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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,178Posts
    • 4,988Thanks
    Special_Saver2
    Regular Saver Thread **New and Restarted**
    • #1
    • 27th Nov 07, 10:33 PM
    Regular Saver Thread **New and Restarted** 27th Nov 07 at 10:33 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 2% 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; Yesterday at 7:25 AM.
Page 151
    • Speculator
    • By Speculator 20th Oct 19, 1:51 AM
    • 1,847 Posts
    • 1,461 Thanks
    Speculator
    Just went to set up a new Standing Order from my Santander current account into the Virgin Money regular saver, and found they've completely changed the Standing Order setup form. It now doesn't work in my normal browser at all, so I had to fire up Internet Explorer, and then discovered that it won't allow a dash character (-) in the payment reference, so I can't set up a SO into my Virgin RS account as the Virgin account number contains a dash.
    My previous Virgin SO is still running on the same account, complete with a dash character in the reference, so I know it's possible.
    Anyone else found this, and found a workaround?
    Originally posted by Fingerbobs
    Yes, had the same problem.

    However, the banking app still allows the dash. Just tried it.
    Last edited by Speculator; 20-10-2019 at 1:56 AM.
    • soulsaver
    • By soulsaver 20th Oct 19, 2:18 AM
    • 2,537 Posts
    • 1,265 Thanks
    soulsaver
    Just went to set up a new Standing Order from my Santander current account into the Virgin Money regular saver, and found they've completely changed the Standing Order setup form. It now doesn't work in my normal browser at all, so I had to fire up Internet Explorer, and then discovered that it won't allow a dash character (-) in the payment reference, so I can't set up a SO into my Virgin RS account as the Virgin account number contains a dash.
    My previous Virgin SO is still running on the same account, complete with a dash character in the reference, so I know it's possible.
    Anyone else found this, and found a workaround?
    Originally posted by Fingerbobs
    Use a space instead of the hyphen (which for whatever reason I've never been able to use in the Santander ref) as suggested by VM in the early days - works for all 6 or so of my current VM RSs.
    • colsten
    • By colsten 20th Oct 19, 6:58 AM
    • 11,167 Posts
    • 10,439 Thanks
    colsten
    Just went to set up a new Standing Order from my Santander current account into the Virgin Money regular saver, and found they've completely changed the Standing Order setup form. It now doesn't work in my normal browser at all, so I had to fire up Internet Explorer, and then discovered that it won't allow a dash character (-) in the payment reference, so I can't set up a SO into my Virgin RS account as the Virgin account number contains a dash.
    My previous Virgin SO is still running on the same account, complete with a dash character in the reference, so I know it's possible.
    Anyone else found this, and found a workaround?
    Originally posted by Fingerbobs
    https://forums.moneysavingexpert.com/showthread.php?t=6060697
    • Fingerbobs
    • By Fingerbobs 20th Oct 19, 9:04 PM
    • 801 Posts
    • 328 Thanks
    Fingerbobs
    Yeah, sorry about the duplicated post. I posted here first, then decided to post on the other forum to reach a wider audience.

    Anyway, thanks for the advice given in both threads! I managed to set up the SO using the app to include the hyphen, and it seems substituting it with a space would also work just as well.

    Odd that some people have never been able to include a hyphen though. That's weird. It's definitely only affected me since Santander recently revamped their form.
    • Special_Saver2
    • By Special_Saver2 28th Oct 19, 1:12 AM
    • 1,178 Posts
    • 4,988 Thanks
    Special_Saver2
    Hi Everybody,

    I cannot see anything 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
    • mummyof5
    • By mummyof5 30th Oct 19, 2:55 PM
    • 436 Posts
    • 763 Thanks
    mummyof5
    Hi can anyone help me out ?
    I just opened a halifax regular saver.
    Can I send a faster payment today and then a standing order for the 15th November ?
    The 15th is the date I want to send it every month .
    I am also oing to open a club lloyds one, which will be maxed out, can anyone tell me the best date to open , and then fund that one also please ?
    • Steve_xx
    • By Steve_xx 30th Oct 19, 3:03 PM
    • 6,682 Posts
    • 2,813 Thanks
    Steve_xx
    Hi can anyone help me out ?
    I just opened a halifax regular saver.
    Can I send a faster payment today and then a standing order for the 15th November ?
    The 15th is the date I want to send it every month .
    I am also oing to open a club lloyds one, which will be maxed out, can anyone tell me the best date to open , and then fund that one also please ?
    Originally posted by mummyof5
    Both of these need funding to reach the account by the 25th of the month. So a bit unclear as to whether or not your plan will work. Though actually, I think it will!

    I'm sure that if you fund the one you have already opened with Halifax, that the account will show those funds.
    • mummyof5
    • By mummyof5 30th Oct 19, 3:11 PM
    • 436 Posts
    • 763 Thanks
    mummyof5
    Both of these need funding to reach the account by the 25th of the month. So a bit unclear as to whether or not your plan will work. Though actually, I think it will!

    I'm sure that if you fund the one you have already opened with Halifax, that the account will show those funds.
    Originally posted by Steve_xx
    Thank you I have read and reread this thread and can't work out the answer !
    • Wheres My Cashback
    • By Wheres My Cashback 30th Oct 19, 3:22 PM
    • 3,247 Posts
    • 38,213 Thanks
    Wheres My Cashback
    Hi can anyone help me out ?
    I just opened a halifax regular saver.
    Can I send a faster payment today and then a standing order for the 15th November ?
    The 15th is the date I want to send it every month .
    I am also oing to open a club lloyds one, which will be maxed out, can anyone tell me the best date to open , and then fund that one also please ?
    Originally posted by mummyof5
    You can send initial payment on the last day of the month and then as soon as the 1st of the month.

    The 25th is a recommendation to ensure payment reaches the account in time (taking into account weekends/public hols), not a stipulation.

    With many PCM regular savers the optimum way to earn interest is to open very close to the end of the month with an immediate max deposit and then another max deposit on the 1st. You can do this with Lloyds.
    Some regular savers prevent this by only allowing deposits on the same date as your original deposit. Lloyds/Halifax/BOS are not one of those.
    • mummyof5
    • By mummyof5 30th Oct 19, 3:25 PM
    • 436 Posts
    • 763 Thanks
    mummyof5
    You can send initial payment on the last day of the month and then as soon as the 1st of the month.

    The 25th is a recommendation to ensure payment reaches the account in time (taking into account weekends/public hols), not a stipulation.

    With many PCM regular savers the optimum way to earn interest is to open very close to the end of the month with an immediate max deposit and then another max deposit on the 1st. You can do this with Lloyds.
    Some regular savers prevent this by only allowing deposits on the same date as your original deposit. Lloyds/Halifax/BOS are not one of those.
    Originally posted by Wheres My Cashback
    so if I send money today it shouldn't prevent me sending again before 25th November ?
    • Wheres My Cashback
    • By Wheres My Cashback 30th Oct 19, 3:27 PM
    • 3,247 Posts
    • 38,213 Thanks
    Wheres My Cashback
    so if I send money today it shouldn't prevent me sending again before 25th November ?
    Originally posted by mummyof5
    As long as the payment goes via Faster payment and reaches the account by the 31st, you can then deposit any date you wish next month.
    • mummyof5
    • By mummyof5 30th Oct 19, 3:28 PM
    • 436 Posts
    • 763 Thanks
    mummyof5
    As long as the payment goes via Faster payment and reaches the account by the 31st, you can then deposit any date you wish next month.
    Originally posted by Wheres My Cashback
    Brilliant thanks I'll crack on then
    • polymaff
    • By polymaff 30th Oct 19, 3:31 PM
    • 3,066 Posts
    • 1,431 Thanks
    polymaff
    so if I send money today it shouldn't prevent me sending again before 25th November ?
    Originally posted by mummyof5

    Shouldn't do, and if you can get subsequent payments as near the 1st of each subsequent calendar month - including a 13th payment on October 1st 2020, you'll make more interest*. (Currently, no LBG regulars demand a specific pay-in date, just one per calendar month)


    * Providing that that doesn't deplete an account with a higher interest rate that the Halifax RS's, though...
    Last edited by polymaff; 30-10-2019 at 3:33 PM.
    • movingon
    • By movingon 31st Oct 19, 11:35 AM
    • 365 Posts
    • 202 Thanks
    movingon
    Does anyone know if Coventry works like this too please? Thanks
    • polymaff
    • By polymaff 31st Oct 19, 11:45 AM
    • 3,066 Posts
    • 1,431 Thanks
    polymaff
    Does anyone know if Coventry works like this too please? Thanks
    Originally posted by movingon

    No. You cannot advance the payment date.
    • Fingerbobs
    • By Fingerbobs 31st Oct 19, 11:47 AM
    • 801 Posts
    • 328 Thanks
    Fingerbobs
    Does anyone know if Coventry works like this too please? Thanks
    Originally posted by movingon

    The Coventry regular saver is unusual in that the "month" runs from the date of account opening until the same date each month. It's not based on the calendar month as most are.


    For example, if you opened your Coventry account on 10th October, your "month" would run from 10th October to 9th November, then the following "month" would run from 10th November to 9th December etc.


    Aside from that, it works in the same way - it doesn't matter at what point within your "month" you make the deposit.
    • colsten
    • By colsten 31st Oct 19, 11:50 AM
    • 11,167 Posts
    • 10,439 Thanks
    colsten
    Does anyone know if Coventry works like this too please? Thanks
    Originally posted by movingon
    The Coventry RS month is not the calendar month. They explain this very clearly on their website.. Although it remains somewhat unclear what the end of your month would be if you opened an account on January 31, for instance.
    • eastofeden
    • By eastofeden 31st Oct 19, 4:14 PM
    • 205 Posts
    • 196 Thanks
    eastofeden
    Virgin RS ONLINE again?
    I visited the Haymarket branch this afternoon and was told by one of the staff that a new RS is to be launched tomorrow, Nov 1st. More importantly and interestingly, he said it is to be available online.
    No further details, but this will be very good news indeed if it is accurate information. He seemed very sure!
    • veryintrigued
    • By veryintrigued 31st Oct 19, 5:29 PM
    • 2,823 Posts
    • 2,399 Thanks
    veryintrigued
    Virgin RS
    I visited the Haymarket branch this afternoon and was told by one of the staff that a new RS is to be launched tomorrow, Nov 1st. More importantly and interestingly, he said it is to be available online.
    No further details, but this will be very good news indeed if it is accurate information. He seemed very sure!
    Originally posted by eastofeden
    I hope you're correct but advisors have been misinforming forumites of this info for months. I've seen at least two reports of individuals been told this.

    Third time lucky and it might even be without bugs this time!
    • eastofeden
    • By eastofeden 31st Oct 19, 5:32 PM
    • 205 Posts
    • 196 Thanks
    eastofeden
    The bugs were part of the appeal!
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