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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,120Posts
    • 4,121Thanks
    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 56
    • sjp999
    • By sjp999 12th Aug 18, 10:28 PM
    • 77 Posts
    • 63 Thanks
    sjp999
    Can you see the balance on the virgin store regular savers accounts from virgin internet banking?
    Originally posted by bubieyehyeh
    Once I get a few up and running I'm going to take a child like thrill passing my growing number of passbooks over the counter to be updated. I think I might even get as much fun out of this than the actual saving
    • Westie983
    • By Westie983 13th Aug 18, 2:16 AM
    • 4,491 Posts
    • 15,042 Thanks
    Westie983
    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
    I have closed previous store issues via post and not had a problem, unless it's a new T&C you have been given wrong information, I wasn't told of any new T&Cs when I opens the latest one.

    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
    • Westie983
    • By Westie983 13th Aug 18, 2:18 AM
    • 4,491 Posts
    • 15,042 Thanks
    Westie983
    Can you see the balance on the virgin store regular savers accounts from virgin internet banking?
    Originally posted by bubieyehyeh
    No you can only see the E Saver Regular Savers online, the balances are in the passbooks when they are updated in branch either at maturity or when you pass a branch.

    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
    • Sea Shell
    • By Sea Shell 13th Aug 18, 6:43 AM
    • 849 Posts
    • 1,268 Thanks
    Sea Shell
    Re: Virgin RS's.

    It seems quite bizarre at the moment that the more labour intensive, high overhead account....i.e. the Store RS, is paying more interest than the E-saver, where no staff or passbook required. You'd think it should be the other way round!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • schiff
    • By schiff 13th Aug 18, 8:27 AM
    • 18,087 Posts
    • 9,529 Thanks
    schiff
    Re: Virgin RS's.

    It seems quite bizarre at the moment that the more labour intensive, high overhead account....i.e. the Store RS, is paying more interest than the E-saver, where no staff or passbook required. You'd think it should be the other way round!!
    Originally posted by Sea Shell
    Could it not simply be that following the change in base rate Virgin elected to pay 3% on new accounts and that the 'turn' of the store version was next out of the blocks? The next online version at 3% should prove my point.
    • aleph_0
    • By aleph_0 13th Aug 18, 9:20 AM
    • 518 Posts
    • 343 Thanks
    aleph_0
    Virgin Regular Savers
    Could it not simply be that following the change in base rate Virgin elected to pay 3% on new accounts and that the 'turn' of the store version was next out of the blocks? The next online version at 3% should prove my point.
    Originally posted by schiff
    I think there are two possibilities here. One is along the lines of your scenario. They've gone off-cycle with this new issue (only a month after the previous one). It could be that we will get a new e-Regular saver in about a weeks time, or in a week+month when the next e-Regular was due.

    The other possibility is that they've deliberately made it branch-only. Which at first glance doesn't make sense, with the costs of account opening. But at 3%, it's definitely a loss-leader, and there might be the hope of building relationship/identifying additional needs if visiting in person. The question is how many new accounts the big signs in the windows attract over the regular saver collector crowd.
    • liamcov
    • By liamcov 13th Aug 18, 10:36 AM
    • 390 Posts
    • 346 Thanks
    liamcov
    What is everyone's experience (time wise) of opening the Virgin store regs?

    It's been between 20-50 minutes for each of mine. I've started saying I only have 30 mins due to parking and that seems to hurry them up and cut out the legal bits etc.
    • Elvie100
    • By Elvie100 13th Aug 18, 12:38 PM
    • 11 Posts
    • 3 Thanks
    Elvie100
    Virgin RS
    I think there are two possibilities here. One is along the lines of your scenario. They've gone off-cycle with this new issue (only a month after the previous one). It could be that we will get a new e-Regular saver in about a weeks time, or in a week+month when the next e-Regular was due.

    The other possibility is that they've deliberately made it branch-only. Which at first glance doesn't make sense, with the costs of account opening. But at 3%, it's definitely a loss-leader, and there might be the hope of building relationship/identifying additional needs if visiting in person. The question is how many new accounts the big signs in the windows attract over the regular saver collector crowd.
    Originally posted by aleph_0

    I called my local 'branch' on Friday as I was meant to go in and open an account but got delayed so have had to postpone. I asked if they would be having another online version and was told there were no plans to and they decided to limit it to branch only since they upped the interest rate to see how things go. Time will tell!
    • surreysaver
    • By surreysaver 13th Aug 18, 1:40 PM
    • 2,518 Posts
    • 1,433 Thanks
    surreysaver
    I called my local 'branch' on Friday as I was meant to go in and open an account but got delayed so have had to postpone. I asked if they would be having another online version and was told there were no plans to and they decided to limit it to branch only since they upped the interest rate to see how things go. Time will tell!
    Originally posted by Elvie100
    They're just BSing you I suspect. The staff in branch probably don't know about the online version yet.
    I consider myself to be a male feminist. Is that allowed?
    • Elvie100
    • By Elvie100 13th Aug 18, 6:42 PM
    • 11 Posts
    • 3 Thanks
    Elvie100
    They're just BSing you I suspect. The staff in branch probably don't know about the online version yet.
    Originally posted by surreysaver
    I hope you are right...
    • cosh25
    • By cosh25 13th Aug 18, 8:12 PM
    • 16 Posts
    • 75 Thanks
    cosh25
    Can't see it on here, but the Monmouthshire BS have a Regular Saver Bond which pays 2.50% for 12 months with a max pay in of 250.

    The account can be opened online by residents of England and Wales... if I remember correctly, it used to be postcode dependent? could be wrong.

    I've applied online and they say they'll be in touch so will see what happens!
    • TheShape
    • By TheShape 13th Aug 18, 9:35 PM
    • 1,353 Posts
    • 1,204 Thanks
    TheShape
    Can't see it on here, but the Monmouthshire BS have a Regular Saver Bond which pays 2.50% for 12 months with a max pay in of 250.

    The account can be opened online by residents of England and Wales... if I remember correctly, it used to be postcode dependent? could be wrong.

    I've applied online and they say they'll be in touch so will see what happens!
    Originally posted by cosh25
    Might open an account just to 'get my foot in the door'. Sometimes handy to be a member for when these Building Societies bring out a 'members only' product.
    • adindas
    • By adindas 13th Aug 18, 10:31 PM
    • 3,569 Posts
    • 2,218 Thanks
    adindas
    Can't see it on here, but the Monmouthshire BS have a Regular Saver Bond which pays 2.50% for 12 months with a max pay in of 250.

    The account can be opened online by residents of England and Wales... if I remember correctly, it used to be postcode dependent? could be wrong.

    I've applied online and they say they'll be in touch so will see what happens!
    Originally posted by cosh25
    This product is still available to apply online

    https://www.monbs.com/products/regular-saver-bond/

    It has never been post code dependants as I opened this account back in june 2018 and I do not live anywhere near to one of their branches,
    Last edited by adindas; Yesterday at 10:54 PM.
    • bubieyehyeh
    • By bubieyehyeh 13th Aug 18, 10:39 PM
    • 398 Posts
    • 117 Thanks
    bubieyehyeh
    In a word. No.
    Originally posted by surreysaver

    Thanks, that is annoying, for my piece of mind I will need to visit a branch again to check balance after first S/O paid. Unless you can ring up and find out the balance on these store accounts.
    • EachPenny
    • By EachPenny 13th Aug 18, 11:57 PM
    • 6,080 Posts
    • 15,937 Thanks
    EachPenny
    Virgin RS
    Thanks, that is annoying, for my piece of mind I will need to visit a branch again to check balance after first S/O paid. Unless you can ring up and find out the balance on these store accounts.
    Originally posted by bubieyehyeh
    Yes, you can phone and ask them to confirm the balance and/or whether a specific payment has been received.
    "In the future, everyone will be rich for 15 minutes"
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