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  • FIRST POST
    • aj23
    • By aj23 21st Jun 18, 9:05 AM
    • 1,112Posts
    • 351Thanks
    aj23
    Regular Savings Advice
    • #1
    • 21st Jun 18, 9:05 AM
    Regular Savings Advice 21st Jun 18 at 9:05 AM
    Currently have:

    Halifax Reward Current Account (£3 p/m plus received £125 for switching see below)
    Santander Help to Buy ISA: 4% (Maxed)
    Skipton BS Lifetime ISA: 0:75% (Maxed, yet to make 2018/19 deposit, see below)
    Leeds BS Regular Saver Issue 4: 2.55% (Maxed)
    Nottingham BS Regular Saver Issue 2: 2% (Maxed)

    Looking to buy a house in Summer 2020 through Help to Buy

    Until October 2016 I had a Santander 123, but I switched to Nationwide Flex Direct because of the 123 rate cut. At the end of the Flex Direct 5% 12 month period, I switched to Halifax Reward in October 2017 (details above). As I want to buy a house in two years or so, I do not want to switch again as because my credit file is showing instability as a result of switching multiple times and I don't want to give prospective lenders any reason to decline applications.

    I am closing my Nottingham RS next week, which will fully fund this years Skipton LISA contribution and give me money left over (cash float and a one off pension contribution). The perk of the RS was that there is no balance limit, so I could deposit £250 p/m for the rest of my life, but the rate is low and it's not paying out much compared to what I can get by putting most of it into the LISA for example (£1000 bonus).

    Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.

    Opened both Nottingham and Leeds BS's in September 2016, and have deposited £250 p/m since.

    I do not want to increase pension contributions yet as that is long term and I'm only 26. I'm more concerned, right now, with a house deposit.

    So, I have £500 to invest in new Regular Savers. My question which one, or two, should I go for? I was thinking Virgin Money Regular e-Saver and Saffron BS Regular Saver (many branches around me) VM is 14 months and Saffron is a higher rate for lower deposit, so my money doesn't have to work so hard (I'd get about the same interest on both, considering VM's higher deposit and balance limits) Also open to Yorkshire BS as that is a longer term.

    Again, I do not want to switch for reasons cited above, so please no comments about Switching to First Direct to get their Regular Saver please. I already know what those linked accounts offer.
Page 1
  • archived user
    • #2
    • 21st Jun 18, 9:24 AM
    • #2
    • 21st Jun 18, 9:24 AM
    Currently have:

    Halifax Reward Current Account (£3 p/m plus received £125 for switching see below)
    Santander Help to Buy ISA: 4% (Maxed)
    Skipton BS Lifetime ISA: 0:75% (Maxed, yet to make 2018/19 deposit, see below)
    Leeds BS Regular Saver Issue 4: 2.55% (Maxed)
    Nottingham BS Regular Saver Issue 2: 2% (Maxed)

    Looking to buy a house in Summer 2020 through Help to Buy

    Until October 2016 I had a Santander 123, but I switched to Nationwide Flex Direct because of the 123 rate cut. At the end of the Flex Direct 5% 12 month period, I switched to Halifax Reward in October 2017 (details above). As I want to buy a house in two years or so, I do not want to switch again as because my credit file is showing instability as a result of switching multiple times and I don't want to give prospective lenders any reason to decline applications.

    I am closing my Nottingham RS next week, which will fully fund this years Skipton LISA contribution and give me money left over (cash float and a one off pension contribution). The perk of the RS was that there is no balance limit, so I could deposit £250 p/m for the rest of my life, but the rate is low and it's not paying out much compared to what I can get by putting most of it into the LISA for example (£1000 bonus).

    Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.

    Opened both Nottingham and Leeds BS's in September 2016, and have deposited £250 p/m since.

    I do not want to increase pension contributions yet as that is long term and I'm only 26. I'm more concerned, right now, with a house deposit.

    So, I have £500 to invest in new Regular Savers. My question which one, or two, should I go for? I was thinking Virgin Money Regular e-Saver and Saffron BS Regular Saver (many branches around me) VM is 14 months and Saffron is a higher rate for lower deposit, so my money doesn't have to work so hard (I'd get about the same interest on both, considering VM's higher deposit and balance limits) Also open to Yorkshire BS as that is a longer term.

    Again, I do not want to switch for reasons cited above, so please no comments about Switching to First Direct to get their Regular Saver please. I already know what those linked accounts offer.
    Originally posted by aj23

    Heya hey. I am a big fan of Regular Savers so I'll tell you what I have and you can have a look. I have the Leeds Building Society (2.55%), I also have the Virgin Money Regular E-Saver (I would personally say you go for this as that's an option you're interested in, and I'm biased), I have Principality (2.00%), Virgin Money Double take ( limited access, 1.30%), Chorley Building Society (2.50%), Halifax Regular Saver, and Lloyds Monthly Saver (both 2.50%), and like you I also have a Lifetime ISA.


    After reading your post, I had a look at the Yorkshire Building Society one, and it looks good, when you say long-term you are speaking about the 2 year one? This one? https://www.ybs.co.uk/savings/product.html?id=TRIACCSAV


    Thank to you, I will now be opening this too, I like the look of it a lot, and like that it is for a longer-term
    • AimHigh
    • By AimHigh 21st Jun 18, 9:35 AM
    • 130 Posts
    • 49 Thanks
    AimHigh
    • #3
    • 21st Jun 18, 9:35 AM
    • #3
    • 21st Jun 18, 9:35 AM
    Check out the links at the top for the best paying savings account/current accounts etc. First Direct do a 5% regular saver on up to £300pm.
    • Vortigern
    • By Vortigern 21st Jun 18, 9:39 AM
    • 2,724 Posts
    • 1,877 Thanks
    Vortigern
    • #4
    • 21st Jun 18, 9:39 AM
    • #4
    • 21st Jun 18, 9:39 AM
    Leeds RS will reach the max balance of £6,000 in September, having put in £250 for 24 months.
    Originally posted by aj23
    You can withdraw £600 from issue 4 before the anniversary, then continue to pay in £50 per month for another year. Some say they won't allow this but I haven't seen anything in the terms to prohibit this.

    You could also open the currently available issue of Leeds Regular Saver. Your issue 4 does not bar you from holding this account, but later issues, from 5 onwards do have this restriction.
    • soulsaver
    • By soulsaver 21st Jun 18, 9:44 AM
    • 2,314 Posts
    • 1,108 Thanks
    soulsaver
    • #5
    • 21st Jun 18, 9:44 AM
    • #5
    • 21st Jun 18, 9:44 AM
    Halifax RS

    Santander 123 lite + RS
    Last edited by soulsaver; 21-06-2018 at 10:07 AM.
    • karlie88
    • By karlie88 21st Jun 18, 9:52 AM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    • #6
    • 21st Jun 18, 9:52 AM
    • #6
    • 21st Jun 18, 9:52 AM
    I have no idea why you wrote all that blurb at the start when you could have said:

    'I have an extra £500/month that I would like to pay into regular savers. I already have accounts x,y and z. Due to a future house purchase, I don't want to open regular savers that are linked to current account applications. Which 1 or 2 accounts would you recommend?'

    But thanks for the detailed background information.

    The answer to your question can be found here within the first few posts:

    https://forums.moneysavingexpert.com/showthread.php?t=5776240

    I'm pretty sure you're aware of that thread as you've commented on it in the past. If you can't be bothered to read the first few posts then I would go for the current Leeds BS Reg Saver paying 2.55%, a Halifax Monthly Saver paying 2.5% and/or the Saffron Reg Saver you mentioned.

    Good luck.
    Official MSE canny forumite and HUKD VIP badge member
    • aj23
    • By aj23 21st Jun 18, 10:34 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #7
    • 21st Jun 18, 10:34 AM
    • #7
    • 21st Jun 18, 10:34 AM
    Heya hey. I am a big fan of Regular Savers so I'll tell you what I have and you can have a look. I have the Leeds Building Society (2.55%), I also have the Virgin Money Regular E-Saver (I would personally say you go for this as that's an option you're interested in, and I'm biased), I have Principality (2.00%), Virgin Money Double take ( limited access, 1.30%), Chorley Building Society (2.50%), Halifax Regular Saver, and Lloyds Monthly Saver (both 2.50%), and like you I also have a Lifetime ISA.


    After reading your post, I had a look at the Yorkshire Building Society one, and it looks good, when you say long-term you are speaking about the 2 year one? This one? https://www.ybs.co.uk/savings/product.html?id=TRIACCSAV


    Thank to you, I will now be opening this too, I like the look of it a lot, and like that it is for a longer-term
    Originally posted by Sweetcake
    Thank you.

    I don't think I can open Principality or Chorley as I'm not resident of their postcodes or near a branch. VM Double Take I want something better than 1.30%. I do bank with Halifax, but 3.5% 200pm at Saffron BS slightly beats 2.5% 250pm Halifax RS in terms of interest accrued, saving me £600 over the year as such, as my money at Saffron wouldn't be working as hard.

    Chelsea BS, owned by Yorkshire BS, also offered the 2 year RS until a few months ago, same with N+P until it was taken over by YBS.
    • aj23
    • By aj23 21st Jun 18, 10:35 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #8
    • 21st Jun 18, 10:35 AM
    • #8
    • 21st Jun 18, 10:35 AM
    Check out the links at the top for the best paying savings account/current accounts etc. First Direct do a 5% regular saver on up to £300pm.
    Originally posted by AimHigh
    Yes thanks but I don't think you read what I said about this in my OP.
    • aj23
    • By aj23 21st Jun 18, 10:36 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #9
    • 21st Jun 18, 10:36 AM
    • #9
    • 21st Jun 18, 10:36 AM
    You can withdraw £600 from issue 4 before the anniversary, then continue to pay in £50 per month for another year. Some say they won't allow this but I haven't seen anything in the terms to prohibit this.

    You could also open the currently available issue of Leeds Regular Saver. Your issue 4 does not bar you from holding this account, but later issues, from 5 onwards do have this restriction.
    Originally posted by Vortigern
    Yep I know about that quirk. Hence why I said £500 a month (from closing Nottingham and no longer depositing to Leeds). Thanks.
    • aj23
    • By aj23 21st Jun 18, 10:37 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    Halifax RS

    Santander 123 lite + RS
    Originally posted by soulsaver
    I'm not doing Santander 123 + RS per what I said in my OP.
    • aj23
    • By aj23 21st Jun 18, 10:39 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    I have no idea why you wrote all that blurb at the start when you could have said:

    'I have an extra £500/month that I would like to pay into regular savers. I already have accounts x,y and z. Due to a future house purchase, I don't want to open regular savers that are linked to current account applications. Which 1 or 2 accounts would you recommend?'

    But thanks for the detailed background information.

    The answer to your question can be found here within the first few posts:

    https://forums.moneysavingexpert.com/showthread.php?t=5776240

    I'm pretty sure you're aware of that thread as you've commented on it in the past. If you can't be bothered to read the first few posts then I would go for the current Leeds BS Reg Saver paying 2.55%, a Halifax Monthly Saver paying 2.5% and/or the Saffron Reg Saver you mentioned.

    Good luck.
    Originally posted by karlie88
    I was giving info on the savings accounts I already have save someone suggesting something I already have, and my current account so people know I'm not with a provider who offers 5% RS, which I explained after why I don't want to switch.

    Thanks. I'm thinking Virgin e-Saver as I can open it online (nearest branch is 18 miles away) and Saffron as I have 2 within a few months of few.

    I looked at that thread and it needs updating. Virgin ones still say about maturing in Feb 2019 (older issues) and I think the Leeds one needs updating. One I can't remember had been taken off sale when I clicked the link.
    • jimjames
    • By jimjames 21st Jun 18, 12:38 PM
    • 13,228 Posts
    • 12,281 Thanks
    jimjames
    You've not mentioned Tesco in the list, you don't need to switch and you'll get 3% on all the money in the account up to £3000 and may still be able to get 2 accounts too. Obviously it's a current account so you may not want to do that but unlike a regular saver it pays on full balance from day 1 and no end date although rate only guaranteed till April 2019
    Last edited by jimjames; 21-06-2018 at 12:40 PM.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • soulsaver
    • By soulsaver 21st Jun 18, 12:44 PM
    • 2,314 Posts
    • 1,108 Thanks
    soulsaver
    You've not mentioned Tesco in the list, you don't need to switch and you'll get 3% on all the money in the account up to £3000 and may still be able to get 2 accounts too. Obviously it's a current account so you may not want to do that but unlike a regular saver it pays on full balance from day 1 and no end date although rate only guaranteed till April 2019
    Originally posted by jimjames
    And TSB 5%..
    • soulsaver
    • By soulsaver 21st Jun 18, 12:51 PM
    • 2,314 Posts
    • 1,108 Thanks
    soulsaver
    I'm not doing Santander 123 + RS per what I said in my OP.
    Originally posted by aj23
    It isn't linked.. so not 'per what I said..'
    • kidmugsy
    • By kidmugsy 21st Jun 18, 1:00 PM
    • 12,480 Posts
    • 8,850 Thanks
    kidmugsy
    I like the Saffron one. If you're in the right postcode Ipswich do a good one too.
    Free the dunston one next time too.
    • aj23
    • By aj23 21st Jun 18, 1:50 PM
    • 1,112 Posts
    • 351 Thanks
    aj23
    You've not mentioned Tesco in the list, you don't need to switch and you'll get 3% on all the money in the account up to £3000 and may still be able to get 2 accounts too. Obviously it's a current account so you may not want to do that but unlike a regular saver it pays on full balance from day 1 and no end date although rate only guaranteed till April 2019
    Originally posted by jimjames
    I have a Tesco account which I did keep £3000 in from February 2017 until March 2018 but I used it to fund my Lifetime ISA, so all that is in it is the interest I got. The minimum 3% ends in April 2019 so they most probably will drop it.
    • aj23
    • By aj23 21st Jun 18, 1:51 PM
    • 1,112 Posts
    • 351 Thanks
    aj23
    And TSB 5%..
    Originally posted by soulsaver
    But that would involve switching and I don't want to do that per my OP
    • aj23
    • By aj23 21st Jun 18, 1:53 PM
    • 1,112 Posts
    • 351 Thanks
    aj23
    It isn't linked.. so not 'per what I said..'
    Originally posted by soulsaver
    You have to fund a Santander Regular Saver from your Santander current account, and that involves switching, which as I said I don't want to do.

    "If you donít fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to revert your account into an Everyday Saver."
    • aj23
    • By aj23 21st Jun 18, 1:54 PM
    • 1,112 Posts
    • 351 Thanks
    aj23
    I like the Saffron one. If you're in the right postcode Ipswich do a good one too.
    Originally posted by kidmugsy
    Yeah I fall in the cachment for Ipswich Building Society too even though I live nowhere near it ha.

    I'm also looking at who put their rates up in November and who didn't. Leeds and Yorkshire did, but Saffron, Virgin and most banks didn't.
  • archived user
    Thank you.

    I don't think I can open Principality or Chorley as I'm not resident of their postcodes or near a branch. VM Double Take I want something better than 1.30%. I do bank with Halifax, but 3.5% 200pm at Saffron BS slightly beats 2.5% 250pm Halifax RS in terms of interest accrued, saving me £600 over the year as such, as my money at Saffron wouldn't be working as hard.

    Chelsea BS, owned by Yorkshire BS, also offered the 2 year RS until a few months ago, same with N+P until it was taken over by YBS.
    Originally posted by aj23

    Hey hey! You are in luck indeed! I'm from South London, so definitely not a resident of those postcodes for Principality or Chorley, nor do you have to be... hehe. that's why I opened them!


    Just to let you know I went to a Bromley branch, and opened the regular saver with YBS, really happy!


    Definitely check out Principality and Chorley. I opened my Chorley this month, and Principality this month, so I assure you, you don't need to be a resident.
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