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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,112Posts
    • 3,997Thanks
    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 26
    • Westie983
    • By Westie983 17th Apr 18, 6:31 PM
    • 4,333 Posts
    • 14,890 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)+£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
    • Speculator
    • By Speculator 17th Apr 18, 7:16 PM
    • 1,770 Posts
    • 1,374 Thanks
    Speculator
    When my previous Leeds BS regular matured, they gave me the option to transfer the money by bacs to my current account. All done online, didn't need to visit branch.
    • liamcov
    • By liamcov 17th Apr 18, 9:05 PM
    • 379 Posts
    • 344 Thanks
    liamcov
    It finally arrived at 14:00! Still 2.25%. Maturity date is 20 April 2019.

    Don't all rush - the website is already slowing down at 14:12. I completed two applications and by the time I finished the second, each page change was grindingly slow.
    Originally posted by pafpcg
    Their website says I can withdraw money at any time, so if I do say 6 months down the line, will the rate still be the same or do they penalise one for doing so?
    • liamcov
    • By liamcov 17th Apr 18, 9:07 PM
    • 379 Posts
    • 344 Thanks
    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/
    Originally posted by mhoc
    When it does mature, we'll then be able to get this one, or whatever number they will be on at that point!
    • glider3560
    • By glider3560 17th Apr 18, 9:13 PM
    • 3,556 Posts
    • 2,252 Thanks
    glider3560
    Their website says I can withdraw money at any time, so if I do say 6 months down the line, will the rate still be the same or do they penalise one for doing so?
    Originally posted by liamcov
    The Virgin Money regular e-savers have, to date, been instant access with no penalty for withdrawals. You can have the interest paid monthly if you want reassurance?

    • AirlieBird
    • By AirlieBird 18th Apr 18, 7:25 AM
    • 1,020 Posts
    • 834 Thanks
    AirlieBird
    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
    Approximately two weeks before maturity they will notify you of your maturity options. My maturity options from LBS before have included transfer to another bank or building society.

    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?
    Originally posted by mhoc
    There is a new issue every month to move the maturity date forward a month.
    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
    • pafpcg
    • By pafpcg 18th Apr 18, 12:24 PM
    • 208 Posts
    • 181 Thanks
    pafpcg
    Virgin Money Regular Esaver Issue10
    Their website says I can withdraw money at any time, so if I do say 6 months down the line, will the rate still be the same or do they penalise one for doing so?
    Originally posted by liamcov
    It's a fixed rate account, so you'll receive 2.25% interest until April 2019 on based on whatever you've had in the account at the end of each day. I've never withdrawn funds from my Virgin Money regular savers prior to maturity but I assume from the documentation that you can treat it as an easy-access account except that the maximum amount you can deposit is £250 in every month.
    • adindas
    • By adindas 18th Apr 18, 2:07 PM
    • 3,530 Posts
    • 2,193 Thanks
    adindas
    N&P Monthly saver can not be opened in YBS. My personal experience
    I have seen there is information regarding N&P regular saver can be opened in YBS.

    I already have saving with YBS and I called YBS a while ago and I was informed that all of N&P accounts had to be opened in N&P branch and not in YBS.

    I think here it will depend on the branch policy some allow you to do that some do not. So if you are about to open an N&P saving account make sure you check it first before wasting your time traveling.
    Last edited by adindas; 18-04-2018 at 2:18 PM.
    • cmondynamite
    • By cmondynamite 18th Apr 18, 4:45 PM
    • 53 Posts
    • 24 Thanks
    cmondynamite
    I have seen there is information regarding N&P regular saver can be opened in YBS.

    I already have saving with YBS and I called YBS a while ago and I was informed that all of N&P accounts had to be opened in N&P branch and not in YBS.
    Originally posted by adindas
    Useful information. Presumably when N&P savings ceases to exist (from 9th July 2018), all regular savers will be, or will become, YBS ones anyway. I'm surprised they are being so strict on the rules at YBS branches given the N&P brand is dying.
    Last edited by cmondynamite; 18-04-2018 at 4:50 PM.
    • molerat
    • By molerat 19th Apr 18, 3:46 PM
    • 18,606 Posts
    • 12,753 Thanks
    molerat
    Virgin RS4 matures tomorrow, what is the odds on them getting it right this time
    www.helpforheroes.org.uk/donations.html
    • GreenBitterfly
    • By GreenBitterfly 19th Apr 18, 4:30 PM
    • 336 Posts
    • 712 Thanks
    GreenBitterfly
    Virgin RS4 matures tomorrow, what is the odds on them getting it right this time
    Originally posted by molerat
    Was just about to post the same thing! I reckon we should have sweepstake about how long it takes for the funds to be converted into the easy access reward account.
    • colsten
    • By colsten 19th Apr 18, 6:21 PM
    • 9,010 Posts
    • 7,757 Thanks
    colsten
    Virgin RS4 matures tomorrow, what is the odds on them getting it right this time
    Originally posted by molerat
    They had got it right for my Manchester Matchday Saver, which matured on March 20 2018.
    • Westie983
    • By Westie983 19th Apr 18, 6:26 PM
    • 4,333 Posts
    • 14,890 Thanks
    Westie983
    Was just about to post the same thing! I reckon we should have sweepstake about how long it takes for the funds to be converted into the easy access reward account.
    Originally posted by GreenBitterfly
    My Issue 3 still hasn't changed and this matured on 20th February.

    I would have thought they had sourced and found the issue by now, especially as it was brought to their attention on maturity of Issue 1 back in December.

    Looking forward to the money from Issue 4 and then I have Chorley maturing and Ford next month. (I wonder if Ford will replace theirs?)

    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
    • EachPenny
    • By EachPenny 19th Apr 18, 7:15 PM
    • 4,986 Posts
    • 13,267 Thanks
    EachPenny
    Virgin RS4 matures tomorrow, what is the odds on them getting it right this time
    Originally posted by molerat
    Well it is a Friday, but not the 13th, so it ought to go more smoothly than NatWest's payout last week.

    Looking forward to the money from Issue 4 and then I have Chorley maturing and Ford next month. (I wonder if Ford will replace theirs?)
    Originally posted by Westie983
    Best not to get into details here... but the question was asked recently and it didn't look that promising at the time:- https://forums.moneysavingexpert.com/showthread.php?t=5821233
    "In the future, everyone will be rich for 15 minutes"
    • Hattie625
    • By Hattie625 19th Apr 18, 8:15 PM
    • 714 Posts
    • 572 Thanks
    Hattie625
    Virgin RS4 matures tomorrow, what is the odds on them getting it right this time
    Originally posted by molerat

    Virgin RS4 now showing online as a matured account, with closing interest of £8.18 (annual interest was credited on 11 March 2018).
    • Hattie625
    • By Hattie625 19th Apr 18, 8:19 PM
    • 714 Posts
    • 572 Thanks
    Hattie625
    My Issue 3 still hasn't changed and this matured on 20th February.

    I would have thought they had sourced and found the issue by now, especially as it was brought to their attention on maturity of Issue 1 back in December.

    Looking forward to the money from Issue 4 and then I have Chorley maturing and Ford next month. (I wonder if Ford will replace theirs?)

    Westie983
    Originally posted by Westie983
    It was actually brought to their attention when Issue 1 of the E-Regular Saver matured on 20 October 2017.
    • molerat
    • By molerat 19th Apr 18, 8:24 PM
    • 18,606 Posts
    • 12,753 Thanks
    molerat
    Mine too but cannot withdraw as there are uncleared transactions - the £8.18.
    Last edited by molerat; 20-04-2018 at 5:08 PM.
    www.helpforheroes.org.uk/donations.html
    • veryintrigued
    • By veryintrigued 19th Apr 18, 9:05 PM
    • 2,380 Posts
    • 1,796 Thanks
    veryintrigued
    Virgin issue 4 fully matured
    All interest now cleared but shall we take this away from this new issues thread and use this:

    https://forums.moneysavingexpert.com/showthread.php?p=74184218#post74184218
    Last edited by veryintrigued; 19-04-2018 at 9:08 PM.
    • Westie983
    • By Westie983 19th Apr 18, 11:11 PM
    • 4,333 Posts
    • 14,890 Thanks
    Westie983
    It was actually brought to their attention when Issue 1 of the E-Regular Saver matured on 20 October 2017.
    Originally posted by Hattie625
    Thatís right my mistake, all good this issue 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 £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
    • Newly retired
    • By Newly retired 20th Apr 18, 8:45 AM
    • 2,348 Posts
    • 2,723 Thanks
    Newly retired
    Good idea veryintrigued.
    I get very fed up with all the detailed commments about issues, especially with Virgin. Sometimes it is not even obvious which bank or which product is being discussed.
    Letís keep this thread less cluttered. Thanks to those who highlight new items and to the OP for updating the first post.
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