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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,128Posts
    • 4,258Thanks
    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 55
    • glider3560
    • By glider3560 11th Aug 18, 11:17 AM
    • 3,677 Posts
    • 2,363 Thanks
    glider3560
    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
    Originally posted by adindas
    It has been paying 2.50% for quite some time. I opened one in January 2018 at that rate.

    • johnmoney05
    • By johnmoney05 11th Aug 18, 11:31 AM
    • 1,418 Posts
    • 455 Thanks
    johnmoney05
    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
    Originally posted by adindas

    The old one is the same 2.5%. What is the point to close it?
    • glider3560
    • By glider3560 11th Aug 18, 11:33 AM
    • 3,677 Posts
    • 2,363 Thanks
    glider3560
    Is it possible to close the old one with no penalty and immediately open the new one ? thanks
    Originally posted by adindas
    It depends which old one you have. You'll have to check the conditions.

    • pafpcg
    • By pafpcg 11th Aug 18, 11:33 AM
    • 283 Posts
    • 262 Thanks
    pafpcg
    YBS Issue2
    Has anyone managed to you open YBS Monthly Regular Saver i2 if you already have I1
    Originally posted by adindas
    Yes! And we used the passbooks for the earlier regular saver to check for membership details.
    • surreysaver
    • By surreysaver 11th Aug 18, 11:40 AM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    Halifax RS
    The old one is the same 2.5%. What is the point to close it?
    Originally posted by johnmoney05
    I had one paying 2% which matured last month, so it started paying 2.5% sometime within the last year
    I consider myself to be a male feminist. Is that allowed?
    • surreysaver
    • By surreysaver 11th Aug 18, 11:42 AM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    Halifax RS
    Is it possible to close the old one with no penalty and immediately open the new one ? thanks
    Originally posted by adindas
    Surely your old one must be maturing soon? I think you can close the old one if you like, but the penalty will be you cannot open a new one until a year after you opened the old one.
    I consider myself to be a male feminist. Is that allowed?
    • karlie88
    • By karlie88 11th Aug 18, 11:57 AM
    • 8,540 Posts
    • 106,482 Thanks
    karlie88
    Surely your old one must be maturing soon? I think you can close the old one if you like, but the penalty will be you cannot open a new one until a year after you opened the old one.
    Originally posted by surreysaver
    Despite this term, my understanding is that you can open a new one within those 12 months.

    Having said all that, if your account is due to mature within the next couple of months @ 2% then surely it's worthwhile to keep it open up until maturity - unless they pay interest correctly up until day of closure?
    Official MSE canny forumite and HUKD VIP badge member
    • adindas
    • By adindas 11th Aug 18, 12:02 PM
    • 3,595 Posts
    • 2,229 Thanks
    adindas
    Yes! And we used the passbooks for the earlier regular saver to check for membership details.
    Originally posted by pafpcg

    I just called them a few minutes ago. She said you could only have one monthly RS at a time. But it is aloowed to close the old one and open the new one at the time of application.

    I just wonder does anyone else have regular monhtly saver i1 running pararel at the same time with regular monhtly saver i2 under the same name ? Thank
    Last edited by adindas; 11-08-2018 at 12:26 PM.
    • surreysaver
    • By surreysaver 11th Aug 18, 12:40 PM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    Yorkshire BS RS
    I just called them a few minutes ago. They said you could only have monthly RS at a time.



    But it is possible to close to old one and open the new one at the time of application ?


    I just wonder does anyone else have regular monhtly saver i1 running pararel at the same time with regular monhtly saver i2 under the same name ? Thank
    Originally posted by adindas
    https://www.ybs.co.uk/savings/product.html?id=YB570465B

    The person on the phone is incorrect. The T&Cs state only if you have an Issue 2 you cannot have another Issue 2.
    I consider myself to be a male feminist. Is that allowed?
    • IanManc
    • By IanManc 11th Aug 18, 12:50 PM
    • 700 Posts
    • 1,250 Thanks
    IanManc
    Yorkshire RS Issue 2
    https://www.ybs.co.uk/savings/product.html?id=YB570465B

    The person on the phone is incorrect. The T&Cs state only if you have an Issue 2 you cannot have another Issue 2.
    Originally posted by surreysaver
    As the above link shows, you can only have one Issue 2 account at a time.

    The rules say:

    "You can only hold one account in your name, unless you are acting as a trustee. If you are named on more than one Monthly Regular Saver: Issue 2 account (excluding accounts opened on a trustee basis), the most recent account opened will be transferred to the Triple Access Saver."

    I have the Yorkshire 2% Regular saver and I opened an Issue 2 in a branch on the day it was launched, using my 2% regular saver passbook as part of my evidence of who I was.

    The member of staff I spoke to said that they'd anticipated that the Issue 2 would be most popular with the customers who already had the 2% Regular Saver.
    • tg99
    • By tg99 11th Aug 18, 4:46 PM
    • 690 Posts
    • 271 Thanks
    tg99
    Re the YBS monthly reg saver i2, at the top of the application form are you meant to fill out the account number and date opened for any other existing YBS account to help them ID you or is it to leave blank for them to complete with your new i2 account details?
    • Speculator
    • By Speculator 11th Aug 18, 8:36 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    Yes just to open the account.
    Originally posted by tg99

    Opened the Virgin 3% Regular at Haymarket today and she said to close or withdraw from the account, I must visit the store.

    I cannot close or withdraw from the account by post.
    Last edited by Speculator; 11-08-2018 at 8:38 PM.
    • tg99
    • By tg99 11th Aug 18, 10:20 PM
    • 690 Posts
    • 271 Thanks
    tg99
    Opened the Virgin 3% Regular at Haymarket today and she said to close or withdraw from the account, I must visit the store.

    I cannot close or withdraw from the account by post.
    Originally posted by Speculator
    Iíve not opened the 3% one but all the other previous store versions which have matured Iíve closed by post except one in store (as was in anyway to open the next one). So unless they have changed the terms and conditions it could be you were given incorrect info.
    • adindas
    • By adindas 12th Aug 18, 8:19 AM
    • 3,595 Posts
    • 2,229 Thanks
    adindas
    Opened the Virgin 3% Regular at Haymarket today and she said to close or withdraw from the account, I must visit the store.

    I cannot close or withdraw from the account by post.
    Originally posted by Speculator

    Are you particularly talking about this current 3% branch product or branch product in general ?.


    As mentioned by tg99 ypu could close the brach product by post by sending the close form and your passbook.


    I have done that in a few occasions.
    • ctdctd
    • By ctdctd 12th Aug 18, 9:57 AM
    • 893 Posts
    • 733 Thanks
    ctdctd
    Virgin 3% Store RS
    Opened the Virgin 3% Regular at Haymarket today and she said to close or withdraw from the account, I must visit the store.

    I cannot close or withdraw from the account by post.
    Originally posted by Speculator

    She's given you duff info - from the summary box on the website:-

    https://uk.virginmoney.com/savings/find/regular_saver_issue_12/overview/


    "You can have access to your money whenever you need it. To request a withdrawal simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL or you can take money out in the following ways:
    • Cash - Store** only.
    • Cheque - simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
    • Electronic transfer.
    • CHAPS.
    • Transfer to another Virgin Money account, subject to the terms and conditions of that account."
    Do Money Saving sites make you buy more bargains - and spend more money?
    • Speculator
    • By Speculator 12th Aug 18, 1:09 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    I!!!8217;ve not opened the 3% one but all the other previous store versions which have matured I!!!8217;ve closed by post except one in store (as was in anyway to open the next one). So unless they have changed the terms and conditions it could be you were given incorrect info.
    Originally posted by tg99
    Are you particularly talking about this current 3% branch product or branch product in general ?.


    As mentioned by tg99 ypu could close the brach product by post by sending the close form and your passbook.


    I have done that in a few occasions.
    Originally posted by adindas
    She's given you duff info - from the summary box on the website:-

    https://uk.virginmoney.com/savings/find/regular_saver_issue_12/overview/


    "You can have access to your money whenever you need it. To request a withdrawal simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL or you can take money out in the following ways:
    • Cash - Store** only.
    • Cheque - simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
    • Electronic transfer.
    • CHAPS.
    • Transfer to another Virgin Money account, subject to the terms and conditions of that account."
    Originally posted by ctdctd
    Thanks everyone. I've already sent an email to the Haymarket store to let her know she's been giving out wrong info.

    Are postal withdrawals by cheque only or can they send it by FP/BACS to your current account?
    Last edited by Speculator; 12-08-2018 at 1:10 PM. Reason: .
    • Special_Saver2
    • By Special_Saver2 12th Aug 18, 1:35 PM
    • 1,128 Posts
    • 4,258 Thanks
    Special_Saver2
    Hi Everybody,

    There is nothing that I can find that has changed for this weekend's update. I will do another update the weekend after next.

    SS2
    -----------------------------------------------------------------
    For those new to this thread, the first few posts are constantly updated and are on the first page
    • tg99
    • By tg99 12th Aug 18, 5:31 PM
    • 690 Posts
    • 271 Thanks
    tg99
    Thanks everyone. I've already sent an email to the Haymarket store to let her know she's been giving out wrong info.

    Are postal withdrawals by cheque only or can they send it by FP/BACS to your current account?
    Originally posted by Speculator
    If you give your bank details you should receive funds by FP on day of maturity (well that is how it has always worked for me anyway.......though Iíve always sent my letter in a week or so before so they have a few days to set it up).
    • bubieyehyeh
    • By bubieyehyeh 12th Aug 18, 7:39 PM
    • 407 Posts
    • 119 Thanks
    bubieyehyeh
    Can you see the balance on the virgin store regular savers accounts from virgin internet banking?
    • surreysaver
    • By surreysaver 12th Aug 18, 7:51 PM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    Can you see the balance on the virgin store regular savers accounts from virgin internet banking?
    Originally posted by bubieyehyeh
    In a word. No.
    I consider myself to be a male feminist. Is that allowed?
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