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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,118Posts
    • 4,088Thanks
    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 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 46
    • umpixie
    • By umpixie 9th Jul 18, 8:08 AM
    • 1 Posts
    • 0 Thanks
    umpixie
    Feeder account for kids?
    not sure if this is the right place to post (spot the newbie) I'm looking for advice on a feeder account for my kids (both under 11

    They have £3k each in savers. they've just got new regular saver accounts--I want the 3k to drip feed into their regular savers at the max of £100pcm but the nice person at the Halifax seemed to think that had to come from my account. That can't be the right or for that matter best, way surely! Its the kids money in their accounts--I don't want to take it our of their account and put it in my account and drip feed it--not least because then all the money they've piled up from grandparents and aunts and uncles over the years looks like its coming from me

    grateful for any insight/advice
    • ValiantSon
    • By ValiantSon 9th Jul 18, 8:36 AM
    • 2,187 Posts
    • 2,062 Thanks
    ValiantSon
    not sure if this is the right place to post (spot the newbie) I'm looking for advice on a feeder account for my kids (both under 11

    They have £3k each in savers. they've just got new regular saver accounts--I want the 3k to drip feed into their regular savers at the max of £100pcm but the nice person at the Halifax seemed to think that had to come from my account. That can't be the right or for that matter best, way surely! Its the kids money in their accounts--I don't want to take it our of their account and put it in my account and drip feed it--not least because then all the money they've piled up from grandparents and aunts and uncles over the years looks like its coming from me

    grateful for any insight/advice
    Originally posted by umpixie
    You're right that it doesn't need to go through your account, and that it really shouldn't: there is a risk of you falling foul of tax law. Unfortunately, a lot of people working in banks don't really know much about the products or the law.

    If your children are 11, or over, then the Santander 123 Mini may be a good choice. It pays 3% on balances between £300 and £2,000. If they are under 11 you can still get the same deal with a Santander 123 Mini Account in Trust, but only if you have a Santander current account. If you don't it might be worth opening one (you don't have to use it as your main account if you don't want to). This would give them annual interest of £89.05, when combined with the regular saver.

    Alternatively, the HSBC MySavings account pays 2.75% on up to £3,000. Using this account, with the regular saver would earn them £94 in interest. They need to be 7, or older, for this account. With £3,000 each, this is a better option than Santander.

    If they aren't old enough for the above accounts, then Halifax Kid's Saver pays 2% on up to £5,000. Combined with the regular saver, they would earn £76 in interest.
    Last edited by ValiantSon; 09-07-2018 at 8:44 AM. Reason: Typo
    • schiff
    • By schiff 9th Jul 18, 11:36 AM
    • 18,034 Posts
    • 9,436 Thanks
    schiff
    Leeds RS Issue 4
    From a branch manager:

    'When RS4 matures its likely to transfer into an instant access account….When the final decision has been our Savings department will write to you with the options available'
    • pafpcg
    • By pafpcg 9th Jul 18, 11:57 AM
    • 234 Posts
    • 213 Thanks
    pafpcg
    LeedsBS Issue4 "maturity"
    From a branch manager:
    'When RS4 matures its likely to transfer into an instant access account….When the final decision has been our Savings department will write to you with the options available'
    Originally posted by schiff
    "When RS4 matures ..."? But Issue 4 never matures! I've checked the T&Cs for Issue4 and it doesn't have any mention of maturity (I've even run a word search).

    But it doesn't stop LeedsBS from deciding at any time that Issue4 no longer brings them a net benefit and gives us notice that the account will be closed (which is probably what the branch manager really meant).
    • mhoc
    • By mhoc 9th Jul 18, 12:06 PM
    • 17,479 Posts
    • 211,520 Thanks
    mhoc
    "When RS4 matures ..."? But Issue 4 never matures! I've checked the T&Cs for Issue4 and it doesn't have any mention of maturity (I've even run a word search).

    But it doesn't stop LeedsBS from deciding at any time that Issue4 no longer brings them a net benefit and gives us notice that the account will be closed (which is probably what the branch manager really meant).
    Originally posted by pafpcg
    possibly when a sufficient number of Leeds regular savers 4 are nearing the maximum £6 thousand mark so people are starting to do withdrawal to keep below this maximum- what a building society does not want is people doing withdrawals.
    And/or reducing their standing orders downwards or down to the minimum £50 a month going in. So the accounts are not getting the income so again less attractive on their balance sheets ...
    Possibly that's when they might decide that the RS4 is no longer a going concern...
    “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.”
    • bristolleedsfan
    • By bristolleedsfan 9th Jul 18, 8:27 PM
    • 7,528 Posts
    • 9,641 Thanks
    bristolleedsfan
    Possibly that's when they might decide that the RS4 is no longer a going concern...
    Originally posted by mhoc

    And then everyone who holds RS4 will be doing even higher level of withdrawals than you earlier described with no standing order credits going in.
    Last edited by bristolleedsfan; 09-07-2018 at 8:41 PM.
    • aj23
    • By aj23 12th Jul 18, 11:29 AM
    • 598 Posts
    • 207 Thanks
    aj23
    Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.
    Last edited by aj23; 12-07-2018 at 11:31 AM.
    • mhoc
    • By mhoc 12th Jul 18, 11:45 AM
    • 17,479 Posts
    • 211,520 Thanks
    mhoc
    Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.
    Originally posted by aj23
    "Note that you can only have one Regular Saver (Issue 17) at a time (including joint accounts).
    Please note that you cannot open a Regular Saver (Issue 17) if you already have a Regular Saver product with the Society, with the exception of Regular Saver (Issue 4). If you have one of these accounts and open the Regular Saver (Issue 17), the money deposited in the Regular Saver (Issue 17) account will be transferred to an instant access account."

    So you cant have a regular saver 16 and a regular saver 17 as well

    But you can have a regular saver 4 as well as a reg saver 17 (or 16)
    “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.”
    • glider3560
    • By glider3560 12th Jul 18, 12:08 PM
    • 3,609 Posts
    • 2,290 Thanks
    glider3560
    Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.
    Originally posted by aj23
    https://forums.moneysavingexpert.com/showpost.php?p=74481454&postcount=855

    https://forums.moneysavingexpert.com/showpost.php?p=74455236&postcount=848

    • aj23
    • By aj23 12th Jul 18, 12:09 PM
    • 598 Posts
    • 207 Thanks
    aj23
    But I already know this. Lol.

    I wrote it here because the info on the first page needs updating.
    • aj23
    • By aj23 12th Jul 18, 12:13 PM
    • 598 Posts
    • 207 Thanks
    aj23
    It was a helpful post just incase anyone was thinking that they may be able to open a new leeds regular saver.

    Apologies if it caused any offense or annoyance
    Originally posted by mhoc
    It didn't cause offence. I just didn't see the relevance. I wasn't asking about how many I could hold at the same time. I was simply stating that these are two new issues so that page 1 could be updated.
    • mhoc
    • By mhoc 12th Jul 18, 12:17 PM
    • 17,479 Posts
    • 211,520 Thanks
    mhoc
    But I already know this. Lol.

    I wrote it here because the info on the first page needs updating.
    Originally posted by aj23
    and the kind person who does the updating is away on holiday
    “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.”
    • aj23
    • By aj23 12th Jul 18, 3:45 PM
    • 598 Posts
    • 207 Thanks
    aj23
    and the kind person who does the updating is away on holiday
    Originally posted by mhoc
    That's cool. I don't know that. I just left a comment with an update to account info so it can be updated as and when.
    • Westie983
    • By Westie983 12th Jul 18, 8:34 PM
    • 4,425 Posts
    • 14,964 Thanks
    Westie983
    It will be updated when SS returns from holiday.

    The issue with the Leeds Regular Savers have been discussed before and its not till this month when Issue 5 matured that most of us were able to open the current issue (17) as before that we had issue 5 which prevented us from doing so, we are up to speed but appreciate the post and first post will be updated in due course.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£11,000/£12,000 = 91.66%
    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 £1000/£1000 = 100.00%
    £2 Savers Club 2018 #16 Total (£1500)+-480/£2000 = 51.00%

    Total £13,122.59/£15,865 = 82.71%

    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
    • interest Ted
    • By interest Ted 15th Jul 18, 4:33 PM
    • 128 Posts
    • 111 Thanks
    interest Ted
    TSB monthly saver
    For info of SS2 and anyone else who may be interested.....
    TSB online system does not currently permit online applications for the monthly saver. So can only be opened in branch at the moment.
    Web page says they will give us a date when they expect to be opening their new platform for online applications, and just says 'coming soon' for all savings products. (Given their present difficulties, I wonder if 'soon' is an appropriate word.)
    It may be apprpriate for SS2 to check and modify post 5 upon return from hols.

    Ted
    • schiff
    • By schiff 16th Jul 18, 8:39 AM
    • 18,034 Posts
    • 9,436 Thanks
    schiff
    Hsbc rs
    Why should it take so long for a RS to be changed to an easy access account once it has matured? My RS matured last Wednesday, I withdrew all the funds and I want to start a new one! And I can't because - as far as they are concerned - I've still got one! And that is true as the RS is still listed on my account.
    • mary
    • By mary 16th Jul 18, 8:53 AM
    • 1,568 Posts
    • 447 Thanks
    mary
    Same happened to me. I tried for 3 - 4 days, same thing. You will have to ring but even though mine technically is the new E Regular saver, on my list of accounts they now call it "Monthly Saver". I argued the toss with them that that is not the name of the account I want to apply for, but was convinced that is their new way of doing it. But you will have to ring to change things.

    I mean if you buy apples, you buy apples, not pears!
    • schiff
    • By schiff 16th Jul 18, 9:13 AM
    • 18,034 Posts
    • 9,436 Thanks
    schiff
    I am a Pom and proud of it, and not Poirot.
    • schiff
    • By schiff 16th Jul 18, 9:30 AM
    • 18,034 Posts
    • 9,436 Thanks
    schiff
    Same happened to me. I tried for 3 - 4 days, same thing. You will have to ring but even though mine technically is the new E Regular saver, on my list of accounts they now call it "Monthly Saver". I argued the toss with them that that is not the name of the account I want to apply for, but was convinced that is their new way of doing it. But you will have to ring to change things.

    I mean if you buy apples, you buy apples, not pears!
    Originally posted by mary
    I called in a branch on Friday and I've just been on Live Chat. Same message, it can take up to 5 working days. I'm not phoning to be told the same thing.

    Two things irritate me (and there are more) - being asked at the supermarket tills how I am today, what am I doing today and seemingly insisting on a reply. I don't like being taken for a miserable git but it is of no real interest to them and I grudgingly make some small comment. And 'see you later' when I'm in a supermarket 150 miles away from home!

    And at the end of live chat when it's been tortuous and eventually a complete waste of time they ask is there anything else I can help you with today. When all you want a cup of life giving tea.

    Right, got that off my chest!
    • Newly retired
    • By Newly retired 17th Jul 18, 8:45 AM
    • 2,357 Posts
    • 2,731 Thanks
    Newly retired
    Just read this thread on my email daily updates and I am frustrated that I have no clue as to whose RS is being discussed. Had to go to the website to scroll back to find out. I can see now that schiff put hsbc RS in a title but that didn’t show up in subsequent posts. I wish all comments would say which bank they are talking about. I am not naming one here because it applies to all RS.
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