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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,174Posts
    • 4,927Thanks
    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 58
    • ashteadgirl
    • By ashteadgirl 18th Aug 18, 12:46 PM
    • 159 Posts
    • 211 Thanks
    ashteadgirl
    Mansfield Regular Saver Issue 4
    After first year interest drops from 2.35% to 1.35%. Anyone closed a/c after first year and opened new one within a week or so???? You cannot have more then one open but closing first one would get round this. I have another account with them to fulfill membership requirements. Any thoughts on this much appreciated.
    • veryintrigued
    • By veryintrigued 18th Aug 18, 12:59 PM
    • 2,816 Posts
    • 2,392 Thanks
    veryintrigued
    Mansfield Regular Saver Issue 4
    After first year interest drops from 2.35% to 1.35%. Anyone closed a/c after first year and opened new one within a week or so???? You cannot have more then one open but closing first one would get round this. I have another account with them to fulfill membership requirements. Any thoughts on this much appreciated.
    Originally posted by ashteadgirl

    From the T&C's I can't see anything that would stop this.

    When did you open yours?

    Assume you haven't made over two withdrawals?

    Can I withdraw money?
    Providing a minimum balance of 10 remains, 2 withdrawals per calendar year can be made without notice or loss of interest.

    Additional withdrawals are subject to the loss of 90 days interest on the amount withdrawn. 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.

    Withdrawals or closure can be made without notice and can be by cash (in branch only) and/or cheque (either in branch or by post). Transfers to another account with us can be made without notice.

    Cash withdrawals are subject to a maximum limit of 500 per day.
    • liamcov
    • By liamcov 18th Aug 18, 10:56 PM
    • 416 Posts
    • 356 Thanks
    liamcov
    Does anyone have the Nottingham Member Bond or Tigers Bond (both fixed for 3 years) - they both don't allow withdrawals but i'm wondering what if one wants to close the account down early? Is this possible and will it be reduced interest?
    • ashteadgirl
    • By ashteadgirl 18th Aug 18, 10:58 PM
    • 159 Posts
    • 211 Thanks
    ashteadgirl
    Mansfield Regular Saver Issue 4
    Opened late 2016. Think I will give it a go closing it then reopening new a/c. No withdrawals made so far
    • veryintrigued
    • By veryintrigued 19th Aug 18, 6:43 AM
    • 2,816 Posts
    • 2,392 Thanks
    veryintrigued
    Mansfield Regular Saver Issue 4
    Opened late 2016. Think I will give it a go closing it then reopening new a/c. No withdrawals made so far
    Originally posted by ashteadgirl
    Can you feedback the results please?

    I'm in a similar position
  • archived user
    Just a heads up those who applied for the Monmouthshire saver but not received anything in the post. I called to enquire about mine and they had had some sort of problem with the printer so the form to be sent on the post wasn’t sent. It was sent first class today , person gave me her direct number in future should I need to call about anything , and was very apologetic . So if anybody thinks they’ve not heard in like a week plus since application may be worth contacting them.
    • 1882
    • By 1882 21st Aug 18, 6:27 AM
    • 329 Posts
    • 93 Thanks
    1882
    Virgin Money RS 12 opened yesterday. About 15 mins to open in the branch and another 10 mins being shown around their lounge facilities which are extensive and very inviting. They did ask for ID despite my 7 online accounts but no matter.
    • schiff
    • By schiff 21st Aug 18, 8:04 AM
    • 18,695 Posts
    • 10,092 Thanks
    schiff
    Virgin Money

    They did ask for ID despite my 7 online accounts but no matter.
    Originally posted by 1882
    They always will, it's automatic!
    • surreysaver
    • By surreysaver 21st Aug 18, 8:12 AM
    • 2,895 Posts
    • 1,602 Thanks
    surreysaver
    They always will, it's automatic!
    Originally posted by schiff
    The staff must be operated by computer.
    I consider myself to be a male feminist. Is that allowed?
    • youngretired
    • By youngretired 21st Aug 18, 11:37 AM
    • 351 Posts
    • 184 Thanks
    youngretired
    Monmouthshire Reg Saver
    I applied online on the Tuesday 14th August, application came in post on the Friday 17th, sent signed application back with chq on the 17th and registered for online banking. Monday 20th received online activation code plus user ID, logged in and can see that processed chq.

    Very efficient compared to other companies.
    • schiff
    • By schiff 21st Aug 18, 12:13 PM
    • 18,695 Posts
    • 10,092 Thanks
    schiff
    Monmouth
    The efficiency varies. I phoned this morning and was told that not only had they no trace of my application last Tuesday, they had no record of me on their system at all. I should make a fresh application online and they would look out for it to prioritise it.

    Thirty minutes later and before doing anything further, my post arrived, including a pre-completed application form (which is nice) for me to sign and send back with my cheque in the FCP envelope enclosed (which is also nice). It even shows my eventual account number!
    • veryintrigued
    • By veryintrigued 21st Aug 18, 2:39 PM
    • 2,816 Posts
    • 2,392 Thanks
    veryintrigued
    Holmesdale issue 3 / 4
    Holmesdale increasing their rate for those that choose to mature their issue 3 into an issue 4. From 1.85 to 2.1%

    https://www.theholmesdale.co.uk/savings/products/2104-regular-saver-issue-4
    • veryintrigued
    • By veryintrigued 21st Aug 18, 2:48 PM
    • 2,816 Posts
    • 2,392 Thanks
    veryintrigued
    Holmesdale issue 3 / 4
    "Only available to existing customers with a maturing Regular Saver (Issue 3) Account"
    Originally posted by adindas
    Yep - the giveaway is when I typed:


    Holmesdale increasing their rate for those that choose to mature their issue 3 into an issue 4. From 1.85 to 2.1%

    • veryintrigued
    • By veryintrigued 21st Aug 18, 3:06 PM
    • 2,816 Posts
    • 2,392 Thanks
    veryintrigued
    Holmesdale issue 3 / 4 (and 5)
    Issue 5 is increasing too by 0.25% too

    https://www.theholmesdale.co.uk/savings/products/2105-regular-savings-issue-5
    Last edited by veryintrigued; 21-08-2018 at 5:15 PM.
    • Wheres My Cashback
    • By Wheres My Cashback 23rd Aug 18, 3:11 PM
    • 3,235 Posts
    • 38,200 Thanks
    Wheres My Cashback
    Does anyone know whether the Monmouthshire Regular Saver is a calendar month or monthly from opening. I asked via facebook and the answer was just to ensure that 12 payments are made, so to make a payment every calendar month.
    Originally posted by youngretired
    I always work on a calendar month. My first deposit was on 29/05 .. next deposit was 01/06. Their leaflet talks about 250 per month with the one sentence which covers it .. 'You can make any number of payments up to an overall total of 250 per month'.
    Originally posted by patientperson
    However it does state a max of 3K can be deposited meaning 12 max payments and not 13.
    • glider3560
    • By glider3560 24th Aug 18, 8:25 AM
    • 3,871 Posts
    • 2,537 Thanks
    glider3560
    Unexpected email from Virgin saying the online regular saver issue 7 is increasing to 2.50%. I thought this account was fixed rate? No word on the other issues yet.

    • Hattie625
    • By Hattie625 24th Aug 18, 8:35 AM
    • 892 Posts
    • 776 Thanks
    Hattie625
    Virginia Money Regular E Saver 7

    Yes, it's fixed. Presumably you can refuse to accept the rise.

    Issue 7 is the oldest unmatured Regular E Saver. I expect VM will be working through Issues 8 to 12 increasing the rate by 0.25pc.
    • liamcov
    • By liamcov 24th Aug 18, 8:42 AM
    • 416 Posts
    • 356 Thanks
    liamcov
    Me too only for e-saver 7 - hopefully they spend a few more emails about my others!
    • aleph_0
    • By aleph_0 24th Aug 18, 8:47 AM
    • 523 Posts
    • 350 Thanks
    aleph_0
    Unexpected email from Virgin saying the online regular saver issue 7 is increasing to 2.50%. I thought this account was fixed rate? No word on the other issues yet.
    Originally posted by glider3560
    Seconding the fact that the product information sheet states the rate is fixed. Not too surprised, since they mentioned regular saver rates would be increasing after the base rate announcement.
    • gingercordial
    • By gingercordial 24th Aug 18, 8:50 AM
    • 1,385 Posts
    • 1,564 Thanks
    gingercordial
    Same here, just for Virgin RS issue 7 so far...
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