Regular Savings Accounts: The Best Currently Available List!
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MarkFromMullion wrote: »Perhaps the initial deposit can be up to £750 and after that monthly deposits can be up to £400.0
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Why do they say you can invest up to £750,000 whilst the account is still available yet there is a limit of £400 a month?!!
It looks as though they have made a mistake and just copied it from another new account they have just launched called the Reward Bond Issue 3 which has the £750,000 limit.
On the 'Paying money in' tab it states:
http://www.thenottingham.com/savings/special-savers-issue-4/Paying money in
The minimum amount to open an account is £10. You can invest up to £750,000 whilst the account is still available.
Fixed rate accounts are only available for a limited period and once the account is withdrawn you won't be able to pay any more into your account.
You will note that it says 'Fixed rate accounts are only available for a limited period and once the account is withdrawn you won't be able to pay any more into your account.'
But this isn't a fixed rate account.
Someone just was lazy!0 -
Hi Everybody,
I have updated the first post of this thread.
- added the Penrith BS 300 account to post 3
- updated the Nottingham BS Special Saver account from Issue 3 ending June 2016 to the new Issue 4 account ending in October 2016 and added the link to the Nottingham BS website
I will do another update next weekend.
SS2
For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=10 -
Hi Folks,
I cannot find anything that has changed for this weekend's update. I will do another update the weekend after next.
SS2
For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=10 -
The problem with most of these regular savers is that being fixed term for 12 months the headline rate flatters the product. Only your first months saving will realise the full rate. Every subsequent months deposit will receive only the proportion of the year remaining which means the actual rate of return at the end of the year will be considerably below the headline rate. Perhaps suitable for savers who actually do just deposit residual income from every months earnings , but for others with capital who have exhausted high rate accounts they are a pain in the proverbial.0
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checkmate9999 wrote: »The problem with most of these regular savers is that being fixed term for 12 months the headline rate flatters the product. Only your first months saving will realise the full rate. Every subsequent months deposit will receive only the proportion of the year remaining which means the actual rate of return at the end of the year will be considerably below the headline rate. Perhaps suitable for savers who actually do just deposit residual income from every months earnings , but for others with capital who have exhausted high rate accounts they are a pain in the proverbial.
As has been discussed countless times, the full rate applies throughout the duration of the term. There is no reduction of any sort of the interest rate - it's a fixed rate.
Of course you only get interest on the money that is in the account, and the amount you can add each month is limited.
Regular Savers with high interest rates are anything but "a pain in the proverbial" - - - you need to read up about drip-feeding. And about regular savings accounts in general.0 -
checkmate9999 wrote: »The problem with most of these regular savers is that being fixed term for 12 months the headline rate flatters the product. Only your first months saving will realise the full rate. Every subsequent months deposit will receive only the proportion of the year remaining which means the actual rate of return at the end of the year will be considerably below the headline rate. .
The rate of return is always exactly what is advertised.checkmate9999 wrote: »Perhaps suitable for savers who actually do just deposit residual income from every months earnings , but for others with capital who have exhausted high rate accounts they are a pain in the proverbial.
Regular savers are not meant for lump sum deposits, that's not what they were designed for. They are excellent for people who want to save monthly. If you think they're a pain the bum, don't use them.0 -
"The rate of return is always exactly what is advertised"
I did not say it wasn't. I used the expression "flatters" to indicate that the headline rate and actual rate of return on the total funds deposited are not the same. For example in the last month of a 12 month fixed term the deposit receives the headline rate ,but does so for only 1/12th of the period. The cumulative effect of this across the term means that the net return on all funds deposited is well below the headline rate. That was my point and I am not sure why you opted to misunderstand it.
As for using them I do , but only those offering 6%pa which over the course of a year of regular deposits nets down to just over 4% on the total funds deposited.0 -
Are you seriously expecting that you get 12 months worth of interest for money that you had only deposited for 1 month? #RealityCheckNeeded0
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