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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,115Posts
    • 4,041Thanks
    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 14
    • glider3560
    • By glider3560 5th Mar 18, 5:57 PM
    • 3,582 Posts
    • 2,274 Thanks
    glider3560
    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 :-((
    Originally posted by keiran
    There are very few (possibly only Ecology BS) regular savers on the market at the moment that permit payments by direct debit.

    • Speculator
    • By Speculator 6th Mar 18, 11:14 AM
    • 1,776 Posts
    • 1,382 Thanks
    Speculator
    Chorley 12 mth Regular Saver
    Just made my 12th £500 monthly payment into this account.

    Does anyone know if it allows a 13th payment?

    Thanks.
    • Speculator
    • By Speculator 6th Mar 18, 11:15 AM
    • 1,776 Posts
    • 1,382 Thanks
    Speculator
    There are very few (possibly only Ecology BS) regular savers on the market at the moment that permit payments by direct debit.
    Originally posted by glider3560
    I am still paying by monthly DD to my Monmothshire BS Reg Saver but I think they've changed to SO only for new applicants.
    Last edited by Speculator; 06-03-2018 at 11:22 AM.
    • adindas
    • By adindas 6th Mar 18, 11:32 AM
    • 3,559 Posts
    • 2,207 Thanks
    adindas
    Just made my 12th £500 monthly payment into this account.

    Does anyone know if it allows a 13th payment?

    Thanks.
    Originally posted by Speculator
    This is not to criticise but I might want to learn a new thing if I have missed something.

    In many cases, all of the money coming to Chorley already sit in 2% interest current account.

    So what is the difference additional 0.5% e.g (2.5%-2%) of £500 could make? So tiny.

    Say for 30 days (the best case) it will be 30/365*0.005*£500 = £0.20

    I wonder why people are so fancy putting the 13-month additional payment if the difference is so tiny and if it is not clearly spelled out in product KPI like the one in Virgin Money? What have I been missing here?
    • veryintrigued
    • By veryintrigued 6th Mar 18, 11:38 AM
    • 2,400 Posts
    • 1,826 Thanks
    veryintrigued
    Just made my 12th £500 monthly payment into this account.

    Does anyone know if it allows a 13th payment?

    Thanks.
    Originally posted by Speculator
    See the previous page of this very thread...
    • mhoc
    • By mhoc 6th Mar 18, 12:15 PM
    • 17,308 Posts
    • 210,321 Thanks
    mhoc
    I am still paying by monthly DD to my Monmothshire BS Reg Saver but I think they've changed to SO only for new applicants.
    Originally posted by Speculator
    Just out of curiosity what rate are you getting from Monmothshire?
    I had a look at their website and their regular savers are now only paying a pittance
    “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.”
    • Speculator
    • By Speculator 6th Mar 18, 12:35 PM
    • 1,776 Posts
    • 1,382 Thanks
    Speculator
    Just out of curiosity what rate are you getting from Monmothshire?
    I had a look at their website and their regular savers are now only paying a pittance
    Originally posted by mhoc
    only 1.3%

    Only keeping it for the Direct Debit and making 1 penalty free withdrawal a year.
    • schiff
    • By schiff 6th Mar 18, 1:44 PM
    • 17,990 Posts
    • 9,385 Thanks
    schiff
    This is not to criticise but I might want to learn a new thing if I have missed something.

    In many cases, all of the money coming to Chorley already sit in 2% interest current account.

    So what is the difference additional 0.5% e.g (2.5%-2%) of £500 could make? So tiny.

    Say for 30 days (the best case) it will be 30/365*0.005*£500 = £0.20

    I wonder why people are so fancy putting the 13-month additional payment if the difference is so tiny and if it is not clearly spelled out in product KPI like the one in Virgin Money? What have I been missing here?
    Originally posted by adindas
    Nothing. It's the relentless pursuit of pennies
    • Speculator
    • By Speculator 7th Mar 18, 12:08 PM
    • 1,776 Posts
    • 1,382 Thanks
    Speculator
    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 reply to my email enquiry.

    Good Morning,

    The account was designed to take 12 payments, however if you send a payment before it matures on the anniversary of opening as I understand it, the account will accept it.

    Hope this helps but if you need any further information please do not hesitate to contact me.
    Last edited by Speculator; 07-03-2018 at 12:09 PM. Reason: .
    • mgarl10024
    • By mgarl10024 7th Mar 18, 12:14 PM
    • 618 Posts
    • 438 Thanks
    mgarl10024
    as I understand it
    Originally posted by Speculator
    A nice confident response then...
    • EachPenny
    • By EachPenny 7th Mar 18, 12:43 PM
    • 5,219 Posts
    • 13,920 Thanks
    EachPenny
    Virgin Money
    Has anyone had problems with Virgin Money opening Regular Saver accounts in store? When I opened my issue 8 the system wouldn't accept an electronic check and required documents instead. Some backwards and forwards on the phone has resolved this by taking a recent utility bill to the store.

    Now the customer services team on the phone have said that due to money laundering regulations they now require both a 'list A' and a 'list B' document every time a new account is opened.

    This seems a bit daft. If you've already proved your identity with a 'list A' document when you started your banking relationship with them then why would the regulations require the customer to do that again with every new account opened? My identity hasn't changed since opening my first account, and I cannot think of any reason why it would change other than a change of name for which other documentation would be necessary.

    I'm trying to work out if I've been given duff information, or if the regulations really are this strict.

    For those making appointments to open the issue 9 it might be a good idea to take all your documentation along just in case.
    "In the future, everyone will be rich for 15 minutes"
    • AirlieBird
    • By AirlieBird 7th Mar 18, 1:39 PM
    • 1,038 Posts
    • 847 Thanks
    AirlieBird
    Nationwide Regular Saver
    Nationwide have today relaunched their Regular Saver. It is now called Flex Regular Online Saver.

    The only changes I can see from the Flexclusive RS 2 are that the account can only be operated online and deposits and withdrawals can only be by electronic payment. Withdrawals can now be made to a nominated external current account.

    They have also changed the condition that you can only be the first named account holder on one RS to you can only hold one of these accounts.

    https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits
    Last edited by AirlieBird; 07-03-2018 at 1:42 PM. Reason: Add link
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
    • Frogletina
    • By Frogletina 7th Mar 18, 1:41 PM
    • 3,060 Posts
    • 11,067 Thanks
    Frogletina
    Has anyone had problems with Virgin Money opening Regular Saver accounts in store? When I opened my issue 8 the system wouldn't accept an electronic check and required documents instead. Some backwards and forwards on the phone has resolved this by taking a recent utility bill to the store.

    I'm trying to work out if I've been given duff information, or if the regulations really are this strict.

    For those making appointments to open the issue 9 it might be a good idea to take all your documentation along just in case.
    Originally posted by EachPenny
    I have opened all regular savers in branch and they greeted me by name when I went in yesterday, but I was advised that their new system requires two documents (one from the A list and one from the B list) each time an account is opened.

    I'd only been in the day before and given them one of the documents to close my last regular saver

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • schiff
    • By schiff 7th Mar 18, 2:12 PM
    • 17,990 Posts
    • 9,385 Thanks
    schiff

    This seems a bit daft. If you've already proved your identity with a 'list A' document when you started your banking relationship with them then why would the regulations require the customer to do that again with every new account opened?
    Originally posted by EachPenny
    Yes it does seem daft but it's no problem to take your passport and plastic driving licence when you go. The DL is sufficient without a utility bill.

    Assuming you have them of course and in date
    • tg99
    • By tg99 7th Mar 18, 3:14 PM
    • 658 Posts
    • 257 Thanks
    tg99
    Has anyone had problems with Virgin Money opening Regular Saver accounts in store? When I opened my issue 8 the system wouldn't accept an electronic check and required documents instead. Some backwards and forwards on the phone has resolved this by taking a recent utility bill to the store.

    Now the customer services team on the phone have said that due to money laundering regulations they now require both a 'list A' and a 'list B' document every time a new account is opened.

    This seems a bit daft. If you've already proved your identity with a 'list A' document when you started your banking relationship with them then why would the regulations require the customer to do that again with every new account opened? My identity hasn't changed since opening my first account, and I cannot think of any reason why it would change other than a change of name for which other documentation would be necessary.

    I'm trying to work out if I've been given duff information, or if the regulations really are this strict.

    For those making appointments to open the issue 9 it might be a good idea to take all your documentation along just in case.
    Originally posted by EachPenny
    Yeah I had the same issue due to their system changes when opening issue 8 in store recently but luckily had the required docs with me.
    • adindas
    • By adindas 7th Mar 18, 3:43 PM
    • 3,559 Posts
    • 2,207 Thanks
    adindas
    How to open a branch base product over the phone ??

    Has anyone had problems with Virgin Money opening Regular Saver accounts in store? When I opened my issue 8 the system wouldn't accept an electronic check and required documents instead. Some backwards and forwards on the phone has resolved this by taking a recent utility bill to the store.

    Now the customer services team on the phone have said that due to money laundering regulations they now require both a 'list A' and a 'list B' document every time a new account is opened.

    This seems a bit daft. If you've already proved your identity with a 'list A' document when you started your banking relationship with them then why would the regulations require the customer to do that again with every new account opened? My identity hasn't changed since opening my first account, and I cannot think of any reason why it would change other than a change of name for which other documentation would be necessary.

    I'm trying to work out if I've been given duff information, or if the regulations really are this strict.

    For those making appointments to open the issue 9 it might be a good idea to take all your documentation along just in case.
    Originally posted by EachPenny
    • EachPenny
    • By EachPenny 7th Mar 18, 5:16 PM
    • 5,219 Posts
    • 13,920 Thanks
    EachPenny
    I have opened all regular savers in branch and they greeted me by name when I went in yesterday, but I was advised that their new system requires two documents (one from the A list and one from the B list) each time an account is opened.
    Originally posted by Frogletina
    Thanks, seems to confirm the advice I got. What a crazy system.

    Assuming you have them of course and in date
    Originally posted by schiff
    Big assumption

    Yeah I had the same issue due to their system changes when opening issue 8 in store recently but luckily had the required docs with me.
    Originally posted by tg99
    The head office CS person I spoke to suggested I opened the online account instead of the store one because the online checks were done differently. Hopefully Virgin are not going to become a less attractive place to save money.
    "In the future, everyone will be rich for 15 minutes"
    • Wheres My Cashback
    • By Wheres My Cashback 7th Mar 18, 6:58 PM
    • 2,993 Posts
    • 37,345 Thanks
    Wheres My Cashback
    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
    Originally posted by Special_Saver2
    VRS9


    Issue Annual interest
    % Gross2 Annual interest
    % AER1 Monthly interest
    % Gross2 Monthly interest
    % AER1 Maturity date
    9 2.25 2.25 2.23 2.25 20 February 2019
    • YorkshireBoy
    • By YorkshireBoy 7th Mar 18, 7:23 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    VRS9


    Issue Annual interest
    % Gross2 Annual interest
    % AER1 Monthly interest
    % Gross2 Monthly interest
    % AER1 Maturity date
    9 2.25 2.25 2.23 2.25 20 February 2019
    Originally posted by Wheres My Cashback
    SS2 is referring to the store version, called the Regular Saver. You're referring to the online version, called the Regular E-Saver.
    • Wheres My Cashback
    • By Wheres My Cashback 7th Mar 18, 7:37 PM
    • 2,993 Posts
    • 37,345 Thanks
    Wheres My Cashback
    SS2 is referring to the store version, called the Regular Saver. You're referring to the online version, called the Regular E-Saver.
    Originally posted by YorkshireBoy
    Oops !!!!!
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