Regular Savings Accounts: The Best Currently Available List!

edited 25 February 2018 at 12:44PM in Savings & Investments
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Special_Saver2Special_Saver2 Forumite
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edited 25 February 2018 at 12:44PM in Savings & Investments
**THIS THREAD HAS NOW BEEN MOVED TO HERE!!**
http://forums.moneysavingexpert.com/showthread.php?t=5776240

I welcome you to join our discussion there.

SS2
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  • Special_Saver2Special_Saver2 Forumite
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    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/showthread.php?t=5776240&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.

    You might find some references to the "old version of this thread" in the first page of this thread. This thread is the 3rd version of my regular savings thread. The first thread was closed at my request as the information grew beyond the character limit of the few posts that I had placed on the first page. I then created the 2nd version on 27th November 2007. The second version was very popular with many pages of useful posts and over 1 million views. This was the popular "old version of this thread" referred to above. At the beginning of 2018 that thread was somehow accidentally deleted but the moderators were able to create a new thread (this 3rd version) and reproduce the first page of my 2nd version thread.

    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.
  • edited 25 February 2018 at 12:43PM
    bristolleedsfanbristolleedsfan Forumite
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    edited 25 February 2018 at 12:43PM
    Watch out on this account. Tho' it's promoted as £1000pm its actually £1000 during the 6 weeks prior to your statement date!

    Depending on your statement date this means that, theoretically you could pay in £1000 in 2 consecutive calendar months and get a penal interest rate (approx 0.5%) OR you could pay in £0 in a calendar month and still get the full 6.35% for that month!!

    The "£1000 in 6 weeks prior to statement date" is hidden away in the T&Cs.



    this is how the post on the subject was made on r-points on 17th november. ;)


    funtimefrankie
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    icon_minipost.gifPosted: 17 Nov 2007 15:55 Post subject: icon_quote.gif BEWARE THE COVENTRY FIRST ACCOUNT

    If you're looking for good catches - try the Coventry First.

    You think you're supposed to pay in £1000pm to get 6.35% interest ? - Well no, actually you have to pay in £1000 during the 6 weeks before statement date. My statement is 19th of month - therefore, using October as example I have to pay in £1000 between 7th Sept and 19th Oct to qualify for 6.35%.

    I actually paid in money on 6th Sept and 20th Oct and qualified for 0.5% interest in October !!!!!

    Using the Coventry method, it's both pssible to pay in £1000 in 2 consecutive calendar months (as I did) and only get 0.5% interest, conversley, it's possible to pay in nothing in a calendar month and still get 6.35%.

    Is THAT weird or what !
  • Old_SlapheadOld_Slaphead Forumite
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    What's weird about that?
  • Well done SS2, you're a star.
  • bristolleedsfanbristolleedsfan Forumite
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    What's weird about that?

    was complete post quoted from R-Points, i didnt add quotation marks because i stated it to be a quote, i didnt link the post as people need 2 log in to read the mutual posts on R-points in probability.
  • baby_boomerbaby_boomer Forumite
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    These accounts currently seem a good home for most of your savings - especially the ones with high fixed interest rates.

    I'll have all of my spare cash in these accounts by April 2008.
  • Special_Saver2Special_Saver2 Forumite
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    Thanks Old Slaphead and bristolleedsfan, I have incorporated your information on the 6 weeks rule for the Coventry First account into post 7.
  • This is a list of how my use of Regular Saver Accounts is producing pretty favourable returns. This will be the state of play by mid December. Twenty nine (29) currently on the go earning about 7.40% GROSS on a £55,700 total with £8350 deposited in December. The Monmouthshire BS at the bottom will probably be emptied down to £250 (I won't close it as it is a carpetbagging account) if a 7% Bond comes along.
    I also hope to grab the 10% Abbey Saver in December as I recently opened an Abbey 8% Current Account (used as one of my RS feeders) and possibly the First Direct 8% but I don't have high hopes as I already have the HSBC one.
    For those who are wondering how these are funded the answer is in maturing Regular Savers combined with my modest wages.
    In December I have a Derbyshire RS maturing (£3000 plus interest) and also the Ipswich RS2 (£3250 plus interest). This money (£6250 plus interest) will be used towards the January payments (estimated to be £7500).
    Likewise in January I have an Abbey RS £3000 and Yorkshire BS £3600 maturing (£6600 plus interest) to be used towards for the February payments, (again estimated to be £7500).
    Now the Estimated Interest column is what I use to show the overall gain if all the money was allowed to stay in for a WHOLE year. The money doesn't stay in for the WHOLE year as it is DRIP-FED in. but does give a very accurate snapshot of what the money is earning WHILE IT IS IN A REGULAR SAVER. This is the method I use to work out the overall percentage of all the Regular Savers combined.
    [html] DECEMBER 2007
    Current Monthly Estimated
    RATE BS/BANK Holding Deposit Interest
    1 8.25% Loughborough £2500 £250 £206.25
    1 8.10% West Brom £3000 £1000 £243.00
    1 8.00% Lloyds £5000 £250 £400.00
    1 8.00% HSBC £1750 £250 £140.00
    1 8.00% Chorley £2250 £250 £180.00
    1 7.60% Ipswich RS2 £3250 £250 £228.00 (13 payments permitted)
    8 7.55% Skipton £6000 £2000 £453.00 (7 Specials and 1 Xmas Saver)
    1 7.50% Britannia RS2 £500 £250 £37.50
    1 7.50% Chorley Gall £250 £250 £18.75
    1 7.50% Leek £2750 £250 £206.25
    2 7.25% Abbey 6&7 £3500 £500 £253.75
    2 7.15% Ipswich RS3 £4000 £500 £286.00
    1 7.10% Yorkshire BS £8200 £500 £582.30
    1 7.05% Yorkshire BS £3600 £100 £253.80 (3yr. Mine matures Jan 2008)
    1 7.00% Bath BS £3750 £250 £192.50
    1 7.00% Principality £1000 £500 £70.00
    1 7.00% Halifax £500 £250 £35.00 (now in 4th year)
    1 6.80% Scarborough £1500 £250 £102.00 (was £6K. Withdrew £5K )
    1 6.75% Nationwide £1750 £250 £118.13
    1 6.70% Monmouthshire £2800 £250 £187.60
    29 7.40% £55700 £8350 £4263.73
    [/html]
    Old Saying Once bitten twice shy
    Modern Saying Once Sh*t on Twice Bye!
  • bristolleedsfanbristolleedsfan Forumite
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    Afahmaep wrote: »
    [html] DECEMBER 2007
    Current Monthly Estimated
    RATE BS/BANK Holding Deposit Interest
    1 8.25% Loughborough £2500 £250 £206.25
    [/html]

    only one loughborough reg saver + :rolleyes: :rolleyes: :rolleyes:
  • Yes .ONLY 1!. Particularly annoying as it is a 2 year saver and I was the OP on the Loughborough BS thread.
    Old Saying Once bitten twice shy
    Modern Saying Once Sh*t on Twice Bye!
This discussion has been closed.
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