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Regular Savings Accounts: The Best Currently Available List!
884 replies
105.9K views
Special_Saver2
Forumite 1.2K posts
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 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.
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.
26
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Replies
Principality BS Learner Earner Issue 3 (Adult with a Child)
Interest rate: 3% gross p.a. variable from 5th November 2019 (2.35% from 11th May 2020)
Monthly payment: £0-£250
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: Three withdrawals permitted and account closure counts as a withdrawal
Age of applicant: Up to 17 years old
How to open account: Branch only
Special conditions: This Account can only be opened by an Adult(s) aged over 18, in conjunction with a Child aged under 18. Two accounts must be opened initially, one for the Adult(s) and one for the Child. Subsequent accounts for other children can be opened by the Adult account holder. The Adult must be the parent, grandparent, close relative or legal guardian of the Child(ren). Accounts opened for under 14’s must be opened on a signatory basis. Careful_ly has informed us in post 2692 in this thread that both the adult and the child get a regular savings account.
Mansfield BS Young Regular Saver (2nd Issue)
Interest rate: 2.6% gross p.a. variable
Monthly payment: £1-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, two withdrawals per calendar year (1st January to 31st December)
Age of applicant: Up to and including 17 years old
How to open account: Post or branch
Special conditions: Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year. The account can be opened by anyone prior to their 18th birthday and, once opened, may be operated into adulthood. If younger than 13 years old the application form must be signed on behalf of the child by a parent, grandparent or guardian.
Progressive BS Children's Clockwork Regular Saver (Issue 1)
Interest rate: 1.75% gross p.a. variable from 1st May 2020
Monthly payment: £20-£500
Miss any payments: Yes, can miss one per calendar year
Penalty-free withdrawals: Yes, one per calendar year (1st January to 31st December)
Age of applicant: Age under 18
How to open account: Branch or post
Special conditions: Only available to existing customers or new customers resident in Northern Ireland. You can make an additional £2,000 deposit once per year. The terms and conditions do not specify whether this account closes or continues after the child's 18th birthday.
Principality BS Dylan Regular Saver Bond (Issue 7, children only)
Interest rate: 3% gross p.a. fixed
Monthly payment: £10-£150
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: No withdrawals permitted, but account can be closed early without penalty
Age of applicant: Up to 17 years old
How to open account: Branch or post
Special conditions: Deposits by standing order should leave the sending account by the 20th of the month. This account matures after 3 years.
Penrith BS Junior Affinity Regular Saver (children only)
Interest rate: 2.75% gross p.a. variable from October 2016 (2.45% from 18th May 2020)
Monthly payment: £5-£100
Miss any payments: Yes, you can miss as many as you like
Penalty-free withdrawals: A maximum of two withdrawals per year (January to December) of any amount leaving the minimum balance of £5.
Age of applicant: Aged 0 - 16
How to open account: Branch or post
Special conditions: This is a 5 year fixed account. A payment of 0.5% p.a. will be made to Penrith RUFC Juniors or Penrith and District Red Squirrels Group.
Scottish BS Junior Regular Saver Account (children only)
Interest rate: 2.35% gross p.a. variable from 30th November 2017
Monthly payment: £5-£50
Miss any payments: Yes, you can miss as many as you like
Penalty-free withdrawals: Yes, two per year
Age of applicant: Under 18 years old
How to open account: Branch or post
Special conditions: This account runs until the child's 18th birthday
Chorley BS Children's Regular Saver (Issue 2)
Interest rate: 2.25% gross p.a. variable from December 2017
Monthly payment: £0-£150
Miss any payments: Yes, as many as you want
Penalty-free withdrawals: Yes, no restrictions on withdrawals specified
Age of applicant: Aged 0 to 16 years old
How to open account: Post or branch
Special conditions: Minimum balance £1. When the account holder turns 16 years old, the account will be transferred into a Young Chorleian Account.
Dudley BS Young Regular Saver
Interest rate: 2% gross p.a. variable from 15th April 2020
Monthly payment: £0-£350
Miss any payments: Yes, as many as you want
Penalty-free withdrawals: No withdrawals in the first 12 months unless closing the account
Age of applicant: Aged 16 to 20 years old
How to open account: Post or branch
Special conditions: If you already have another regular savings account with Dudley BS then you cannot open this account.
Monmouthshire BS Saver Plus (Issue 3)
Interest rate: 1.2% gross p.a. from 28th May 2020 (including a 1% fixed bonus)
Monthly payment: £20-£1,000
Miss any payments: Yes, miss as many as you want
Penalty-free withdrawals: One per year (ending 31st March).
Age of applicant: Age not specified
How to open account: Branch, post and online
Special conditions: Available in England and Wales. You will qualify for a bonus (fixed at 1.00% AER/Gross per annum) at the year-end (31 March) provided your account remains open, a payment has been received in each calendar month and you have made no more than one withdrawal. Once the interest and bonus has been added to the account they form part of the balance and are subject to the withdrawal conditions.
Monmouthshire BS Christmas Saver
Interest rate: 1.2% gross p.a. from 28th May 2020 (including a 1% fixed bonus)
Monthly payment: £20-£1,000
Miss any payments: You are required to make at least one deposit per month from February (or the account opening month) up to and including October each year
Penalty-free withdrawals: Withdrawals are only permitted during November, December and January each year (no notice is required). A withdrawal at any other time must be to close the account.
Age of applicant: Age not specified
How to open account: Branch, post and online
Special conditions: Available in England and Wales. Interest will be credited to the account following the close of business on 31 October each year. You will qualify for a bonus (fixed at 1% AER/Gross per annum) at the year end (31 October) provided you make at least the minimum payment in each of the 9 months from February to October inclusive (or each month up to and including October in the year the account opens) and as long as you meet the withdrawal condition.
Halifax Kids' Monthly Saver
Interest rate: 4.5% gross p.a. fixed
Monthly payment: £10-£100
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: No withdrawals permitted except for early closure of the account
Age of applicant: Aged up to 15 years old (but the account can continue beyond the child's 15th birthday)
How to open account: Branch or online (but account can only be operated in branch)
Monthly payment: up to £50
Miss any payments: No, you will receive no interest for any month in which you miss a payment according to HardCoreProgrammer in post 2516 of the old regular savings thread
Penalty-free withdrawals: Yes, one per calendar month
Age of applicant: Age 16 or over
How to open account: Branch or online (or by post if you have held a savings account or mortgage with Saffron BS for at least 6 months, or online if you already hold an online savings account)
Special conditions: Locals only (you need to live in one of the following postcodes: CB, CO, CM, SG, RM, IG, EN, AL or SS). The interest rate falls to 0.05% if the account balance is less than £1. You may only hold one Small Saver or Regular Saver account (includes all issues) at a time.
Interest rate: 3.45% gross p.a. / 3.5% gross AER fixed
Monthly payment: £5-£100
Miss any payments: No
Penalty-free withdrawals: No, balance earns 1.50% gross p.a. fixed for any months a withdrawal is made
Age of applicant: Account must be opened and operated by an adult on behalf of a child aged under 16
How to open account: Branch
Interest rate: 2.5% gross p.a. fixed
Monthly payment: £10-£75
Miss any payments: Yes, miss as many as you like, no penalties
Penalty-free withdrawals: No, and no withdrawals prior to maturity
Age of applicant: 15 years or younger
How to open account: Branch only
Swansea BS Regular Saver Account
Interest rate: 2% gross p.a. / 2.02% AER from 1st May
Monthly payment: £25-£500
Miss any payments: No
Penalty-free withdrawals: Yes, as many as you want.
Age of applicant: Any age (including parents on behalf of a child)
How to open account: Branch or post
Special conditions: Interest paid monthly and must be paid to a different account with Swansea BS. On each anniversary, the account balance will be transferred to another account with Swansea BS. Only available to existing members or residents of Wales.
Kent Reliance Regular Savings (Issue 4)
Interest rate: 2% gross p.a. variable from 17th April 2020
Monthly payment: £25-£500
Miss any payments: No, the terms and conditions say they may close the account if you stop making regular payments
Penalty-free withdrawals: Yes, as many as you want.
Age of applicant: No minimum age (adults can open the account on behalf of a child)
How to open account: Branch only
Special conditions: Maximum balance £6,000.
Halifax Regular Saver Account
Interest rate: 2% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: No withdrawals but early closure is permitted
Age of applicant: Aged 16 years old or older
How to open account: Branch, online or phone
Coventry BS Regular Saver (Issue 2)
Interest rate: 2.5% gross p.a. variable from March 2020 (1.85% from 6th May 2020)
Monthly payment: £0-£500
Miss any payments: Yes
Penalty-free withdrawals: If the interest rate is reduced then you can withdraw your money within 30 days of the notification of interest rate reduction without penalty. Otherwise, any withdrawals before maturity incur a 30 day loss of interest.
Age of applicant: Age 16 or over
Virgin Money Regular E-Saver (Issue 16)
Interest rate: 1.5% gross p.a. fixed
Monthly payment: £1-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Aged 16 or over
How to open account: Online only, available to all UK residents
Special conditions: This account matures on 20th May 2021. Maximum total deposits £3,500.
Interest rate: 1.5% gross p.a. fixed
Monthly payment: £20-£250
Miss any payments: Yes, miss as many as you want
Penalty-free withdrawals: No. You can close the account early but all interest will then be paid at the bottom tier of the Instant Access account rate.
Age of applicant: Aged 16 or over
How to open account: Branch and online
Special conditions: Balance transferred to an Instant Access account at the end of the 12 month term. The terms and conditions say they will write to you with details of that account prior to maturity. It has been reported by lucky77 in this thread that if you try and make a 13th payment then it will be returned to you.
Interest rate: 2% gross p.a. fixed
Monthly payment: £10-£100
Miss any payments: Yes, miss as many as you like, no penalties
Penalty-free withdrawals: No, and no withdrawals prior to maturity
Age of applicant: 16 years or older
How to open account: Branch only
First Direct Regular Saver Account
Interest rate: 2.75% gross p.a. fixed
Monthly payment: £25-£300
Miss any payments: No
Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Saving Account interest rate
Age of applicant: Not stated
How to open account: Online or by telephone
Special conditions: If you pay in less than £300 per month then you can make up the extra amount in future months - your maximum balance goes up by £300 per month. You must hold a First Direct 1st Account for as long as you hold this account and these are currently not available to new customers. As discussed in posts 1484 and 1488 of the old regular savings thread, you can open up a new regular saver account online or by telephone as soon as the old one has matured. The matured account will still appear on the online banking on maturity day, but you will be able to apply for a new Regular Saver on the same day within internet banking.
Marks and Spencer Bank Monthly Saver
Interest rate: 2.75% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, and you can make up any missing payments later
Penalty-free withdrawals: No withdrawals but you can close the account early (with interest paid at a lower rate)
Age of applicant: Not stated
How to open account: Online or telephone
Special conditions: Must also open a M&S Current Account. From 6th April 2016 you will also need to switch a current account to M&S and have two active direct debits in order to be able to open this account.
HSBC Regular Saver
Interest rate: 2.75% gross p.a. fixed rate
Monthly payment: £25-£250
Miss any payments:Yes, you can cancel and resume your standing order whenever you wish
Penalty-free withdrawals: No, but you can close the account early (with interest paid at a lower rate for the entire term - paid at the standard Flexible Saver interest rate)
Age of applicant: Same age as whichever current account is opened at the same time (which is age 16, 17 or 18 depending on the current account chosen)
How to open account: In branch, online or telephone
Special conditions: Must hold a HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account. If you pay in less than £250 per month then you can make up the extra amount in future months - your maximum balance goes up by £250 per month.You may also have difficulty opening this account if you do not have a regular income - see page 85 of this thread.
Lloyds Bank Club Lloyds Monthly Saver
Interest rate: 2.5% gross p.a. fixed
Monthly payment: £25-£400 (forum members in posts on page 163 of the old version of this thread think it is possible to make a 13th payment)
Miss any payments: No stated penalty for missing a payment
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Minimum 18 years old
How to open account: In branch or online
Special conditions: Must also open a Lloyds Club current account. In post 3266 of the old version of this thread, numbers123 says it is possible to close this account online upon maturity. Karlie88 reports in post 1749 that it is possible to make 13 payments.
Lloyds Bank Monthly Saver
Interest rate: 2% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, but any missed payments cannot be made up at a later date
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 16 years old or older
How to open account: Online or branch
Special conditions: You must have a Lloyds Bank current account.Karlie88 reports in post 1749 that it is possible to make 13 payments.
Bank of Scotland Monthly Saver
Interest rate: 2% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, but any missed payments cannot be made up at a later date
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 16 years old or older
How to open account: Online or branch
Special conditions: You must have a Bank of Scotland current account. Karlie88 reports in post 1749 that it is possible to make 13 payments.
Cumberland BS Regular Saver (Issue 3)
Interest rate: 2% gross p.a. variable from 1st May 2020
Monthly payment: £25-£250
Miss any payments: One per subscription year
Penalty-free withdrawals: One per subscription year
Age of applicant: Aged 16 years or older (stated on interest rates document)
How to open account: Branch
Special conditions: You must have a Cumberland BS current account and live in their operating area. Maximum balance £15,000.
Allied Irish Banks Regular Saver
Interest rate: 2.75% gross p.a. variable (1.5% from 27th July 2020) from 5th September 2018
Monthly payment: £10-£500
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 18 years old or older
How to open account: Branch or online (but the current account must be opened in branch)
Special conditions: You must have a current account with First Trust. You can continue to save in this account after 12 months. From my understanding of reading the account details, any balance over £500 after maturity (every anniversary of account opening) earns a lower interest rate and they suggest you consider moving the excess money to another account.
Interest rate: 1% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, but any missed payments cannot be made up at a later date
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 16 years old or older
How to open account: Branch or online
Special conditions: You must have a TSB current account. Karlie88 reports that it is possible to make 13 payments.
Currently no accounts in this category.
Currently no accounts in this category.
Monmouthshire BS First Home Bonus Saver (Issue 2)
Interest rate: 5% gross p.a. / AER variable (4.5% from 28th May 2020, including variable 0.5% non-bonus interest and 4% fixed bonus interest) from August / September 2018
Monthly payment: £0-£500
Miss any payments: Can miss as many payments as you want
Penalty-free withdrawals: Up to four withdrawals are allowed during the year (ending 31 March)
Age of applicant: Aged 18 years old or older
How to open account: Branch, online or post but you must have a telephone or face-to-face interview before the account is opened
Special conditions: Maximum balance £6,000 (£12,000 for a joint account). To get the full interest rate you must take out an owner-occupier mortgage with Monmouthshire BS within 5 years of opening this account. Only available to existing members and people who live in the following post codes NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA.
Hanley Economic BS Home Deposit Saver
Interest rate: 2.45% gross p.a. / AER variable from 1st May 2020
Monthly payment: £100-£500
Miss any payments: Can miss 2 payments per year (1st September to 31st August)
Penalty-free withdrawals: A penalty equivalent to 180 days loss of interest will be applied if the funds be withdrawn for any other reason than for a house deposit
Age of applicant: Not stated
How to open account: Branch only
Special conditions: Maximum balance £50,000. Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with The Hanley.
Cumberland BS First Home Saver (Issue 3)
Interest rate: 2% gross p.a. / AER variable from 1st May 2020
Monthly payment: £100-£1,500
Miss any payments: If you miss payments then you will not be eligible for the cashback deal
Penalty-free withdrawals: Withdrawals are with either 90 days' notice or instant with 90 days' loss of interest (except if you are closing the account in order to purchase a home in which case the account is closed without penalty)
Age of applicant: Minimum age 16 years old
How to open account: Branch
Special conditions: You can earn £250 cashback on one of their mortgages if you hold this account for at least 6 months. You need to have a Cumberland BS current account. If you miss 2 or more payments then this account will be closed.
Principality BS Home Steps Savings Account
Interest rate: 1 - 1.8% gross p.a. / AER variable from 18th February 2020 (I calculate that due to the tiered interest, the maximum possible interest rate is 1.8% once you can fill up the account to contain £25,000)
Monthly payment: £1-£1,500
Miss any payments: You can miss as many payments as you wish
Penalty-free withdrawals: Three penalty-free withdrawals per year
Age of applicant: Minimum age 18 years old
How to open account: Branch
Special conditions: If you complete on a Principality Building Society residential mortgage on your first home (please note that the property must be in England or Wales) after 12 months and within 5 years of opening the account, and your account remains open with at least the minimum balance, you may be eligible for a Celebratory Bonus of £500 (per mortgage) which will be paid into your First Home Steps Savings Account upon completion of the mortgage.
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 below can do this and pay at least 1% p.a. interest.
Nationwide FlexDirect Account
Paying 2% fixed for 12 months on £2,500. This is a current account. You need to pay in £1,000 per month. Note that it is no longer possible to continue getting 5% on this account after 12 months by downgrading and upgrading the account.
TSB Classic Plus Account
Paying 1.5% variable on £1,500 from 2nd May 2020. This is a current account. You need to pay in £500 per month. There are also often short term monthly cashback offers for a limited period of time after you first open the account (check TSB website for details of any current offers).
RCI Freedom Account
Paying 1.05% variable on £1 to £1 million (but need £100 to open the account) from May 2020. This account allows future dated future withdrawals including recurring weekly or monthly payments.
Bank of Scotland Current Account with Vantage Option
Paying 1% AER on any part of the balance from £1 to £3999.99, and 2% AER on any part of the balance from £4000 to £5000 from 1st October 2019. You have to pay in £1,000 per month, maintain a credit balance and pay out 2 direct debits. Although this is a current account, some people have been opening multiple accounts, transferring £1,000 around between the accounts and effectively using these accounts as savings accounts. There are several threads on this subject, e.g. see this thread.
Lloyds Bank Club Lloyds Current Account
Paying 1% AER on any part of the balance from £1 to £3999.99, and 2% AER on any part of the balance from £4000 to £5000 from 1st October 2019. No interest is paid on amounts over £5,000. Each year, you also get annual Gourmet Society membership or 6 Vue cinema tickets or annual magazine subscription from a list of 14 printed or digital titles. You have to pay in £1,500 per month and pay out 2 direct debits per month.
Virgin Money Current Account
Paying 2% p.a. / 2.02% AER on up to £1,000. No interest paid on amounts over this. No fees on overseas transactions.