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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,175Posts
    • 4,934Thanks
    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 121
    • YorkshireBoy
    • By YorkshireBoy 14th Jun 19, 6:47 PM
    • 30,977 Posts
    • 18,989 Thanks
    YorkshireBoy
    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.
    Originally posted by adindas
    I've always initially funded my Halifax, BoS and Lloyds regular savers by internal transfer, as I was invited to do so at the end of the application. And they've always paid interest as they should.

    I've always run with SOs after the initial funding by internal transfer.

    But, intrigued why BLF has access to operations you don't have access to, I've just visited all my LBG online banking areas and can confirm:

    Whilst logged into Halifax, I have the option available to make a transfer from any of my Halifax or BoS current accounts to either of my BoS or Halifax regular savers.

    Whilst logged into BoS, ditto the above.

    Whilst logged into Lloyds I have the option available to make a transfer from my Club Lloyds current account to both of my regular savers (ordinary and Club).

    I wonder if you're somehow going about it the wrong way.
    • vermania
    • By vermania 14th Jun 19, 8:45 PM
    • 25 Posts
    • 12 Thanks
    vermania
    Funding a Halifax Regular Saver
    I had the 3% Halifax regular saver until the end of May this year. For numerous reasons I set up a monthly standing order for less than the 250 from a Lloyds current account.

    I also topped up the account to make an overall 250 worth of deposits per month with a faster payment transfer from that Lloyds current account. I did this most months, more often than not in the end. I received interest, at the expected rate, at the maturity in May when the "auto-transfer" also occurred.

    So not to dispute what several have pointed out, they didn't seem to be rigorously enforcing a standing order-only rule. I had no problems making additional ad-hoc payments up to the monthly maximum deposit value.
    • YorkshireBoy
    • By YorkshireBoy 14th Jun 19, 9:17 PM
    • 30,977 Posts
    • 18,989 Thanks
    YorkshireBoy
    I do not use use the "payment and transfer button" as I understand this button is used for FPO.
    Originally posted by adindas
    Be adventurous and try it.

    EDIT: I see from your edit you now have.
    • Neil Jones
    • By Neil Jones 14th Jun 19, 10:11 PM
    • 2,798 Posts
    • 1,997 Thanks
    Neil Jones
    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
    Damn. My 5% RS matures on Monday
    Oh well.
    • Fingerbobs
    • By Fingerbobs 14th Jun 19, 10:24 PM
    • 778 Posts
    • 316 Thanks
    Fingerbobs
    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
    Bu**er. Annoying timing for me - my 5% RS rolls over next month :-(
    • OceanSound
    • By OceanSound 15th Jun 19, 6:48 AM
    • 736 Posts
    • 120 Thanks
    OceanSound
    Is the "Transaction Type" of the 25 credit shown as SO, TFR, FPS - or what?
    Originally posted by polymaff
    I've been using the mobile app lately, and that dosent tell us if its SO, TFR, FPS or what.

    For each RS transaction, all it has is Date, current balance, my name (this must be the payer name), transaction amount.

    I cannot tap on the transaction to get more info. On the contrary, for current account transactions I can tap on a transaction and it will give me lot more info. e.g. Thu 13 June 2019, -250.00, SO, standing Order,

    After logging on to full blown web app (on web browser), then accessing regular saver I was able to see:
    date ---------------- description------------------------------------ type ---- In-----------Out -------balance
    31 May 2019 ----- my name [sort code and acc.num] ---- TFR --- 25.00 ---[blank]------ 25.00

    I checked this sort code and account number against my everyday saver and it matched.

    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.
    Originally posted by YorkshireBoy
    To be fair, I usually take screenshots when I open an account. On this occasion, happen to use the halifax mobile app to open RS account (which prevents you from taking screenshots - security feature I suspect, same as many of the other banking apps)

    By the way, i don't think I had completely forgotten becuase I did have a gut feeling. Hence my question to the agent (see post #2378) :
    Me: the regular saver accout already has 25 pounds in it, would that have come from a normal payment and not a standing order at the time when the account was opened?
    • broju
    • By broju 15th Jun 19, 8:41 AM
    • 27 Posts
    • 5 Thanks
    broju
    Funding regular savers on a Monday?
    I currently fund most of our regular savers on 1st of the month from our 123 Lite which is in turn funded from a Tesco Internet Saver, usually 24 hours beforehand. For the third or fourth time this year a substantial sum will languish in our Lite account earning no interest from Friday until Monday as I'm too cautious to set the transfer from Tesco for Monday or even Sunday!!! Does anyone do so?
    I will eventually move the funding, maybe to the Lloyds Club accounts but meanwhile............???
    • Special_Saver2
    • By Special_Saver2 15th Jun 19, 8:53 AM
    • 1,175 Posts
    • 4,934 Thanks
    Special_Saver2
    Hi Folks,

    - Santander Regular eSaver issue 7 (paying 3%) replaced with issue 8 paying 2.5% instead
    - Virgin Money Regular Saver issue 16 changed to issue 17 with a maturity date of 1st July 2020

    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
    • Neil Jones
    • By Neil Jones 15th Jun 19, 9:19 AM
    • 2,798 Posts
    • 1,997 Thanks
    Neil Jones
    I currently fund most of our regular savers on 1st of the month from our 123 Lite which is in turn funded from a Tesco Internet Saver, usually 24 hours beforehand. For the third or fourth time this year a substantial sum will languish in our Lite account earning no interest from Friday until Monday as I'm too cautious to set the transfer from Tesco for Monday or even Sunday!!! Does anyone do so?
    I will eventually move the funding, maybe to the Lloyds Club accounts but meanwhile............???
    Originally posted by broju
    You could always set up a Santander eSaver. Okay it only pays half a percent but you could sweep any excess into it Friday night and back out again Sunday night. It'll generate you pennies if that but its technically earning interest
    • polymaff
    • By polymaff 15th Jun 19, 11:41 AM
    • 3,002 Posts
    • 1,398 Thanks
    polymaff
    I currently fund most of our regular savers on 1st of the month from our 123 Lite which is in turn funded from a Tesco Internet Saver, usually 24 hours beforehand. For the third or fourth time this year a substantial sum will languish in our Lite account earning no interest from Friday until Monday as I'm too cautious to set the transfer from Tesco for Monday or even Sunday!!! Does anyone do so?
    I will eventually move the funding, maybe to the Lloyds Club accounts but meanwhile............???
    Originally posted by broju

    Get a Santander overdraft set up, activate a text alert for balances of zero or below. Wait for texts.
    • 20SmthngSver
    • By 20SmthngSver 15th Jun 19, 1:57 PM
    • 356 Posts
    • 115 Thanks
    20SmthngSver
    Can you have two Santander Regular eSaver's is they are different issues?
    • Neil Jones
    • By Neil Jones 15th Jun 19, 2:03 PM
    • 2,798 Posts
    • 1,997 Thanks
    Neil Jones
    Can you have two Santander Regular eSaver's is they are different issues?
    Originally posted by 20SmthngSver
    no, its not the same as (say) Virgin where you can have one of each issue.

    You can only have one Regular eSaver per customer (its issue number is immaterial), the account can’t be held jointly and isn’t available to 1|2|3 Mini Account in Trust customers.

    In fact I notice issue 8 is only available to 1|2|3 World, Santander Select or Private Banking customers. Previously you could have them with a non 1|2|3 current account.
    • veryintrigued
    • By veryintrigued 15th Jun 19, 2:34 PM
    • 2,816 Posts
    • 2,393 Thanks
    veryintrigued
    Santander RS
    no, its not the same as (say) Virgin where you can have one of each issue.

    You can only have one Regular eSaver per customer (its issue number is immaterial), the account can’t be held jointly and isn’t available to 1|2|3 Mini Account in Trust customers.

    In fact I notice issue 8 is only available to 1|2|3 World, Santander Select or Private Banking customers. Previously you could have them with a non 1|2|3 current account.
    Originally posted by Neil Jones
    Presumably for those of us with the previous incarnation it won't just roll over into this new 2.5% eSaver as previously.

    I'll scurry off and do some reading!
    • badger09
    • By badger09 15th Jun 19, 3:20 PM
    • 7,432 Posts
    • 6,958 Thanks
    badger09
    Presumably for those of us with the previous incarnation it won't just roll over into this new 2.5% eSaver as previously.

    I'll scurry off and do some reading!
    Originally posted by veryintrigued
    T&Cs appear to be the same as previous issue so it will automatically roll over, as long as SO is still set up. (IE you didn't set end date for SO to previous issue, or cancel it).
    • mgarl10024
    • By mgarl10024 15th Jun 19, 3:23 PM
    • 640 Posts
    • 451 Thanks
    mgarl10024
    Get a Santander overdraft set up, activate a text alert for balances of zero or below. Wait for texts.
    Originally posted by polymaff
    A good plan, but in my experience the texts don't always arrive on the day of the transaction.
    • polymaff
    • By polymaff 15th Jun 19, 5:44 PM
    • 3,002 Posts
    • 1,398 Thanks
    polymaff
    A good plan, but in my experience the texts don't always arrive on the day of the transaction.
    Originally posted by mgarl10024

    Never had that issue - although an email alert often arrives before the text, so make sure you activate both.
    • Neil Jones
    • By Neil Jones 17th Jun 19, 9:21 AM
    • 2,798 Posts
    • 1,997 Thanks
    Neil Jones
    Presumably for those of us with the previous incarnation it won't just roll over into this new 2.5% eSaver as previously.!
    Originally posted by veryintrigued
    My Issue 6 has morphed into an Issue 7.

    In fact I've gone back through the eDocuments as I received notification of the account maturing two weeks previously and it says on there that this would morph into an Issue 7 on the 15th. Which it has done.

    So it looks like for Santander you get the issue that was available at the time of your notification of maturity even if that issue is then pulled in the meantime for new customers.

    Okay its going to be an extra 5 or so at the end of the year but... Bonus
    • Over62
    • By Over62 18th Jun 19, 9:34 AM
    • 54 Posts
    • 22 Thanks
    Over62
    Santander roll over
    Yes! My regular saver has also morphed into issue 7 today. As you say, Neil Jones, not a great amount of money involved but it makes me so happy. Must get out more ...
    • karlie88
    • By karlie88 18th Jun 19, 4:43 PM
    • 8,837 Posts
    • 108,246 Thanks
    karlie88
    Leeds BS Reg Saver Issue 17 maturity instructions received via email this time...letter may/may not come.

    Usual process. Submit instructions via this web form:

    http://www.leedsbuildingsociety.co.uk/savings/maturity/jun912/

    Sad to see the demise of them. Hope they return.
    Official MSE canny forumite and HUKD VIP badge member
    • veryintrigued
    • By veryintrigued 18th Jun 19, 4:58 PM
    • 2,816 Posts
    • 2,393 Thanks
    veryintrigued
    Leeds RS Issue 17 maturity
    Leeds BS Reg Saver Issue 17 maturity instructions received via email this time...letter may/may not come.

    Usual process. Submit instructions via this web form:

    http://www.leedsbuildingsociety.co.uk/savings/maturity/jun912/

    Sad to see the demise of them. Hope they return.
    Originally posted by karlie88
    Yes me too.

    I'm keeping 50 with them just incase any further product is members only.
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