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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,183Posts
    • 5,088Thanks
    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; 16-11-2019 at 7:25 AM.
Page 161
    • arwain
    • By arwain 12th Dec 19, 8:43 PM
    • 69 Posts
    • 38 Thanks
    arwain
    Nationwide have a new (?) account paying 3% if you have a child of 15 years or less and an existing account. Max 5k.
    Originally posted by 123mat123
    It's been available for a while see this and similar accounts listed here

    https://www.moneysavingexpert.com/savings/child-savings-tax-free/
    • 1882
    • By 1882 13th Dec 19, 2:00 PM
    • 344 Posts
    • 109 Thanks
    1882
    I know some folk on here go a long way to get good interest rates, opening multiple current accounts etc. but having kids to get it seems a tad over the top!
    • schiff
    • By schiff 13th Dec 19, 2:19 PM
    • 18,796 Posts
    • 10,192 Thanks
    schiff
    I know some folk on here go a long way to get good interest rates, opening multiple current accounts etc. but having kids to get it seems a tad over the top!
    Originally posted by 1882
    Chances are the interest rate will be cut about the nine months from now date.
    • Special_Saver2
    • By Special_Saver2 14th Dec 19, 3:13 PM
    • 1,183 Posts
    • 5,088 Thanks
    Special_Saver2
    Hi Everybody,

    Here is this weekend's update.

    - Ipswich BS account updated to show interest rate dropping by 0.1% from 2nd January 2020

    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
    • JamesRobinson48
    • By JamesRobinson48 17th Dec 19, 7:56 PM
    • 85 Posts
    • 326 Thanks
    JamesRobinson48
    Staffordshire Railway BS
    Stafford Railway BS has launched an RSA: 2.00% variable, max £500 per month, branch/postal, available to UK residents, no online functionality, RSA appears to have indefinite term.

    https://srbs.co.uk/savings/regular-savings-issue-1/

    They seem quite picky on ID. I might hold off, just for now.
    Last edited by JamesRobinson48; 18-12-2019 at 4:52 PM.
    • quirkydeptless
    • By quirkydeptless 18th Dec 19, 11:50 AM
    • 450 Posts
    • 450 Thanks
    quirkydeptless
    My Principality Regular Saver Issue 19 matured Today and appeared straight into my Current account.

    I've got Issue 20 and the Xmas saver in the pipeline, and i'm also in their Rewards scheme so there's a hope of a free ticket to the Principality Stadium sometime

    Very happy with this Building Society.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
    • colsten
    • By colsten 18th Dec 19, 12:20 PM
    • 11,627 Posts
    • 11,004 Thanks
    colsten
    Agreed, Principality is a nice BS to deal with
    • pantaiema
    • By pantaiema 19th Dec 19, 1:55 PM
    • 148 Posts
    • 54 Thanks
    pantaiema
    This RS is good in current climate as it will allow you to put up to £500 per month, no maturity and 4 fee free withdrawals pa which is more than enough for people who already have some other RSAs.

    Can I withdraw money?
    • No notice required for Cash withdrawals up to £500. A minimum of 24 hours’ notice for cash withdrawals up to £2,500 is required.
    • Withdrawals will not be allowed without the passbook.
    • Withdrawals can be made by post (cheque only) and must include a signed letter specifying the amount and cheque payee along with the passbook.
    • Withdrawals are limited to no more than 4 per Society year.


    Stafford Railway BS has launched an RSA: 2.00% variable, max £500 per month, branch/postal, available to UK residents, no online functionality, RSA appears to have indefinite term.

    https://srbs.co.uk/savings/regular-savings-issue-1/

    They seem quite picky on ID. I might hold off, just for now.
    Originally posted by JamesRobinson48
    • finspaniard
    • By finspaniard 20th Dec 19, 4:49 PM
    • 13 Posts
    • 3 Thanks
    finspaniard
    Interesting one... Why don't they have online? At least to check your balance.
    And not even phone?
    • Wheres My Cashback
    • By Wheres My Cashback 20th Dec 19, 5:12 PM
    • 3,268 Posts
    • 38,236 Thanks
    Wheres My Cashback
    Agreed, Principality is a nice BS to deal with
    Originally posted by colsten
    Nice when rectifying their mistakes.

    I called them on 28/11 to give maturity instructions to my account maturing on 12/12. All good.

    Two hours later I noticed a deposit of £6065 in my current account. It came from PBS....they had closed my account!

    On calling them they immediately put their hands up to the mistake and offered me a considerable amount more than any lost interest.
    • trickydicky14
    • By trickydicky14 20th Dec 19, 7:02 PM
    • 206 Posts
    • 48 Thanks
    trickydicky14
    just noticed the Principality RS @ 2.75% has been pulled!
    Is that news?
    • Poor Leno
    • By Poor Leno 21st Dec 19, 9:52 AM
    • 74 Posts
    • 89 Thanks
    Poor Leno
    Yeah it was still there on Thursday so I guess it was pulled yesterday. No surprise I guess since it being a Christmas saver, would be silly having any of them maturing much beyond this point
    • pantaiema
    • By pantaiema 23rd Dec 19, 10:12 AM
    • 148 Posts
    • 54 Thanks
    pantaiema
    Two RSAs on our list from Nottingham BS, each paying 2.50%, have been pulled: the Seasonal Saver and the Special Saver Issue 8. At present the Nottingham BS has no adult RSA paying higher than 1.60%. On past form, I daresay they'll launch a competitive product in the next couple of months.
    Originally posted by JamesRobinson48
    I have RS ISA with them and they invited me to open these two RS but I did not bother.

    The main problem with Nottingham BS RSA products is that you will need to come to the branch to open it. When you want to close you will also need to come to the branch. They even do not allow to send cheque to your address. With its RSA ISA you just need to come the the brach to open it. You do not need to come to the branch to close it as you could do ISA transfer directly to another ISA provider.

    Considering only a tiny difference (from the flexible savers you already have) it is only worthy if you have a branch near you.
    Last edited by pantaiema; 23-12-2019 at 11:25 AM.
    • blue_eyes
    • By blue_eyes 23rd Dec 19, 10:56 AM
    • 267 Posts
    • 226 Thanks
    blue_eyes
    Just noticed the Saffron BS 170th Birthday Regular Saver (matures after 12 months) @2.5% was pulled for new customers at the end of November.
    • Southcoast01
    • By Southcoast01 23rd Dec 19, 6:24 PM
    • 19 Posts
    • 19 Thanks
    Southcoast01
    Although Nottingham BS RSA have to be opened in branch, they can be closed by posting your pass book to their head office address and they will post out a cheque.
    • surreysaver
    • By surreysaver 24th Dec 19, 12:40 AM
    • 2,979 Posts
    • 1,653 Thanks
    surreysaver
    Although Nottingham BS RSA have to be opened in branch, they can be closed by posting your pass book to their head office address and they will post out a cheque.
    Originally posted by Southcoast01
    You can also visit them in branch before the RS matures, they will give you a receipt for your passport and post your cheque to you upon maturity of the account.
    I consider myself to be a male feminist. Is that allowed?
    • pantaiema
    • By pantaiema 24th Dec 19, 12:08 PM
    • 148 Posts
    • 54 Thanks
    pantaiema
    You can also visit them in branch before the RS matures, they will give you a receipt for your passport and post your cheque to you upon maturity of the account.
    Originally posted by surreysaver
    Unless they allow people to give maturity instruction at the same time when the people open this saving account, it is not very useful for many people as they will still need to travel to their branch to close it. The point I raised previously was the requirement to make a second trip just to close the AC which was not usual.

    It might be usefull for very limited number of people who visit the area a few times within the year, but this sort of people should not have the problem with this AC from the beginning, do not they ??
    Last edited by pantaiema; 24-12-2019 at 3:19 PM.
    • schiff
    • By schiff 24th Dec 19, 1:24 PM
    • 18,796 Posts
    • 10,192 Thanks
    schiff
    Nottingham BS
    I just feel grateful that I live within a bus pass journey to my nearest branch. It takes an hour but it's a nice trip out and the Derbyshire countryside can be very attractive

    One day they may decide to join the 21st century.
    • Rich2808
    • By Rich2808 24th Dec 19, 1:42 PM
    • 944 Posts
    • 736 Thanks
    Rich2808
    Just noticed the Saffron BS 170th Birthday Regular Saver (matures after 12 months) @2.5% was pulled for new customers at the end of November.
    Originally posted by blue_eyes
    Even existing members like me who don't live in one of their heartland postcode areas (listed below) don't qualify either. I live in a London E postcode - which is now outside their 'heartland' even though they had a branch in Stratford E15 until a couple of years ago.

    Just a shame as a long term customer I can't join in the 170th birthday celebrations!!

    CB
    CO
    CM
    SG
    RM
    IG
    EN
    AL
    SS
    Last edited by Rich2808; 24-12-2019 at 1:48 PM.
    • surreysaver
    • By surreysaver 24th Dec 19, 7:31 PM
    • 2,979 Posts
    • 1,653 Thanks
    surreysaver
    I just feel grateful that I live within a bus pass journey to my nearest branch. It takes an hour but it's a nice trip out and the Derbyshire countryside can be very attractive

    One day they may decide to join the 21st century.
    Originally posted by schiff
    About an hour on a direct train for me, but I work for the railway so doesn't cost ne anything.
    Went to Newport a couple of months ago to get Principality's Learner Earner and Monmouthshire's couple of regular savers they had going
    I consider myself to be a male feminist. Is that allowed?
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