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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,183Posts
    • 5,088Thanks
    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 2% 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; 16-11-2019 at 7:25 AM.
Page 37
    • mhoc
    • By mhoc 1st Jun 18, 12:55 PM
    • 17,976 Posts
    • 215,446 Thanks
    mhoc
    Sorry,

    Just realised, the £250 cheque is for my Monmouthshire Regular Bond. Still waiting for my passbook.

    It was £350 for the Chorley which hasn't cleared yet.
    Originally posted by Speculator
    I had a look online at my Chorley account this morning but its too early to show yet on my list of accounts - we have to be patient.

    In the meantime what are the predictions for the next Virgin regular e saver - usually someone makes a very good estimate so I can put it on the calendar!
    “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.”
    • karlie88
    • By karlie88 1st Jun 18, 3:45 PM
    • 8,841 Posts
    • 108,260 Thanks
    karlie88
    I had a look online at my Chorley account this morning but its too early to show yet on my list of accounts - we have to be patient.
    Originally posted by mhoc
    I think it needs to be added manually to your online banking. i.e. it won't be added automatically like other mainstream banks/building societies. I'm pretty sure you need to contact them with your account details for them to add it to your online banking (once the account's been opened/passbook received).
    Official MSE canny forumite and HUKD VIP badge member
    • Westie983
    • By Westie983 2nd Jun 18, 3:21 AM
    • 4,846 Posts
    • 15,522 Thanks
    Westie983
    Maybe a moderator could split the above conversation into a new thread, since it is a general banking issue, rather than being related to regular savers.
    Originally posted by glider3560
    I have moved the post to a new thread

    Westie983
    Save 12k in 2020 #33 Total (£2300) £0.00/£5000 = 0.00%
    Sealed Pot Challenge ~ 13 #97 Total (£505)+£2.00/£500 = 0.40%
    Xmas 2020 £1 a Day #8 Total (£386)+£40.30/£365 = 11.04%
    Virtual Sealed Pot #1 Total (£600)+£50.00/£500 = 10.00%
    £2 Savers Club 2019 #11 Total (£720)+£0.00/£300 = 0.00%

    Total £92.30/£6665 = 1.38%
    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
    • veryintrigued
    • By veryintrigued 2nd Jun 18, 6:47 AM
    • 2,860 Posts
    • 2,418 Thanks
    veryintrigued
    Stopping Leeds RS 5 & Notts Tiger RS standing orders
    For those of you who've already made the maximum payments this should be done now.
    • Hattie625
    • By Hattie625 2nd Jun 18, 9:43 AM
    • 905 Posts
    • 787 Thanks
    Hattie625
    For those of you who've already made the maximum payments this should be done now.
    Originally posted by veryintrigued
    Thanks. I have cancelled my standing order for July for Leeds Building Society RS 5. Total of £3000 has been paid in, after June payment.. Maturity is 2nd July.
    • Mee
    • By Mee 2nd Jun 18, 11:26 AM
    • 1,304 Posts
    • 1,403 Thanks
    Mee
    Really impressed with the speed and efficiency of Saffron B/S. Went into branch and received passbook for FR RS and supporting paperwork within a week.
    Free thinker.
    • interest Ted
    • By interest Ted 2nd Jun 18, 12:02 PM
    • 137 Posts
    • 126 Thanks
    interest Ted
    Bucks bs
    Letter from Bucks today to say they changing their 'Regular Saver Local and Members' on July 1st to "Regular Saver Locals". Their summary sheet leaves several unanswered questions, as terms and conditions are not the same as the previous account. Access to the new account seems to be only by involuntary transfer from the existing account.

    I understand that they are doing exactly the same with anyone holding the old Chiltern Gold Builder accounts.

    So it would seem that they will no longer allow anyone to open the Regular Saver Locals (or Locals and Members) after 01 July, leaving only their simple regular saver (1.5%) still on sale - unless of course they are changing that too.

    Ted
    • schiff
    • By schiff 2nd Jun 18, 1:05 PM
    • 18,801 Posts
    • 10,200 Thanks
    schiff
    My Leeds 5 has a maturity date of August 1st (or so I thought but have I got that wrong...) I have already made the 12th payment so I am also at the £3k level - you have got me wondering now... have to go and have a look.
    Originally posted by mhoc
    I opened mine on 4/7/17 and the maturity date - per my record - is 2/7. My balance too is £3K.
    • MarkFromCornwall
    • By MarkFromCornwall 2nd Jun 18, 2:10 PM
    • 798 Posts
    • 527 Thanks
    MarkFromCornwall
    Letter from Bucks today to say they changing their 'Regular Saver Local and Members' on July 1st to "Regular Saver Locals". Their summary sheet leaves several unanswered questions, as terms and conditions are not the same as the previous account.

    Ted
    Originally posted by interest Ted

    On Monday you should get the follow-up letter beginning with "We're sorry..." and giving further details!
    Last edited by MarkFromCornwall; 02-06-2018 at 2:13 PM.
    • Westie983
    • By Westie983 2nd Jun 18, 2:11 PM
    • 4,846 Posts
    • 15,522 Thanks
    Westie983
    Mine is also 3k, with a maturity date 2nd July, I had to reread the post as I thought you were mentioning Issue 4 withdrawal which wont hit £6k till next August but need to do this withdrawal next month.

    With Bucks changing name, Im still waiting for Chorley, and of course the arrival of the new Virgin RS, I have cashed in Issue 4 Branch, and made my final payment into Issue 5 Online...

    Its a balancing act this RS malarky

    Westie983
    Last edited by Westie983; 02-06-2018 at 2:15 PM.
    Save 12k in 2020 #33 Total (£2300) £0.00/£5000 = 0.00%
    Sealed Pot Challenge ~ 13 #97 Total (£505)+£2.00/£500 = 0.40%
    Xmas 2020 £1 a Day #8 Total (£386)+£40.30/£365 = 11.04%
    Virtual Sealed Pot #1 Total (£600)+£50.00/£500 = 10.00%
    £2 Savers Club 2019 #11 Total (£720)+£0.00/£300 = 0.00%

    Total £92.30/£6665 = 1.38%
    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
    • Morphoton
    • By Morphoton 2nd Jun 18, 2:32 PM
    • 90 Posts
    • 76 Thanks
    Morphoton
    Letter from Bucks today to say they changing their 'Regular Saver Local and Members' on July 1st to "Regular Saver Locals". Their summary sheet leaves several unanswered questions, as terms and conditions are not the same as the previous account. Access to the new account seems to be only by involuntary transfer from the existing account.

    I understand that they are doing exactly the same with anyone holding the old Chiltern Gold Builder accounts.

    So it would seem that they will no longer allow anyone to open the Regular Saver Locals (or Locals and Members) after 01 July, leaving only their simple regular saver (1.5%) still on sale - unless of course they are changing that too.
    One improvement is that the "Regular Saver Locals" allows a higher monthly payment of upto £500, as opposed to the current max of £250.
    • mhoc
    • By mhoc 2nd Jun 18, 2:43 PM
    • 17,976 Posts
    • 215,446 Thanks
    mhoc
    I opened mine on 4/7/17 and the maturity date - per my record - is 2/7. My balance too is £3K.
    Originally posted by schiff
    Thanks for this, not sure where I'd got the August 1st date from and there was nothing in my LBS file to confirm this so I rang them up and yes my reg saver 5 is also July 3rd maturity.

    By then they will be up to reg saver 17 and hopefully at least 2.55% gross interest
    Last edited by mhoc; 02-06-2018 at 4:16 PM.
    “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.”
    • Hattie625
    • By Hattie625 2nd Jun 18, 3:22 PM
    • 905 Posts
    • 787 Thanks
    Hattie625

    In the meantime what are the predictions for the next Virgin regular e saver - usually someone makes a very good estimate so I can put it on the calendar!
    Originally posted by mhoc
    The next Virgin Reglar E Saver will be Issue 12. It should launch on (or about) 17th July, with the maturity date being 20 August 2019.

    My prediction... I may prove to be wrong
    • Hattie625
    • By Hattie625 2nd Jun 18, 3:32 PM
    • 905 Posts
    • 787 Thanks
    Hattie625
    One improvement is that the "Regular Saver Locals" allows a higher monthly payment of upto £500, as opposed to the current max of £250.
    Originally posted by Morphoton
    The current max on the Members and Residents Regular Saver IS £500 per month (the simple regular saver is £250). It's been £500 since launch in October 2017. I have a balance of £4500 in it. I haven't had any letter(s) about a change...yet.
    • schiff
    • By schiff 2nd Jun 18, 3:47 PM
    • 18,801 Posts
    • 10,200 Thanks
    schiff
    Chorley
    A large letter in the post today with the passbook and all the confirmation that I need that my new RS at 2.75% has been set up.
    First deposit June 1st.

    Excellent service. The cheque hasn't appeared in my bank account yet so that's a few coppers gratis for the clearance delay!
    • Morphoton
    • By Morphoton 2nd Jun 18, 4:15 PM
    • 90 Posts
    • 76 Thanks
    Morphoton
    The current max on the Members and Residents Regular Saver IS £500 per month (the simple regular saver is £250). It's been £500 since launch in October 2017. I have a balance of £4500 in it. I haven't had any letter(s) about a change...yet.
    Yes it is a Simple Regular Saver Issue 2 opened Sep 2016 that they are converting to the Regular Savers Local.
    I received an addendum letter today which gives info on the Regular Savers and Help to Buy ISA which were omitted in the first letter.
    • glider3560
    • By glider3560 2nd Jun 18, 4:37 PM
    • 3,898 Posts
    • 2,555 Thanks
    glider3560
    A large letter in the post today with the passbook and all the confirmation that I need that my new RS at 2.75% has been set up.
    First deposit June 1st.

    Excellent service. The cheque hasn't appeared in my bank account yet so that's a few coppers gratis for the clearance delay!
    Originally posted by schiff
    Remember that it will clear on the 2-6-6 cycle, so you won't earn interest until the second working day after deposit. Coincidentally, that is most likely the same day that the money will leave the account the cheque is drawn from.

    • Westie983
    • By Westie983 3rd Jun 18, 2:09 PM
    • 4,846 Posts
    • 15,522 Thanks
    Westie983
    Question:

    When Issue 5 of the Leeds matures next month and its closed, that then allows you to open the current issue (16) as you no longer hold issues 5 - 15, which stops you as Issue 4 is exempt...

    so whats the difference between Issue 16 onwards compared to Issue 5? I haven't looked at this as before now we were not allowed to open a new one while still holding Issue 5... **I dont have the T&C's for Issue 5, but I found Issue 3...

    Westie983
    Save 12k in 2020 #33 Total (£2300) £0.00/£5000 = 0.00%
    Sealed Pot Challenge ~ 13 #97 Total (£505)+£2.00/£500 = 0.40%
    Xmas 2020 £1 a Day #8 Total (£386)+£40.30/£365 = 11.04%
    Virtual Sealed Pot #1 Total (£600)+£50.00/£500 = 10.00%
    £2 Savers Club 2019 #11 Total (£720)+£0.00/£300 = 0.00%

    Total £92.30/£6665 = 1.38%
    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
    • glider3560
    • By glider3560 3rd Jun 18, 7:24 PM
    • 3,898 Posts
    • 2,555 Thanks
    glider3560
    Question:

    When Issue 5 of the Leeds matures next month and its closed, that then allows you to open the current issue (16) as you no longer hold issues 5 - 15, which stops you as Issue 4 is exempt...

    so whats the difference between Issue 16 onwards compared to Issue 5? I haven't looked at this as before now we were not allowed to open a new one while still holding Issue 5... **I dont have the T&C's for Issue 5, but I found Issue 3...

    Westie983
    Originally posted by Westie983
    As far as I can see, the only difference between the issues 5 onwards is the interest rate.


    Also, they seem to have stopped sending a passbook for these accounts.

    • Special_Saver2
    • By Special_Saver2 4th Jun 18, 12:30 AM
    • 1,183 Posts
    • 5,088 Thanks
    Special_Saver2
    Hi Folks,

    I have carried out this weekend's update.

    - Bank of Scotland Current Account with Vantage option interest rate from 1st July updated
    - Bucks BS Regular Saver entry has an added note to look at this page about posts with upcoming changes and possible withdrawal of the account

    I will do another update next weekend.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
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