Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

Special_Saver2 said:

Hi Folks,

I have just updated the first page of this thread. 

Many thanks to Kim_13 for finding the line in the account terms and conditions for the Progressive BS Online Regular Rainy Day Saver Account (Issue 2) showing that it is effectively a 12 month regular savings account. The interest rate along with the terms and conditions mean that it is not a good enough account to meet my criteria in the first post for inclusion on page 1 of this thread, so I have just removed it.

I cannot find anything else that has changed.

I will do the next update within the next 2 weeks.

SS2

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For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Stafford Railway BS has renamed itself The Stafford BS
Mansfield Bonus Regular Savings (8th Issue) is a two year account

WillPS

chris_the_bee said:

Mansfield Bonus Regular Savings (8th Issue) is a two year account

It's actually not got a fixed maturity at all, but the 'bonus' rate only lasts 12 months - after which it falls back to the underlying rate (presently 4%). To all intents and purposes it's a 12 month account, with the caveat that it'll need to be manually closed down after 12 months; they won't contact you to tell you it is maturing. (They might contact you to say the bonus rate is ending, I don't know.)

35har1old

Special_Saver2 said:

Hi Folks,

I have just updated the first page of this thread. 

Many thanks to Kim_13 for finding the line in the account terms and conditions for the Progressive BS Online Regular Rainy Day Saver Account (Issue 2) showing that it is effectively a 12 month regular savings account. The interest rate along with the terms and conditions mean that it is not a good enough account to meet my criteria in the first post for inclusion on page 1 of this thread, so I have just removed it.

I cannot find anything else that has changed.

I will do the next update within the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Market Harborough offering 6% fixed  rate to a date in Nov 25.
If searching by phone the regular saver isn't easily found 

WillPS

Market Harborough 6% (fixed), with credit to @35har1old above

https://mhbs.co.uk/my-membership/exclusive-products/fixed-term-regular-saver-1yr01/

• Save between £10 – £250 a month
• Annual interest paid on maturity
• You must make regular monthly deposits 
• Even with a penalty early withdrawals are not allowed (closure is not permitted either)
• Initial deposit must be received with 10 days of opening the account

Matures end of November 2025.

WillPS

Actually I'm not sure if the £3k limit applied across all MHBS accounts in one month or in total, the wording is a little unclear:

Customers may only have two Fixed Term Regular Saver accounts open at a time, either solely or jointly, with a combined maximum deposit of £250 per month not exceeding the maximum balance of £3,000.

The other uncompetitive account they offer has a monthly maximum of £3k, so I'm leaning towards this not being an overall limit. In which case I can't stop anything to stop the balance getting up to £3750 + interest (assuming £250 in each of the 15 calendar months between now and November 2025)

(with thanks in advance to whoever chirps in with "it's not unclear at all" or similar...)

CricketLady

Thank you for the heads up on Market Harborough 6%, it was a really simple process to open the account even though I don't think I've ever been to Market Harborough.

Bit confused about the bit that says “if more than one monthly payment is missed during a calendar year the account will be transferred to the easy access account and interest rate at that time…” - three monthly payments WILL be missed, September 2025, October 2025 and November 2025 (if month 1/12 is September and £250 is paid in on next 11 consecutive months, as the account maturity date is set to November 30th 2025).  If we’re not allowed to exceed £3000 so how does this work?

I can ask nearer the time, but anyone on here had experience of this before?

WillPS

CricketLady said:

Thank you for the heads up on Market Harborough 6%, it was a really simple process to open the account even though I don't think I've ever been to Market Harborough.

Bit confused about the bit that says “if more than one monthly payment is missed during a calendar year the account will be transferred to the easy access account and interest rate at that time…” - three monthly payments WILL be missed, September 2025, October 2025 and November 2025 (if month 1/12 is September and £250 is paid in on next 11 consecutive months, as the account maturity date is set to November 30th 2025).  If we’re not allowed to exceed £3000 so how does this work?

I can ask nearer the time, but anyone on here had experience of this before?

I think the £3000 is a monthly limit, not an overall one (see above).

If not, then I guess in order to stay within the rules you'd need to make your 12th payment £220 and then pay in £10 in months 13, 14 and 15. But I think this is further evidence that the £3k limit must be a monthly one.

Bigwheels1111

Just set mine up all went smoothly.

First payment made, can take 2 hours as goes via Barclays Bank.

I have set SO for 14 payments just in case, On the first of the month.

Will edit if things change.

WillPS

Aidanmc said:

WillPS said:

Market Harborough 6% (fixed), with credit to @35har1old above

https://mhbs.co.uk/my-membership/exclusive-products/fixed-term-regular-saver-1yr01/

• Save between £10 – £250 a month
• Annual interest paid on maturity
• You must make regular monthly deposits 
• Even with a penalty early withdrawals are not allowed (closure is not permitted either)
• Initial deposit must be received with 10 days of opening the account

Matures end of November 2025.

Seems only for UK Mainland residents

That's a bit of a weird stipulation, as it'd imply residents of the Isle of Wight and the Scottish islands couldn't apply (otherwise they'd say 'GB resident', surely?). Either way presumably NI residents are out of luck on this one unfortunately.

t1redmonkey

WillPS said:

Market Harborough 6% (fixed), with credit to @35har1old above

https://mhbs.co.uk/my-membership/exclusive-products/fixed-term-regular-saver-1yr01/

• Save between £10 – £250 a month
• Annual interest paid on maturity
• You must make regular monthly deposits 
• Even with a penalty early withdrawals are not allowed (closure is not permitted either)
• Initial deposit must be received with 10 days of opening the account

Matures end of November 2025.

Thanks, applied and opened relatively easily.