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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,174Posts
    • 4,927Thanks
    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 120
    • polymaff
    • By polymaff 12th Jun 19, 6:08 PM
    • 2,983 Posts
    • 1,380 Thanks
    polymaff
    The Regular saver transaction description (for 25.00) has the sort code and account number of the everyday saver.
    Originally posted by OceanSound
    Is the "Transaction Type" of the 25 credit shown as SO, TFR, FPS - or what?
    Last edited by polymaff; 12-06-2019 at 6:12 PM.
    • YorkshireBoy
    • By YorkshireBoy 12th Jun 19, 7:15 PM
    • 30,971 Posts
    • 18,986 Thanks
    YorkshireBoy
    Is the "Transaction Type" of the 25 credit shown as SO, TFR, FPS - or what?
    Originally posted by polymaff
    I suspect it'll be "TFR".

    They've forgotten that at the end of the Reg Saver application they were invited to make the initial deposit via transfer from an existing account (held with either Halifax or BoS).

    And the Agent who said, in the above transcript, "The payment for the Regular Saver must only be via standing order, so that would be a standing order for sure" was talking nonsense. Sadly, that doesn't surprise me these days with bank staff.
    • 20SmthngSver
    • By 20SmthngSver 12th Jun 19, 8:07 PM
    • 346 Posts
    • 111 Thanks
    20SmthngSver
    How do we pay in money to Halifax Regular Saver?

    I opened account on 31 May 2019. It shows up on my online banking. I don't remember setting-up a standing order.

    Checked standing orders (SO's) active on Reward current account and it dosen't show any SO's.
    Originally posted by OceanSound
    As outlined, it must be funding by Standing Order but unlike a lot of Current Account linked Regular Savers, the Halifax RS does not beed to be funding by SO from a Halifax Current Account, it can come from anywhere.
    • Section106
    • By Section106 13th Jun 19, 8:53 AM
    • 88 Posts
    • 150 Thanks
    Section106
    Halifax
    As outlined, it must be funding by Standing Order but unlike a lot of Current Account linked Regular Savers, the Halifax RS does not beed to be funding by SO from a Halifax Current Account, it can come from anywhere.
    Originally posted by 20SmthngSver
    Are you sure the Terms and Conditions require funding only by Standing Order?

    As YorkshireBoy suggests, other methods of funding may be a possibility.
    • 20SmthngSver
    • By 20SmthngSver 13th Jun 19, 9:45 AM
    • 346 Posts
    • 111 Thanks
    20SmthngSver
    Are you sure the Terms and Conditions require funding only by Standing Order?

    As YorkshireBoy suggests, other methods of funding may be a possibility.
    Originally posted by Section106
    When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

    Other methods may be possible in their wording, but why would you risk it if you don't know.
    • No_Name
    • By No_Name 13th Jun 19, 10:07 AM
    • 137 Posts
    • 5 Thanks
    No_Name
    Mine matured last month, and it was at least the 4th working day following maturity before I was able to open a new one. In fact, because this delay had pushed the date so close to the month end, I decided to wait until this month to open the new one.

    I submitted the application on 4th of this month, early afternoon, and received a text message on 7th to say they were processing my application, but as of today there's still no sign of the new account on online banking.
    Originally posted by Fingerbobs

    Thanks for the info.


    As of this morning, I'm still unable to apply for a new RS with HSBC.


    Hopefully tomorrow morning?
    Last edited by No_Name; 13-06-2019 at 10:37 AM. Reason: missed quote
    • polymaff
    • By polymaff 13th Jun 19, 10:15 AM
    • 2,983 Posts
    • 1,380 Thanks
    polymaff
    These three Halifax statements make it pretty clear:

    You can save from 25 to 250 a month by standing order (this must reach your account by the 25th of the month).

    Make sure we get your first standing order payment within 28 days of account opening. After that any standing order must reach your account by 25th of the month, otherwise it won’t count as that month’s payment.

    You can only pay in once a month.
    • ceredigion
    • By ceredigion 13th Jun 19, 10:55 AM
    • 3,442 Posts
    • 4,906 Thanks
    ceredigion
    Halifax. Full savings account's T&C's state.

    "4. How can payments be made into your account?
    4.1 Subject to any restrictions in the special conditions for your account, payments in sterling can be made into it by cheque, direct transfer from another account and in cash; and by cheque or direct transfer from international accounts in other currencies. Cut-off times for payments into your account depend on how the payment is made. The table below shows our cut-off times for receiving payments by cash, cheque or direct transfer "
    Product T&C's state.
    You can save from 25 to 250 a month by standing order

    Can not must.
    • glider3560
    • By glider3560 13th Jun 19, 6:34 PM
    • 3,871 Posts
    • 2,537 Thanks
    glider3560
    When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

    Other methods may be possible in their wording, but why would you risk it if you don't know.
    Originally posted by 20SmthngSver
    Since standing orders from external banks are sent by Faster Payments, it makes no difference whether you set up a standing order or make a manual bank transfer each month. They won't know the difference.

    • YorkshireBoy
    • By YorkshireBoy 13th Jun 19, 6:38 PM
    • 30,971 Posts
    • 18,986 Thanks
    YorkshireBoy
    Since standing orders from external banks are sent by Faster Payments, it makes no difference whether you set up a standing order or make a manual bank transfer each month. They won't know the difference.
    Originally posted by glider3560
    Didn't we have a LBG employee on here a few years ago who seemed to present a very convincing case that the bank does indeed know if the payment is a standing order, as opposed to an immediate FP or a future-dated FP?
    • adindas
    • By adindas 14th Jun 19, 10:13 AM
    • 4,158 Posts
    • 2,632 Thanks
    adindas
    Are you sure the Terms and Conditions require funding only by Standing Order?

    As YorkshireBoy suggests, other methods of funding may be a possibility.
    Originally posted by Section106
    As far as I understand, it is only by standing order as stated here
    https://www.halifax.co.uk/savings/fixed-term/regular-saver/

    "You can save from 25 to 250 a month by standing order (this must reach your account by the 25th of the month)"

    It does not say you have to but it also does not say you could pay by other mean.
    If there was, like any other RSA product they would have stated those various ways of paying into your account.

    When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

    Other methods may be possible in their wording, but why would you risk it if you don't know.
    Originally posted by 20SmthngSver
    I have been having this SO for a a few years by now and I do not remember ever be able to add money into this RS even by internal transfer among Halifax/BOS account. If there was a way of doing that many people would have done that for "first payment/deposit" as this is the fastest way to hit your RSA for the first deposit.
    Last edited by adindas; 14-06-2019 at 10:34 AM.
    • soulsaver
    • By soulsaver 14th Jun 19, 10:39 AM
    • 2,476 Posts
    • 1,229 Thanks
    soulsaver
    As far as I understand, it is only by standing order as stated here
    https://www.halifax.co.uk/savings/fixed-term/regular-saver/



    I have been having this SO for a a few years by now and I do not remember ever be able to add this RS even by internal transfer among Halifax/BOS account. If it was a mean of doing that many people would have done that for first payment/deposit as this is the fastest way to hit your RSA. Faster than SO as with SO it will need at least one day after you set up a new SO to reach your account for the first deposit.
    Originally posted by adindas
    Your second para casts some doubt on your ability to distinguish the subtle difference between what it says, what it (may have) intended and what it actually means in correct English.
    • JamesRobinson48
    • By JamesRobinson48 14th Jun 19, 3:25 PM
    • 82 Posts
    • 283 Thanks
    JamesRobinson48
    Santander RSA Issue 8: 2.50%
    Santander has just withdrawn its 3.00% RSA. The replacement 8th issue pays only 2.50% on max 200 per month.
    • bristolleedsfan
    • By bristolleedsfan 14th Jun 19, 3:30 PM
    • 7,886 Posts
    • 9,897 Thanks
    bristolleedsfan
    As far as I understand, it is only by standing order as stated here
    https://www.halifax.co.uk/savings/fixed-term/regular-saver/

    "You can save from 25 to 250 a month by standing order (this must reach your account by the 25th of the month)"

    It does not say you have to but it also does not say you could pay by other mean.
    If there was, like any other RSA product they would have stated those various ways of paying into your account.



    I have been having this SO for a a few years by now and I do not remember ever be able to add money into this RS even by internal transfer among Halifax/BOS account. If there was a way of doing that many people would have done that for "first payment/deposit" as this is the fastest way to hit your RSA for the first deposit.
    Originally posted by adindas



    I have always funded both Halifax and BOS regular savers by Internal transfer from Halifax Current Account, option is there to be able to do it, whereas with TSB and probably other Banks isnt possible to fund this way.
    Last edited by bristolleedsfan; 14-06-2019 at 4:09 PM. Reason: See post 2395 hence edit
    • polymaff
    • By polymaff 14th Jun 19, 3:55 PM
    • 2,983 Posts
    • 1,380 Thanks
    polymaff
    I have always funded both Halifax and BOS regular savers by Internal transfer from Halifax regular saver
    Originally posted by bristolleedsfan

    Sure about that?
    • Nasqueron
    • By Nasqueron 14th Jun 19, 4:16 PM
    • 7,603 Posts
    • 4,840 Thanks
    Nasqueron
    Santander has just withdrawn its 3.00% RSA. The replacement 8th issue pays only 2.50% on max 200 per month.
    Originally posted by JamesRobinson48

    Seems a good time to switch banks and get a bonus now then, think mine is ending in a few months, shame really as with Leeds going I'll only have the Virgin one left paying anything sensible!
    the concept of a United States of Europe is right. Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community... -Winston Churchill 1961
    The future of Europe if Britain were to be excluded is black indeed.
    - Winston Churchill 1963
    • xylophone
    • By xylophone 14th Jun 19, 4:20 PM
    • 31,374 Posts
    • 19,452 Thanks
    xylophone
    Santander has just withdrawn its 3.00% RSA. The replacement 8th issue pays only 2.50% on max 200 per month.
    Amazon voucher scheme proved too expensive?
    • adindas
    • By adindas 14th Jun 19, 4:41 PM
    • 4,158 Posts
    • 2,632 Thanks
    adindas
    I have always funded both Halifax and BOS regular savers by Internal transfer from Halifax Current Account, option is there to be able to do it, whereas with TSB and probably other Banks isnt possible to fund this way.
    Originally posted by bristolleedsfan
    How did you do that ?
    Did you do that from your BOS IB or Halifax IB ?

    I just tried it with my BOS IB a few minutes go.
    I pressed the button "Make a quick transfer"

    And the option
    "Transfer money between your Bank of Scotland accounts"

    in the drop down menu "From"
    "Monthly Saver" BOS
    "Regular Saver" Halifax
    Are not there

    Similar to option "To"
    "Monthly Saver" BOS
    "Regular Saver" Halifax

    I wonder how did you do the internal transfer if that account are not shown in the drop down menu ?

    Are you referring to faster payment or Internal Transfer ??
    • bristolleedsfan
    • By bristolleedsfan 14th Jun 19, 6:10 PM
    • 7,886 Posts
    • 9,897 Thanks
    bristolleedsfan
    Similar to option "To"
    "Monthly Saver" BOS
    "Regular Saver" Halifax

    I wonder how did you do the internal transfer if that account are not shown in the drop down menu ?

    ?
    Originally posted by adindas

    Have you tried clicking "show all your accounts"?

    I only have Halifax C/A now - Internal transfer
    • adindas
    • By adindas 14th Jun 19, 6:38 PM
    • 4,158 Posts
    • 2,632 Thanks
    adindas
    Have you tried clicking "show all your accounts"?

    I only have Halifax C/A now - Internal transfer
    Originally posted by bristolleedsfan
    I have both BOS and Halifax accounts, a few of them. Most of the time I only need to open the BOS IB to access both of them.

    I just tried it again a few minutes ago with my BOSS IB:
    the option "show all your accounts" are not there. It is probably because they have shown all accounts where they will allow you to do an internal payment.

    With exception of RSAs all of the accounts, current and saving accounts that I have with them are shown in the drop down menu. These include other saving accounts "access Saver", "Everyday saver".

    To be able to do internal payment to RSAs is actually a very good feature to make the "first payment" on the day you open the account.

    But I give up by now until other people could confirm that it could be done with internal payment.
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