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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,134Posts
    • 4,353Thanks
    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 53
    • Middle Sister
    • By Middle Sister 5th Aug 18, 3:35 PM
    • 462 Posts
    • 61 Thanks
    Middle Sister
    Virgin 3% Regular Saver
    I have been on the Virgin Money site and can't find any information about the 3% regular saver let alone how to open one.

    Do you have to go into a branch?
    • eskbanker
    • By eskbanker 5th Aug 18, 3:41 PM
    • 8,733 Posts
    • 9,986 Thanks
    eskbanker
    I have been on the Virgin Money site and can't find any information about the 3% regular saver let alone how to open one.

    Do you have to go into a branch?
    Originally posted by Middle Sister
    The website info is at https://uk.virginmoney.com/savings/find/regular_saver_issue_12/overview/ but yes, it's only available in branch, as covered in the last few days' posts above....
    • ValiantSon
    • By ValiantSon 5th Aug 18, 3:47 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    I don't understand why expired passports or driving licences aren't accepted as forms of ID after they've expired, as if the person holding the documents suddenly ceases to be that person upon expiry!
    Originally posted by surreysaver
    By that logic the documents should never expire and we should only ever need to buy one passport and one driving licence.
    • EachPenny
    • By EachPenny 5th Aug 18, 3:51 PM
    • 8,667 Posts
    • 23,592 Thanks
    EachPenny
    I cslled the Reading branch and they verified me electronically and said i just needed to provide passport. But I!!!8217;ve been in the London Haymarket !!!8216;store!!!8217; who required paper ID.
    Originally posted by MDMD
    Until the IT system upgrade I was always able to pass the electronic verification after providing paper ID for the very first account. I understand something in the system upgrade 'broke' the ability to do electronic checks, with the result of a new policy to always reqire paper ID at the point a new account is opened. It does seem that Virgin's systems are a bit hit and miss as there are other processes which seem to have workarounds that only some staff are aware of.
    Is it a UK passport? Are you suggesting (or Virgin insisting) that a passport has to be current?

    As long as the DOB matches your appearance reasonably well and the photo resembles you well enough (allowing for a 10-year aging process) would they not accept a UK expired passport?
    Originally posted by General Grant
    Yes and yes. My expired UK passport was no longer considered valid ID two days after it expired, despite being valid ID two months earlier and only being ID to confirm who I am, rather than where I live etc. Although you might move house or change your name, who you are rarely changes.
    I don't understand why expired passports or driving licences aren't accepted as forms of ID after they've expired, as if the person holding the documents suddenly ceases to be that person upon expiry!
    Originally posted by surreysaver
    Exactly. Virgin had no problem with me already holding several accounts with them, but opening a new one with an expired passport was a no-no.
    "In the future, everyone will be rich for 15 minutes"
    • EachPenny
    • By EachPenny 5th Aug 18, 3:59 PM
    • 8,667 Posts
    • 23,592 Thanks
    EachPenny
    By that logic the documents should never expire and we should only ever need to buy one passport and one driving licence.
    Originally posted by ValiantSon
    There are good reasons for refreshing passports, and until the Government decided to include photos, you could have had one driving licence from passing your test through to old age.

    The logic surreysaver is applying is slightly different... the document is being used by banks to verify who you are, who you are doesn't change because the document has expired. The passport and driving licence serving their original function provide details of entitlement, and that entitlement can vary over time. It is important to have a valid driving licence to drive, because if it has expired then it is possible the entitlement to drive has also expired.
    "In the future, everyone will be rich for 15 minutes"
    • ValiantSon
    • By ValiantSon 5th Aug 18, 4:32 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    There are good reasons for refreshing passports, and until the Government decided to include photos, you could have had one driving licence from passing your test through to old age.
    Originally posted by EachPenny
    Yes, I do understand why new passports are required. I was pointing out the illogic in surreysaver's comments.

    That once we didn't have photo driving licences is rather irrelevant, isn't it, as now we do.

    The logic surreysaver is applying is slightly different... the document is being used by banks to verify who you are, who you are doesn't change because the document has expired. The passport and driving licence serving their original function provide details of entitlement, and that entitlement can vary over time. It is important to have a valid driving licence to drive, because if it has expired then it is possible the entitlement to drive has also expired.
    Originally posted by EachPenny
    Nonsense. The reason why you have to get a new photo driving licence and passport every ten years is because you age, and the photo may no longer be a good enough likeness to verify identity accurately. It has nothing to do with entitlements changing. Aside from the fact that entitlements don't change on passports(!) if you have categories added to, or removed from your driving licence, then you have to get a new one issued at that point, not at the next 10 year interval.

    It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.
    • surreysaver
    • By surreysaver 5th Aug 18, 6:02 PM
    • 2,602 Posts
    • 1,501 Thanks
    surreysaver
    I have been on the Virgin Money site and can't find any information about the 3% regular saver let alone how to open one.

    Do you have to go into a branch?
    Originally posted by Middle Sister
    You have to click on the 'Instore/ by post' tab - by default the website opens on the 'Online' tab. Its not obvious the website doesn't show you the full collection of accounts after you've clicked the all accounts button.
    Last edited by surreysaver; 05-08-2018 at 6:04 PM.
    I consider myself to be a male feminist. Is that allowed?
    • surreysaver
    • By surreysaver 5th Aug 18, 6:09 PM
    • 2,602 Posts
    • 1,501 Thanks
    surreysaver
    Nonsense. The reason why you have to get a new photo driving licence and passport every ten years is because you age, and the photo may no longer be a good enough likeness to verify identity accurately. It has nothing to do with entitlements changing. Aside from the fact that entitlements don't change on passports(!) if you have categories added to, or removed from your driving licence, then you have to get a new one issued at that point, not at the next 10 year interval.

    It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.
    Originally posted by ValiantSon
    That's a fair enough explanation. Its odd how you need to provide photo ID if opening an account in a branch even if they still verify your ID electronically, but you need no such proof if opening an account online
    I consider myself to be a male feminist. Is that allowed?
    • ValiantSon
    • By ValiantSon 5th Aug 18, 6:47 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    That's a fair enough explanation. Its odd how you need to provide photo ID if opening an account in a branch even if they still verify your ID electronically, but you need no such proof if opening an account online
    Originally posted by surreysaver
    Oh, I don't think that Virgin Money's policies make sense in that regard. My only point was about why photo ID needed to be current.
    • typistretired
    • By typistretired 5th Aug 18, 6:54 PM
    • 1,341 Posts
    • 960 Thanks
    typistretired
    I suppose it is the same as you have to have a current year tax code letter or council tax bill
    "Look after your pennies and your pounds will look after themselves"
    • Special_Saver2
    • By Special_Saver2 5th Aug 18, 11:51 PM
    • 1,134 Posts
    • 4,353 Thanks
    Special_Saver2
    Hi Folks,


    I am back from holiday and ready for some updating of this thread...


    - Virgin Money Regular Saver updated to issue 13 paying 3% in post 7
    - Virgin Money Regular E-Saver withdrawn and removed from post 7
    - Moneyfacts Savers Friend best regular savings accounts link added to the introduction in post 1 amongst useful sources of information (thanks to seeing this in a post from patientperson)
    - Yorkshire BS Monthly Regular Saver Issue 2 paying 2.5% variable (which may be better than a fixed rate at the moment with interest rates rising!) on 250 per month for 12 months allowing one penalty-free withdrawal added to post 4
    - Leeds BS Regular Saver removed from post 7 as the new issue 18 interest rate of 2.3% on 250 per month with no special features to make this account particularly attractive for an account that runs for less than 1 year means it is not good enough to meet the criteria on post 1 for inclusion on this list
    - Note added to TSB Monthly Saver in post 5 with the following information: "(note from 5th August: as noted in post 915 by interest Ted, this account and others cannot be opened online due to technical difficulties that are on-going but the error page shows you should be able to open the account in a branch)"
    - Earl Shilton BS Regular Monthly Saver added to post 5 paying 2% variable on 500 per month but only available to people who live in Earl Shilton or Barwell


    Many thanks to all the people who contributed to the thread whilst I was away. 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
    Last edited by Special_Saver2; 05-08-2018 at 11:54 PM.
    • EachPenny
    • By EachPenny 6th Aug 18, 2:02 AM
    • 8,667 Posts
    • 23,592 Thanks
    EachPenny
    Aside from the fact that entitlements don't change on passports(!)
    Originally posted by ValiantSon
    You might be in for a bit of a shock in March 2019 then.

    It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.
    Originally posted by ValiantSon
    Your logic about the need for passports to be unexpired for 'true likeness' reasons is impeccable, but fundamentally flawed by the fact Virgin (and most other banks) accept a pre-1998 (non-photo) driving licence as a valid list 'A' document. For that matter they also accept certain HMRC letters which I've never known to contain a photo.

    So whilst a Virgin Money store worker might struggle to recognise me from my 10 year plus one day old passport (but managed absolutely fine the day before), I would have a simple solution of handing over a photoless letter from HMRC instead. As we probably aren't going to agree on what is reasonable or not (and to avoid cluttering up the thread further) we should probably agree that the overall ID policy they adopt is bonkers and leave it at that.
    "In the future, everyone will be rich for 15 minutes"
    • Wheres My Cashback
    • By Wheres My Cashback 6th Aug 18, 10:59 AM
    • 3,169 Posts
    • 38,143 Thanks
    Wheres My Cashback
    Yes, I do understand why new passports are required. I was pointing out the illogic in surreysaver's comments.

    That once we didn't have photo driving licences is rather irrelevant, isn't it, as now we do.



    Nonsense. The reason why you have to get a new photo driving licence and passport every ten years is because you age, and the photo may no longer be a good enough likeness to verify identity accurately. It has nothing to do with entitlements changing. Aside from the fact that entitlements don't change on passports(!) if you have categories added to, or removed from your driving licence, then you have to get a new one issued at that point, not at the next 10 year interval.

    It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.
    Originally posted by ValiantSon
    You DO NOT need to get a new photo for driving licience/passport renewals. Your photo can be applicable for up to 20 years.

    If you already have either of these documents you can use the current photo for the other document as long as the original document is valid.
    I applied for a passport renewal last year and used my diving licience photo (already held by UK GOV) which was just under 10 years old so by the time the passport expires it will be just under 20 years old.
    • ValiantSon
    • By ValiantSon 6th Aug 18, 2:03 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    You might be in for a bit of a shock in March 2019 then.
    Originally posted by EachPenny
    Oh dear, you are confusing visa restrictions with passport entitlements. These are not the same thing. Your passport has the same entitlements no matter when it was issued and to which countries you are travelling. As members of the EU, we have no visa restrictions on travel to other member states. This has nothing to do with entitlements on the passport.

    Your logic about the need for passports to be unexpired for 'true likeness' reasons is impeccable, but fundamentally flawed by the fact Virgin (and most other banks) accept a pre-1998 (non-photo) driving licence as a valid list 'A' document. For that matter they also accept certain HMRC letters which I've never known to contain a photo.
    Originally posted by EachPenny
    No, it isn't fundamentally flawed. That they choose to accept non-photographic ID is irrelevant. With photographic ID they require it to be current. End of.

    So whilst a Virgin Money store worker might struggle to recognise me from my 10 year plus one day old passport (but managed absolutely fine the day before), I would have a simple solution of handing over a photoless letter from HMRC instead. As we probably aren't going to agree on what is reasonable or not (and to avoid cluttering up the thread further) we should probably agree that the overall ID policy they adopt is bonkers and leave it at that.
    Originally posted by EachPenny
    It was you who tried to pick the argument with me.
    • ValiantSon
    • By ValiantSon 6th Aug 18, 2:18 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    You DO NOT need to get a new photo for driving licience/passport renewals. Your photo can be applicable for up to 20 years.

    If you already have either of these documents you can use the current photo for the other document as long as the original document is valid.
    I applied for a passport renewal last year and used my diving licience photo (already held by UK GOV) which was just under 10 years old so by the time the passport expires it will be just under 20 years old.
    Originally posted by Wheres My Cashback
    That sounds like a technical issue with the new online application system. It also isn't what the Passport Agency say:

    https://www.gov.uk/renew-adult-passport/renew

    You must get a new photo when you get a new passport, even if your appearance has not changed.
    Your photo must have been taken in the last month.

    https://www.gov.uk/photos-for-passports
    I'm also rather puzzled, as it is DVLA who hold your driving licence photograph, not the Passport Agency, and it is not permitted to share information like this across agencies. Such sharing of information is entirely limited, and the use of DVLA and Passport Agency data to verify identity on the gov.uk website does not permit the sharing of the data between the agencies.
    Last edited by ValiantSon; 06-08-2018 at 2:45 PM.
    • greenglide
    • By greenglide 6th Aug 18, 2:44 PM
    • 3,213 Posts
    • 2,089 Thanks
    greenglide
    Well DVLA used the photograph from my passport without issue.


    I seem to recall that it only did this if the passport was less than six months five years old and you couldn't do the reverse and use the picture from your driving licence on your passport.


    Of course the rules may have changed since.


    But it does not seem to have. https://www.gov.uk/renew-photo-driving-licence
    Last edited by greenglide; 06-08-2018 at 2:54 PM. Reason: link to driving licence details
    • ValiantSon
    • By ValiantSon 6th Aug 18, 2:48 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    Well DVLA used the photograph from my passport without issue.


    I seem to recall that it only did this if the passport was less than six months old and you couldn't do the reverse and use the picture from your driving licence on your passport.


    Of course the rules may have changed since.
    Originally posted by greenglide
    I could see it working that way, i.e. passport photo used on new driving licence (especially with the short timeframe limitation of six months), but not the other way, as Wheres My Cashback claims. Passport Agency rules are clear, as I have posted and provided the links to.

    I would be interested to see the legislation (almost certainly an order in council) which allowed for the sharing of this information as it is a significant change in law regarding inter-agency information sharing. I'm not saying it hasn't happened.

    ETA: I've just looked at DVLA's site. They do talk about taking your photo and signature from your passport. This is interesting, and does rather undermine the requirement to get a new licence every 10 years. Nonetheless, according to the Passport Agency, you cannot do things the other way around.

    This also doesn't change the requirement by banks to use valid ID, rather than cancelled ID. The valid ID is recognised by the state as being valid, whereas the cancelled ID isn't.

    Arguments about it being only one day out of date are utterly ridiculous, because there has to be some cut-off point, as there is in any every other area of life. Why should someone who is 17 years and 364 days old be denied the vote? Why is someone who is 15 years and 364 days old not considered old enough to give consent for sex? The answer is that we draw a line and that's where the line is.
    Last edited by ValiantSon; 06-08-2018 at 2:56 PM.
    • greenglide
    • By greenglide 6th Aug 18, 2:52 PM
    • 3,213 Posts
    • 2,089 Thanks
    greenglide
    I think it is five years, not six months (not sure where I got the six months from!).


    It has been like that for many years now.
    • ceredigion
    • By ceredigion 6th Aug 18, 5:44 PM
    • 3,012 Posts
    • 4,134 Thanks
    ceredigion
    Don't know what you lot are bickering about regarding photo ID. Personally I don't have any , driving licence is old and green , passport is long gone. Being middle aged and pig headed ,I`m actually proud of that. Has this caused me any problems, NO. I can honestly say ,I have never been declined any product financial or otherwise because they couldn't verify my identity. If this ever did become a problem, I would simply go elsewhere. On principle of the matter.
    • ValiantSon
    • By ValiantSon 6th Aug 18, 5:55 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    Don't know what you lot are bickering about regarding photo ID. Personally I don't have any , driving licence is old and green , passport is long gone. Being middle aged and pig headed ,I`m actually proud of that. Has this caused me any problems, NO. I can honestly say ,I have never been declined any product financial or otherwise because they couldn't verify my identity. If this ever did become a problem, I would simply go elsewhere. On principle of the matter.
    Originally posted by ceredigion
    Wait until you are 70, then you will have to surrender that paper licence for a photo licence. The same thing will happen if you move house.
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