Regular Savings Accounts: The Best Currently Available List!
Special_Saver2
Forumite 1.3K 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 1.75% or better, or 1.25% if the account has favourable conditions (e.g. the interest rate is fixed, you can pay in £500 per month or more, or if the account matures after at least 2 years).
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
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 1.75% or better, or 1.25% if the account has favourable conditions (e.g. the interest rate is fixed, you can pay in £500 per month or more, or if the account matures after at least 2 years).
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
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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Replies
Principality BS Learner Earner Issue 3 (Adult with a Child)
Interest rate: 2.75% gross p.a. variable from 1st March 2022
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.
Interest rate: 2.55% gross p.a. variable from 25th April 2022
Monthly payment: £1-£200 (£3-£600 if you open the maximum 3 accounts)
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: 13 - 17 years old
How to open account: Branch only
Special conditions: This account matures on the child's 18th birthday. The child must be an existing customer or live in one of the following postcodes DH, DL, HG, SR, TS, YO. The building society can stop further deposits being allowed to this account if the account is withdrawn.
Interest rate: 2.05% gross p.a. variable from 25th April 2022
Monthly payment: £1-£100
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Under 13 years old
How to open account: Branch only
Special conditions: This account matures on the child's 18th birthday. The child must be an existing customer or live in one of the following postcodes DH, DL, HG, SR, TS, YO. The building society can stop further deposits being allowed to this account if the account is withdrawn.
Darlington BS Special Occasion Saver
Interest rate: 1.8% gross p.a. variable from 25th April 2022
Monthly payment: £1-£750 (£250 per account and you can have 3 accounts)
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: Yes, four withdrawals per account year
Age of applicant: Aged 18 or over
How to open account: Branch or post
Special conditions: You can only open this account if you live in a postcode starting with DL, DH, SR, TS, YO, HG. If you move out of the postcode area you will have to close your account or transfer your money to another open issue Darlington BS account.
Principality BS Thank You Saver (Issue 4)
Interest rate: 1.8% gross p.a. variable from 1st June 2022
Monthly payment: £0-£250
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: Yes, you can make 3 withdrawals per calendar year (note that account closure counts as one of these withdrawals so you can only close the account if you have only made 2 withdrawals that year)
Age of applicant: Aged 16 or over
How to open account: Branch
Special conditions: You must be employed directly by the National Health Service to open and operate this account and live in one of the following postcode areas: LL, SY, LD, SA, CF, NP, HR and CH 1 to 8. You will need to present your NHS staff ID card in order to provide evidence eligibility for this account.
Principality BS Thank You Online Saver (Issue 4)
Interest rate: 1.8% gross p.a. variable from 1st June 2022
Monthly payment: £0-£250
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: Yes, you can make 3 withdrawals per calendar year (note that account closure counts as one of these withdrawals so you can only close the account if you have only made 2 withdrawals that year)
Age of applicant: Aged 16 or over
How to open account: Online
Special conditions: You must be employed directly by the National Health Service to open and operate this account and live in one of the following postcode areas: LL, SY, LD, SA, CF, NP, HR and CH 1 to 8. You will need to present your NHS staff ID card in order to provide evidence eligibility for this account.
Bath BS Regular Saver
Interest rate: 1.75% gross p.a. variable from 1st July 2022
Monthly payment: £20-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, you can make one withdrawal per calendar year
Age of applicant: Aged 18 or over
How to open account: Branch or post
Special conditions: Maximum balance £100,000. Payments from other Bath BS accounts are not allowed. Only available to existing customers (for 12 months or longer), or new customers who live, work or study in Bath.
Progressive BS Children's Clockwork Regular Saver (Issue 1)
Interest rate: 1.5% gross p.a. variable from 5th March 2021
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.
Mansfield BS Young Regular Saver (3rd Issue)
Interest rate: 1.5% gross p.a. variable from 1st April 2022
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: Can only be opened by people resident in Nottinghamshire, Derbyshire or South Yorkshire or existing members who have a minimum of 1 year’s continuous membership. (Accounts that are outside of the geographical area above will also be accepted where a parent, grandparent or legal guardian of the child is an existing member with a minimum of 1 year’s continuous membership.) 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.
Darlington BS Green Regular Saver
Interest rate: 1.4% gross p.a. variable from April 2022
Monthly payment: £1-£250
Miss any payments: Yes, as many as you wish
Penalty-free withdrawals: Yes, you can make 4 withdrawals per calendar year
Age of applicant: Aged 16 or over
How to open account: Branch or post
Special conditions: Only available to existing members or people living in the post codes DH, DL, HG, SR, TS, YO. You must register for the Society’s online platform, Darlingtonline. JamesRobinson48 reports that you could open an easy access account and then open a regular saver account
Ecology Building Society Regular Saver
Interest rate: 1.3% gross p.a. variable
Monthly payment: £25-£250
Miss any payments: Yes, you can miss 2 payments per calendar year
Penalty-free withdrawals: Yes, you can make 2 withdrawals per calendar year (minimum £25 unless you are closing the account)
Age of applicant: Any age
How to open account: Online or post
Special conditions: You will need to be resident in the UK and not resident for tax purposes anywhere other than the UK.
Earl Shilton BS Regular Monthly Saver
Interest rate: 1.3% gross p.a. variable from 1st May 2022
Monthly payment: £10-£500
Miss any payments: No, the account will be closed plus you will be charged a £10 penalty
Penalty-free withdrawals: Yes, you can make 2 withdrawals per year starting from 1st March and ending on the last day of February
Age of applicant: Aged 12 or over
How to open account: Branch or post
Special conditions: Only available to existing members or people living in the post codes LE, CV9-13 and DE11-15. Maximum balance £50,000. Note from 20th February 2021: Their website shows that they are not currently opening any new accounts.
Stafford Railway BS Regular Saver (Issue 1)
Interest rate: 1.3% gross p.a. variable from 1st June 2022
Monthly payment: £20-£500
Miss any payments: Yes, as long as you do not miss payments three payments in one Society year (I am not sure what a Society year is!)
Penalty-free withdrawals: Yes, you can make 4 withdrawals per Society year (ending 31st October)
Age of applicant: Age not stated
How to open account: Branch or post
Special conditions: Maximum balance £100,000. Deposits to this account must come from your nominated bank account via standing order. Locals only (indicated near the top of the page under "Availability" - you must live within one of the following postcodes (ST14, ST15, ST16, ST17, ST18, ST19, ST20, ST21 and WS7, WS11, WS12, WS13, WS15).
Bath BS 16-25 Regular Saver
Interest rate: 4.9% gross p.a. variable from 1st July 2022
Monthly payment: £10-£50
Miss any payments: Yes, just as long as you do not miss two consecutive months' payments in a row
Penalty-free withdrawals: Yes, two per calendar year
Age of applicant: Aged 16-25
How to open account: Branch or by post (the application form can be downloaded from their website)
Interest rate: 2.75% 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.
Melton BS Jubilee Regular Saver
Interest rate: 2.7% gross p.a. fixed
Monthly payment: £10-£250
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: No withdrawals permitted
Age of applicant: Aged 16 years old or older
How to open account: Branch or post
Special conditions: This account matures 31st July 2024.
Penrith BS Junior Affinity Regular Saver (children only)
Interest rate: 2.45% gross p.a. variable 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.
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.
Interest rate: 2% gross p.a. fixed
Monthly payment: £10-£50
Miss any payments: Yes, you can one payment
Penalty-free withdrawals: Yes, you can make one withdrawal between 1 June and 31 May each year which includes account closure
Age of applicant: 16 years or older
How to open account: Branch or post
Special conditions: You must be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE. This account matures on 31st May 2024. The first 200 Nature Reserve Regular Saver account holders will be entitled to a half price annual membership of Suffolk Wildlife Trust as well as a giveaway of free plantable bee-friendly seeds. The Suffolk Wildlife Trust membership offer is available to those who are not already a member of Suffolk Wildlife Trust or have been so for less than 12 months. New members can join the Trust on either a monthly or annual direct debit.
Nottingham BS Fixed Summer Saver
Interest rate: 1.35% gross p.a. fixed until 30th June 2023
Monthly payment: £0-£500
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: No withdrawals until 30th June 2023
Age of applicant: At least 16 years old
How to open account: Branch only
Special conditions: Account matures 30th June 2023.
Interest rate: 1.35% gross p.a. variable (interest rate increase noted by me 29th May 2022)
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: Branch or post
Special conditions: Minimum balance £1. When the account holder turns 16 years old, the account will be transferred into a Young Chorleian Account.
Interest rate: 3.5% gross p.a. variable
Monthly payment: £0-£150
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: No withdrawals in the first 12 months unless closing the account
Age of applicant: Aged 16 or younger
How to open account: Branch or post
Special conditions: If you already have a Junior Easy Saver savings account with Dudley BS then you cannot open this account.
Interest rate: 2.5% 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)
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
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
Saffron BS 12 Month Fixed Rate Members Regular Saver (Issue 10)
Interest rate: 2.05% gross p.a. fixed
Monthly payment: £50-£500
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, as many as you want but if your account falls below the minimum balance of £50, you will earn a fixed rate of 0.05% gross/AER, until the account returns to the required minimum balance of £50
Age of applicant: At least 16 years old
How to open account: Branch, online or post
Special conditions: This account is for members only (customers who currently hold a mortgage or savings account with Saffron BS and have done so for at least the past 12 months). You can only hold one Regular Saver or Small Saver per customer, be it held in sole or joint name(s), with Saffron Building Society at a time.
Interest rate: 1.65% gross p.a. variable from 1st June 2022
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
Interest rate: 1.4% gross p.a. variable from 1st March 2022
Monthly payment: £25-£500
Miss any payments: No
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Age 18 or over
Interest rate: 1.4% gross p.a. variable from 20th May 2022
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.
Interest rate: 3.25% gross p.a. (3.3% AER) variable up to £1,000 then 0.30% on £1,001 - £5,000 then 0.1% above £5,000 from April 2022
Monthly payment: £1-£150
Miss any payments: No stated penalty for missing a payment
Penalty-free withdrawals: Yes, as many as you wish. No interest paid in the month the account is closed.
Age of applicant: 18 years or over
How to open account: Online or using the bank's app
Special conditions: You must have a current account with them. Open to any UK resident.
Interest rate: 3.25% gross p.a. (3.3% AER) variable up to £1,000 then 0.30% on £1,001 - £5,000 then 0.1% above £5,000 from April 2022
Monthly payment: £1-£150
Miss any payments: No stated penalty for missing a payment
Penalty-free withdrawals: Yes, as many as you wish. No interest paid in the month the account is closed.
Age of applicant: 18 years or over
How to open account: Online or using the bank's app
Special conditions: You must have a current account with them. Open to any UK resident.
Interest rate: 2.5% gross p.a. variable from 1st February 2022
Monthly payment: £0-£200
Miss any payments: Yes, miss as many as you like, no penalties
Penalty-free withdrawals: Yes, three during the term of the account
Age of applicant: 16 years or older
How to open account: Online only
Special conditions: You must have a current account with them. Open to any UK resident.
Cumberland BS Regular Saver (Issue 3)
Interest rate: 1.3% gross p.a. variable from May 2022
Monthly payment: £25-£250
Miss any payments: Yes, you can miss one payment per subscription year
Penalty-free withdrawals: Yes, you can make one withdrawal per subscription year
Age of applicant: Age not specified
How to open account: Branch or online
Special conditions: Maximum balance £15,000. This account is available to open for Cumberland Plus current account customers only who live in the Cumberland BS operating area.
Interest rate: 3.5% 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 current account for as long as you hold this account. 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.
Interest rate: 3% gross p.a. fixed
Monthly payment: £0-£250 (minimum opening balance is £100)
Miss any payments: Yes, miss as many as you like, no penalties
Penalty-free withdrawals: No withdrawals prior to maturity except for early closure which is subject to a 90 day interest penalty (and this can be taken from your capital balance if you have had the account for less than 90 days)
Age of applicant: 16 years or over
How to open account: Branch, phone or post
Special conditions: You must have been a member with a mortgage or savings account for 12 months. Open to any UK resident. Only allowed to have one of any type of Regular Saver account at a time with Cambridge BS.
Interest rate: 2.5% gross p.a. fixed
Monthly payment: £1-£200 (the month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month and standing orders are only processed Monday to Friday; if your standing order falls on a weekend or bank holiday your payment will be made on the next working day, and if this is the last day of the month your payment won’t reach this account until the following month)
Miss any payments: Yes, as many as you want 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 Santander 123 current account or be part of Santander Select or Private Banking, you must fund the account with a standing order from a Santander current account and you must be signed up for online or mobile banking. At the end of 12 months, Santander will automatically renew your Regular eSaver for another 12 months at the interest rate and on the Terms and Conditions applicable at that time and transfer the final balance at the end of the term (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.
Interest rate: 2% gross p.a. fixed
Monthly payment: £25-£125
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.
Allied Irish Banks Regular Saver
Interest rate: 1.5% gross p.a. variable from 27th July 2020
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 Allied Irish Banks. 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. 10_66 reports in a post on this thread on 29th June 2020 that AIB are not currently opening new savings accounts.
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 or post
Special conditions: You must live within 25 miles of the Society’s Head Office, postcode region ST1 5TB. 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.
Bath BS Homestart Regular Saver
Interest rate: 2.05% gross p.a. variable from 1st July 2022
Monthly payment: £50-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, you can make two withdrawal per calendar year
Age of applicant: Aged 18-34
How to open account: Branch or post
Special conditions: Maximum balance £57,000. Payments from other Bath BS accounts are not allowed.
Interest rate: 1.75% 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: To open this account, you need to download the Virgin Money Home Buying Coach app and apply using this. This account matures on 20th June 2023. Maximum total deposits £3,500. Customers can only have one Home Buying Coach Regular Saver at a time.
Interest rate: 1.5% gross p.a. variable from 1st June 2022
Monthly payment: £1-£1,000
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: Branch, online, post or telephone
Special conditions: The account matures after 36 months. You will also be eligible for a celebratory bonus of £500 if your account has been continuously open for at least 6 calendar months, it has been 5 years or less since the account was opened and you, or a member of your family, are a first time buyer who has completed on a mortgage with us in respect to a first residential home.
Monthly payment: £0-£1,500
Miss any payments: Miss as many payments as you wish
Penalty-free withdrawals: Yes, 3 per calendar year
Age of applicant: Aged 18 or over
How to open account: Branch or agency only
Special conditions: Maximum balance £25,000. You can only open this account if you do not own or have not previously owned a property. You can’t have more than one of this issue number of the First Home Steps Account in your name. On the fifth anniversary of opening the account, they will move your money to their Instant Access Account or the nearest equivalent we offer at the time. If you complete on a Principality Building Society residential mortgage on your first home in England or Wales and your First Home Steps Account has been open between 1 and 5 years, with at least the minimum balance, you may be eligible for a Celebratory Bonus of £500 (see your First Home Steps Account account terms). The Celebratory Bonus will be paid into your First Home Steps Account on completion of the mortgage.
Cumberland BS First Home Saver Account (Issue 2)
Interest rate: 1.3% gross p.a. variable from May 2022
Monthly payment: £10-£1,500
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, provided you give 90 days' notice (otherwise you lose 90 days' interest) or penalty free immediately if you are withdrawing money for a deposit on a home with a Cumberland BS mortgage
Age of applicant: Aged over 16
How to open account: Branch
Special conditions: Maximum balance £25,000. Payments from other Bath BS accounts are not allowed. You must be a first time home buyer, have a Cumberland BS current account and live in their operating area.
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 £1,500. This is a current account. You need to pay in £1,000 per month. Note that it is no longer possible to continue getting 2% on this account after 12 months by downgrading and upgrading the account.
Virgin Money M Plus 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. Linked savings account pays 1% interest on balances up to £25,000 and 0.5% on balances over £25,000.
Chase Saver Account
Paying 1.5% on up to £250,000 and can pay standing orders. Requires a current account with Chase and the current account pays 1% on certain debit card transactions.
Bank of Scotland Current Account with Vantage Option
Paying 0.6% AER from 1st October 2020 on any part of the balance from £1 to £3999.99, and 1.5% AER from 1st October 2020 on any part of the balance from £4000 to £5000. 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 0.6% AER from 1st October 2020 on any part of the balance from £1 to £3,999.99, and 1.5% AER from 1st October 2020 on any part of the balance from £4,000 to £5,000. No interest is paid on amounts over £5,000. Each year, you also get annual Gourmet Society membership or 6 Vue or Odeon cinema tickets, or 12 online movie rentals with Rakuten (one per month costing less than £5.49 each), or annual magazine subscription from a list of many printed or digital titles. You have to pay in £1,500 per month (or pay a £3 monthly fee) and pay out 2 direct debits per month.