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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,088Posts
    • 3,670Thanks
    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 339
    • glider3560
    • By glider3560 20th Nov 17, 8:56 PM
    • 3,320 Posts
    • 2,045 Thanks
    glider3560
    Would you please shed the light how to close a fixed term, fixed rate the account without penalty or loosing any interest.
    Originally posted by adindas
    You can make one penalty free withdrawal per bonus year.

    Condition 8 is actually quite clear IMO: "If one withdrawal has been made during the term, then account closure is not permitted until
    the day after maturity". So if no withdrawals have been made, you can use your one withdrawal to close the account.

    • tg99
    • By tg99 20th Nov 17, 9:16 PM
    • 524 Posts
    • 222 Thanks
    tg99
    Didn't work like that for me today. That's not what happens, I was told! It seems to fail on the grounds that the store accounts don't have 'a dedicated account'. (Though perhaps I could have 'nominated' an account in today's visit with the benefit of hindsight. I got the terms mixed up.)

    December 1st being a Friday and as I'm mad busy on a Saturday, I'll just go the store on the Friday and expect to be able to set it up on that visit. Fortunately I'm one of the lucky ones with a store not far away.
    Originally posted by schiff
    The way it worked for me was that I had to specify to them the sort code and account number of my nominated account which they then wrote into the customer instruction form and asked me to check. Going forward for future maturities, if I know I’m not going to be near branch then will post my passbook to head office a couple of weeks before maturity asking for bank transfer to my nominated account. Have kept the envelopes they send you with the online Reg saver paperwork so that should cover my postage costs too.....
    • veryintrigued
    • By veryintrigued 20th Nov 17, 10:32 PM
    • 2,100 Posts
    • 1,370 Thanks
    veryintrigued
    Chorley have published a list of accounts that will have a rate increase of 0.25% from 01 Dec 2017. The list includes the (withdrawn) 12 month regular saver bond, but glaringly omits the current festive fund regular saver . They claim the reason is that it has only recently been launched and remains attractive in the marketplace !!!

    To see the list click on 'news' on their website, then click on the links in the last paragraph after 'follow the links'. If the links are hard to see, (depends on your PC), click on 'summary' and on 'frequently'.

    Ted
    Originally posted by interest Ted

    Thanks Ted. Great news:


    Product name Current rate % New rate % Increase

    Members 12 Month Regular Saver Bond 2.75 3.00 0.25



    Chorley 12 Month Regular Saver Bond 2.50 2.75 0.25


    Regular Saver Issue 1 1.25 1.50 0.25








    • FriendlyFoe
    • By FriendlyFoe 21st Nov 17, 1:04 PM
    • 5 Posts
    • 10 Thanks
    FriendlyFoe
    But so is the BoS, Shirley?
    Originally posted by Kernel Sanders

    So I have done it the other way. Halifax Current, Halifax Regular Saver and BoS Monthly Saver. You can view all accounts from your Halifax internet banking. (Or If you have A BoS current account the same thing applies).

    When applying for an account in a brand for the first time just make sure all your personal details (nationality, address and phone numbers etc.) match exactly as your existing brand product.
    • Speculator
    • By Speculator 21st Nov 17, 3:36 PM
    • 1,724 Posts
    • 1,319 Thanks
    Speculator
    Chorley have published a list of accounts that will have a rate increase of 0.25% from 01 Dec 2017. The list includes the (withdrawn) 12 month regular saver bond, but glaringly omits the current festive fund regular saver . They claim the reason is that it has only recently been launched and remains attractive in the marketplace !!!

    To see the list click on 'news' on their website, then click on the links in the last paragraph after 'follow the links'. If the links are hard to see, (depends on your PC), click on 'summary' and on 'frequently'.

    Ted
    Originally posted by interest Ted
    The Festive Fund Regular saver appears to have been withdrawn today, so it looks like it's now a closed issue.

    It was still on their website yesterday. see Festive Fund Reg

    Strange that they said the reason it will not get a rate increase because it "remains attractive" and withdraw it the next day.

    Probably their excuse not to increase the rate because it will not look good if they have two similar closed issue regular savers with one getting a rate increase and one not.
    Last edited by Speculator; 21-11-2017 at 3:50 PM. Reason: .
    • steve65e
    • By steve65e 21st Nov 17, 5:50 PM
    • 146 Posts
    • 93 Thanks
    steve65e
    Didn't work like that for me today. That's not what happens, I was told! It seems to fail on the grounds that the store accounts don't have 'a dedicated account'. (Though perhaps I could have 'nominated' an account in today's visit with the benefit of hindsight. I got the terms mixed up.)

    December 1st being a Friday and as I'm mad busy on a Saturday, I'll just go the store on the Friday and expect to be able to set it up on that visit. Fortunately I'm one of the lucky ones with a store not far away.
    Originally posted by schiff
    I went into a store today but was not allowed to leave maturity instructions or my passbook. I was told I had to go back after the 1st Dec, or do it by phoning head office (sounds unlikely). Fortunately I was able to open issue 7 and have a much needed cup of tea, so not a totally wasted journey.

    I wonder what the story will be when I phone tomorrow?
    • Kernel Sanders
    • By Kernel Sanders 21st Nov 17, 6:16 PM
    • 3,186 Posts
    • 1,318 Thanks
    Kernel Sanders
    Er no. The BoS Monthly Saver is instant access.
    Originally posted by badger09
    But it's still fixed term, so your post made little sense. Isn't it fixed interest for the term as well?
    • steve65e
    • By steve65e 21st Nov 17, 6:44 PM
    • 146 Posts
    • 93 Thanks
    steve65e
    Virgin Branch RS Maturity Instructions
    Further to my comment above, and thanks to Daniel at Virgin head office.

    https://uk.virginmoney.com/virgin/downloads/transaction_slips.pdf

    Print this off, fill it in and post, using prepaid envelope if you have one.
    Tick 'to close' and put transfer date 2nd Dec.
    You will get a free faster payment of the maturity balance to your chosen account!
    • badger09
    • By badger09 21st Nov 17, 6:48 PM
    • 5,429 Posts
    • 4,665 Thanks
    badger09
    Er no. The BoS Monthly Saver is instant access.

    And don't call me............
    Originally posted by badger09
    But it's still fixed term, so your post made little sense. Isn't it fixed interest for the term as well?
    Originally posted by Kernel Sanders
    I'm struggling to understand why you think my post made little sense

    The fact that both accounts have a fixed interest rate for the duration of the account, is irrelevant.

    Fixed term relates to the conditions for withdrawal.

    The BoS Monthly Saver is instant access, which, by definition, means it is not a fixed term account.
    I'm a supporter of dunstonh
    • steve65e
    • By steve65e 21st Nov 17, 7:26 PM
    • 146 Posts
    • 93 Thanks
    steve65e

    Fixed term relates to the conditions for withdrawal.

    The BoS Monthly Saver is instant access, which, by definition, means it is not a fixed term account.
    Originally posted by badger09
    https://www.bankofscotland.co.uk/savings/accounts/

    You had better inform Bank of Scotland then, because they seem to think that it is fixed term.
    • Frogletina
    • By Frogletina 21st Nov 17, 7:39 PM
    • 2,915 Posts
    • 10,625 Thanks
    Frogletina
    https://www.bankofscotland.co.uk/savings/accounts/

    You had better inform Bank of Scotland then, because they seem to think that it is fixed term.
    Originally posted by steve65e
    That link shows this account to be fixed term and instant access. You can have unlimited withdrawals on this account.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • Kernel Sanders
    • By Kernel Sanders 21st Nov 17, 7:45 PM
    • 3,186 Posts
    • 1,318 Thanks
    Kernel Sanders
    If it's like the TSB then it's also fixed term in the sense that you cannot open a new one until the term is up, even if you've withdrawn all the money.
    • steve65e
    • By steve65e 21st Nov 17, 8:00 PM
    • 146 Posts
    • 93 Thanks
    steve65e
    If it's like the TSB then it's also fixed term in the sense that you cannot open a new one until the term is up, even if you've withdrawn all the money.
    Originally posted by Kernel Sanders
    TSB, BoS, Lloyds and ClubLloyds RS all work like that. But curiously, Halifax is different. There seems to be no restriction on opening another if you've closed it early.
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