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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,164Posts
    • 4,775Thanks
    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 4
    • EachPenny
    • By EachPenny 31st Jan 18, 6:44 PM
    • 10,736 Posts
    • 31,538 Thanks
    EachPenny
    Mine ended earlier this month and I haven't bothered to open another one. I've got a Tesco saver at 1.35% and the MSE Regular Savings Calculator tells me I'd only be a tenner better off by opening the TSB RS for a year. If they up the rate I will reconsider. Not very MSE of me but there comes a point where I cba
    Originally posted by ColdIron
    Same here, my TSB has a while to run yet, but I wouldn't commit money into a new regular saver for only 2%, or risk losing the opportunity to open one when/if the rates go up a bit.

    The BM account at 1.45% will do me until other banks refresh their RS rates.

    The other account which people might find more interesting following the recent switch offer is the NatWest Savings Builder. It is not especially attractive if you aren't already a NatWest customer, but if you've just opened a current account and got online access for that, then the Savings Builder offers the potential of 1.5% on £5000 - effectively 'easy access' if you manage it right. Technically a regular saver, but doesn't have to be
    "In the future, everyone will be rich for 15 minutes"
    • Dagobert
    • By Dagobert 31st Jan 18, 11:02 PM
    • 1,615 Posts
    • 538 Thanks
    Dagobert
    I only just noticed that the old thread disappeared.

    Great to see the thread being resurrected.
    Having checked through the new thread, am I right in assuming that the top posts are no longer being updated?
    Dagobert
    • veryintrigued
    • By veryintrigued 1st Feb 18, 7:34 AM
    • 2,776 Posts
    • 2,349 Thanks
    veryintrigued
    Having checked through the new thread, am I right in assuming that the top posts are no longer being updated?
    Originally posted by Dagobert
    Special saver hasn't logged on since the 14th Jan.

    Fingers crossed everything's OK in their life and they are able to resume soon.
    • ashteadgirl
    • By ashteadgirl 1st Feb 18, 9:11 AM
    • 157 Posts
    • 211 Thanks
    ashteadgirl
    Special saver hasn't logged on since the 14th Jan.

    Fingers crossed everything's OK in their life and they are able to resume soon.
    Originally posted by veryintrigued
    Agree entirely. SS did a wonderful job that helped so may of us. Hope to hear from them again soon even if it is just to let us know all OK
    • Frogletina
    • By Frogletina 1st Feb 18, 11:49 AM
    • 3,204 Posts
    • 11,589 Thanks
    Frogletina
    I have just made my 13th payment today for my Virgin Matchday Branch saver which matures on 1st March.

    However, I've also had a payment returned for £20.75. I have just spent ages on the phone to Virgin Money, and the adviser first of all told me that the maximum I could have in the account was £3000, which I knew was incorrect.

    She went to check - I was left on hold for ages and then she said again that I had exceeded the balance. I told her that this was incorrect - that I was allowed to make 13 payments as shown on the paperwork. The amount returned was the interest added to the account, which gives me a total of 3270.75. Any additional money over the £3250 is returned, excluding added interest. She said she needed further advice and said she would call me back.

    Further call back to say that a glitch in the system meant that any payment (interest or not) that makes the balance over £3250 results in the excess being returned. She advised me to resend the £20.75.

    Not impressed

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13 SPC 11 #441 £1598.15 SPC 12 #63
    • badger09
    • By badger09 1st Feb 18, 1:45 PM
    • 7,030 Posts
    • 6,651 Thanks
    badger09
    I have just made my 13th payment today for my Virgin Matchday Branch saver which matures on 1st March.

    However, I've also had a payment returned for £20.75. I have just spent ages on the phone to Virgin Money, and the adviser first of all told me that the maximum I could have in the account was £3000, which I knew was incorrect.

    She went to check - I was left on hold for ages and then she said again that I had exceeded the balance. I told her that this was incorrect - that I was allowed to make 13 payments as shown on the paperwork. The amount returned was the interest added to the account, which gives me a total of 3270.75. Any additional money over the £3250 is returned, excluding added interest. She said she needed further advice and said she would call me back.

    Further call back to say that a glitch in the system meant that any payment (interest or not) that makes the balance over £3250 results in the excess being returned. She advised me to resend the £20.75.

    Not impressed

    frogletina
    Originally posted by Frogletina
    This has happened on several other issues of Virgin's regular savers. It happened on one of mine, but to be honest, I CBA taking it up with them as the interest lost on the returned amount was tiny.

    Having said that, I do accept there is a principle at stake, so let us know the outcome.
    • Nationwide8
    • By Nationwide8 1st Feb 18, 1:52 PM
    • 335 Posts
    • 136 Thanks
    Nationwide8
    My (second) TSB Monthly Saver (2% fixed) matures on 23 February. I see that the current offer for a new Monthly Saver is still 2% fixed, despite the Base Rate rise in November. Last year, this was a reasonable rate for an account of this type but current offerings are better. I have all the usual high interest RS's and current accounts, so it wouldn't be a case of taking out an alternative. I am thinking of not taking out a new TSB MS immediately but waiting to see if the offered rate goes up.Just wondered if anyone has done similar or has any views on this?
    Originally posted by Hattie625

    My TSB RS matures in March and I won't open another one at 2% Its less than £10 extra a year roughly.My "cut off" is 2.5% ( opening BOS and Halifax RS this month ) have space in my Sant 1-2-3 which averages about 1.3-4 % after the fee ( partly paid with cash back )
    Last edited by Nationwide8; 01-02-2018 at 2:01 PM.
    • schiff
    • By schiff 1st Feb 18, 2:14 PM
    • 18,596 Posts
    • 9,997 Thanks
    schiff
    I have just made my 13th payment today for my Virgin Matchday Branch saver which matures on 1st March.

    However, I've also had a payment returned for £20.75. I have just spent ages on the phone to Virgin Money, and the adviser first of all told me that the maximum I could have in the account was £3000, which I knew was incorrect.

    Further call back to say that a glitch in the system meant that any payment (interest or not) that makes the balance over £3250 results in the excess being returned. She advised me to resend the £20.75.

    frogletina
    Originally posted by Frogletina
    I've been to collect the proceeds of the store RS 2 this very morning!
    Its balance per the pass-book has been £3275.65 since 2/1/18, the difference being the interest credited back on 31/1/17. So there's some inconsistency there.

    There is a new system on their computers, my opening of RS 8 yesterday was far more laborious that it has been before and the girl attending to me had to ask for assistance even though she has opened accounts for me before without a hitch.
    • schiff
    • By schiff 1st Feb 18, 2:17 PM
    • 18,596 Posts
    • 9,997 Thanks
    schiff
    My TSB RS matures in March and I won't open another one at 2% Its less than £10 extra a year roughly.My "cut off" is 2.5% ( opening BOS and Halifax RS this month ) have space in my Sant 1-2-3 which averages about 1.3-4 % after the fee ( partly paid with cash back )
    Originally posted by Nationwide8
    There hasn't been a case for opening regular savers paying 2% or less since Virgin started their flood of accounts paying 2.25%.

    Unless there is no option of course
    • veryintrigued
    • By veryintrigued 1st Feb 18, 4:37 PM
    • 2,776 Posts
    • 2,349 Thanks
    veryintrigued
    Does anyone know the most efficient way to close those account ?
    Is there any way to close those account without the need to go into Branch ??

    Thanks
    Originally posted by adindas
    Assume you've looked at the T&Cs - these are for the latest in Store RS:

    You can have access to your money whenever you need it. To request a withdrawal simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL or you can take money out in the following ways:
    Cash – Store** only.
    Cheque – simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
    Electronic transfer.
    CHAPS.
    Transfer to another Virgin Money account, subject to the terms and conditions of that account.
    • Frogletina
    • By Frogletina 1st Feb 18, 4:40 PM
    • 3,204 Posts
    • 11,589 Thanks
    Frogletina
    Does anyone know the most efficient way to close those account ?
    Is there any way to close those account without the need to go into Branch ??

    Thanks
    Originally posted by adindas
    I was told that it is either a branch visit or a letter to the head office.

    I gave instructions for the first one that matured in December as to where I wanted the money transferred to - I don't know why they can't use those details for subsequent maturities.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13 SPC 11 #441 £1598.15 SPC 12 #63
    • Frogletina
    • By Frogletina 1st Feb 18, 5:02 PM
    • 3,204 Posts
    • 11,589 Thanks
    Frogletina
    Does anyone know the most efficient way to close those account ?
    Is there any way to close those account without the need to go into Branch ??

    Thanks
    Originally posted by adindas
    Assume you've looked at the T&Cs - these are for the latest in Store RS:

    You can have access to your money whenever you need it. To request a withdrawal simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL or you can take money out in the following ways:
    Cash – Store** only.
    Cheque – simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
    Electronic transfer.
    CHAPS.
    Transfer to another Virgin Money account, subject to the terms and conditions of that account.
    Originally posted by veryintrigued
    I have just spoken to someone at Virgin Money and advised them that the Key product information leaflet details for withdrawal, as above, is unclear.

    The use of the word or in the information implies that you can get your money out via electronic transfer rather than a letter, but not, as the adviser told me, that the electronic transfer has to be requested at the branch.

    He told me he would pass this back to be looked at.

    frogletina
    Last edited by Frogletina; 01-02-2018 at 5:06 PM.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13 SPC 11 #441 £1598.15 SPC 12 #63
    • schiff
    • By schiff 1st Feb 18, 5:17 PM
    • 18,596 Posts
    • 9,997 Thanks
    schiff
    I feel quite lucky to have a store within easy striking distance
    • Ken68
    • By Ken68 1st Feb 18, 5:20 PM
    • 6,503 Posts
    • 4,141 Thanks
    Ken68
    Just got back from the store. Had to provide identity for Faster Payment process. (as if passbook, Virgin letter and debit card for the receiving account weren't enough.)
    Money received OK. Can't recall other settlements being so unclear.
    • Westie983
    • By Westie983 2nd Feb 18, 2:15 AM
    • 4,755 Posts
    • 15,366 Thanks
    Westie983
    I was told I can either write a letter or close in Branch, annoyingly I was there a week ago to open Branch 9, I was only allowed to get £2000.00 in cash the rest was transferred via faster payment.

    So you have been told right, you can use electronic payment but this is initiated in branch. I asked if I could ring up and do it over the phone, as I use crutches and struggling to walk around atm, but was told it was branch in person or letter.

    As I wanted the funds to be able to fund issue 9, I made a trip into Brighton to get my cash/faster payment, although I didn't get any closing interest as this only appears over night, so will sort that out when Issue 3 matures, or I am back in branch for issue 10, (which ever comes first)

    Roll on 20th for Online Issue 3 to mature.

    Westie983
    Save 12k in 2019 #42 Total (£16000)+£1550/£12000 = 12.91%
    Sealed Pot Challenge ~ 12 #97 Total (£450)+£55/£500 = 11.00% ( x 11)
    Xmas 2019 £1 a Day #20 Total (£165)+£100/£365 = 27.39%
    Virtual Sealed Pot #1 Total (£1300)+£300/£1000 = 30.00%
    £2 Savers Club 2018 #16 Total (£1030)+£0/£2000 = 0.0%

    Total £2005.00/£15865 = 12.63%
    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • skitskut
    • By skitskut 2nd Feb 18, 12:43 PM
    • 180 Posts
    • 95 Thanks
    skitskut
    Is the Faster Payment (FPO) from BM to other current A/C instant or at least same day if you request the transfer in the morning ??
    Originally posted by adindas
    I've requested one before in the morning, it was same day but didn't arrive until about 5 or 6 in the evening.
    • JamesRobinson48
    • By JamesRobinson48 3rd Feb 18, 7:36 PM
    • 74 Posts
    • 243 Thanks
    JamesRobinson48
    PRINCIPALITY BUILDING SOCIETY NEW RS ISSUE

    The Principality BS has just released its new RS, Issue 18. Terms seem to replicate Issue 17: 2.00% fixed, 12 months term, max £500 per month. It is allowed to hold and contribute to both Issue 17 & 18 at the same time.

    I know that some respected and esteemed contributors to this thread are not keen on a 2.00% RS, given higher rates available from various other providers. But I currently have quite a lot of monthly cash flow needing a shelter, and I've got the full set of Virgins and similar. So personally I'm content to grab 2.00% for a one year fix from any and every building society that offers it. When something better comes along I'll probably go for that too.
    • EachPenny
    • By EachPenny 3rd Feb 18, 8:11 PM
    • 10,736 Posts
    • 31,538 Thanks
    EachPenny
    I was told I can either write a letter or close in Branch, annoyingly I was there a week ago to open Branch 9, I was only allowed to get £2000.00 in cash the rest was transferred via faster payment.
    Originally posted by Westie983
    I asked them to do internal transfers from Issue 2 to all the other store-based accounts and then took the rest of the balance as a cheque and paid that in elsewhere straight away. I would have taken the balance as a FP, but the system apparently won't allow that the same day as internal transfers. If your store deals with cash then the internal transfers plus a cash withdrawal might be the most efficient way to do it.

    As I wanted the funds to be able to fund issue 9, I made a trip into Brighton to get my cash/faster payment, although I didn't get any closing interest as this only appears over night, so will sort that out when Issue 3 matures, or I am back in branch for issue 10, (which ever comes first)
    Originally posted by Westie983
    Don't forget the Matchday version matures 1st March - you could be heading back to the branch sooner than you thought
    "In the future, everyone will be rich for 15 minutes"
    • mhoc
    • By mhoc 4th Feb 18, 4:54 PM
    • 17,972 Posts
    • 215,443 Thanks
    mhoc
    PRINCIPALITY BUILDING SOCIETY NEW RS ISSUE

    The Principality BS has just released its new RS, Issue 18. Terms seem to replicate Issue 17: 2.00% fixed, 12 months term, max £500 per month. It is allowed to hold and contribute to both Issue 17 & 18 at the same time.

    I know that some respected and esteemed contributors to this thread are not keen on a 2.00% RS, given higher rates available from various other providers. But I currently have quite a lot of monthly cash flow needing a shelter, and I've got the full set of Virgins and similar. So personally I'm content to grab 2.00% for a one year fix from any and every building society that offers it. When something better comes along I'll probably go for that too.
    Originally posted by JamesRobinson48
    Does anyone think that it is possible to have both 17 and 18 and also the Member Only Regular Saver Bond 4% account - I will be on my 2nd year in a few months time and there is a branch in Chester (its branch opening) ... The worrying line "one bond only per person" is amongst the rules and regs ...
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Steve_xx
    • By Steve_xx 4th Feb 18, 8:44 PM
    • 6,677 Posts
    • 2,812 Thanks
    Steve_xx
    Does anyone think that it is possible to have both 17 and 18 and also the Member Only Regular Saver Bond 4% account - I will be on my 2nd year in a few months time and there is a branch in Chester (its branch opening) ... The worrying line "one bond only per person" is amongst the rules and regs ...
    Originally posted by mhoc
    Yes I reckon it is possible to have all three. The terms look to be specific to each issue of the bonds. I definitely would not question Principality about it in case they seek to further clarify it, thus causing you some disadvantage. Sometimes it's best to say nowt and see what happens. At worse they'll close any account you try to open when not entitled to. But in this particular instance you could reasonably argue ambiguity in the terms.
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