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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,111Posts
    • 3,988Thanks
    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 16
    • veryintrigued
    • By veryintrigued 12th Mar 18, 8:12 PM
    • 2,363 Posts
    • 1,780 Thanks
    veryintrigued
    I closed the old thread to comments on SS2 instructions, but I agree to keep Virgin talk to the thread you have posted.

    Westie983
    Originally posted by Westie983
    I meant this one for the chit chat stuff

    http://forums.moneysavingexpert.com/showthread.php?p=11611167#post11611167
    • JamesRobinson48
    • By JamesRobinson48 12th Mar 18, 8:17 PM
    • 32 Posts
    • 76 Thanks
    JamesRobinson48
    “Can anyone help please?
    My Halifax RS matured last week, and I have been trying to open another one online but it has told me I am not eligible for another RS. Anyone have any idea why?"
    --------------

    I had the exact same problem with Halifax a few months ago. In my case a solution was to have the matured RS account, with zero balance, redesignated as an instant access saver account. This was the work of a few keystrokes: no phone call was needed. Then I instantly applied for, opened and funded a new Halifax RS, without difficulty or delay.[/B]
    • adindas
    • By adindas 12th Mar 18, 9:25 PM
    • 3,528 Posts
    • 2,192 Thanks
    adindas
    If you read the previous post the problem is well known.
    Did you login using Bank of Scotland or Halifax website.

    If you open it from BOS try it from Halifax website

    !!!8220;Can anyone help please?
    My Halifax RS matured last week, and I have been trying to open another one online but it has told me I am not eligible for another RS. Anyone have any idea why?"
    --------------

    I had the exact same problem with Halifax a few months ago. In my case a solution was to have the matured RS account, with zero balance, redesignated as an instant access saver account. This was the work of a few keystrokes: no phone call was needed. Then I instantly applied for, opened and funded a new Halifax RS, without difficulty or delay.[/B]
    Originally posted by JamesRobinson48
    • Westie983
    • By Westie983 12th Mar 18, 11:27 PM
    • 4,328 Posts
    • 14,887 Thanks
    Westie983
    Originally posted by veryintrigued
    Ah right yes, sorry my mistake

    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 £750/£1,000 = 75.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £11,872.59/£15,865 = 74.83%

    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
    • Westie983
    • By Westie983 12th Mar 18, 11:30 PM
    • 4,328 Posts
    • 14,887 Thanks
    Westie983
    “Can anyone help please?
    My Halifax RS matured last week, and I have been trying to open another one online but it has told me I am not eligible for another RS. Anyone have any idea why?"
    --------------

    I had the exact same problem with Halifax a few months ago. In my case a solution was to have the matured RS account, with zero balance, redesignated as an instant access saver account. This was the work of a few keystrokes: no phone call was needed. Then I instantly applied for, opened and funded a new Halifax RS, without difficulty or delay.[/B]
    Originally posted by JamesRobinson48
    While it still shows as a regular saver on your internet banking you wont be able to open a new one, when the money has been transfered out and changed to a instant access account you will then be able to open a new one.

    You will need to visit a branch if you want to close the RS down, and remove it from your internet banking.

    Telephone Halifax and ask when it will show as an instant access account? once the account is empty. While it still has funds in it wont allow you to open a new one.

    This is the same procedure for many banks Regular Savers, Santander and HSBC first comes to mind.

    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 £750/£1,000 = 75.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £11,872.59/£15,865 = 74.83%

    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
    • Westie983
    • By Westie983 12th Mar 18, 11:35 PM
    • 4,328 Posts
    • 14,887 Thanks
    Westie983
    Does anyone here still hold the Buckinghamshire RS?

    I have been funding it each month since late 2016 and I notice on the website that it is now a closed account....

    Do you know when it 'matures' or do I just keep going?

    I know other accounts like Leeds, let me know when they are stopping payments in, but not heard from Bucks about their account. Simple Regular Saver Issue 3 is now visible on their accounts.

    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 £750/£1,000 = 75.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £11,872.59/£15,865 = 74.83%

    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
    • AirlieBird
    • By AirlieBird 13th Mar 18, 4:07 AM
    • 1,010 Posts
    • 817 Thanks
    AirlieBird
    Can anyone help please?
    My Halifax RS matured last week, and I have been trying to open another one online but it has told me I cam not eligible for another RS. Anyone have any idea why?
    I am sure in the past I have been able to open another RS with them.
    Originally posted by welshmoneylover
    I had the exact same problem with Halifax a few months ago. In my case a solution was to have the matured RS account, with zero balance, redesignated as an instant access saver account. This was the work of a few keystrokes: no phone call was needed. Then I instantly applied for, opened and funded a new Halifax RS, without difficulty or delay.[/B]
    Originally posted by JamesRobinson48
    I don't have this account so I will bow to those with experience of the account, but I have been looking at it recently and I thought the Halifax RS was automatically renewed so you didn't need to open a new one?

    From the T&C
    After 12 months:
    We'll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. (emphasis mine)
    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
    • Steve_xx
    • By Steve_xx 13th Mar 18, 9:17 AM
    • 6,530 Posts
    • 2,733 Thanks
    Steve_xx
    I don't have this account so I will bow to those with experience of the account, but I have been looking at it recently and I thought the Halifax RS was automatically renewed so you didn't need to open a new one?

    From the T&C
    After 12 months:
    We'll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. (emphasis mine)
    Originally posted by AirlieBird
    It isn't automatically renewed.
    • Kleb
    • By Kleb 13th Mar 18, 10:25 AM
    • 1 Posts
    • 3 Thanks
    Kleb
    It isn't automatically renewed.
    Originally posted by Steve_xx
    Ermm...

    When my RS was about to mature I got a letter from Halifax. The 2nd paragraph begins:

    'We'll automatically renew your regular saver for another year and you can continue to make monthly payments into this account. Your existing account currently pays a fixed interest rate of 2.50% gross/AER. When we renew your account and move your money, you'll get the interest rate available on that date, which may be different.'
    • Steve_xx
    • By Steve_xx 13th Mar 18, 10:54 AM
    • 6,530 Posts
    • 2,733 Thanks
    Steve_xx
    Ermm...

    When my RS was about to mature I got a letter from Halifax. The 2nd paragraph begins:

    'We'll automatically renew your regular saver for another year and you can continue to make monthly payments into this account. Your existing account currently pays a fixed interest rate of 2.50% gross/AER. When we renew your account and move your money, you'll get the interest rate available on that date, which may be different.'
    Originally posted by Kleb
    Apologies. I can't remember this happening to mine. But maybe I had assumed that it was only a 12 monther and so only funded it until then!
    • welshmoneylover
    • By welshmoneylover 13th Mar 18, 11:18 AM
    • 2,722 Posts
    • 3,624 Thanks
    welshmoneylover
    I don't have this account so I will bow to those with experience of the account, but I have been looking at it recently and I thought the Halifax RS was automatically renewed so you didn't need to open a new one?

    From the T&C
    After 12 months:
    We'll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. (emphasis mine)
    Originally posted by AirlieBird

    Thank you, I think I have twigged it finally!
    The RS is still showing as open, however, as the last one closed after I put March’s deposit in, I won’t be able to start putting in the new payments until April.
    My ta-da moment!!
    Be happy, it's the greatest wealth
    • interest Ted
    • By interest Ted 14th Mar 18, 6:16 PM
    • 124 Posts
    • 95 Thanks
    interest Ted
    Does anyone here still hold the Buckinghamshire RS?

    I have been funding it each month since late 2016 and I notice on the website that it is now a closed account....

    Do you know when it 'matures' or do I just keep going?

    I know other accounts like Leeds, let me know when they are stopping payments in, but not heard from Bucks about their account. Simple Regular Saver Issue 3 is now visible on their accounts.

    Westie983
    Originally posted by Westie983
    Would this be the Chiltern Gold Builder ? They froze the account at the end of Oct 2014 and after some changes to interest rates, they allowed a resumption of deposits at start of Sep 2016 and changed T&C to permit unlimited withdrawals. Monthly payments can be between £25 and £250 but must be same each month with no top ups. Monthly payment can be changed only once per annum and then must stay same for rest of that calendar year. Current interest rate is 2.00% (eff 01 Dec 2017). I assume they made it a closed issue at Oct 2014, but they did not say in so many words. But as of Sep 2016, it can continue to be operated by those who held onto it when it was frozen. So no - no maturity date - just keep going.

    Ted
    • cosh25
    • By cosh25 14th Mar 18, 10:26 PM
    • 14 Posts
    • 57 Thanks
    cosh25
    Newcastle Building Society now have a Regular Saver Account.

    Only availble to residents in their operating area; NE, SR, DH, TD15, TD12, DL, TS, CA1 - 11.

    Can pay in £200.00 p/m up to the max balance of £25000.00.

    Interest rate is 2.25%, including 1.40% bonus proving deposit made every month. Withdrawals allowed.

    Some other bits in the T&C's on the website.
    • Westie983
    • By Westie983 14th Mar 18, 10:50 PM
    • 4,328 Posts
    • 14,887 Thanks
    Westie983
    Would this be the Chiltern Gold Builder ? They froze the account at the end of Oct 2014 and after some changes to interest rates, they allowed a resumption of deposits at start of Sep 2016 and changed T&C to permit unlimited withdrawals. Monthly payments can be between £25 and £250 but must be same each month with no top ups. Monthly payment can be changed only once per annum and then must stay same for rest of that calendar year. Current interest rate is 2.00% (eff 01 Dec 2017). I assume they made it a closed issue at Oct 2014, but they did not say in so many words. But as of Sep 2016, it can continue to be operated by those who held onto it when it was frozen. So no - no maturity date - just keep going.

    Ted
    Originally posted by interest Ted
    No, I have the simple regular saver issue 2...

    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 £750/£1,000 = 75.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £11,872.59/£15,865 = 74.83%

    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
    • patientperson
    • By patientperson 15th Mar 18, 8:55 AM
    • 460 Posts
    • 390 Thanks
    patientperson
    Newcastle Building Society now have a Regular Saver Account.

    Only availble to residents in their operating area; NE, SR, DH, TD15, TD12, DL, TS, CA1 - 11.

    Can pay in £200.00 p/m up to the max balance of £25000.00.

    Interest rate is 2.25%, including 1.40% bonus proving deposit made every month. Withdrawals allowed.

    Some other bits in the T&C's on the website.
    Originally posted by cosh25
    Thanks to cosh25 .. here is the BS link

    https://www.newcastle.co.uk/savings/savings-types/regular-saver/newcastle-regular-saver/

    The detail indicates application at a Branch only but Online application are also offered at the bottom of the screen
    • patientperson
    • By patientperson 15th Mar 18, 8:57 AM
    • 460 Posts
    • 390 Thanks
    patientperson
    Does anyone here still hold the Buckinghamshire RS?

    I have been funding it each month since late 2016 and I notice on the website that it is now a closed account....

    Do you know when it 'matures' or do I just keep going?

    I know other accounts like Leeds, let me know when they are stopping payments in, but not heard from Bucks about their account. Simple Regular Saver Issue 3 is now visible on their accounts. Westie983
    Originally posted by Westie983
    My Simple RS keeps going .. opened in 2013.
    • surreysaver
    • By surreysaver 15th Mar 18, 1:56 PM
    • 2,455 Posts
    • 1,370 Thanks
    surreysaver
    Are we due a new Virgin Money Regular eSaver any day now?
    I consider myself to be a male feminist. Is that allowed?
    • RG2015
    • By RG2015 15th Mar 18, 2:09 PM
    • 1,216 Posts
    • 710 Thanks
    RG2015
    2.30 Tomorrow afternoon
    • Mee
    • By Mee 15th Mar 18, 2:21 PM
    • 1,090 Posts
    • 1,039 Thanks
    Mee
    In my imagination?
    I thought you could not open a Lloyds Monthly
    Saver and a Club Lloyds Monthly Saver, but have been able to do so.
    • Steve_xx
    • By Steve_xx 15th Mar 18, 2:54 PM
    • 6,530 Posts
    • 2,733 Thanks
    Steve_xx
    I thought you could not open a Lloyds Monthly
    Saver and a Club Lloyds Monthly Saver, but have been able to do so.
    Originally posted by Mee
    Yes you can.
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