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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 9:33 PM
    • 1,175Posts
    • 4,928Thanks
    Special_Saver2
    Regular Saver Thread **New and Restarted**
    • #1
    • 27th Nov 07, 9:33 PM
    Regular Saver Thread **New and Restarted** 27th Nov 07 at 9:33 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 10:24 PM.
Page 150
    • polymaff
    • By polymaff 17th Oct 19, 11:48 AM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    @Psyduck


    Just follow my initial, concise and comprehensive advice, complemented by Badger09's confirmation.


    Just that one, unthanked, post - Psyduck!
    • schiff
    • By schiff 17th Oct 19, 11:53 AM
    • 18,695 Posts
    • 10,092 Thanks
    schiff
    @Psyduck


    Just follow my initial, concise and comprehensive advice, complemented by Badger09's confirmation.


    Just that one, unthanked, post - Psyduck!
    Originally posted by polymaff
    I've thanked it polymaff to ease your pain

    I wonder if Thanks on MSE forums are going to be akin to Likes on Facebook, where you feel suicidal if you haven't had 50 likes before breakfast!
    • polymaff
    • By polymaff 17th Oct 19, 11:54 AM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?
    Originally posted by Psyduck1980

    Yes.


    Just do what I said in my comprehensive, concise - and as yet, unthanked - reply!


    Funny old world, MSE...
    • polymaff
    • By polymaff 17th Oct 19, 1:01 PM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    You can, but don't expect the extra interest to change your life given that the final payment will only earn interest for a matter of weeks at best.
    Originally posted by Rollinghome

    You might want to think again about that.
    • polymaff
    • By polymaff 17th Oct 19, 1:16 PM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    @Psyduck

    Just follow my initial, concise and comprehensive advice, complemented by Badger09's confirmation.

    Just that one, unthanked, post - Psyduck!
    Originally posted by polymaff
    I've thanked it polymaff to ease your pain
    Originally posted by schiff

    Right sentiment, wrong post. When I said initial I meant it. Rewind to post 2970 - now thanked by a passing Samaritan..
    • Psyduck1980
    • By Psyduck1980 17th Oct 19, 1:41 PM
    • 94 Posts
    • 20 Thanks
    Psyduck1980
    I wonder if Thanks on MSE forums are going to be akin to Likes on Facebook, where you feel suicidal if you haven't had 50 likes before breakfast!
    Originally posted by schiff
    It would seem that way.
    • Rollinghome
    • By Rollinghome 17th Oct 19, 2:23 PM
    • 2,133 Posts
    • 2,322 Thanks
    Rollinghome
    You might want to think again about that.
    Originally posted by polymaff
    Well I don't want to think about it too long because even the total additional interest on regular savers that allow only very small sums, rather than either a fixed rate or easy access product, is hardly worth excessive toil is it? Regular savings products are a smart way for banks to attract punters with an eye-catching headline rate that costs them very little.

    But if you've got time on your hands please feel free to tell all how much you think that last payment made a few days or weeks before the end of the term will enrich the saver.


    (PS. Don't want you to feel unloved so I've given you a 'thanks' too. )
    Last edited by Rollinghome; 17-10-2019 at 2:31 PM.
    • eskbanker
    • By eskbanker 17th Oct 19, 4:35 PM
    • 11,381 Posts
    • 14,117 Thanks
    eskbanker
    But if you've got time on your hands please feel free to tell all how much you think that last payment made a few days or weeks before the end of the term will enrich the saver.
    Originally posted by Rollinghome
    I could be wrong but believe the point that polymaff was making was that the extra interest earned by optimising payments doesn't all come from the 13th payment but also from the rescheduling of all the earlier months' payments to the start of each month instead of the 25th, which has the effect of increasing the balance in the account by up to 400 (between the 1st and 25th of each month) all the way from week 2 onwards.

    But yes, it'll correspondingly reduce interest earned in any feeder account and no, it's still not life-changing!
    • Emily Joy
    • By Emily Joy 17th Oct 19, 6:04 PM
    • 419 Posts
    • 191 Thanks
    Emily Joy
    So you can actually deposit GBP5,200 in the 12 month period (13 x GBP400) rather than GBP4,800 (12 x GBP400)?

    In the age of Faster Payments why on earth wouldn't it clear on the same day? Even if it went in on the next working day (28/10/19) what's the issue? I don't understand Lloyds' preoccupation with the 25th of the month. The only reason I was going to make my first payment on the 25th is because it's payday for me. I would have thought customers were able to fund once in the period 25/10/19 to 24/11/19 and so on in subsequent months. Do they use a calendar month rather than a rolling month?

    This last bit sort of makes sense but given we're in the era of faster payments and 25/02/20 falls on a Tuesday this is irrelevant isn't it?
    Originally posted by Psyduck1980
    I seem to have recollection from a few months ago that in the end of the term the account is renewed and if you make 13'th payment, you won't be able to top up the new account in the same month. Which actually means you loose 2.5% interest on the amount deposited for entire year...


    Please correct me if I am wrong!
    • polymaff
    • By polymaff 17th Oct 19, 6:52 PM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    I seem to have recollection from a few months ago that in the end of the term the account is renewed and if you make 13'th payment, you won't be able to top up the new account in the same month. Which actually means you loose 2.5% interest on the amount deposited for entire year...

    Please correct me if I am wrong!
    Originally posted by Emily Joy

    That is only true if you take up their recently-introduced offer to roll over the previous RS. Let it expire and then open a new RS and there is no problem with same-month payments.
    • polymaff
    • By polymaff 17th Oct 19, 7:00 PM
    • 2,985 Posts
    • 1,386 Thanks
    polymaff
    I could be wrong but believe the point that polymaff was making was that the extra interest earned by optimising payments doesn't all come from the 13th payment but also from the rescheduling of all the earlier months' payments to the start of each month instead of the 25th, which has the effect of increasing the balance in the account by up to 400 (between the 1st and 25th of each month) all the way from week 2 onwards.
    Originally posted by eskbanker
    Yep, that's it. You earn more interest by having more money deposited for longer. Have the latter 12 out of 13 payments in there for up to a month longer and the extra return is worth having - increasing the interest premium by up to 7%.

    Incidentally the 13th payment is only in there for less than the month, as Rollinghome says - but if you don't use this scheme, then the 13th payment earns you absolutely nothing - because you never make it.

    Now, get clickin'...
    Last edited by polymaff; 17-10-2019 at 7:18 PM.
    • badger09
    • By badger09 18th Oct 19, 6:19 PM
    • 7,411 Posts
    • 6,948 Thanks
    badger09
    Coventry BS Reg Saver
    I'm clearly failing miserably to explain my position

    I don't have:
    Account number or sort code
    Web ID
    Grid Card

    .............

    I'm puzzled by the order in which Coventry seem to be sending these
    Originally posted by badger09
    The rest of the bumph arrived yesterday 17th, bearing various dates 12th - 16th. All up & running & funded today.
    • vermania
    • By vermania 18th Oct 19, 7:44 PM
    • 25 Posts
    • 12 Thanks
    vermania
    Virgin Money Regular Saver
    Phoned up Norwich branch for a Saturday appointment to open a Regular Saver (will be there next weekend only), the first Saturday they are free is 23 November! I thought it was tricky to get appointments in the London branches, spare a thought for those poor East Anglians. No wonder some of you book the appointment for the next issue. It might be one of the best payers now, but not very accessible when in-branch only.
    • colsten
    • By colsten 18th Oct 19, 8:25 PM
    • 11,046 Posts
    • 10,338 Thanks
    colsten
    The rest of the bumph arrived yesterday 17th, bearing various dates 12th - 16th. All up & running & funded today.
    Originally posted by badger09
    You're on a roll now
    • Special_Saver2
    • By Special_Saver2 19th Oct 19, 2:41 AM
    • 1,175 Posts
    • 4,928 Thanks
    Special_Saver2
    Hi Folks,

    I cannot see anything that has changed for this weekend's update.

    I will do the next 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
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