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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,120Posts
    • 4,123Thanks
    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 54
    • ceredigion
    • By ceredigion 6th Aug 18, 6:38 PM
    • 2,808 Posts
    • 3,758 Thanks
    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.
    Originally posted by ValiantSon
    Next move will be to a coffin before my 70th
    • veryintrigued
    • By veryintrigued 6th Aug 18, 6:38 PM
    • 2,440 Posts
    • 1,899 Thanks
    veryintrigued
    Cmon guys and girls.

    Let's take a deep breath and get this thread back on track in identifying new Regular Savers.
    • ceredigion
    • By ceredigion 6th Aug 18, 6:42 PM
    • 2,808 Posts
    • 3,758 Thanks
    ceredigion
    Cmon guys and girls.

    Let's take a deep breath and get this thread back on track in identifying new Regular Savers.
    Originally posted by veryintrigued
    In that vein, crystal ball time. TSB, if they ever get their online application sorted out , likely hood in your opinion of them upping the rate to 5%, in other words do you renew now or hang on and hope?
    • soulsaver
    • By soulsaver 6th Aug 18, 7:03 PM
    • 1,816 Posts
    • 764 Thanks
    soulsaver
    In that vein, crystal ball time. TSB, if they ever get their online application sorted out , likely hood in your opinion of them upping the rate to 5%, in other words do you renew now or hang on and hope?
    Originally posted by ceredigion
    Well apparently you'd have to go in-branch - no online renewal ATM.

    I renewed one on the phone but people think I was just lucky...
    Last edited by soulsaver; 06-08-2018 at 7:07 PM. Reason: 'ATM'
    • aleph_0
    • By aleph_0 6th Aug 18, 7:06 PM
    • 518 Posts
    • 344 Thanks
    aleph_0
    In that vein, crystal ball time. TSB, if they ever get their online application sorted out , likely hood in your opinion of them upping the rate to 5%, in other words do you renew now or hang on and hope?
    Originally posted by ceredigion
    That's a good question. Personally, I'm unlikely to renew initially, trying to cut back my accounts, and 2% doesn't excite much these days. Certainly not going into branch for it.

    I think it's unlikely we'll get back up to 5%. The current account 5% was knee-jerk damage control, that phase is over. We might get an increase to something a bit more competitive. The good news is that I doubt they'll play any 'new customer only' games for quite a while, so it's still a possibility if they do go down that path.
    • karlie88
    • By karlie88 6th Aug 18, 8:24 PM
    • 8,449 Posts
    • 106,262 Thanks
    karlie88
    In that vein, crystal ball time. TSB, if they ever get their online application sorted out , likely hood in your opinion of them upping the rate to 5%, in other words do you renew now or hang on and hope?
    Originally posted by ceredigion
    I hope their online current account applications open up soon so that I can attempt to open another Classic Plus...
    Official MSE canny forumite and HUKD VIP badge member
    • ceredigion
    • By ceredigion 6th Aug 18, 8:50 PM
    • 2,808 Posts
    • 3,758 Thanks
    ceredigion
    I hope their online current account applications open up soon so that I can attempt to open another Classic Plus...
    Originally posted by karlie88
    If only you knew
    • ValiantSon
    • By ValiantSon 7th Aug 18, 12:21 AM
    • 2,505 Posts
    • 2,429 Thanks
    ValiantSon
    I hope their online current account applications open up soon so that I can attempt to open another Classic Plus...
    Originally posted by karlie88
    If you already have one then I'm pretty sure they no longer allow you to open a second.
    • Willing2Learn
    • By Willing2Learn 7th Aug 18, 12:31 AM
    • 822 Posts
    • 635 Thanks
    Willing2Learn
    If you already have one then I'm pretty sure they no longer allow you to open a second.
    Originally posted by ValiantSon
    You can open a joint a/c as a second account, but not a second sole account anymore. Only one sole a/c per person!!
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • colsten
    • By colsten 7th Aug 18, 9:15 AM
    • 9,112 Posts
    • 7,949 Thanks
    colsten
    I hope their online current account applications open up soon so that I can attempt to open another Classic Plus...
    Originally posted by karlie88
    Do we really have to talk about this on a public forum. You know what I mean.
    • Westie983
    • By Westie983 7th Aug 18, 9:30 AM
    • 4,499 Posts
    • 15,047 Thanks
    Westie983
    Hi all,

    Can we try and keep this thread to discussions about regular savers.

    If you wish to discuss anything else, please use the search bar to find a more appropriate thread or create your own.

    Thanks

    Westie983
    Save 12k in 2018 #10 Total (25,000)+13,000/12,000 = 108.33%
    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 15,332.59/15,865 = 96.64%

    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
    • schiff
    • By schiff 7th Aug 18, 1:01 PM
    • 18,099 Posts
    • 9,536 Thanks
    schiff
    Virgin Money
    That's not very wise of her. She is failing in the banks duty to ensure that customers are aware of terms and conditions. This is a failure of regulatory compliance. The ID stuff is just bank policy to meet KYC, but she does know you, and they have already carried out KYC checks, so what she does insist on doing is not necessary (the banks' policy is over the top), but what she doesn't bother with is necessary to ensure regulatory compliance. Her manager needs to have a word with her.
    Originally posted by ValiantSon
    Just to finish off this discussion. I've been in today to open Issue 12 and took the opportunity of asking about it. The staff who deal with me and I myself are in the clear!

    The staff have two main objectives, firstly to weigh up the customer in conversation, and then via that conversation to create a rapport with customers. The latter is very important, hence the use of the word 'family' in much of Virgin's advertising.

    They know from the computer that I've had all the store versions and more besides, so the introduction which took about one minute flat was littered with 'as you probably well know'. Then via him telling me where he was born (same city as my mother) we developed an interesting conversation about football. When eventually we got back to the business in hand, there was another minute of reciting stuff that he had to.

    This is a nicer version of 'know your client' than the usual, they like to get on friendly terms, first name terms, and via conversation they can weigh up how sophisticated you are about money matters and enough about you to be satisfied that the minimum of their requirements is all that is required.

    I enjoyed the visit, especially the football chat, and that I think is what they want to achieve.
    • surreysaver
    • By surreysaver 7th Aug 18, 1:19 PM
    • 2,519 Posts
    • 1,434 Thanks
    surreysaver
    VM appointments
    Blimey! Just managed to get through to Croydon branch and they're fully booked with appointments until next Tuesday!
    I might leave it a couple of weeks until its calmed down. I just hope Virgin don't withdraw the product in the mean time - does anyone think they might be likely to withdraw it?
    I consider myself to be a male feminist. Is that allowed?
    • schiff
    • By schiff 7th Aug 18, 1:29 PM
    • 18,099 Posts
    • 9,536 Thanks
    schiff
    Blimey! Just managed to get through to Croydon branch and they're fully booked with appointments until next Tuesday!
    I might leave it a couple of weeks until its calmed down. I just hope Virgin don't withdraw the product in the mean time - does anyone think they might be likely to withdraw it?
    Originally posted by surreysaver
    Doubt it, they haven't done before. Until version 13 sees the light of day anyway!
    • bubieyehyeh
    • By bubieyehyeh 7th Aug 18, 9:15 PM
    • 400 Posts
    • 117 Thanks
    bubieyehyeh
    The central london virgin branch, while open until 6 or 7pm, the latest appointment is 4pm, perhaps they should be clearer what are lounge opening hours and banking hours.
    • JamesRobinson48
    • By JamesRobinson48 9th Aug 18, 5:41 PM
    • 37 Posts
    • 118 Thanks
    JamesRobinson48
    Chorley BS
    Chorley BS has just pulled both of its adult RS accounts, for new applicants.
    • surreysaver
    • By surreysaver 10th Aug 18, 4:17 PM
    • 2,519 Posts
    • 1,434 Thanks
    surreysaver
    Nottinghamshire Sunshine RS
    How easy is it to get at you money once its matured? I don't live locally - don't mind travelling to open it, or even to withdraw money once its matured, but it might be a while sitting at 0.10% or whatever until I get the chance to travel to a branch unless I can withdraw over the phone or online?
    It'll cost me nothing to travel to a branch (the job I work in affords me free travel), but the time to do so is another matter!
    I consider myself to be a male feminist. Is that allowed?
    • ctdctd
    • By ctdctd 10th Aug 18, 6:11 PM
    • 887 Posts
    • 719 Thanks
    ctdctd
    Nottingham Sunshine Saver
    How easy is it to get at you money once its matured? I don't live locally - don't mind travelling to open it, or even to withdraw money once its matured, but it might be a while sitting at 0.10% or whatever until I get the chance to travel to a branch unless I can withdraw over the phone or online?
    It'll cost me nothing to travel to a branch (the job I work in affords me free travel), but the time to do so is another matter!
    Originally posted by surreysaver

    Once opened in branch, you can manage by post to head office including withdrawal or closure. They don't have any online access for their branch products.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • adindas
    • By adindas 11th Aug 18, 10:41 AM
    • 3,571 Posts
    • 2,219 Thanks
    adindas
    YBS Monthly Regular Saver i2
    Has anyone managed to you open YBS Monthly Regular Saver i2 if you already have I1

    From this link below I could not see any restriction for this
    https://www.ybs.co.uk/savings/product.html?id=YB570465B

    thanks
    • adindas
    • By adindas 11th Aug 18, 10:47 AM
    • 3,571 Posts
    • 2,219 Thanks
    adindas
    I undersatnd the previous issue of Halifax Regular saver : No withdrawal. But early closure is allowed.


    There is a new REgular saver paying a better interest rate of 2.5%

    https://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/#



    Has anyone manged to close the oldRS and open a new one immediately to get a better interest rate ? Thanks
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