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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,130Posts
    • 4,293Thanks
    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 64
    • B_G_B
    • By B_G_B 9th Sep 18, 10:28 PM
    • 456 Posts
    • 456 Thanks
    B_G_B
    Is the delay because you did not have an existing savings account into which the automatic transfer could be made?
    Originally posted by xylophone
    This seems to be a common factor for two of us. Can't offer a solution to adindas this time around although it would be useful to hear from others to see if this is a common denominator.
    • adindas
    • By adindas 10th Sep 18, 8:39 AM
    • 3,610 Posts
    • 2,239 Thanks
    adindas
    I have the Advance a/c - Pref Reg Saver matured, the cash was automatically transferred overnight to existing instant access saver and visible the following day - at that point I applied for new Pref Reg Saver which was visible within a day or so.

    https://www.hsbc.co.uk/savings/products/regular-saver/

    Is the delay because you did not have an existing savings account into which the automatic transfer could be made?
    Originally posted by xylophone

    This seems to be a common factor for two of us. Can't offer a solution to adindas this time around although it would be useful to hear from others to see if this is a common denominator.
    Originally posted by B_G_B
    I just checked my HSBC account. Indeed I do not have instant saver at the moment. I used to have Flex Sav Pref but I might have canceled it as it is currently disappeared from my account list on HSBC.

    So this might be explaining why it is still showing Pref Reg Sav which preventing me opening the new one.

    I will try to have at least one flex saver for future use.
    Last edited by adindas; 10-09-2018 at 8:44 AM.
    • liamcov
    • By liamcov 11th Sep 18, 9:25 AM
    • 407 Posts
    • 353 Thanks
    liamcov
    How many do you have?
    It'd be interesting to hear how many accounts users have - especially the prolific offenders who post regularly

    I opened my 29th one yesterday
    • arsenalboy
    • By arsenalboy 11th Sep 18, 9:40 AM
    • 308 Posts
    • 147 Thanks
    arsenalboy
    It'd be interesting to hear how many accounts users have - especially the prolific offenders who post regularly

    I opened my 29th one yesterday
    Originally posted by liamcov
    https://forums.moneysavingexpert.com/showthread.php?t=5889284
    • schiff
    • By schiff 11th Sep 18, 10:07 AM
    • 18,261 Posts
    • 9,690 Thanks
    schiff
    It'd be interesting to hear how many accounts users have - especially the prolific offenders who post regularly

    I opened my 29th one yesterday
    Originally posted by liamcov
    Welcome to the list of prolific offenders then. BTW you've just been beaten - by two
    • glider3560
    • By glider3560 12th Sep 18, 12:31 PM
    • 3,690 Posts
    • 2,377 Thanks
    glider3560
    Any chance this thread could be used just for discussing new and currently available accounts, and keep the chit chat to other threads?

    It's annoying getting several notifications each day to find there's no actual changes or discussion about the accounts happening.

    • schiff
    • By schiff 12th Sep 18, 4:51 PM
    • 18,261 Posts
    • 9,690 Thanks
    schiff
    An ongoing problem, been discussed before. You could check in just the once a day, or twice?
    • Fingerbobs
    • By Fingerbobs 13th Sep 18, 10:48 PM
    • 494 Posts
    • 139 Thanks
    Fingerbobs
    Sorry I don't monitor this thread much, and it's a bit unwieldy to search through, so sorry if this has already been discussed, but has the Virgin Regular E-Saver gone, or am I just missing it? I can only find the branch-based regular saver now.
    • Steve_xx
    • By Steve_xx 13th Sep 18, 10:51 PM
    • 6,618 Posts
    • 2,784 Thanks
    Steve_xx
    Sorry I don't monitor this thread much, and it's a bit unwieldy to search through, so sorry if this has already been discussed, but has the Virgin Regular E-Saver gone, or am I just missing it? I can only find the branch-based regular saver now.
    Originally posted by Fingerbobs
    Currently, only the branch version of Virgin's regular saver exists.
    • Mee
    • By Mee 14th Sep 18, 9:33 AM
    • 1,133 Posts
    • 1,056 Thanks
    Mee
    Currently, only the branch version of Virgin's regular saver exists.
    Originally posted by Steve_xx
    When I opened my first branch RS recently, the branch manager said he didn't think it would be the last of the e-RS and fully expected the e-RS to be back on the market soon.
    Free thinker.
    • Steve_xx
    • By Steve_xx 14th Sep 18, 11:51 AM
    • 6,618 Posts
    • 2,784 Thanks
    Steve_xx
    When I opened my first branch RS recently, the branch manager said he didn't think it would be the last of the e-RS and fully expected the e-RS to be back on the market soon.
    Originally posted by Mee
    That's good to hear. I don't want to have to go into a branch to be grilled each time one of these comes up!
    • isasmurf
    • By isasmurf 14th Sep 18, 12:02 PM
    • 1,760 Posts
    • 785 Thanks
    isasmurf
    That's good to hear. I don't want to have to go into a branch to be grilled each time one of these comes up!
    Originally posted by Steve_xx
    CYBG aren't known for their regular savers, so you may not have to
    Last edited by isasmurf; 14-09-2018 at 12:04 PM.
    • Steve_xx
    • By Steve_xx 14th Sep 18, 1:43 PM
    • 6,618 Posts
    • 2,784 Thanks
    Steve_xx
    CYBG aren't known for their regular savers, so you may not have to
    Originally posted by isasmurf
    No, and they're not known for their money lounges either!
    • george4064
    • By george4064 15th Sep 18, 8:23 PM
    • 1,044 Posts
    • 1,084 Thanks
    george4064
    Considered creating a new thread, but gathered asking in here is probably better. So here goes;

    I have a variety of Regular Savers with various banks and may well need to withdraw funds in the near future to use towards a house deposit. My concern is that I want to ensure I still earn interest for the periods the cash were actually in the account.

    I have had a read through many of their T&Cs and can't see anywhere whether interest will be credited if I withdraw all funds and close the accounts.

    Accounts I have:
    1. TSB Monthly Saver
    2. Nationwide: Flex Regular Saver 2
    3. Halifax Regular Saver
    4. First Direct Regular Saver

    Could any shed any light on this please?

    In addition, is there any particular things I need to do to ensure I earn the interest on the accounts? (i.e. withdraw all funds except for £1 to retain the account to earn the interest at the maturity date etc...)

    Thanks in advance.
    Last edited by george4064; 15-09-2018 at 8:25 PM.
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    • Sweetcake
    • By Sweetcake 15th Sep 18, 8:39 PM
    • 187 Posts
    • 121 Thanks
    Sweetcake
    Considered creating a new thread, but gathered asking in here is probably better. So here goes;

    I have a variety of Regular Savers with various banks and may well need to withdraw funds in the near future to use towards a house deposit. My concern is that I want to ensure I still earn interest for the periods the cash were actually in the account.

    I have had a read through many of their T&Cs and can't see anywhere whether interest will be credited if I withdraw all funds and close the accounts.

    Accounts I have:
    1. TSB Monthly Saver
    2. Nationwide: Flex Regular Saver 2
    3. Halifax Regular Saver
    4. First Direct Regular Saver

    Could any shed any light on this please?

    In addition, is there any particular things I need to do to ensure I earn the interest on the accounts? (i.e. withdraw all funds except for £1 to retain the account to earn the interest at the maturity date etc...)

    Thanks in advance.
    Originally posted by george4064
    Lol, bless you. I can see why you think posting here may be a good idea, but I do think a complete new thread will be better for you, and then it's all yours. Also, a lot of people here tend to get touchy about things that are outside discussing opening new regular savers. Giving you a heads up.
    • masonic
    • By masonic 15th Sep 18, 9:00 PM
    • 10,108 Posts
    • 7,390 Thanks
    masonic
    I have had a read through many of their T&Cs and can't see anywhere whether interest will be credited if I withdraw all funds and close the accounts.
    Originally posted by george4064
    Perhaps look on the product pages, for example: https://www1.firstdirect.com/1/2/savings-and-investments/savings/regular-saver-account

    "sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate"

    and... https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits
    "Can I withdraw money?
    Yes, this is an instant access savings account so you can get access to your money whenever you need it."


    I'll leave you to do the others
    Last edited by masonic; 15-09-2018 at 9:03 PM.
    • Special_Saver2
    • By Special_Saver2 16th Sep 18, 10:20 PM
    • 1,130 Posts
    • 4,293 Thanks
    Special_Saver2
    Hi Everybody,

    I cannot find anything to change for this weekend's update.

    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
    • MisterMotivated
    • By MisterMotivated 17th Sep 18, 2:22 PM
    • 195 Posts
    • 173 Thanks
    MisterMotivated
    I have a small number of RS's at the moment (<10) due to planning a large purchase in the near future, but tried to open a TSB monthly saver today with no luck. As they aren't currently available online, I decided to go to a branch in town, but there was apparently "nobody available to see me" and I'd have to make an appointment to come back. I've decided not to bother for now, as the 2% isn't much above the 1.31% the money's currently earning. I wish they would just let you open these at the main counter instead of making you have a meeting with someone trying to upsell you every product they have.


    Following the large purchase, I'd like to start reopening more RS's, but most of the BS's are nowhere near where I live. Even the closest Virgin Money is 40 miles away
    • Steve_xx
    • By Steve_xx 17th Sep 18, 2:32 PM
    • 6,618 Posts
    • 2,784 Thanks
    Steve_xx
    I have a small number of RS's at the moment (<10) due to planning a large purchase in the near future, but tried to open a TSB monthly saver today with no luck. As they aren't currently available online, I decided to go to a branch in town, but there was apparently "nobody available to see me" and I'd have to make an appointment to come back. I've decided not to bother for now, as the 2% isn't much above the 1.31% the money's currently earning. I wish they would just let you open these at the main counter instead of making you have a meeting with someone trying to upsell you every product they have.


    Following the large purchase, I'd like to start reopening more RS's, but most of the BS's are nowhere near where I live. Even the closest Virgin Money is 40 miles away
    Originally posted by MisterMotivated
    You can open a Regular Saver online if you have a current account.
    • karlie88
    • By karlie88 17th Sep 18, 2:57 PM
    • 8,647 Posts
    • 107,314 Thanks
    karlie88
    You can open a Regular Saver online if you have a current account.
    Originally posted by Steve_xx
    A TSB Monthly Saver? If so, how? It's been unavailable online for a few months now, even for current account customers. Ta.
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