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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,128Posts
    • 4,257Thanks
    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 70
    • adindas
    • By adindas 13th Oct 18, 12:14 PM
    • 3,595 Posts
    • 2,226 Thanks
    adindas
    Details of this account sent with maturity instructions relating to my Member Festive Fund account.

    Limited Issue. Existing members only of 12 months or more.

    Rate 2.50% - maximum pm £350 - maturity 31/10/2019.

    Nothing on their website this morning
    Originally posted by patientperson

    I got the same letter this morning.
    • Speculator
    • By Speculator 13th Oct 18, 1:46 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    Chorley Loyalty Santa Saver Issue 1
    Got the letter too.

    Looks like they need proof of ID to open one, even for existing customers. (Although it didn't ask for ID in the Letter)

    The Maturity form is very badly written out. I will have to send a covering letter I think. There is no option to reinvest £350 into the Santa Saver and withdraw remaining balance by cheque.

    https://imgur.com/a/mCMdu7G
    Last edited by Speculator; 13-10-2018 at 4:00 PM. Reason: ..
    • Speculator
    • By Speculator 13th Oct 18, 4:14 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    The maturity form asks for "Current employment status" including "name of employer", "address of employer", "Annual income" and "Other income" and to confirm where other income is from!

    Why do they need this to open a simple savings account?
    Last edited by Speculator; 13-10-2018 at 4:15 PM. Reason: .
    • Steve_xx
    • By Steve_xx 13th Oct 18, 4:15 PM
    • 6,590 Posts
    • 2,767 Thanks
    Steve_xx
    The maturity form asks for "Current employment status" including "name of employer", "address of employer", "Annual income" and "Other income"

    Why do they need this to open a simple savings account?
    Originally posted by Speculator
    It's pretty obvious that they wish to target you with other products.
    • Speculator
    • By Speculator 13th Oct 18, 4:22 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    It's pretty obvious that they wish to target you with other products.
    Originally posted by Steve_xx
    Just wrote "Not working" and left rest blank. It's probably one of the worst Maturity instruction form I've ever seen.
    • veryintrigued
    • By veryintrigued 13th Oct 18, 4:24 PM
    • 2,535 Posts
    • 2,073 Thanks
    veryintrigued
    Chorley maturity form
    Just wrote "Not working" and left rest blank. It's probably one of the worst Maturity instruction form I've ever seen.
    Originally posted by Speculator
    The 'Marital Status' and 'Relationship' boxes are just weird.

    I replied 'Married' and 'Mostly happy'.
    • Steve_xx
    • By Steve_xx 13th Oct 18, 4:25 PM
    • 6,590 Posts
    • 2,767 Thanks
    Steve_xx
    Just wrote "Not working" and left rest blank. It's probably one of the worst Maturity instruction form I've ever seen.
    Originally posted by Speculator
    Agreed. As a maturity form it's all over the place. I opted to go for the Loyalty Santa Regular saver, but when it came to the maturity instruction section I thought it looked ambiguous and ill-written. So I've left that bit blank and they can sort it out, or advise me how to!
    • Speculator
    • By Speculator 13th Oct 18, 4:26 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    It even says "If employed or self employed for less than two years please provide previous job history"
    • Steve_xx
    • By Steve_xx 13th Oct 18, 4:27 PM
    • 6,590 Posts
    • 2,767 Thanks
    Steve_xx
    The 'Marital Status' and 'Relationship' boxes are just weird.

    I replied 'Married' and 'Mostly happy'.
    Originally posted by veryintrigued
    Yes quite, lord knows what relevance the latter box has. I left it blank.
    • Speculator
    • By Speculator 13th Oct 18, 4:31 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    Yes quite, lord knows what relevance the latter box has. I left it blank.
    Originally posted by Steve_xx
    I left it blank also. The form is really weird.

    I am going to write a covering letter.
    • Steve_xx
    • By Steve_xx 13th Oct 18, 4:32 PM
    • 6,590 Posts
    • 2,767 Thanks
    Steve_xx
    I left it blank also. The form is really weird.

    I am going to write a covering letter.
    Originally posted by Speculator
    I've posted it. They'll come back to you if there's something missing, I'm sure.
    • Speculator
    • By Speculator 13th Oct 18, 4:35 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    I've posted it. They'll come back to you if there's something missing, I'm sure.
    Originally posted by Steve_xx
    The Saffron BS maturity form I did last week was nice and simple. Reinvested £200 into a new reg and withrdaw rest by bank transfer.

    This Chorley one is the complete opposite.
    • patientperson
    • By patientperson 13th Oct 18, 6:03 PM
    • 478 Posts
    • 426 Thanks
    patientperson
    Chorley BS - New Loyalty Santa Saver 1
    Got the letter too.

    Looks like they need proof of ID to open one, even for existing customers. (Although it didn't ask for ID in the Letter)

    The Maturity form is very badly written out. I will have to send a covering letter I think. There is no option to reinvest £350 into the Santa Saver and withdraw remaining balance by cheque.

    https://imgur.com/a/mCMdu7G
    Originally posted by Speculator
    Yes I agree the maturity form is confusing .. I was told that it covers many if not all other types of accounts.

    I was early enough to phone them this morning for some clarification.

    This new RS is only for new money so a transfer of funds from any other account is not permitted.

    With that knowledge I just sent it off with a cheque payable to myself and a request for the full maturing balance to be paid by cheque. Free faster payment are not available and Chaps will cost about £25.

    More ID was not sent and not even a point that arose when I spoke to them.

    Hope this helps a little.
    • mhoc
    • By mhoc 13th Oct 18, 6:25 PM
    • 17,813 Posts
    • 214,005 Thanks
    mhoc
    Details of this account sent with maturity instructions relating to my Member Festive Fund account.

    Limited Issue. Existing members only of 12 months or more.

    Rate 2.50% - maximum pm £350 - maturity 31/10/2019.

    Nothing on their website this morning
    Originally posted by patientperson
    The worrying thing is that its a limited issue which can be withdrawn at any time. So on November 1st when they are going through the applications to open the new monthly saver how are they going to go through them - in any sort of order - first forms to have arrived? Last to arrive? Alphabetical order?
    What happens if on November 1st they reach the required numbers half way through the day, the issue is fully subscribed and they have to start rejecting applications ...
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Speculator
    • By Speculator 13th Oct 18, 6:35 PM
    • 1,804 Posts
    • 1,427 Thanks
    Speculator
    Yes I agree the maturity form is confusing .. I was told that it covers many if not all other types of accounts.

    I was early enough to phone them this morning for some clarification.

    This new RS is only for new money so a transfer of funds from any other account is not permitted.

    With that knowledge I just sent it off with a cheque payable to myself and a request for the full maturing balance to be paid by cheque. Free faster payment are not available and Chaps will cost about £25.

    More ID was not sent and not even a point that arose when I spoke to them.

    Hope this helps a little.
    Originally posted by patientperson
    Thanks.

    Thats what had me confused. T&Cs said no new money but maturity form did not give the option to invest by cheque, only by reinvesting maturity money.

    To be honest, not too worried about missing this. It's only 2.5%. Lucky I filled out the form using a Pilot Frixion pen.
    Last edited by Speculator; 13-10-2018 at 6:38 PM. Reason: .
    • veryintrigued
    • By veryintrigued 13th Oct 18, 6:49 PM
    • 2,535 Posts
    • 2,073 Thanks
    veryintrigued
    Chorley maturity form
    Yes I agree the maturity form is confusing .. I was told that it covers many if not all other types of accounts.

    I was early enough to phone them this morning for some clarification.

    This new RS is only for new money so a transfer of funds from any other account is not permitted.

    With that knowledge I just sent it off with a cheque payable to myself and a request for the full maturing balance to be paid by cheque. Free faster payment are not available and Chaps will cost about £25.

    More ID was not sent and not even a point that arose when I spoke to them.

    Hope this helps a little.
    Originally posted by patientperson
    Thanks for this.

    I've already posted it back on the assumption they could transfer the opening balance of the new account from the closing balance of the old account.

    I bet am not alone.

    Fingers crossed that they can do some jiggery pockery as I also enclosed a Chorlean share account passbook for them to update. Youd think a transfer would be preferable to them too rather than messing around with cheques.

    We'll see.
    • mhoc
    • By mhoc 13th Oct 18, 7:03 PM
    • 17,813 Posts
    • 214,005 Thanks
    mhoc
    Thanks.

    Thats what had me confused. T&Cs said no new money but maturity form did not give the option to invest by cheque, only by reinvesting maturity money.

    To be honest, not too worried about missing this. It's only 2.5%. Lucky I filled out the form using a Pilot Frixion pen.
    Originally posted by Speculator
    £38.92 is all the interest I got from Homesdale after a year at £250 per month - final balance cheque arrived this month.
    It will be going to pay the builder who is finishing the windows tomorrow and the flat roof chaps (if they ever arrive) so I suppose its adding value to the house so at least that's something productive ...
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Special_Saver2
    • By Special_Saver2 13th Oct 18, 9:48 PM
    • 1,128 Posts
    • 4,257 Thanks
    Special_Saver2
    Hi Everybody,


    Here is this weekend's update.

    - Chorley BS Loyalty Santa Saver (Issue 1) added to post 3


    The Leeds BS Regular Saver (Issue 20) account is deliberately not on the list on the first page of this thread because it is not good enough to be included using the criteria in post 1.

    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
    • arsenalboy
    • By arsenalboy 15th Oct 18, 9:20 AM
    • 298 Posts
    • 141 Thanks
    arsenalboy
    Chorley
    Have just rang Chorley, they said I am not the first this morning! They informed me they should have sent out an application form for the new Santa Saver and that the maturity form is not appropriate but gave me instructions on what to do.

    At 3 on the form tick box, cross out re on "reinvest" to make it invest, cross out rest of line and write Loyalty Santa Saver in box.


    Go down to Full Withdrawal and Closure (a), tick box and fill in details.


    Enclose cheque for £350, they will not do transfer from maturing funds.


    Hope this helps!
    • Steve_xx
    • By Steve_xx 15th Oct 18, 10:22 AM
    • 6,590 Posts
    • 2,767 Thanks
    Steve_xx
    Have just rang Chorley, they said I am not the first this morning! They informed me they should have sent out an application form for the new Santa Saver and that the maturity form is not appropriate but gave me instructions on what to do.

    At 3 on the form tick box, cross out re on "reinvest" to make it invest, cross out rest of line and write Loyalty Santa Saver in box.


    Go down to Full Withdrawal and Closure (a), tick box and fill in details.

    Enclose cheque for £350, they will not do transfer from maturing funds.


    Hope this helps!
    Originally posted by arsenalboy

    Looks like I'll be receiving another letter from them then, as I've already returned the dogs dinner of an application that arrived on Saturday.
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