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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,116Posts
    • 4,051Thanks
    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 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 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; 08-04-2018 at 2:17 PM.
Page 13
    • schiff
    • By schiff 2nd Mar 18, 12:04 PM
    • 17,993 Posts
    • 9,388 Thanks
    schiff
    Thanks for this information. I need to visit the branch anyway to close the matchday saver that ended yesterday, but don't really want to go out in this weather at the moment.

    frogletina
    Originally posted by Frogletina
    I braved the weather y/day to collect from the maturing RS. A pity I didn't know about this! I'll book an appointment and hope by then that the Gulf Stream gets back to doing its job.
    • tg99
    • By tg99 2nd Mar 18, 2:54 PM
    • 658 Posts
    • 257 Thanks
    tg99
    Thanks for this information. I need to visit the branch anyway to close the matchday saver that ended yesterday, but don't really want to go out in this weather at the moment.

    frogletina
    Originally posted by Frogletina
    Actually pretty efficient I’ve found to close in writing by sending them passbook and bank details a week or so before maturity....received proceeds of the matchday saver into my nominated account yesterday.
    • apt
    • By apt 4th Mar 18, 4:56 AM
    • 3,065 Posts
    • 1,728 Thanks
    apt
    Leeds BS are now onto issue 13 of their regular saver. Maturity date 28 February 2019. Same rate. http://www.leedsbuildingsociety.co.uk/savings/regularsaver/regular-saver/
    • where are we
    • By where are we 4th Mar 18, 9:55 AM
    • 223 Posts
    • 65 Thanks
    where are we
    2.55% AER is a reasonable interest rate. Unfortunately £3000 is the maximum deposit unlike the early issue which had a maximum deposit of £6000 which you could run for almost 24 months.
    • Vortigern
    • By Vortigern 4th Mar 18, 10:01 AM
    • 2,461 Posts
    • 1,662 Thanks
    Vortigern
    Leeds BS are now onto issue 13 of their regular saver. Maturity date 28 February 2019. Same rate. http://www.leedsbuildingsociety.co.uk/savings/regularsaver/regular-saver/
    Originally posted by apt
    Issue 13 is not available to holders of issues 5-12 inclusive
    • Special_Saver2
    • By Special_Saver2 4th Mar 18, 11:26 AM
    • 1,116 Posts
    • 4,051 Thanks
    Special_Saver2
    Hi Everybody,

    I have made the following changes for this weekend's update.

    - Virgin Regular Saver issue 8 replaced with issue 9, which has a maturity date of 1st April 2019
    - Lees BS Regular Saver issue 12 replaced with issue 13, which has a maturity date of 28th February 2019

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    • molerat
    • By molerat 4th Mar 18, 4:58 PM
    • 18,812 Posts
    • 12,996 Thanks
    molerat
    Leeds BS are now onto issue 13 of their regular saver. Maturity date 28 February 2019. Same rate. http://www.leedsbuildingsociety.co.uk/savings/regularsaver/regular-saver/
    Originally posted by apt
    What are Leeds like for on line management and withdrawals for these accounts ? Their T&Cs and website seem very non committal and with my nearest branch being 70 miles away I don't really want to be stuck with postal.
    www.helpforheroes.org.uk/donations.html
    • mgarl10024
    • By mgarl10024 4th Mar 18, 5:13 PM
    • 618 Posts
    • 438 Thanks
    mgarl10024
    What are Leeds like for on line management and withdrawals for these accounts ? Their T&Cs and website seem very non committal and with my nearest branch being 70 miles away I don't really want to be stuck with postal.
    Originally posted by molerat
    Not great.
    If an account is maturing, you can supply details in advance and on maturity you get a free electronic transfer - in the past it has worked fine for me.
    Outside of this, it's trickier. I don't think you can withdraw online as I've had to fill in a form, and there's a charge for electronic withdrawals (free if you'll accept a cheque).
    My experience is that they tend to be very bureaucratic and paper driven which is disappointing given their size.
    Last edited by mgarl10024; 04-03-2018 at 5:16 PM.
    • glider3560
    • By glider3560 4th Mar 18, 5:38 PM
    • 3,585 Posts
    • 2,275 Thanks
    glider3560
    What are Leeds like for on line management and withdrawals for these accounts ? Their T&Cs and website seem very non committal and with my nearest branch being 70 miles away I don't really want to be stuck with postal.
    Originally posted by molerat
    Leeds BS shut their branches, call centre and online service for the whole of this weekend to upgrade their IT system. There's a new online service, which hopefully will provide more services than previously.

    I notice that in the newer issues, they stopped issuing passbooks, so hopefully these accounts will become managable fully online.

    • Ken68
    • By Ken68 4th Mar 18, 5:54 PM
    • 6,394 Posts
    • 4,084 Thanks
    Ken68
    I'm surprised that so may posters are still doing regular savings, considering that NH&I are doing a 2.2% with minimal withdrawal penalties.
    • glider3560
    • By glider3560 4th Mar 18, 5:57 PM
    • 3,585 Posts
    • 2,275 Thanks
    glider3560
    I'm surprised that so may posters are still doing regular savings, considering that NH&I are doing a 2.2% with minimal withdrawal penalties.
    Originally posted by Ken68
    There's a 90 day interest penalty on withdrawals. I guess it depends on your priorities and personal circumstances, as to which account works out best.

    • Steve_xx
    • By Steve_xx 4th Mar 18, 6:01 PM
    • 6,541 Posts
    • 2,739 Thanks
    Steve_xx
    I'm surprised that so may posters are still doing regular savings, considering that NH&I are doing a 2.2% with minimal withdrawal penalties.
    Originally posted by Ken68
    Don't be too surprised. The NSI options tie you up for 3 years and @ 2.2% it may be too long, given that rates are looking as though they are on the way up.
    • mhoc
    • By mhoc 4th Mar 18, 6:08 PM
    • 17,315 Posts
    • 210,359 Thanks
    mhoc
    I'm surprised that so may posters are still doing regular savings, considering that NH&I are doing a 2.2% with minimal withdrawal penalties.
    Originally posted by Ken68
    Investment Gaurantee Growth bonds are possibly best for those with the full £3000 to invest at the start who then don't think they will need to touch the money for 3 years.
    - its still a far better rate than these 5 year fixed rate ISAs paying 2%

    It might suit someone who has just had a regular saver mature and has a lump sum

    https://www.nsandi.com/Investment-Guaranteed-Growth-Bonds

    Only onsale unti April 10th
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • EachPenny
    • By EachPenny 4th Mar 18, 6:14 PM
    • 5,247 Posts
    • 13,979 Thanks
    EachPenny
    Not great.
    If an account is maturing, you can supply details in advance and on maturity you get a free electronic transfer - in the past it has worked fine for me.
    Outside of this, it's trickier. I don't think you can withdraw online as I've had to fill in a form, and there's a charge for electronic withdrawals (free if you'll accept a cheque).
    My experience is that they tend to be very bureaucratic and paper driven which is disappointing given their size.
    Originally posted by mgarl10024
    Agreed, if you miss the deadline for maturity instructions you have to visit a branch or send a signed letter requesting closure of the account and withdrawal of the funds. Their only nod to technology is accepting a scanned copy of the letter being emailed to them rather than it having to be posted with the pasbook.

    On the plus side, I got my cheque very quickly after sending them the closure request letter.
    "In the future, everyone will be rich for 15 minutes"
    • cosh25
    • By cosh25 4th Mar 18, 8:14 PM
    • 14 Posts
    • 57 Thanks
    cosh25
    With the update to the Leeds BS online services, I set mine up today. You can now request a withdrawal online, but only via cheque. So if you do miss the deadline for pre logging your maturity instuctions, this is now an option. In the past they always send cheques first class so get them rather quickly. If you use Halifax etc. you can now pay the cheque in via the app so not as tedious as it used to be.

    Just as a side note, if you have an online account with them you can also now request internal transfers online and then do the withdrawal this way.
    Last edited by cosh25; 04-03-2018 at 8:19 PM.
    • Westie983
    • By Westie983 5th Mar 18, 2:05 AM
    • 4,355 Posts
    • 14,911 Thanks
    Westie983
    With the update to the Leeds BS online services, I set mine up today. You can now request a withdrawal online, but only via cheque. So if you do miss the deadline for pre logging your maturity instuctions, this is now an option. In the past they always send cheques first class so get them rather quickly. If you use Halifax etc. you can now pay the cheque in via the app so not as tedious as it used to be.

    Just as a side note, if you have an online account with them you can also now request internal transfers online and then do the withdrawal this way.
    Originally posted by cosh25
    This is good news when I need to withdraw, getting a little worried now though, send both books off with cheques on the 22nd of February, when I called to chase I was told Investment team have backlog of work and they will get to mine, I queried about the sate and it was confirmed it will get back dated to the date on the cheque.

    at the moment it does show and I have missed the month of February which is highly annoying as I have had issue 3 for well over a year now...

    I hope they stick to their word both via the phone and email...

    Lets see, still waiting nearly 10 days have passed, (** I acknowledge the weather may have added some time)

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£10,000/£12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £900/£1,000 = 90.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £12,022.59/£15,865 = 75.78%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • schiff
    • By schiff 5th Mar 18, 2:02 PM
    • 17,993 Posts
    • 9,388 Thanks
    schiff
    I didn't know that the Chorley RS was no more but found that out in the course of phoning to ask if I can make a 13th payment into my account, which has a £6K balance, before the 23/4 maturity date. I can't.

    A letter is coming apparently which may contain some news. They don't seem to have a RS of any kind now which is a bit sad.

    But an old folks basic account with 1.35% interest which isn't bad.
    • mhoc
    • By mhoc 5th Mar 18, 2:16 PM
    • 17,315 Posts
    • 210,359 Thanks
    mhoc
    I didn't know that the Chorley RS was no more but found that out in the course of phoning to ask if I can make a 13th payment into my account, which has a £6K balance, before the 23/4 maturity date. I can't.

    A letter is coming apparently which may contain some news. They don't seem to have a RS of any kind now which is a bit sad.

    But an old folks basic account with 1.35% interest which isn't bad.
    Originally posted by schiff
    Just had a look and all of the regular saver are listed on the December 2017 closed accounts list.
    My Chorley festive saver 2.25% matures in October as does my Holmesdale issue 3 2.25% which is being amalgamated with Skipton so that will be 2 regular savers off the list sadly.
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • keiran
    • By keiran 5th Mar 18, 2:36 PM
    • 432 Posts
    • 220 Thanks
    keiran
    Just a quick note that the Leeds regular saver does NOT allow deposits by monthly direct debit (for those of us chasing direct debits re Tesco closing)

    I can say so after going through the entire application process :-((
    • Westie983
    • By Westie983 5th Mar 18, 5:04 PM
    • 4,355 Posts
    • 14,911 Thanks
    Westie983
    I didn't know that the Chorley RS was no more but found that out in the course of phoning to ask if I can make a 13th payment into my account, which has a £6K balance, before the 23/4 maturity date. I can't.

    A letter is coming apparently which may contain some news. They don't seem to have a RS of any kind now which is a bit sad.

    But an old folks basic account with 1.35% interest which isn't bad.
    Originally posted by schiff
    I have one of these, Haven't had any information about it closing though...

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£10,000/£12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £900/£1,000 = 90.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £12,022.59/£15,865 = 75.78%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
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