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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,123Posts
    • 4,181Thanks
    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 45
    • typistretired
    • By typistretired 5th Jul 18, 7:06 PM
    • 1,327 Posts
    • 953 Thanks
    typistretired
    Quote:
    Originally Posted by schiff
    6 miles to my nearest branch of Santander Bank ....
    As a Virgin store is not far away .....
    12 miles to my nearest branch of Leeds BS.....
    16 miles to my nearest branch of Nottingham BS.

    What's a cheque?? You could have done all that on the internet and saved on petrol!
    "Look after your pennies and your pounds will look after themselves"
    • schiff
    • By schiff 5th Jul 18, 7:19 PM
    • 18,166 Posts
    • 9,588 Thanks
    schiff

    What's a cheque?? You could have done all that on the internet and saved on petrol!
    Originally posted by typistretired
    None of the withdrawals could have been done any other way than by cheque. Maybe I could have applied for the cheques online but I would have had to wait for an unclear number of days to receive them. And interest at 1.5% on 7400 is 30p a day. Just wanted it out of the way, for efficiency.

    I'm not sure that it's possible to open the two accounts I did on the internet btw; I know I definitely had to go to a Nottingham branch.

    In any event, it has filled that awful void till the football starts again!

    Drove 8 miles on the two days, the rest by public transport. FOC
    • karlie88
    • By karlie88 5th Jul 18, 7:35 PM
    • 8,477 Posts
    • 106,328 Thanks
    karlie88
    What's a cheque?? You could have done all that on the internet and saved on petrol!
    Originally posted by typistretired
    Don't think all could have been done on the internet.

    Leeds BS Reg Saver Issue 5 could have been closed online with funds transferred to a nominated account or a cheque sent. Issue 17 of their Reg Saver could also have been opened online.

    However, the new Nottingham BS Reg Saver and Virgin Money Reg Saver Issue 11 are branch only so have to be opened in-store.

    Re: cheques. They're still used quite a lot, most recently a 6.5k issued by Chorley BS which quite a few of us got. As for depositing them, I usually use my smartphone via the Halifax app. If it's a large amount, then I'll either go to the Post Office or post them to First Direct with their pre-paid envelopes - depends what mood I'm in.

    I can see why some individuals prefer to go their local branch to deposit their cheques though.
    Official MSE canny forumite and HUKD VIP badge member
    • typistretired
    • By typistretired 5th Jul 18, 7:56 PM
    • 1,327 Posts
    • 953 Thanks
    typistretired
    Virgin E11 Regular Saver
    I opened my Virgin Regular E-saver issue 11 online and immediately transferred the first 250 into it. I was just joking about cheques but I prefer any maturing funds to go into my linked account.
    Last edited by typistretired; 05-07-2018 at 8:00 PM.
    "Look after your pennies and your pounds will look after themselves"
    • glider3560
    • By glider3560 5th Jul 18, 7:59 PM
    • 3,654 Posts
    • 2,340 Thanks
    glider3560
    I opened my Virgin E11 online and immediately transferred the first 250 into it. I was just joking about cheques but I prefer any maturing funds to go into my linked account.
    Originally posted by typistretired
    There are two separate products: the in-store Issue 11 and the online Issue 11. You can have both, but the in-store cannot be opened online.

    • schiff
    • By schiff 5th Jul 18, 8:39 PM
    • 18,166 Posts
    • 9,588 Thanks
    schiff

    Leeds BS Reg Saver Issue 5 could have been closed online with funds transferred to a nominated account or a cheque sent. Issue 17 of their Reg Saver could also have been opened online.
    Originally posted by karlie88
    That happened to mine as expected but AFAIAA I could only have got at the funds by cheque. As I was going anyway, I thought I would open RS Issue 17 on the same visit. It was arranged.

    It has occurred to me since that I could pay cheques that I receive by post to a closer bank geographically where I have an account. Have any of the major banks yet introduced this faster clearance of cheques, which would be an encouragement? Santander haven't.
    • EachPenny
    • By EachPenny 5th Jul 18, 10:05 PM
    • 6,579 Posts
    • 17,666 Thanks
    EachPenny
    Guess what I did next?
    Originally posted by karlie88

    Did it work? Surely not.....
    "In the future, everyone will be rich for 15 minutes"
    • Fingerbobs
    • By Fingerbobs 5th Jul 18, 11:40 PM
    • 449 Posts
    • 129 Thanks
    Fingerbobs
    With that level of triangulation, you do realise that you've given away your location fairly precisely, certainly enough to identify the postman's round and probably enough for the full postcode? Then they'll match the postcode to the lists of customers for each those accounts at the banks, so you can expect the black helicopters imminently.....

    PS: Sorry for taking the thread even further off-topic - I'll delete my post in 48 hours (or somebody will do it for me!)
    Originally posted by pafpcg
    The distances quoted are probably by road, not as the crow flies, so it's not going to be that easy to calculate the position.
    • schiff
    • By schiff 5th Jul 18, 11:52 PM
    • 18,166 Posts
    • 9,588 Thanks
    schiff
    The distances quoted are probably by road, not as the crow flies, so it's not going to be that easy to calculate the position.
    Originally posted by Fingerbobs
    That's true. I worked my way from A to B by using back roads and short cuts, intending to throw the black helicopters off the scent. It seems to have worked. So far anyway.
    • veryintrigued
    • By veryintrigued 6th Jul 18, 7:43 AM
    • 2,483 Posts
    • 1,961 Thanks
    veryintrigued
    With that level of triangulation, you do realise that you've given away your location fairly precisely, certainly enough to identify the postman's round and probably enough for the full postcode? Then they'll match the postcode to the lists of customers for each those accounts at the banks, so you can expect the black helicopters imminently.....

    PS: Sorry for taking the thread even further off-topic - I'll delete my post in 48 hours (or somebody will do it for me!)
    Originally posted by pafpcg
    Think I'd be more purtubed if I were the Virgin adviser (and colleagues) who would now be able to identify themselves when reading this. But additionally now knows who this poster is and therefore can have a good old read of their post history so they'll now know them even better!!

    As you say though its way off topic.
    Last edited by veryintrigued; 06-07-2018 at 7:45 AM.
    • veryintrigued
    • By veryintrigued 6th Jul 18, 8:02 AM
    • 2,483 Posts
    • 1,961 Thanks
    veryintrigued
    Bucks BS
    For SS2 info - and anyone else that may be interested - re post 2 in this thread.

    Bucks website now shows revamped accounts. Notable amendments to T&C of Regular Saver Locals include a) unlimited withdrawals at any time, and b) restricted now to locals only (not locals or existing members).

    They also have a plain 'regular saver' paying 1.75% which is not restricted to locals, or existing members, allows deposits of 10 to 500 pm, and unlimited withdrawals. Monthly deposit can only be altered once per year, by prior written notice to Society, and no missed deposits allowed.

    Ted
    Originally posted by interest Ted
    Thanks Ted.

    Interesting as well that the non local version states:

    Only one Regular Saver account (any issue) per person is permitted
    • karlie88
    • By karlie88 6th Jul 18, 3:18 PM
    • 8,477 Posts
    • 106,328 Thanks
    karlie88
    Did it work? Surely not.....
    Originally posted by EachPenny
    2750 returned.

    I phoned them explaining the situation and the message that's displayed, they asked for a screen shot, they phoned back later and apologised. They offered the difference in the loss of interest had I deposited 3k for 1 year @ 2.3% - so got just over 30.

    They're now my 2nd favourite bank/BS after Virgin Money.
    Official MSE canny forumite and HUKD VIP badge member
    • badger09
    • By badger09 6th Jul 18, 4:38 PM
    • 6,190 Posts
    • 5,552 Thanks
    badger09
    2750 returned.

    I phoned them explaining the situation and the message that's displayed, they asked for a screen shot, they phoned back later and apologised. They offered the difference in the loss of interest had I deposited 3k for 1 year @ 2.3% - so got just over 30.

    They're now my 2nd favourite bank/BS after Virgin Money.
    Originally posted by karlie88
    Presumably because you've profited more from Virgin's mistakes
    • EachPenny
    • By EachPenny 6th Jul 18, 5:50 PM
    • 6,579 Posts
    • 17,666 Thanks
    EachPenny
    I phoned them explaining the situation and the message that's displayed, they asked for a screen shot, they phoned back later and apologised. They offered the difference in the loss of interest had I deposited 3k for 1 year @ 2.3% - so got just over 30.
    Originally posted by karlie88

    You should have told them you had expected to deposit 3k per month for the full year
    "In the future, everyone will be rich for 15 minutes"
    • ValiantSon
    • By ValiantSon 6th Jul 18, 6:38 PM
    • 2,537 Posts
    • 2,509 Thanks
    ValiantSon
    Have any of the major banks yet introduced this faster clearance of cheques, which would be an encouragement? Santander haven't.
    Originally posted by schiff
    Yes, including, I believe, some branches of Santander. No bank is doing a wholesale overnight introduction. It is being rolled out on a branch by branch basis, so your local Santander may not have yet, but others will. The same is true for other banks. The only way to know is to ask the bank.
    • Special_Saver2
    • By Special_Saver2 7th Jul 18, 12:56 PM
    • 1,123 Posts
    • 4,181 Thanks
    Special_Saver2
    Hi Everybody,


    I am on my way to the airport for a holiday. Trying to do the weekly update using my smartphone is a lot more difficult than I would have guessed so I shall do the next update when I return from holiday.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    • karlie88
    • By karlie88 7th Jul 18, 1:11 PM
    • 8,477 Posts
    • 106,328 Thanks
    karlie88
    I am on my way to the airport for a holiday. Trying to do the weekly update using my smartphone
    Originally posted by Special_Saver2
    Dedication.
    Official MSE canny forumite and HUKD VIP badge member
    • badger09
    • By badger09 7th Jul 18, 2:53 PM
    • 6,190 Posts
    • 5,552 Thanks
    badger09
    Hi Everybody,


    I am on my way to the airport for a holiday. Trying to do the weekly update using my smartphone is a lot more difficult than I would have guessed so I shall do the next update when I return from holiday.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    Originally posted by Special_Saver2
    SS2 takes holidays

    Enjoy, and thanks for all the work on this thread
    • Westie983
    • By Westie983 7th Jul 18, 6:57 PM
    • 4,551 Posts
    • 15,077 Thanks
    Westie983
    Hi Everybody,


    I am on my way to the airport for a holiday. Trying to do the weekly update using my smartphone is a lot more difficult than I would have guessed so I shall do the next update when I return from holiday.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    Originally posted by Special_Saver2
    I will keep a good eye on the thread for you.

    Have a great holiday

    Westie983
    Save 12k in 2018 #10 Total (25000)+14800/12000 = 123.33%
    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 18132.59/15865 = 114.29%

    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
    • JamesRobinson48
    • By JamesRobinson48 8th Jul 18, 5:38 PM
    • 42 Posts
    • 126 Thanks
    JamesRobinson48
    Norwich & Peterborough RS - legacy platform closed
    My Norwich & Peterborough RS was transferred to the Yorkshire Building Society's online system today, smoothly as far as I can tell. One unexpected bonus of the platform switch: 30 interest has been credited to the account effective today, even though none is contractually due until the anniversary of account opening some months hence!

    Now I'll just need to switch my SO payment details from N&P to YBS, and pick up a replacement passbook from any YBS branch.
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