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Regular Savings Accounts: The Best Currently Available List!

edited 2 May at 9:13AM in Savings & Investments
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edited 2 May at 9:13AM in Savings & Investments
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 1.5% or better, or 1% if the interest rate is fixed.

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 Savers Friend Regular Savings Account Page (looks nicer than the page above and has more accounts listed)

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 numerous forum users for their contributions (useful posts either directly on this thread or on another thread that I have then incorporated here). This is actually the 4th version of this thread (because due to technical issues, the thread has had to be re-started three times). The first version was before 2007, the second version lasted from 2007 to 2018 and the third version was from 2018 to January 2020.

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.
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