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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,120Posts
    • 4,123Thanks
    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 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 11:24 PM.
Page 25
    • mary
    • By mary 10th Apr 18, 9:16 AM
    • 1,568 Posts
    • 447 Thanks
    mary
    My Club Lloyds Regular saver is maturing and the interest has been paid. Also, the interest has dropped to 0.2%. But it is still indicated as Club Lloyds Regular Saver.

    As far as I remember last year, I needed to close the account and open a new one after the account has changed to Easy saver (?).
    Does anyone have any recent experience how soon people could open a new regular saver after the old one is maturing?
    Is there any option to renew the old RSA saver to start getting a favourable interest rate of 3% again?


    Thanks
    Originally posted by adindas
    Yes, just did it. It matured on Friday. Set up the new one straightaway and the Standing Order came out on Monday. 3% Just apply online and it's done in less than 5 minutes
    • patientperson
    • By patientperson 10th Apr 18, 2:54 PM
    • 471 Posts
    • 411 Thanks
    patientperson
    Principality BS - 1 year RS Bond (Issue 18)
    This is not in the list of SS .. Issue 17 is in the list.

    I opened issue 18 early in Feb 2018 so it is not really so new.

    Min £20 pm / Max £500 pm - 2%.
    Open in Branch, Online or by Post.

    http://www.principality.co.uk/en/savings-accounts/fixed-term-savings-and-bonds/1-year-regular-saver-bond
    • teddysmum
    • By teddysmum 10th Apr 18, 2:57 PM
    • 9,070 Posts
    • 5,416 Thanks
    teddysmum
    I understand that the payment to LBG Monthly saver will need to be made by standing order up to maximum of £250 (or £300 for Club Lloyds MS).

    If for instance I paid £25 on day 1 to LBG MS in particular month. Would it be possible change the SO date to a later date on this particular month and add another £225 by standing order ?

    Thanks
    Originally posted by adindas


    Check the T&Cs, as Nationwide allowed me to start near the end of March and then pay in early the next month and onwards, with a 13th getting just a few days short of a month. This was because they have no limit on the amount in the account. However, it was not possible with TSB as they had a target amount covered by 12 payments.
    • polymaff
    • By polymaff 10th Apr 18, 3:19 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    Check the T&Cs, as Nationwide allowed me to start near the end of March and then pay in early the next month and onwards, with a 13th getting just a few days short of a month. This was because they have no limit on the amount in the account. However, it was not possible with TSB as they had a target amount covered by 12 payments.
    Originally posted by teddysmum
    More to the point, Nationwide also credits extra interest to the account !

    HSBC also allows you to pay in earlier and so rack up 13 payments - but they treat the brought-forward payments as an interest free loan to themselves - in spite of their T&Cs.
    • AirlieBird
    • By AirlieBird 10th Apr 18, 4:00 PM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    I understand that the payment to LBG Monthly saver will need to be made by standing order up to maximum of £250 (or £300 for Club Lloyds MS).

    If for instance I paid £25 on day 1 to LBG MS in particular month. Would it be possible change the SO date to a later date on this particular month and add another £225 by standing order ?

    Thanks
    Originally posted by adindas
    I know you can change the date of the SO, but I believe that you can only make 1 payment per calendar month.

    And its £400 a month for club lloyds
    • Westie983
    • By Westie983 10th Apr 18, 11:31 PM
    • 4,514 Posts
    • 15,051 Thanks
    Westie983
    Thanks.
    Regarding changing the SO date, I have done that a few times.
    But about multiple payments with SO is not allowed; do they specifically mention about this ??
    Also what happen if people are doing this ??

    Thanks again
    Originally posted by adindas
    LBG say you can fund the account by standing order so this is one standing order per months for an amount between £25 - £400, you can change the SO date within the month but only one payment to hit the account before the 25th of the month.
    https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.asp

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£13,000/£12,000 = 108.33%
    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 £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £15,332.59/£15,865 = 96.64%

    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
    • Speculator
    • By Speculator 11th Apr 18, 5:57 PM
    • 1,789 Posts
    • 1,410 Thanks
    Speculator
    Thanks.
    Regarding changing the SO date, I have done that a few times.
    But about multiple payments with SO is not allowed; do they specifically mention about this ??
    Also what happen if people are doing this ??

    Thanks again
    Originally posted by adindas
    reply from Lloyds via Twitter.

    "Hi, I'm DU. Only one standing order can be paid to the account per month."
    • Emily Joy
    • By Emily Joy 11th Apr 18, 6:43 PM
    • 154 Posts
    • 67 Thanks
    Emily Joy
    reply from Lloyds via Twitter.

    "Hi, I'm DU. Only one standing order can be paid to the account per month."
    Originally posted by Speculator
    Is it a calendar month or statement to statement or the last working day to the last working day? ...
    Last edited by Emily Joy; 12-04-2018 at 10:03 AM.
    • polymaff
    • By polymaff 11th Apr 18, 7:55 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    Is it a calendar month or statement to statement or the last working day to the last working day? ...
    Originally posted by Emily Joy
    You must set up a standing order to pay an amount of between £25
    and £400 into the Account each calendar month it is open. You should
    arrange for the first of these payments to take place within 30 days of
    opening the Account.

    Club Lloyds Monthly Saver account conditions



    You must agree to set up a standing order into the Account for one
    payment of between £25 and £250 each calendar month the Account
    is open (your 'Standing Order'), the first being within 30 days of you
    opening the Account.

    Monthly Saver account conditions
    Last edited by polymaff; 11-04-2018 at 8:02 PM.
    • Special_Saver2
    • By Special_Saver2 15th Apr 18, 11:02 PM
    • 1,120 Posts
    • 4,123 Thanks
    Special_Saver2
    Hi Folks,

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

    - Principality BS 1 Year Regular Saver Bond updated from issue 17 to issue 18 (no chnages to terms and conditions as far as I can see)

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are here
    • chiefnoodle
    • By chiefnoodle 16th Apr 18, 1:02 AM
    • 110 Posts
    • 29 Thanks
    chiefnoodle
    Help to Save is now open, for those who are eligible (receiving Tax credits) it easily beats any regular saver, with interest of 44.5% (not a typo), see here
    http://forums.moneysavingexpert.com/showthread.php?t=5827120
    I haven't made a signature as I don't possess a sense of humour.
    • AirlieBird
    • By AirlieBird 16th Apr 18, 3:28 AM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    Help to Save is now open, for those who are eligible (receiving Tax credits) it easily beats any regular saver, with interest of 44.5% (not a typo), see here
    http://forums.moneysavingexpert.com/showthread.php?t=5827120
    Originally posted by chiefnoodle
    Once again, it is NOT open to everyone who is eligible. It is in a trial.

    https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme
    Help to Save started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.
    It does NOT have an interest rate of 44.5%. It has 0% interest. It has a bonus of 50% of the highest balance during the first two years and 50% of the highest balance in the second two years less the highest balance in the first two years.

    This bonus is not payable unless participating in the trial.

    https://www.legislation.gov.uk/ukdsi/2018/9780111162880/regulation/5
    5.—(1)The duty under section 2 of the Act does not apply to Help-to-Save accounts opened before 16th October 2018 unless the individual opening the account is an eligible person taking part in the trial.

    (2)For the purposes of this regulation “the trial” means a test of all the systems required to deliver Help-to-Save accounts, which will run from the date of the coming into force of these Regulations to 15th October 2018.
    • Westie983
    • By Westie983 17th Apr 18, 12:50 PM
    • 4,514 Posts
    • 15,051 Thanks
    Westie983
    Thanks you for Information regarding Club Lloyds MS

    I did it with Halifax RSA £25 + £225 and it went through.

    I don't think Halifax have the term regarding this multiple payment within a month.
    Originally posted by adindas
    Halifax have the same T&C's and say standing order and not orders, you may find that the second payment is sent back or that it remains but it wont be at the interest payment of 2.50% and you may not find this out till the interest is paid in a years time.

    I would close the account and reopen another one and fund it with £250 in one transaction.

    https://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£13,000/£12,000 = 108.33%
    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 £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £15,332.59/£15,865 = 96.64%

    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
    • eskbanker
    • By eskbanker 17th Apr 18, 1:06 PM
    • 7,874 Posts
    • 8,731 Thanks
    eskbanker
    It does not specifically mention multiple payments by SO is not allowed.
    Originally posted by adindas
    It does in the Ts & Cs:
    You can only pay in once a month
    • Westie983
    • By Westie983 17th Apr 18, 1:49 PM
    • 4,514 Posts
    • 15,051 Thanks
    Westie983
    https://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/

    Well, it says.
    "You can save from £25 to £250 a month by a standing order (this must reach your account by the 25th of the month)"

    It does not specifically mention multiple payments by SOs are not allowed. Certainly, not to exceed the monthly allowable limit.

    Anyway I have done that since last week and I just checked it a few minutes ago, the interest rate is still showing 2% on this account. Let see what happen. I will keep the forum informed.
    Originally posted by adindas
    I work for Halifax, but of course you can do what you think its best.
    It says standing order not plural in your post.

    The next time you will realise that you have breached the T&C's is when you don't get the correct interest in 12 months or when the payment has been sent back to you, as a duplicated payment.

    You may also find your account is changed to a everyday saver account due to your duplicated payment and the interest is lower for that account, and you will no longer have a active regular saver account at the higher rate.

    It does say in the T&C's you can only pay in once a month, but of course you know this as you have read them before opening the account, and its been linked for you to read, and others have pointed you towards it.

    Westie983
    Last edited by Westie983; 17-04-2018 at 1:59 PM.
    Save 12k in 2018 #10 Total (£25,000)+£13,000/£12,000 = 108.33%
    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 £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £15,332.59/£15,865 = 96.64%

    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
    • liamcov
    • By liamcov 17th Apr 18, 5:49 PM
    • 395 Posts
    • 350 Thanks
    liamcov
    I've managed to replace my T esco DDs in good time
    Originally posted by Gers
    Have I missed this? Are DDs from the Tesco internet saver coming to an end?
    • polymaff
    • By polymaff 17th Apr 18, 5:50 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    Have I missed this? Are DDs from the Tesco internet saver coming to an end?
    Originally posted by liamcov
    22nd April 2018
    • liamcov
    • By liamcov 17th Apr 18, 6:10 PM
    • 395 Posts
    • 350 Thanks
    liamcov
    Just to add to the above - you can also request closure of accounts once logged in.

    So that pesky 'Access Saver' account that I've had for several months with £250 in it has finally gone!

    I think some of us managed to inherit that account by being a bit too eager when Leeds BS's regular saver was launched. Cheque's arrived today, deposited via my phone and the account no longer present on online banking.
    Originally posted by karlie88
    My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?
    • mhoc
    • By mhoc 17th Apr 18, 6:17 PM
    • 17,565 Posts
    • 212,131 Thanks
    mhoc
    My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?
    Originally posted by liamcov
    good question - mine matures at the start of July so I will be watching your progress with this.
    I've just had a look and its up to issue 14 paying 2.55% - how did that happen so quickly - have they jumped a few issues or have they been re-issuing every few weeks?

    http://www.leedsbuildingsociety.co.uk/savings/regularsaver/
    “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.”
    • Westie983
    • By Westie983 17th Apr 18, 6:31 PM
    • 4,514 Posts
    • 15,051 Thanks
    Westie983
    My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?
    Originally posted by liamcov
    I closed Issue 3 and was sent a cheque without having to visit a branch (not that there is one near me anyway)

    How far in advance I don't know but if you send the withdrawal form they action it, as I post dated my issue 3 and its was closed early earlier then I wanted.

    So I would say within 10 days of maturity.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£13,000/£12,000 = 108.33%
    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 £1200/£1000 = 120.00%
    £2 Savers Club 2018 #16 Total (£1500)+-470/£2000 = 51.50%

    Total £15,332.59/£15,865 = 96.64%

    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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