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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,163Posts
    • 4,762Thanks
    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 57
    • patientperson
    • By patientperson 14th Aug 18, 5:13 PM
    • 478 Posts
    • 426 Thanks
    patientperson
    Monmouthshire BS - Reg Saver
    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'.
    • sully1311
    • By sully1311 14th Aug 18, 5:58 PM
    • 169 Posts
    • 105 Thanks
    sully1311
    I cannot get the Regular Savings Calculator to work on this page:

    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/#calculator

    Is it working for anyone else? I've tried on multiple browsers and devices.
    • chris024
    • By chris024 14th Aug 18, 6:21 PM
    • 95 Posts
    • 36 Thanks
    chris024
    I cannot get the Regular Savings Calculator to work on this page:

    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/#calculator

    Is it working for anyone else? I've tried on multiple browsers and devices.
    Originally posted by sully1311
    I have tried for a few weeks and had no joy.
    Ended up googling for one.
    • eastofeden
    • By eastofeden 14th Aug 18, 7:20 PM
    • 187 Posts
    • 140 Thanks
    eastofeden
    I reported it a week or so ago and was sent a reply saying that the tech team were looking into it, and thanking me for drawing it to their attention. Seems to be taking a while!
    • polymaff
    • By polymaff 14th Aug 18, 7:29 PM
    • 2,801 Posts
    • 1,282 Thanks
    polymaff
    For an N month regular saver

    N+1 times monthly deposit times interest-percentage-rate/200

    is what that calculator does should do - I guess
    • eastofeden
    • By eastofeden 14th Aug 18, 8:31 PM
    • 187 Posts
    • 140 Thanks
    eastofeden
    Its the drip feeding bit Id rather use the calculator for!
    • interest Ted
    • By interest Ted 15th Aug 18, 8:58 AM
    • 134 Posts
    • 124 Thanks
    interest Ted
    Coventry Regular Saver rate rise
    Zero for adults - per details just published on their website.
    Pity.


    The childrens' regular saver is increased by the full 0.25% to 2.05%.
    Last edited by interest Ted; 15-08-2018 at 9:26 AM. Reason: clarity
    • mgarl10024
    • By mgarl10024 15th Aug 18, 11:58 AM
    • 638 Posts
    • 450 Thanks
    mgarl10024
    "Coventry Regular Saver rate rise"
    Zero for adults - per details just published on their website.
    Pity.


    The childrens' regular saver is increased by the full 0.25% to 2.05%.
    Originally posted by interest Ted
    Not trying to be picky, but Coventry doesn't have a regular saver?
    • mgarl10024
    • By mgarl10024 15th Aug 18, 12:22 PM
    • 638 Posts
    • 450 Thanks
    mgarl10024
    YorkshireBS Regular Saver
    Opened up my first Regular saver (well, first account) with Yorkshire Building Society, and it's been quite a faff.

    Firstly, as noted on here, there were no forms online, so I had to request them for both me and partner. My pack took 3-5 days and the partner's pack took about 8 days even though they were ordered about 30 seconds apart.
    YBS identify my nearest branch being the centre of town several miles away. I sent off cheques and forms.

    4-5 days later the cheques and forms are returned. Electronic verification failed for both of us (even though we have so many accounts elsewhere we normally sail through). Paper ID needed, and only originals or certified copies accepted.

    Today, visited my local "agency". Handed them the forms, cheque and ID. They asked where I got the forms and I explained that YBS sent them to me. We then waited for 25 mins while the cashier filled in whole new forms, copying the details between them, as "head office might not accept these ones" - even though they were identical.

    Having filled in the new forms she then says "oh, we've managed to electronically verify you" (the whole reason we gathered up our ID and for the branch visit ).

    Seems awfully painful. I asked the cashier "Have you done many of these?" and she said "oh yes, since it went on sale two weeks ago we've been doing loads of them". I did internally wonder how long that would take if they all needed two lots of identical forms.
    Last edited by mgarl10024; 15-08-2018 at 12:33 PM.
    • apt
    • By apt 15th Aug 18, 12:31 PM
    • 3,087 Posts
    • 1,750 Thanks
    apt
    Not trying to be picky, but Coventry doesn't have a regular saver?
    Originally posted by mgarl10024
    Yes it does, but it is closed to new savers. Was originally a Stroud & Swindon account.
    • mgarl10024
    • By mgarl10024 15th Aug 18, 12:41 PM
    • 638 Posts
    • 450 Thanks
    mgarl10024
    Yes it does, but it is closed to new savers. Was originally a Stroud & Swindon account.
    Originally posted by apt
    Oh - I'd not heard of that one. Thanks for the correction.
    • Wheres My Cashback
    • By Wheres My Cashback 15th Aug 18, 12:42 PM
    • 3,208 Posts
    • 38,183 Thanks
    Wheres My Cashback
    Monmouthshire
    How long after applying online did it take to receive paperwork in the post?
    Originally posted by youngretired
    Ariived within 48hours with a prepaid 1st class envelope.

    Love the little red stickers all over the paperwork. Tedious for the person who has to process the initial paperwork, but probably cuts down on errors.
    • polymaff
    • By polymaff 15th Aug 18, 5:53 PM
    • 2,801 Posts
    • 1,282 Thanks
    polymaff
    It's the drip feeding bit I'd rather use the calculator for!
    Originally posted by eastofeden
    Are you sure? I suspect that many don't realise that if they have regular income - including regular income from other savings products - that they put into non-regular savings accounts, then the drip-feed calculator may not be relevant.

    As for what the drip-feed calculator does, is it meant to show how the feeder interest is reduced by drip feed? If so, it can be thought of as, approximately, a mirror of a regular saver. At the end of a term, an RS has a chunk that's been in for the full N months to a chunk that has only benn in for a single month. For the feeder account, one chunk has been out of the account for N months and another has only been out for 1 month.

    The approximate bit is to do with how feeder account interest is deployed - compounded or extracted.

    EDIT: I'm not sure either whether this calculator allows for the "make N+1 payments" trick regularly mentioned on MSE. I can't believe that it did, as it would have to ask you if the RS provider allows the extra payment, or, if they actually pay interest on a daily basis (HBSC promise this, but my experience is that they don't keep their promise!)

    If it doesn't then it is a bit too elementary for those cunning MSEers.
    Last edited by polymaff; 15-08-2018 at 6:05 PM.
    • cosh25
    • By cosh25 15th Aug 18, 6:27 PM
    • 32 Posts
    • 102 Thanks
    cosh25
    Ariived within 48hours with a prepaid 1st class envelope.

    Love the little red stickers all over the paperwork. Tedious for the person who has to process the initial paperwork, but probably cuts down on errors.
    Originally posted by Wheres My Cashback
    Do you get a passbook with this account?
    • Mee
    • By Mee 16th Aug 18, 12:35 PM
    • 1,202 Posts
    • 1,149 Thanks
    Mee
    No problem with YBS here
    I didn't count the days it took for the pack to arrive, but it wasn't long. I received my passbook promptly by 1st class mail, and a 'phone call to check three things, e.g., purpose of saving, source of savings etc. No request to supply ID.
    My only criticism is that I would have preferred to have done it in branch, but on visiting the branch I wasn't impressed with the service so opted for snail mail.
    Last edited by Mee; 16-08-2018 at 12:40 PM.
    Free thinker.
    • schiff
    • By schiff 16th Aug 18, 2:45 PM
    • 18,587 Posts
    • 9,994 Thanks
    schiff
    Virgin
    As the proud possessor of 6 matured store RSs plus 7 open and 6 matured online RSs plus 7 open, I've been e-mailed to supply two items of ID, online or by visiting a store. As it's only 9 days since I was producing ID in the store to open the latest one, I was surprised!!

    I didn't notice that in the letter acknowledging the opening of online version 12, this was requested. And then this threat in the e-mail:

    "What happens if these documents are not returned?

    Unfortunately, we cannot keep an account open if we have not confirmed the identity of the customer(s) named on it. Therefore, we will arrange to close the account and return any funds and accrued interest to the account from which we received them."

    This is a bit overkill, isn't it?
    • liamcov
    • By liamcov 17th Aug 18, 9:12 AM
    • 415 Posts
    • 356 Thanks
    liamcov
    As the proud possessor of 6 matured store RSs plus 7 open and 6 matured online RSs plus 7 open, I've been e-mailed to supply two items of ID, online or by visiting a store. As it's only 9 days since I was producing ID in the store to open the latest one, I was surprised!!

    I didn't notice that in the letter acknowledging the opening of online version 12, this was requested. And then this threat in the e-mail:

    "What happens if these documents are not returned?

    Unfortunately, we cannot keep an account open if we have not confirmed the identity of the customer(s) named on it. Therefore, we will arrange to close the account and return any funds and accrued interest to the account from which we received them."

    This is a bit overkill, isn't it?
    Originally posted by schiff
    I had that constantly too - turned out some of my accounts had a slightly different form of my address on them. Once I changed them all to the same wording they've never asked me to do this again.
    • Frogletina
    • By Frogletina 17th Aug 18, 4:46 PM
    • 3,204 Posts
    • 11,588 Thanks
    Frogletina
    I didn't count the days it took for the pack to arrive, but it wasn't long. I received my passbook promptly by 1st class mail, and a 'phone call to check three things, e.g., purpose of saving, source of savings etc. No request to supply ID.
    My only criticism is that I would have preferred to have done it in branch, but on visiting the branch I wasn't impressed with the service so opted for snail mail.
    Originally posted by Mee
    I had no problem opening one in the branch and it was all done at the counter. I was a current customer and had current passbook and ID with me.

    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
    • EachPenny
    • By EachPenny 18th Aug 18, 10:23 AM
    • 10,736 Posts
    • 31,538 Thanks
    EachPenny
    Virgin
    As the proud possessor of 6 matured store RSs plus 7 open and 6 matured online RSs plus 7 open, I've been e-mailed to supply two items of ID, online or by visiting a store. As it's only 9 days since I was producing ID in the store to open the latest one, I was surprised!!
    <....>
    This is a bit overkill, isn't it?
    Originally posted by schiff
    I had that constantly too - turned out some of my accounts had a slightly different form of my address on them. Once I changed them all to the same wording they've never asked me to do this again.
    Originally posted by liamcov
    I had a similar experience the first time I tried to open an additional account after they did an IT upgrade. It appears the IT upgrade 'broke' something in the electronic verification systems (a minor difference in address makes the system think you live in two different places) it also means the system 'forgets' that you've already been ID checked.

    It is massive overkill.... especially as they only threaten to close the new account, not the dozen or so other ones you have with them.
    "In the future, everyone will be rich for 15 minutes"
    • Wheres My Cashback
    • By Wheres My Cashback 18th Aug 18, 11:23 AM
    • 3,208 Posts
    • 38,183 Thanks
    Wheres My Cashback
    Do you get a passbook with this account?
    Originally posted by cosh25
    Yes.

    Excellent service from Monmouthsire. Applied online on the evening of the 13th, account opened with first deposit registered as the 16th and full paperwork, passbook recived today.

    Ok, not quite into the 21st century with an instantly opened account like many, but pretty good for predominantly a postal application.
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