Derbyshire regular saver interest rate cut

mary wrote:

Just got my forms to open a 6% Regular Saver Bond £500 p.m (max). with the Principality BS this morning. Also in the literature they have a 5.25% Monthly Saver account, min £20, max £1,000 p.m.
Looks comparable. I don't live in Wales, but it wasn't a problem when I opened their 6.75% Regular Saver Bond last year.

I likewise opened my REGULAR SAVER BOND 6.75% in August 2005 and was under the impression that only one could be open at any one time.
Having just come off the phone to them I can have the REGULAR SAVER BOND 6.00% as well (they are 2 different products).

ReportInvestor wrote:

Shock horror :eek:

Where else are you getting 5%+?
Come on people. This is blatantly OTT IMHO. You are living in a Martin Lewis induced MSE dream world where you are "entitled" to 1% more than the base rate ad infinitum .

?

Deemy wrote:

Marys on the ball...you roughly earn 7.25%...

?
There are some useful tips here from mary and Deemy. It's just that if anyone is thinking I can easily get 7.5% on most of my money, that seems to me bit optimistic and there appear to be a few inaccuracies I'll mention in their posts or maybe outdateness, tho' I still hope to be proved wrong and will be trying.

Post #2

Deemy wrote:

It was so easy just to keep shuving in 2k per month without worrying about what to do on anniversary !

This was a mistake? It was only £1k/mth.?

Deemy wrote:

if you plan things then you do have accounts such as Cahoot 5.3% and Coventry 5.25% to fall back upon for large sums on short notice i.e. as happened with derbyshire

Cahoot we've discussed, you can't get this if you haven't got it already. Er, since I wrote this yesterday there is something to add namely: that didn't last long did it?
Coventry 5.25% is only for over-60's. If that's Deemy's recent photo on his posts congratulations he's carrying his years very well.
Otherwise Coventry is now offering 5.1% not 5.25%. Still, better than a poke in the eye with a sticky wet jelly-baby. This includes a 0.85% 1-yr. bonus. Will have to overcome my dislike of bonuses, but this seems to be an unconditional one as long as you keep £1,000 in the acct. and put in £1,000 monthly, that right? So I can get 5.1% on a large sum for as long as I leave it there even if that's not for a whole year is that right? I read it but easy to miss things. So phoned Coventry and they confirmed. But as we have seen even that is not always enough, resolve to always choose monthly not yearly interests. Can avoid surprises. Put in there the £1k monthly that was going to Derbs. Even if only 0.1% more but other conditions better. Question answered. After a year reconsider. Meanwhile keep Derbs ticking over for bonus.

On a second look with round figures let's say Deemy can save £12k/yr. With the 0.1% Coventry/Derbs difference he will earn all if not most of £6 per year more. Except with a few days delay in the transfer he will lose even that and like a weakest link LEAVE WITH NOTHING gained except the sneers of Ann Robinson. The fact that it's a flexible account that doesn't lock up your money is worth something to some people, though very little to Deemy you can deduce, hardly justifies his transactional costs. The real point of it is that it's 5.1% on a (for my purposes) unlimited amount so I can put there what's left over above the 20 or 30k in the mary-Deemy schemes, better than the 4.75% I am getting on this now.

Some of mary's recs. below that I looked into and a couple that I already have, believe it or not, have no internet control, work by post or even going into the branch and have passbooks. Made me go all gooey and nostalgic and I think I will start a thread about it, haven't decided what to call it 'Poetry Corner'? 'Memory Lane'? or 'How Fuddy was my Duddy'?

And overall, I do not call what mary is doing getting high interests on £20k. I call that a good interest on £10k. or so. If these are all synchronised she may be sometimes immobilising £20k. Some at least of these are savings schemes like the Principality where on average she's getting the hi-interest on half of what she's cycling, on £3k not £6k at Pplty.

Some details:

#42
mary.

mary wrote:

...This is what I do on a kind of rollover basis. When an account matures, the money's recycled either into the same thing like the Halifax or else is reallocated into whatever new regular saver appears at a good rate

6.75% Fix 6,000 Principality Reg Saver May 2006
7% Fixed 1,200 Leeds Monthly Saver October 2006
6% Fixed 3,000 Leek Regular Saver October 2006
10% Fixed 1,500 Bradford & Bingley November 2006
10% Fixed 3,000 Alliance & Leicester January 2007
10% Fixed 3,000 Barclays Easy Saver March 2007
7% Fixed 3,000 Halifax Reg Saver March 2007

Total of £20.7K being recycled. I try to stagger their start throughout the date, but that's not always possible, depending on when a new account comes on line, bearing in mind they do not always stay open for long.

Maybe I'd make more money on the stock market, but am not too conversant with it!

Leeds Reg. Saver is now down to 5% so no better than the complained-of Derby that started this thread. Post here talks about Loyalty Saver but again you had to already be Leeds member so not for me. (Hope Principality picks up that idea).
Brad'n'Bing not now avbl. & I didn't get because couldn't get to branch at time, have post about that.
Principality is now 6%, down from mary's 6.75, Leek is indeed 6%. Still worth getting even if some ways to go till 7.5% average.

Deemy wrote:

So don't be lazy !

You could call it being lazy. Someone in this thread - lost it - said for less than £500 p.m. it's not worth my while. I'll take that down to £250. An economist might say Deemy is an emotional investor whose calculations have not taken account of transactional costs.
#44

Deemy wrote:

its not that complicated, anyone can do it, if they made the effort, all it takes is standing orders and a simple spreadsheet

This is a key point Deemy. Time spent on this is a transaction cost. How to save time? Tell us the secrets of your success. What spreadsheet do you use? For us computa-illitrits is Excel a spreadsheet? What do you do with it?
Family members laugh and say you spend all your time on that damn computer by now you don't know what you've got, when things come to maturity you have to work everything out all over again, it's all so complicated if you kicked it tomorrow we wouldn't have a clue where to start aaargh another thing I ought to see to everyone says. They'd say, if they knew, you're like that mary, she's so involved with these things she hasn't got time to think about ISAs.

And between you the number of accts. is not yet up to 20, we can find out but you tell us and you'll have earned some nominations.


WHEREFORE HAVE I RESOLVED:

So stung-to-action don't-be-lazy Ted-jump-over-the-candle-stick starts the dreaded form-filling, starting the evening before it has taken all day with boredom breaks to complete postal applications to 2 complete with all bits and pieces and stuffed into envelopes and in the rush to catch today's post missed something out, and online to another. Thinks, a day of my life which will never come back, that is a transactional cost Deemy misses. Thinks, well you only have to do it once. Thinks, that's not exactly true either. Guess I was silly though to miss the AL and Barclays HI accts. 'cos of thinking I'll be spending even more time watching they don't go over the £10k where they earn no interest. I've reduced my next input to Dreadby to a minimum. Before transferring must wait for new thing to be set up and re-read carefully for weasel words to be sure don't lose bonus on last months.

In a few weeks or months I'll let y'all know how it went, how close I got to the mary-Deemy ideal.
_________________________________________________________________
Get your facts straight first, then you can distort them as much as you please

My Derbyshire voting form was waiting for me when I arrived home today.
It's only a token gesture but there are going to be a load of X s in the middle column on my form.

This was a mistake? It was only £1k/mth.?

There was a period some time last year when you were allowed to open a second account.