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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,174Posts
    • 4,923Thanks
    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 148
    • RG2015
    • By RG2015 9th Oct 19, 10:45 AM
    • 1,711 Posts
    • 1,084 Thanks
    RG2015
    This is the fastest and easiest opening of a new account with a new institution I have ever experienced!
    Originally posted by RG2015
    You not done Marcus, Starling, Monzo then? With none of whom you have to wait for some quaint grid card to come through the post. [I know that neither of them do an RS]
    Originally posted by colsten
    I do not have Monzo or Starling but I agree that Marcus was also quick. I do recall however applying on the evening of 26th Sep 2019 but not getting the email with the code to access my details until the following morning.

    Coventry gave me the account details within 10 minutes of applying on a Sunday.

    The grid card is unusual but did arrive as early as the Royal Mail would allow.
    • RG2015
    • By RG2015 9th Oct 19, 1:19 PM
    • 1,711 Posts
    • 1,084 Thanks
    RG2015
    Coventry gave me the account details within 10 minutes of applying on a Sunday.

    The grid card is unusual but did arrive as early as the Royal Mail would allow.
    Originally posted by RG2015
    When I tried my first login yesterday with the grid card I was asked to enter my Wed ID but could not find it anywhere so I clicked forgotten Web ID and I got it and completed my first login.

    My Web ID arrived in the post this morning.
    • polymaff
    • By polymaff 9th Oct 19, 3:53 PM
    • 2,961 Posts
    • 1,365 Thanks
    polymaff
    When I tried my first login yesterday with the grid card I was asked to enter my Wed ID ... [which] ... arrived in the post this morning.
    Originally posted by RG2015
    Well, today is Wednesday...

    Those grid cards are an elegant, lo-tech solution. No battery (yes, I know it is not a battery!) to go flat; no hi-tech display to go dodgy (HSBC-style). Easily recyclable, too. Nice!
    • RG2015
    • By RG2015 9th Oct 19, 5:18 PM
    • 1,711 Posts
    • 1,084 Thanks
    RG2015
    Well, today is Wednesday...

    Those grid cards are an elegant, lo-tech solution. No battery (yes, I know it is not a battery!) to go flat; no hi-tech display to go dodgy (HSBC-style). Easily recyclable, too. Nice!
    Originally posted by polymaff
    Looking forward to getting my FrIDy.
    • glider3560
    • By glider3560 9th Oct 19, 6:14 PM
    • 3,871 Posts
    • 2,535 Thanks
    glider3560
    Those grid cards are an elegant, lo-tech solution. No battery (yes, I know it is not a battery!) to go flat; no hi-tech display to go dodgy (HSBC-style). Easily recyclable, too. Nice!
    Originally posted by polymaff
    And very insecure. Someone with access to the grid card (e.g. a building society employee, postal worker, housemate, whatever) could make a copy of the card and you would never know.

    There are also only a certain number of combinations. If someone sees you login often enough (e.g. with a keylogger) then they could recreate the grid card in full.

    Proper 2FA methods (like a time based token, or one sent by SMS/email) don't have these insecurities.

    • polymaff
    • By polymaff 9th Oct 19, 7:30 PM
    • 2,961 Posts
    • 1,365 Thanks
    polymaff
    And very insecure. Someone with access to the grid card (e.g. a building society employee, postal worker, housemate, whatever) could make a copy of the card and you would never know.

    There are also only a certain number of combinations. If someone sees you login often enough (e.g. with a keylogger) then they could recreate the grid card in full.

    Proper 2FA methods (like a time based token, or one sent by SMS/email) don't have these insecurities.
    Originally posted by glider3560

    Oh, I know all the ifs but I still regard it as elegant...
    • Fingerbobs
    • By Fingerbobs 9th Oct 19, 8:27 PM
    • 764 Posts
    • 306 Thanks
    Fingerbobs
    And very insecure. Someone with access to the grid card (e.g. a building society employee, postal worker, housemate, whatever) could make a copy of the card and you would never know.

    There are also only a certain number of combinations. If someone sees you login often enough (e.g. with a keylogger) then they could recreate the grid card in full.

    Proper 2FA methods (like a time based token, or one sent by SMS/email) don't have these insecurities.
    Originally posted by glider3560
    I've made a copy of my Grid Card inside my money spreadsheet so I don't have to faff about in my paperwork every time I want to log into the Coventry. It's still a pain in the botty to log into the Coventry though.
    • eskbanker
    • By eskbanker 9th Oct 19, 11:31 PM
    • 11,334 Posts
    • 14,022 Thanks
    eskbanker
    I've made a copy of my Grid Card inside my money spreadsheet so I don't have to faff about in my paperwork every time I want to log into the Coventry. It's still a pain in the botty to log into the Coventry though.
    Originally posted by Fingerbobs
    Don't forget to include copious explanatory links and notes for all backside-related idioms used in posts on here

    https://forums.moneysavingexpert.com/showthread.php?t=6056819
    • DragonQ
    • By DragonQ 10th Oct 19, 6:15 AM
    • 2,065 Posts
    • 704 Thanks
    DragonQ
    I've made a copy of my Grid Card inside my money spreadsheet so I don't have to faff about in my paperwork every time I want to log into the Coventry. It's still a pain in the botty to log into the Coventry though.
    Originally posted by Fingerbobs
    Yeah Coventry's login system is unnecessarily complicated. I opened a Cynergy Bank savings account at 1.45% and it's much easier to use - username and password, that's it. It also transfers money out using faster payments, unlike Coventry's 1.5% ISA which takes at least a day. I can deal with a missing 0.05% for the convenience.
    • arsenalboy
    • By arsenalboy 10th Oct 19, 1:48 PM
    • 334 Posts
    • 171 Thanks
    arsenalboy
    Buckinghamshire B S is the latest to reduce reg saver rates.

    Received letter this morning, that with effect 24 Oct, the Reg Sav reduces from 1.75% to 1.55% and the Reg Sav Locals goes down from 2.00% to 1.80%.
    • youngretired
    • By youngretired 12th Oct 19, 1:28 PM
    • 350 Posts
    • 184 Thanks
    youngretired
    Coventry Regular Saver
    I've just received my account number so can set up my SO. Can I set the SO up on a different account to my nominated account?

    Reason I'm asking is some banks state that the funds have to come from a nominated account otherwise will be returned, but Coventry doesn't say anything except that the nominated account is for withdrawals.
    • glider3560
    • By glider3560 12th Oct 19, 1:33 PM
    • 3,871 Posts
    • 2,535 Thanks
    glider3560
    I've just received my account number so can set up my SO. Can I set the SO up on a different account to my nominated account?

    Reason I'm asking is some banks state that the funds have to come from a nominated account otherwise will be returned, but Coventry doesn't say anything except that the nominated account is for withdrawals.
    Originally posted by youngretired
    Yes, the money can come from anywhere.

    • soulsaver
    • By soulsaver 12th Oct 19, 1:39 PM
    • 2,467 Posts
    • 1,226 Thanks
    soulsaver
    I've just received my account number so can set up my SO. Can I set the SO up on a different account to my nominated account?

    Reason I'm asking is some banks state that the funds have to come from a nominated account otherwise will be returned, but Coventry doesn't say anything except that the nominated account is for withdrawals.
    Originally posted by youngretired
    Yep linked ac is just for withdrawals.

    They accepted initial funding from a bank other than my linked and, although it doesn't kick in until November, my SO is from the same.
    • progressive_uk
    • By progressive_uk 12th Oct 19, 2:24 PM
    • 29 Posts
    • 6 Thanks
    progressive_uk
    Re: Coventry BS new Regular Saver


    Speculator stated in Post 2816 that he holds a historic Regular Saver from the Stroud & Swindon days (I opened in 2010). I also am in this position - a very good account with no end date and no max balance as long as you keep funding it each month (up to 250) with a 2.55% interest rate now. I imagine that many savers with this account, like me, have well over £20K in the account.


    https://www.coventrybuildingsociety.co.uk/consumer/product/savings/regular_saver/regular-saver.html
    The T&Cs state under Additional Information: "This is a limited issue account and you can only have one Regular Saver at a time."

    Has anybody with the old RS account successfully opened this new RS account (or been told definitively that you can't)? Speculator seems to imply he has, but I want to know for sure
    • colsten
    • By colsten 12th Oct 19, 2:38 PM
    • 11,008 Posts
    • 10,290 Thanks
    colsten
    They accepted initial funding from a bank other than my linked and, although it doesn't kick in until November, my SO is from the same.
    Originally posted by soulsaver
    Same for me
    • badger09
    • By badger09 12th Oct 19, 4:37 PM
    • 7,392 Posts
    • 6,938 Thanks
    badger09
    Opened my Coventry RS yesterday. Had an account with them many years ago and remember detesting the grid card (even more than the M&S Pass)

    Opened Virgin RS19 today.

    Also doing the Club Lloyds hokey cokey.

    Bang goes my resolution to simplify and curtail my accounts
    • Speculator
    • By Speculator 13th Oct 19, 1:13 AM
    • 1,843 Posts
    • 1,458 Thanks
    Speculator
    Re: Coventry BS new Regular Saver


    Speculator stated in Post 2816 that he holds a historic Regular Saver from the Stroud & Swindon days (I opened in 2010). I also am in this position - a very good account with no end date and no max balance as long as you keep funding it each month (up to 250) with a 2.55% interest rate now. I imagine that many savers with this account, like me, have well over £20K in the account.


    https://www.coventrybuildingsociety.co.uk/consumer/product/savings/regular_saver/regular-saver.html
    The T&Cs state under Additional Information: "This is a limited issue account and you can only have one Regular Saver at a time."

    Has anybody with the old RS account successfully opened this new RS account (or been told definitively that you can't)? Speculator seems to imply he has, but I want to know for sure
    Originally posted by progressive_uk
    My wife and I managed to open the new Regular saver without any problems. We both have the former Stroud and Swindon 2.55% regular saver.
    • Special_Saver2
    • By Special_Saver2 13th Oct 19, 4:22 AM
    • 1,174 Posts
    • 4,923 Thanks
    Special_Saver2
    Hi Everybody,

    I have carried out this weekend's update.


    - Al Rayan Everyday Saver account issue 1 (paying 1.6%) replaced with issue 2 (paying 1%) in the feeder account section

    - Bucks Regular Saver accounts interest rates updated with information about impending interest rate drop
    - First Direct and HBSC Regular Saver accounts updated as now 2.75% for new account holders

    - Nottingham BS Seasonal Saver account added to post 3 (2.5% pa variable on up to £250 per month, branch only, no withdrawals until maturity on 30th November 2020)

    - Principality BS Learner Earner account updated from issue 1 to issue 2, which does not include "fun and educational children’s activity packs for ages 5 – 11 years old, a moneybox, a story and sticker book, as well as a £10 reward voucher (for two years annually)."
    - Virgin Money Regular Saver updated from issue 18 to issue 19

    I will do the next update the weekend after next.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
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