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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,175Posts
    • 4,934Thanks
    Special_Saver2
    Regular Saver Thread **New and Restarted**
    • #1
    • 27th Nov 07, 9:33 PM
    Regular Saver Thread **New and Restarted** 27th Nov 07 at 9:33 PM
    1. Introduction

    Welcome to this thread. I continually edit the first few posts of this thread to keep it up-to-date. This thread is meant to complement Martin Lewis' article which you can read here: Regular Savings Accounts and the accompanying discussion thread Regularly Beat the Best Savings Account Rates Discussion Area

    I am happy for people to use this thread to discuss the regular savings accounts on this list. If people want to discuss one of the feeder accounts or a maturing account that is no longer on this list, I am happy for people to post something on this thread (as it may be of interest to some of the people who follow this thread), although I would prefer they start a new thread and then post a message on this thread with a link to the new thread.

    I am only including accounts where the interest rate is 2.5% or better, or 1.5% if there are particularly favourable terms and conditions (e.g. fixed rate, no maturity date, allow payment of 500 or more per month, or have unlimited withdrawals without penalty).

    I have not included regular saver ISA accounts which you can find in Kazza242's thread here: Mini Cash ISAs: The Best ISAs Currently Available List

    I have included children's regular savers but I would strongly recommend that you read the section about the tax implications
    for interest from children's accounts in Martin's article Best Child Savings.

    If you are not sure whether the best place for your money is in a regular savings account or another type of savings account then look at Martin's article How to Start Saving. If you want to see a worked example of how to use these accounts to save the maximum possible, see the thread What is the Highest Interest Rate You Can Get?

    If you have information about a new regular saver account then please feel free to post a message on this thread or you can write a separate thread and then post a link here. Please try and limit discussion on this thread to regular savings accounts.

    If you want to bookmark a link that allows you to jump straight to the end of this thread then use this: http://forums.moneysavingexpert.com/showthread.php?t=5776240&page=9999

    If you want to receive automatic alerts when new posts are added to this thread then use the following instructions. Login, go to the top of any page in this thread, click "Thread tools" then click on "Subscribe to this thread" and then select whether you want to be notified as soon as there is a new post (you will receive an e-mail telling you to go to the website for more details) or select daily or weekly updates (you will receive an e-mail daily / weekly with a handy summary of all the new posts).

    You may also be interested in the following threads:
    How can regular savings accounts offer such good interest rates?
    Are Regular Savers still worth it? (Calculations and discussion regarding drip feeding lump sums into regular savings accounts)
    Is there a best time of the month to deposit in Regular Savers?
    Transfers from Barclays to regular savings accounts
    Interest on BACS credits
    Direct Debit Payments
    A-Z of bank/building society sort codes/account nos
    Account opening date and 13th payments

    Websites with useful information include:
    Moneyfacts.co.uk News Page
    Moneyfacts.co.uk Regular Savings Accounts Page

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

    Moneyfacts.co.uk Children's Savings Accounts Page
    Moneysupermarket.com Regular Savings Accounts Page

    (you need to choose the right hand option on that page to view all regular savings accounts)
    Savings Champion Regular Savings Account Page

    Thanks to numerous forum users
    for their contributions (useful posts either directly on this thread or on another thread that I have then incorporated here).

    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.
    Last edited by Special_Saver2; 05-08-2018 at 10:24 PM.
Page 140
    • Snapdragon
    • By Snapdragon 15th Sep 19, 4:51 PM
    • 236 Posts
    • 150 Thanks
    Snapdragon
    You don't need access to Co-op to set DDs up...you set them up with the DD originator.

    The account wouldn't be empty though, would it?...you'd send a tenner or whatever to the sort code and account number you already have first before initiating the switch.
    Originally posted by YorkshireBoy
    True, thanks. I think I'm letting my frustration with the co-op get the better of my usual common sense! I could go ahead and put some money in the co-op account and even set up the DD's I'd been intending to set up. I just don't like the idea of not being able to 'see' if it got there, if they are set up etc. I have numerous bank accounts and have switched for bonuses before and this co-op one has been the worst experience ever

    Think I'll hold-out a while longer and see if the co-op bother acknowledging my complaint about the online registration issues or even try to rectify them, then decide whether I stick with it.
    • Poor Leno
    • By Poor Leno 16th Sep 19, 12:35 AM
    • 41 Posts
    • 55 Thanks
    Poor Leno
    The co-op is an ok account. I had started using it as my main account, but having seen the Barclays one, i'm using that instead and just keeping the co-op one going for the 4 month. I also make 30 purchases of 1 for my NS&I direct saver using the co-op debit card which effectively gives me 5% interest on that small investment. I disagree with MSE's stated advice that the 'bonus' is not worth going for. It is if you utilise the debit card on 'purchases' which go straight back in your pocket.
    Last edited by Poor Leno; 16-09-2019 at 12:43 AM.
    • Fingerbobs
    • By Fingerbobs 16th Sep 19, 9:49 AM
    • 778 Posts
    • 316 Thanks
    Fingerbobs
    My Saffron RS is ending next month, and I received the notification email informing me that I can select my maturity instructions online.

    However, the only option I am presented with is to transfer the entire balance at maturity into a new Regular Saver. I can't do anything else, so this is what I've selected, but surely that can't possibly work can it?
    Originally posted by Fingerbobs

    It's fixed for me now, as per their response to my Secure Message, quoted below.


    ...as the society have had a system update which has affected some nominated bank accounts being able to be viewed by the customer, when you next log in and go to set your maturity options you should now see this as an option as well as opening a new 12 Month Fixed Rate Regular Saver if this is what you were looking to do.
    ...the society will also be emailing all customers affected by this.
    • JamesRobinson48
    • By JamesRobinson48 16th Sep 19, 5:16 PM
    • 82 Posts
    • 283 Thanks
    JamesRobinson48
    Loughborough BS RSA withdrawn
    Today this BS withdrew its attractive "Save to Buy" RSA (paying 3.00%), for new applications.

    Separately, they still have a 2.00% RSA product.
    • Poor Leno
    • By Poor Leno 16th Sep 19, 8:40 PM
    • 41 Posts
    • 55 Thanks
    Poor Leno
    Are you be able to do 30 purchases in one day or to spread it over several days ?

    Also how much time approximately needed to complete the 30 transactions ? Thanks
    Originally posted by adindas
    I did 10 one day, then another 10 the next, and then 10 the day after. Pretty sure you could do all 30 at once if you wanted. As for time, it was super quick, I completed 10 transactions in about 4 to 5 minutes. Copy/pasted the 16 digit card number which made the process speedier, CVV and expiry being more memorable/easy to type. tI'll try all 30 in one sitting next month and time it, for sure I reckon I could do it in under 15 minutes.

    Was so much easier than the hassle I had with my post office account that I was trying to do the same thing with. Generally, out of about 10 attempts with the post office account about 7 of them (sometimes even more) would return the "technical difficulties" message. Which is utterly frustrating when you just want to complete a task like that quickly.

    So yeah, I do recommend the NS&I direct saver, its perfect for being able to max out the co-op reward and yes they do appear as a purchase on your co-op statement. The payment process is very smooth from my experience - which I suppose it should be since its backed by HM treasury.

    The direct saver is here : https://www.nsandi.com/direct-saver
    Only took me about 5 minutes or so to get the account open.
    Last edited by Poor Leno; 16-09-2019 at 8:51 PM.
    • adindas
    • By adindas 16th Sep 19, 9:15 PM
    • 4,169 Posts
    • 2,638 Thanks
    adindas
    I did 10 one day, then another 10 the next, and then 10 the day after. Pretty sure you could do all 30 at once if you wanted. As for time, it was super quick, I completed 10 transactions in about 4 to 5 minutes. Copy/pasted the 16 digit card number which made the process speedier, CVV and expiry being more memorable/easy to type. tI'll try all 30 in one sitting next month and time it, for sure I reckon I could do it in under 15 minutes.

    Was so much easier than the hassle I had with my post office account that I was trying to do the same thing with. Generally, out of about 10 attempts with the post office account about 7 of them (sometimes even more) would return the "technical difficulties" message. Which is utterly frustrating when you just want to complete a task like that quickly.

    So yeah, I do recommend the NS&I direct saver, its perfect for being able to max out the co-op reward and yes they do appear as a purchase on your co-op statement. The payment process is very smooth from my experience - which I suppose it should be since its backed by HM treasury.

    The direct saver is here : https://www.nsandi.com/direct-saver
    Only took me about 5 minutes or so to get the account open.
    Originally posted by Poor Leno
    The problem here is that because you will need to use a debit card for payment so you will have to do it manually.

    That is huge amount of work just to get 5p per transaction
    • Poor Leno
    • By Poor Leno 16th Sep 19, 11:50 PM
    • 41 Posts
    • 55 Thanks
    Poor Leno
    Well, it wasn't for me but I get what you're saying. Literally, all it took was the amount +copy/paste 16 digit number + CVV + expiry. Its not even 30 seconds per transaction.

    It depends which way you want to look at it really. I know people who spend more time filling in a "qualifying" survey in order to take a full' survey on sites and gain nothing for it. I just keep it in my head that those 30 transactions are worth 5% interest. If you don't have a speedy hand to complete the transactions in a timely manner then I totally get why you wouldn't be bothered to do it tho!
    Last edited by Poor Leno; 16-09-2019 at 11:56 PM.
    • JamesRobinson48
    • By JamesRobinson48 17th Sep 19, 8:18 AM
    • 82 Posts
    • 283 Thanks
    JamesRobinson48
    I also make 30 purchases of 1 for my NS&I direct saver using the co-op debit card ... I'll try all 30 in one sitting next month and time it, for sure I reckon I could do it in under 15 minutes.
    Originally posted by Poor Leno
    Of course, it's your call if you think this is time well spent to make 1.50. But, please be aware that NS&I must pay the co-op a fee for those debit card transactions (that's why co-op bungs you the 5p), and that numerous 1 transactions in a few minutes would look suspicious to the respective Compliance departments. That's risking you some hassle, which might turn out to outweigh the 1.50.

    Also, I'll respectfully mention that this thread is about Regular Saver Accounts, not debit card cashback.
    • Ken68
    • By Ken68 17th Sep 19, 11:56 AM
    • 6,526 Posts
    • 4,161 Thanks
    Ken68
    Today this BS withdrew its attractive "Save to Buy" RSA (paying 3.00%), for new applications.

    Separately, they still have a 2.00% RSA product.
    Originally posted by JamesRobinson48
    Thank you James.....Just made it....posted Friday, ID with account number received back today.
    • david78
    • By david78 17th Sep 19, 5:35 PM
    • 1,637 Posts
    • 615 Thanks
    david78
    The normal pattern is about two months from the last one. The i18 was launched on early August 2019, so people should expect to see the i20 to be launched in early October 2019.

    Does anone have any info from VM personel about the VM RS i19 ?
    Originally posted by adindas

    I was in the store on Saturday to open issue 18 (I know I was a month plus some days late). I was told that issue 19 "should" be available to open on 1st October. But I am not sure the branch staff have any definite information.
    • surreysaver
    • By surreysaver 18th Sep 19, 7:09 PM
    • 2,900 Posts
    • 1,605 Thanks
    surreysaver
    Hi Folks,

    I cannot find the Monmouthshire BS 150th birthday regular saver bond on their website so I am going to leave it off the list on page 1 but thanks for letting us know about it. I have the Celebration Regular Saver Bond on the list.


    I cannot see anything else that has changed for this weekend's update.

    I will do the next update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    Originally posted by Special_Saver2
    I popped into my most convenient branch of Monmouthshire today to open the 2.5 % and Celebration 3% Regular Savers. I enquired about this other one, and they told me it had only been available for two weeks and was withdrawn last weekend. So perhaps it was very limited issue and not even advertised!
    I consider myself to be a male feminist. Is that allowed?
    • adindas
    • By adindas 18th Sep 19, 11:19 PM
    • 4,169 Posts
    • 2,638 Thanks
    adindas
    I popped into my most convenient branch of Monmouthshire today to open the 2.5 % and Celebration 3% Regular Savers. I enquired about this other one, and they told me it had only been available for two weeks and was withdrawn last weekend. So perhaps it was very limited issue and not even advertised!
    Originally posted by surreysaver
    Just want to inform people. If you are already a member of society, you could apply for 2.5% monhly saver (not celebration 3% Regular Savers) by post.

    Just send them a secure message from your online banking and they will send you a application form by post for you to complete.
    Last edited by adindas; 19-09-2019 at 8:12 AM.
    • schiff
    • By schiff 18th Sep 19, 11:27 PM
    • 18,697 Posts
    • 10,094 Thanks
    schiff
    Just want to inform people. If you are already a member of society, you could apply for a 2.5% monthly saver Celebration 3% Regular Savers) by post.

    Just send them a secure message from your online banking and they will send you a application form by post for you to complete.
    Originally posted by adindas
    Post 2757
    • soulsaver
    • By soulsaver 19th Sep 19, 12:14 AM
    • 2,494 Posts
    • 1,241 Thanks
    soulsaver
    Post 2757
    Originally posted by schiff
    And I said I'd ask, and feed back:

    17/09/19

    "Dear S. Saver
    Thank you for your recent enquiry. I have sent an Application Form for the 'Regular Saver Bond (Issue 3) @ 2.5%' via post to your home address.

    Regards
    MBS"


    So ta muchly as they say far up north ..
    • surreysaver
    • By surreysaver 19th Sep 19, 6:47 AM
    • 2,900 Posts
    • 1,605 Thanks
    surreysaver
    Just want to inform people. If you are already a member of society, you could apply for e 2.5% monhly saver (elebration 3% Regular Savers) by post.

    Just send them a secure message from your online banking ans they will send you a applicaiton form by post for you to complete.
    Originally posted by adindas
    I wanted to get my Learner Earner from the Principality too while I was there...
    I consider myself to be a male feminist. Is that allowed?
    • Special_Saver2
    • By Special_Saver2 21st Sep 19, 9:59 AM
    • 1,175 Posts
    • 4,934 Thanks
    Special_Saver2
    Hi Everybody,

    I cannot see anything else that has changed for this weekend's update.

    I will do the next update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    • takke
    • By takke 21st Sep 19, 5:35 PM
    • 6 Posts
    • 4 Thanks
    takke
    Saffron BS 12 Month Fixed Rate Regular Saver (Issue 4) cannot be opened online, even for customers with an online account. In addition, it requires certified ID to be sent, again even for customers who already have an online account.
    • adindas
    • By adindas 21st Sep 19, 7:25 PM
    • 4,169 Posts
    • 2,638 Thanks
    adindas
    Saffron BS 12 Month Fixed Rate Regular Saver (Issue 4) cannot be opened online, even for customers with an online account. In addition, it requires certified ID to be sent, again even for customers who already have an online account.
    Originally posted by takke
    ID, documents certification is still doable as long as they do not limit it to Solicitor or Bank Officials. Bank officials will not certify document for their competitors. Solicitors will normally ask you 15 per signature. I have seen some solicitors are even asking 50.

    Even the UK Gov itself accepts varieties of professionals who could countersigning passport.
    https://www.gov.uk/countersigning-passport-applications/print

    Earl Shilton BS, Scottish BS for instance they were asking me the certified copies of my IDs, documents from solicitor or Bank Officials to complete my application. Particularly Scottish BS I used to have a saving AC with them a few years and they were still asking me the certified copies. Not to mention I ignored them.

    Unfortunately, some banks, BS are still living in the stone age.
    Last edited by adindas; 21-09-2019 at 9:21 PM.
    • JamesRobinson48
    • By JamesRobinson48 22nd Sep 19, 10:24 AM
    • 82 Posts
    • 283 Thanks
    JamesRobinson48
    Scottish BS for instance they were asking me the certified copies of my IDs, documents from solicitor or Bank Officials to complete my application. Particularly Scottish BS I used to have a saving AC with them a few years and they were still asking me the certified copies. Not to mention I ignored them.[/FONT]
    Originally posted by adindas
    I recently opened a Scottish BS RSA by post. I sent them originals of an HMRC tax coding notice, plus a bank statement for a little-used current account. It cost me nothing, they were perfectly happy, and the account opening process was smooth and quick.
    • JamesRobinson48
    • By JamesRobinson48 27th Sep 19, 9:16 AM
    • 82 Posts
    • 283 Thanks
    JamesRobinson48
    Coventry Building Society new RSA
    Coventry BS has launched today a new RSA: 2.50% variable rate, 12 months, max 500 pm.

    It's permitted to apply online, however they seem to be a stickler for ID requirements.
    Last edited by JamesRobinson48; 27-09-2019 at 9:37 AM.
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