Regular Savings Accounts: The Best Currently Available List!
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Special_Saver2
Posts: 1,407 Forumite
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 adding accounts where the interest rate is 5% or better, or 4.5% if the account has favourable conditions (e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years) and any accounts already on the list that do not increase their rates to meet these criteria by early August will then be removed.
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 takes you to the post after the last one you've read (or the latest post if you've read all of them) then use this:
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest
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:
An Archived List Of Regular Saver Terms And Conditions
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 adding accounts where the interest rate is 5% or better, or 4.5% if the account has favourable conditions (e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years) and any accounts already on the list that do not increase their rates to meet these criteria by early August will then be removed.
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 takes you to the post after the last one you've read (or the latest post if you've read all of them) then use this:
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest
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:
An Archived List Of Regular Saver Terms And Conditions
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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Comments
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2. No Time Limit / Account Maturity Date
Accounts available to all UK residents
Stafford Railway BS Regular Saver (Issue 1)
Interest rate: 5.15% gross p.a. variable from 1st October 2023
Monthly payment: £25-£1,000
Miss any payments: Yes, as long as you do not miss payments three payments in one Society year
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, online or post
Special conditions: Maximum balance £100,000. Deposits to this account must come from your nominated bank account via standing order. Currently only available to people who live in Staffordshire. Check their website to see whether the account is open to all UK residents or locals only (they keep changing this rule). Sometimes you will see this: "You must live within one of the following postcodes ST14, ST15, ST16, ST17, ST18, ST19, ST20, ST21 and WS7, WS11, WS12, WS13, WS15."
Interest rate: 4.5% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £10-£500
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: All withdrawals are subject to 30 days' notice
Age of applicant: Age 16 and over
How to open account: Online only
Special conditions: The overall maximum for this account must not exceed £50,000. The account can be added to as long as the account remains available and your total savings with Mansfield BS do not exceed £400,000 regardless of whether the account is held in single or joint names.
Accounts available to UK residents, children only and branch only
Principality BS Gift Saver
Interest rate: 4.6% gross p.a. variable (this rate first noted 11th September 2023)
Monthly payment: £1-£150
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: Under 18 years old
How to open account: Branch only
Special conditions: Maximum balance £20,000.
Accounts only for people who live locally or existing membersInterest rate: 5.25% gross p.a. variable from 1st October 2023
Monthly payment: £0-£500
Miss any payments: Miss as many payments as you wish
Penalty-free withdrawals: A maximum of 3 withdrawals can be made per year (from opening date to anniversary)Age of applicant: Aged 16 or over
How to open account: Branch, online or post
Special conditions: Maximum balance £50,000. To be eligible for this account, you must be either an existing customer who has continuously held a Leek Building Society product for a minimum of 12 months, or a new customer resident in the following postcode areas: CW – Cheshire, SK – Cheshire, DE – Derbyshire, TF – Shropshire, ST – Staffordshire, WS15 – Staffordshire.
Accounts only for people who live locally or existing members, children only
Interest rate: 4.75% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
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: Branch or post
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.19 -
3. Matures After More Than 12 Months
Accounts available to all UK residents
Interest rate: 5.25% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £10-£500
Miss any payments: Can miss one monthly payment
Penalty-free withdrawals: As many as you want but you have to provide 30 days' notice in writing, by telephone or in branch. Withdrawals are by cash (up to £500 per day) or by cheque.
Age of applicant: Aged 13 years old or older
How to open account: Branch or post
Special conditions: The account matures after 24 months.
Interest rate: 5.25% gross p.a. variable from February 2024
Monthly payment: £0-£250
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: One withdrawal per calendar year (including account closure) without notice or loss of interest, subject to the minimum balance of £100 being maintained
Age of applicant: Aged 18 or over
How to open account: Branch, online or post
Special conditions: Account matures 31st March 2026. The maximum monthly deposit is £250 per month up to a maximum balance at the end of the term of £6,000, plus accrued interest credited to the account.
Accounts available to all UK residents but has to be opened in branch
No accounts currently in this category.Accounts available to UK residents, children only
Coventry BS Young Saver
Interest rate: 5.25% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £1-£200
Miss any payments: Yes, you can miss as many as you like
Penalty-free withdrawals: As many as you like
Age of applicant: Aged 7 - 17
How to open account: Branch only
Special conditions: When the account holder becomes 18 years old, the money in the Young Saver account will be transferred to a Coventry Building Society Easy Access Saver account for adults, unless you tell them you want to transfer the money somewhere else. You will be sent a reminder and full details nearer the time..
Interest rate: 4.7% gross p.a. variable (new interest rate first noted by me on 8th July 2023)
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.
Accounts only for people who live locally or existing members
Bath BS 16-25 Regular Saver
Interest rate: 7.49% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
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)Special conditions: Applicants must be able to provide evidence that they live, work or study in Bath. Maximum balance £7,000 (any balance above this level will not earn any interest). Only one Regular Saver can be opened by any individual at one time. On reaching the age of 26 the account automatically transfers into an Instant Access account. Customers will be contacted at least 14 days before this date and provided with re-investment options and details of the current terms and interest rate of the Instant Access account.
Interest rate: 6% gross p.a. variable (this interest rate first noted by me on 8th July 2023)
Monthly payment: £1-£300
Miss any payments: Can miss three payments per calendar year
Penalty-free withdrawals: Three per calendar year
Age of applicant: Not specified
How to open account: Branch or post
Special conditions: The account matures after 36 months. Available only to existing members or people who live in Cumbria, Northumberland, Tyne & Wear, County Durham, Lancashire and Yorkshire.18 -
4. Matures After 12 Months
Accounts available to all UK residents
Interest rate: 6% gross p.a. variable from 26th October 2023
Monthly payment: £0-£500
Miss any payments: Miss as many as you wish
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: At least 18 years old
How to open account: Branch or online
Special conditions: You can continue to save into this account after 12 months but the balance that will earn this interest rate will reset to £500 per month of new deposits (existing deposits within the first 12 months will then earn a lower interest rate).
Interest rate: 6% gross p.a. fixed
Monthly payment: £10-£250
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: No withdrawals or early closure allowed
Age of applicant: Age not specified
How to open account: Branch or online (but if opening online you must be an existing customer or live in one of their branch postcode areas (B, DY, WV, WS and SY)
Interest rate: 6% gross p.a. variable
Monthly payment: £0-£50
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: You can take money out up to three times every calendar year. You can close the account at any time but closure counts as a withdrawal
Age of applicant: Age 16 or over
How to open account: Branch or online
Special conditions: The maximum amount you can deposit over the 12 months is £600.
Interest rate: 5.75% gross p.a. variable from 22nd February 2024
Monthly payment: £0-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: One withdrawal day during the 12 month period plus account closure at any time
Age of applicant: Aged 16 or over
How to open account: Online only for this product but there is also a branch based equivalent product
Special conditions: You must have an open account (Savings or Mortgage) with Yorkshire Building Society for at least 12 continuous and consecutive months prior to the date of application and already be registered for online access. Chelsea Building Society, Norwich & Peterborough Building Society and YBS Share Plan account holders will not be eligible to open a Loyalty Regular eSaver but can open the branch based Loyalty Regular Saver as an alternative, subject to having an open account (Savings or Mortgage) with them for at least 12 continuous and consecutive months prior to the date of application. You can only hold one Loyalty Regular eSaver or Loyalty Regular Saver account in your name. For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account. The maximum balance (excluding interest) is £3,000 at the end of the 1 year term.
Interest rate: 5.75% gross p.a. variable from 15th August 2023
Monthly payment: £1-£50
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, one per month
Age of applicant: At least 16 years old
How to open account: Branch, online or post
Special conditions: 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: 5.5% gross p.a. fixed
Monthly payment: £0-£250
Miss any payments: Yes, as many as you wish
Penalty-free withdrawals: Penalty-free account closure allowed but otherwise no withdrawals until account maturity
Age of applicant: Age 16 or overHow to open account: Branch or online
Special conditions: Maximum deposits £3,000 in total.
Interest rate: 5.5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: No withdrawals except for account closure
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: They will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account and your Regular Saver will renew for another 12 months.
Interest rate: 5.3% gross p.a. variable from November 2023 (note this is an expected profit rate from a Sharia bank)
Monthly payment: £0-£300
Miss any payments: Miss as many as you wish
Penalty-free withdrawals: No withdrawals until account maturity.
Age of applicant: At least 18 years old
How to open account: Online
Special conditions: Only one regular saver account allowed per person, which does not make it clear if you can hold issues 1 and 2 accounts at the same time but forum users on pages 1233 and 1234 report they have been able to do this.
Interest rate: 5.25% gross p.a. variable from November 2023
Monthly payment: £0-£300
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, miss as many as you like
Age of applicant: Aged 18 or over
How to open account: Online only
Interest rate: 5.25% gross p.a. variable from 7th July 2023
Monthly payment: £0-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: On two days per year based on the anniversary of the account opening date
Age of applicant: Aged 16 or over
How to open account: Online only
Special conditions: You can only hold one Regular e-Saver or Regular Saver account in your name. For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account. The maximum balance (excluding interest) is £3,000 at the end of the 1 year term.
Interest rate: 5.15% gross p.a. variable from February 2024
Monthly payment: £0-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: No withdrawals or early closure are allowed within the fixed term, except in the event of the death of the account holder
Age of applicant: Aged 18 or over
How to open account: Branch or post
Special conditions: Account matures on 31st March 2025. Only one Regular Saver and one Seasonal Saver can be held in any 12 month rolling period.
Interest rate: 5% gross p.a. variable (this interest rate first noted on 22nd December 2023)
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 overHow to open account: Branch, online or telephone.
Special conditions: Payment has to be made in line with the account opening date, e.g. if you opened the account on 25th January then you would have to make your first deposit between 25th January and 24th February and your second month would start on 25th February. You can only have one version of a regular saver account at a time.
Loughborough BS One Year Fixed Rate Monthly Saver
Interest rate: 5% gross p.a. fixed
Monthly payment: £1-£500
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: No withdrawals or early account closure allowed except in the event of death of the account holder
Age of applicant: Age 16 years old or older
How to open account: Branch or postAccounts available to UK residents, children only
Interest rate: 5.5% 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)Special conditions: You can only open one account per child. Karlie88 reports in post 1749 that it is possible to make 13 payments.Accounts only for people who live locally or existing membersAccounts available to UK residents but needs to be opened in branch
Interest rate: 5.25% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £0-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: On two days per year based on the anniversary of the account opening date
Age of applicant: Aged 11 and over (for under 11s account to be opened in trust)
How to open account: Branch only
Special conditions: You can only hold one Regular e-Saver or Regular Saver account in your name. For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account. The maximum balance (excluding interest) is £3,000 at the end of the 1 year term.
Kent Reliance Regular Savings Account (Issue 12)
Interest rate: 5.1% gross p.a. variable from 21st February 2024
Monthly payment: £1-£500
Miss any payments: No
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: No stated age limits
How to open account: Branch only
Interest rate: 7% gross p.a. fixed
Monthly payment: £0-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: No withdrawals except for account closure
Age of applicant: Aged 16 and over
How to open account: Branch, online, post or telephone
Special conditions: You need to hold a continuous membership with Skipton Building Society (a Savings Share account or a Mortgage) starting on or before 11th January 2024 with a minimum balance of £1. Any unused monthly allowances can be rolled over to future months, up to a maximum of £3,000 over the 12-month term. Joint accounts are not allowed. You can only hold one Member Regular Saver account (either a Member Regular Saver or a Branch Member Regular Saver) in your name at any one time.
Interest rate: 6.75% gross p.a. variable (this interest rate first noted on 15th March 2024)
Monthly payment: £1-£250
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 overHow to open account: Branch, online or telephone or post
Special conditions: Payment has to be made in line with the account opening date, e.g. if you opened the account on 25th January then you would have to make your first deposit between 25th January and 24th February and your second month would start on 25th February. You can only have one version of a regular saver account at a time. To be able to open this account, you’ll need to have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 1 January 2023 or earlier. If you already hold the first version of this account, you cannot open this account.
Interest rate: 6.1% gross p.a. variable (this interest rate first noted by me on 14th January 2024)
Monthly payment: £10-£250
Miss any payments: Miss two per year
Penalty-free withdrawals: Two withdrawals per calendar year, if you make a 3rd withdrawal (including account closure after the two free withdrawals) then you will pay a penalty equivalent to 90 days' interest
Age of applicant: Age 16 or over
How to open account: Branch or post
Special conditions: Only for people who live in Nottinghamshire, Derbyshire or South Yorkshire or existing members who have a minimum of 1 years continuous membership.
The Cambridge BS Extra Reward Regular Saver (Issue 2)
Interest rate: 6% gross p.a. fixed
Monthly payment: £0-£300
Miss any payments: Miss as many as you like
Penalty-free withdrawals: Withdrawals are not permitted during the fixed rate term. Closure is allowed subject to a 90 day interest penalty fee. This will be taken from your capital balance if you have not built up enough interest at the time of closure.
Age of applicant: Age 16 or over
How to open account: Branch, phone or post
Special conditions: Only for people who have held a savings or mortgage account with The Cambridge BS for at least three years. You may only hold one Regular Saver account with the Society at any one time; this includes their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver accounts.
Interest rate: 5.25% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £1-£500
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, whenever you wish
Age of applicant: Aged 16 and over
How to open account: Branch, online or post
Special conditions: 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. To open this account, you must have held a savings or mortgage account with Saffron for 12 months. Alternatively you must have been a signatory, Power of Attorney or Court of Protection with Saffron for at least 12 months.
The Cambridge BS Reward Regular Saver (Issue 3)
Interest rate: 5% gross p.a. fixed
Monthly payment: £0-£300
Miss any payments: Miss as many as you like
Penalty-free withdrawals: Withdrawals are not permitted during the fixed rate term. Closure is allowed subject to a 90 day interest penalty fee. This will be taken from your capital balance if you have not built up enough interest at the time of closure.
Age of applicant: Age 16 or over
How to open account: Branch, phone or post
Special conditions: Only for people who have held a savings or mortgage account with The Cambridge BS for at least 12 months. You may only hold one Regular Saver account with the Society at any one time; this includes their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver accounts.22 -
Reserved for future use15
-
5. Matures After More Than 12 Months, Requires Another Account
Accounts available to all UK residents
Interest rate: 6% gross p.a. (6.17% AER) variable up to £5,000 then 1.75% above £5,000 (this interest rate first noted by me on 11th September 2023)
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: 6% gross p.a. (6.17% AER) variable up to £5,000 then 1.75% above £5,000 (this interest rate first noted by me on 11th September 2023)
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.
Accounts only for people who live locally or existing members
No accounts in this category at the moment.21 -
6. Matures After 12 Months, Requires Another Account
Accounts available to all UK residents
Interest rate: 7% 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.
Co-operative Bank Regular Saver
Interest rate: 7% gross p.a. variable
Monthly payment: £0-£250
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Aged 16 or over
How to open account: Branch or online
Special conditions: You must already have a Co-operative Bank current account. To keep the account open, you must pay in at least £1 within 30 days of it being opened. The 12 month term will start from the date they accept your first deposit.
Nationwide BS Flex Regular Saver (Issue 3)
Interest rate: 6.5% gross p.a. variable from February 2024
Monthly payment: £0-£200
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Three penalty-free withdrawals
Age of applicant: At least 16 years old
How to open account: Online only
Special conditions: Only available to Nationwide current account holders. You can only be named on one Flex Regular Saver product at any time (of any Issue).
Interest rate: 6.25% gross p.a. fixed
Monthly payment: £25-£400
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Club Lloyds account. There is nothing to stop you having this account and a Lloyds Monthly Saver at the same time (and many MSE Forum Users have both accounts). You can only open one Club Lloyds Monthly Saver every 12 months. If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.
Interest rate: 6% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Aged 16 years or over
How to open account: Branch or online
Special conditions: You must have a TSB current account. The maximum amount you can pay into this account is £3,000. If you close your Monthly Saver before the end of the 12 month term, you won't be able to open another account before the first anniversary of this account.
Interest rate: 5.5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, but any missed payments cannot be made up at a later date
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Bank of Scotland current account. If you close the account early, you won’t be able to open another one until a year after you opened the account.
Interest rate: 5.25% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Lloyds current account. There is nothing to stop you having this account and a Club Lloyds Monthly Saver at the same time (and many MSE Forum Users have both accounts). You can only open one Lloyds Monthly Saver every 12 months. If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.
Interest rate: 5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: No
Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Flexible Saver Account interest rate
Age of applicant: Not stated
How to open account: Online or by telephone
Special conditions: 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 £300 per month. You must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which you must maintain for the 12 month duration.
Interest rate: 5% gross p.a. fixed
Monthly payment: £0-£200
Miss any payments: Yes, you can miss as many as you wish
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Aged 16 or over
How to open account: Branch or online
Special conditions: You must fund this account from a Santander current account (excluding 1|2|3 Mini In Trust) and you must be signed up for Online or Mobile Banking. You must not already have a Regular eSaver account. The amount you deposit can vary each month, provided the monthly limit isn’t exceeded. Your 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. 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, if this is the last day of the month your payment won’t reach this account until the following month. If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to change your account into an Everyday Saver. If you have paid into your Regular eSaver by standing order from your Santander current account (including one in joint names) that continues on beyond maturity, they 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. Alternatively, if you don't have a standing order in place when your Regular eSaver matures, Santander will transfer your final balance including interest earned to an Everyday Saver account. They will contact you with more details, together with your new interest rate, closer to your maturity date.Accounts only for people who live locally or existing members
Interest rate: 5.25% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
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.
16 -
7. Matures After Less Than 12 Months
Accounts available to all UK residentsNo accounts in this category at the moment.
Accounts only for people who live locally or existing membersNo accounts in this category at the moment.12 -
8. Homebuyer Accounts
Accounts available to all UK residents
Leeds BS Home Deposit Saver
Interest rate: 5.15% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £0-£500
Miss any payments: No stated penalties for missing any payments
Penalty-free withdrawals: One withdrawal per calendar year (this does not include closure) without notice or loss of interest, subject to the minimum balance of £100 being maintained
Age of applicant: Aged 18 or older
How to open account: Branch or post
Special conditions: Maximum balance £30,000 plus accrued interest. There is a £500 bonus if you take out a residential mortgage subject to certain conditions (see website for more details). You can open one of these accounts and also a Regular Saver account - verified by forum members on page 748 of this thread.
Coventry BS First Home Saver (Issue 2)
Interest rate: 5.05% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
Monthly payment: £1-£1,000
Miss any payments: No stated penalties for missing any payments
Penalty-free withdrawals: You need to give 60 days' notice or have a 60 days' interest penalty for immediate withdrawals
Age of applicant: Aged 16 or older
How to open account: Branch, online, post or telephone
Special conditions: This account lasts for 36 months. They calculate the interest daily and pay it annually, on the anniversary of the date you opened the account. 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 Coventry BS in respect to a first residential home. For more information on this, please refer to the Specific Terms of this account.
Yorkshire BS First Home eSaver
Interest rate: 5% gross p.a. variable (this interest rate first noted in March 2024)
Monthly payment: £0-£500
Miss any payments: No stated penalties for missing any payments
Penalty-free withdrawals: The First Home eSaver account allows you unlimited number of withdrawals from your account on one day per account year based on the anniversary of the account opening date. If required you can close your account even if you have used your withdrawal day.
Age of applicant: Aged 16 or older
How to open account: Online (and presumably in branch for the Home Saver account)
Special conditions: Matures after 2 years. You can only hold one First Home eSaver or First Home Saver account in your name. For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account. You can only hold a First Home eSaver account if you are saving towards owning your first home.
Bath BS Homestart Regular Saver
Interest rate: 4.89% gross p.a. variable (this interest rate first noted by me on 11th September 2023)
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.Principality BS First Home Steps Savings Account (Issue 4) or Principality BS First Home Steps Online Savings Account (Issue 3)Interest rate: 5.25% gross p.a. variable from 26th October 2023
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, or online only depending which of the above accounts you select
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.
Accounts only for people who live locally or existing members
No accounts in this category at the moment.12 -
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.
Accounts available to all UK residents
Nationwide FlexDirect Account
Paying 5% fixed for 12 months on £1,500 (and then 1% interest) from 1st July 2023. 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.
Kroo Current Account
Paying 4.35% AER (4.26% gross) variable on up to £85,000 (this interest rate first noted by me on 11th September 2023).
Chase Saver Account
Paying 4.1% AER (4.02% gross) variable (this interest rate first noted by me on 11th September 2023). MSE forum members report you can pay standing orders and direct debits from this account, and that standing orders work over the weekend.
Accounts only for people who live locally or existing members
No accounts in this category at the moment.
36 -
You deserve an Oscar for all the additional work that the new forum has put you to, thank you.33
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