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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,158Posts
    • 4,689Thanks
    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 114
    • Special_Saver2
    • By Special_Saver2 11th May 19, 8:18 AM
    • 1,158 Posts
    • 4,689 Thanks
    Special_Saver2
    Hi Everybody,

    I note the entry above but as there is nothing on their website and it is probably not going to be around long, I am not going to add it to the list on page 1 but thanks a lot for posting it.


    I cannot see anything else that has changed this week.


    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    • solartom
    • By solartom 11th May 19, 9:14 AM
    • 27 Posts
    • 24 Thanks
    solartom
    Re Saffron BS RS

    Thank you to all who posted on ways to open this account
    It worked a treat
    • Hattie625
    • By Hattie625 15th May 19, 10:14 AM
    • 841 Posts
    • 731 Thanks
    Hattie625
    Loughborough Building Society Save to Buy
    This was discussed upthread.

    My postal application was successful, despite not being within the catchment area of the Society.

    Opening was slow. I posted application form on 30 April with cheque for £500, then received letter requesting hard copy identification documents which I posted on 8 May. Account was opened on 13 May, passbook received today 15 May. Cheque was debited form my current account today.

    Advantages:-

    Interest rate is 3% (but variable) paid annually on anniversary of opening
    Monthly deposit is £500 maximum (maximum of £6000 annually)
    Account is unlimited in time (but subject to overall limit of £24,000)

    Disadvantages:-

    Miss more than 2 monthly payments out of 12 and the account is downgraded to a low interest one.
    Withdrawals are not more than 2 per year, each up to £500 (but can close account at any time)
    No online access (but payments can be electronic one-offs or SO's)
    Last edited by Hattie625; 15-05-2019 at 10:18 AM.
    • Ken68
    • By Ken68 15th May 19, 11:31 AM
    • 6,497 Posts
    • 4,139 Thanks
    Ken68
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.
    • schiff
    • By schiff 15th May 19, 12:22 PM
    • 18,499 Posts
    • 9,921 Thanks
    schiff
    Chorley Members RS
    This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!
    • tg99
    • By tg99 15th May 19, 4:52 PM
    • 733 Posts
    • 286 Thanks
    tg99
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.
    Originally posted by Ken68

    You donít have to physically attend head office to close the account - you can write to head office.
    • bristolleedsfan
    • By bristolleedsfan 15th May 19, 5:54 PM
    • 7,691 Posts
    • 9,748 Thanks
    bristolleedsfan
    Loughborough Building Society Save to Buy
    I posted application form with 500.00 Cheque together with original ID on 30th April.


    Loughborough BS posted new passbook together with ID returned on 1 May which I received on 2nd May, Cheque was debited from my account around 3rd May.
    • Hattie625
    • By Hattie625 15th May 19, 5:59 PM
    • 841 Posts
    • 731 Thanks
    Hattie625
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.
    Originally posted by Ken68
    I don't see how they can refuse to pay out from the account unless you are applying for a mortgage. There is absolutely nothing in the T and Cs to say that they could do this. The only reference to anything to do with mortgage in the T and Cs is to make it clear that having the account does not, by itself, mean that a mortgage application by the holder will be successful. What happened with Hanley? I asked about the head office requirement for closure. LBS confirmed that you can post your passbook to HO and ask for closure. It's just that you can't deal by post with branches.
    • Ken68
    • By Ken68 16th May 19, 5:35 AM
    • 6,497 Posts
    • 4,139 Thanks
    Ken68
    Thanks Hattie, will have a re-read of the t&c's. Will probably leave this to the homebuyers.
    • Speculator
    • By Speculator 16th May 19, 9:15 AM
    • 1,828 Posts
    • 1,455 Thanks
    Speculator
    This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!
    Originally posted by schiff
    Says "We will contact you at least 14 days prior to maturity to advise you of the maturity date and provide options available at that time"

    So should get a letter by Monday.

    Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.
    Last edited by Speculator; 16-05-2019 at 9:15 AM. Reason: .
    • schiff
    • By schiff 16th May 19, 9:23 AM
    • 18,499 Posts
    • 9,921 Thanks
    schiff

    Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.
    Originally posted by Speculator
    June 1st is a Saturday.
    • Speculator
    • By Speculator 16th May 19, 9:43 AM
    • 1,828 Posts
    • 1,455 Thanks
    Speculator
    "The balance will then be available on the 1st June 2019"

    so probably get the cheques on Monday/Tuesday at the earliest assuming they use 1st class post.

    Wish they allow withdrawals by FP.
    • schiff
    • By schiff 16th May 19, 11:25 AM
    • 18,499 Posts
    • 9,921 Thanks
    schiff
    Chorley BS
    An earlier RS with Chorley matured on Wed 25/4/18, cheque received the following day and paid in to my bank. Cleared 2/5 but that was under the old system.
    • arsenalboy
    • By arsenalboy 17th May 19, 10:04 AM
    • 325 Posts
    • 165 Thanks
    arsenalboy
    Chorley Reg Saver
    Received maturity pack this morning.

    They have an application form for members reg sav issue 2 but there appears to be a 1 month gap i.e., the existing issue matures at end of May but new issue doesn't start until 1st July, interest rate down to 2.5%.

    The maximum monthly is down from 350 to 250 but the example of "estimated balance" is based on 350!!
    • Speculator
    • By Speculator 17th May 19, 11:48 AM
    • 1,828 Posts
    • 1,455 Thanks
    Speculator
    Received maturity pack this morning.

    They have an application form for members reg sav issue 2 but there appears to be a 1 month gap i.e., the existing issue matures at end of May but new issue doesn't start until 1st July, interest rate down to 2.5%.

    The maximum monthly is down from 350 to 250 but the example of "estimated balance" is based on 350!!
    Originally posted by arsenalboy
    Got mine today too.

    Odd that it starts on 1/7, not 1/6.

    lots of mistakes on the form.

    Says "based on the current rate of interest, if you deposited £250 per month into this account, at the end of the fixed rate period you would have £4615.94!"
    Last edited by Speculator; 17-05-2019 at 11:57 AM.
    • Hattie625
    • By Hattie625 17th May 19, 12:04 PM
    • 841 Posts
    • 731 Thanks
    Hattie625
    Got mine today too.

    Odd that it starts on 1/7, not 1/6.

    lots of mistakes on the form.

    Says "based on the current rate of interest, if you deposited £250 per month into this account, at the end of the fixed rate period you would have £4615.94!"
    Originally posted by Speculator
    Not got my maturity pack yet. Mail slow up here.

    Will we be able to hold them to that maturity figure?
    • karlie88
    • By karlie88 17th May 19, 12:27 PM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    Odd that it starts on 1/7, not 1/6
    Originally posted by Speculator
    Probably due to workload.

    Imagine a small-ish BS having to deal with hundreds/thousands of maturing instruction forms/passbooks/cheques and at the same time deal with applications for their fairly competitive reg saver starting the next day.

    They've spaced out their workload this way. Good approach by them. Not so good for us.

    Official MSE canny forumite and HUKD VIP badge member
    • polymaff
    • By polymaff 17th May 19, 2:47 PM
    • 2,737 Posts
    • 1,260 Thanks
    polymaff
    A word of warning about the resuscitated Halifax "Nominate" procedure for rolling on a maturing regular saver.

    You can't do it online. You can't nominate a bank account as the repository for the maturing funds and interest. You won't be asked if your SO for the maturing account is non-expiring or, has, in fact expired.

    And, finally, if it has expired, you'll be advised to set up a new one asap and make it a non-expiring one.

    Then - when you've finally clambered all the way through that, if you are like me - someone who has advanced the monthly payment date of the previous RS to the first day of the month in order to earn more interest - the Halifax will accept the SO instruction for, in my case, today but when you next log in you'll see that the SO payment for the first of the new year's RS has been paid over - then bounced back as you've already made a May payment - in the last RS year.

    Grrrrr.
    • veryintrigued
    • By veryintrigued 17th May 19, 8:12 PM
    • 2,748 Posts
    • 2,317 Thanks
    veryintrigued
    Chorley Reg Saver
    Received maturity pack this morning.

    They have an application form for members reg sav issue 2 but there appears to be a 1 month gap i.e., the existing issue matures at end of May but new issue doesn't start until 1st July, interest rate down to 2.5%.

    The maximum monthly is down from 350 to 250 but the example of "estimated balance" is based on 350!!
    Originally posted by arsenalboy
    The forms for closing a matured account and opening a new one even for existing customers are a real pain!
    • vermania
    • By vermania 17th May 19, 10:36 PM
    • 18 Posts
    • 9 Thanks
    vermania
    Chorley BS Members Regular Saver
    They have an application form for members reg sav issue 2 but there appears to be a 1 month gap i.e., the existing issue matures at end of May but new issue doesn't start until 1st July, interest rate down to 2.5%.
    Originally posted by arsenalboy
    Odd that it starts on 1/7, not 1/6.
    Originally posted by Speculator
    I got this letter today too. The copy and paste job has not quite worked as planned, but the month gap is repeated so many times it's unambiguous. Presumably they accumulate the paperwork and cheques arising from this account's maturity, and then pay them all in for the new account to open on 01/07. Has anyone heard firsthand what their procedure will be?
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