carry on paying in each month)
    Originally posted by mhoc
    "You snooze, you lose". I think it is quite clear when you open the account that it is a 12 month term. They also write to you. How much more clearer could they make it? Rename the account to "Rubbish interest rate Issue 8"?

    It does say though that I could carry on with "my savings journey" by opening a new Flexclusive regular saver next day after maturity with another year of 5% but it does not say what the maximum monthly payments it will allow.
    Originally posted by mhoc
    £250 per month.

    The account should now have the full £6000. Will the account allow the £500 payment for January 1st making the total £6500 or will it bounce back. Or should I just cancel the standing order now as the extra £500 will only be in the account a few days and wont make a vast amount of extra interest.
    Or should I just cancel the standing order and put the final £500 in manually on January 1st?
    Originally posted by mhoc
    It will accept the extra £500. I didn't do it this year as my account matured on the 3rd December, so seemed pointless.

    When I open the new one should I be able to just open it in my name only - its funded by the household joint account?
    Originally posted by mhoc
    Yes, it doesn't matter where the money comes from. You just need to be able to meet the criteria (which you will, if the joint account does).

    • clivep
    • By clivep 9th Dec 17, 5:46 PM
    • 222 Posts
    • 96 Thanks
    clivep
    Yes, it doesn't matter where the money comes from. You just need to be able to meet the criteria (which you will, if the joint account does).
    Originally posted by glider3560
    See my post at http://forums.moneysavingexpert.com/showthread.php?p=73521484#post73521484

    Unless it's changed, the problem is that when applying online the account name for the new Flexclusive Regular Saver defaults to that of the Nationwide a/c used for the deposit and you can't alter this. If you ONLY have Nationwide current and savings a/cs in joint names then you can't set up a regular saver in a sole name. It is possible but you need to phone them to set it up.

    Once the sole regular savers have been opened then there's no problem using a standing order to make further monthly deposits.
    • glider3560
    • By glider3560 9th Dec 17, 5:50 PM
    • 3,345 Posts
    • 2,069 Thanks
    glider3560
    See my post at http://forums.moneysavingexpert.com/showthread.php?p=73521484#post73521484

    Unless it's changed, the problem is that when applying online the account name for the new Flexclusive Regular Saver defaults to that of the Nationwide a/c used for the deposit and you can't alter this. If you ONLY have Nationwide current and savings a/cs in joint names then you can't set up a regular saver in a sole name. It is possible but you need to phone them to set it up.

    Once the sole regular savers have been opened then there's no problem using a standing order to make further monthly deposits.
    Originally posted by clivep
    You can open it in sole names online, just choose that you don't have online banking. It then takes you to a different application form which gets processed by a human and lets you deposit money manually once open.

    • clivep
    • By clivep 10th Dec 17, 10:20 AM
    • 222 Posts
    • 96 Thanks
    clivep
    You can open it in sole names online, just choose that you don't have online banking. It then takes you to a different application form which gets processed by a human and lets you deposit money manually once open.
    Originally posted by glider3560
    That's a good point. I was describing the difficulty doing it once logged into your a/c but the solution you offer is a good alternative to calling them.
    • glider3560
    • By glider3560 10th Dec 17, 2:22 PM
    • 3,345 Posts
    • 2,069 Thanks
    glider3560
    For those with maturing Virgin accounts: I noticed you can request closure on a specific future date through their online banking. On the "withdrawal" page, press "Closure" then enter a date in the future. The account gets closed automatically and balance transferred to your nominated account on that day.

    Seems a useful feature for those who might forget or be otherwise engaged on the maturity date.

    • mhoc
    • By mhoc 10th Dec 17, 4:34 PM
    • 16,105 Posts
    • 199,920 Thanks
    mhoc
    I've got a maturing Virgin 2 regular saver and I wondered about letting it mature and go into this other account.

    Then removing all but £1 but leaving this other open and dormant for now - as a justincase account
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • colsten
    • By colsten 10th Dec 17, 6:37 PM
    • 8,816 Posts
    • 7,517 Thanks
    colsten

    Then removing all but £1 but leaving this other open and dormant for now - as a justincase account
    Originally posted by mhoc
    just in case for what eventuality?
    • Special_Saver2
    • By Special_Saver2 10th Dec 17, 10:29 PM
    • 1,091 Posts
    • 3,704 Thanks
    Special_Saver2
    Hi Folks,

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

    - Leeks United BS Regular Savings account interest rate increased by 0.25% to 2.25%
    - Scottish BS Junior Regular Saver account interest rate increased by 0.15% to 2.15%
    - Newcastle BS Big Little Saver Children's Account interest rate increased by 0.25% to 2.12%

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    • mhoc
    • By mhoc 10th Dec 17, 11:03 PM
    • 16,105 Posts
    • 199,920 Thanks
    mhoc
    just in case for what eventuality?
    Originally posted by colsten
    Not exactly sure what but the interest rate is slightly better.
    Also as each issue matures it would be a temporary home for maturing funds
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
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