Question about these savings accounts
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I_Love_Saving_Money
Posts: 1 Newbie
I'm looking for the best place to put my savings. I came across this page:
moneysavingexpert.com/savings/best-regular-savings-accounts
The 'top rate linked accounts' have interest rates of 5-6% for 12 months. However, if I'm reading correctly, I can only deposit a maximum of £500 per month (for the Nationwide account) and as little as £200 per month for the Santander account.
So at £500 per month, I can only deposit a maximum of £6000 per year. Which I am forced to deposit in £500 chunks, instead of all at once.
Am I interpreting this correctly? If my interpretation is correct, this is a really poor deal.
moneysavingexpert.com/savings/best-regular-savings-accounts
The 'top rate linked accounts' have interest rates of 5-6% for 12 months. However, if I'm reading correctly, I can only deposit a maximum of £500 per month (for the Nationwide account) and as little as £200 per month for the Santander account.
So at £500 per month, I can only deposit a maximum of £6000 per year. Which I am forced to deposit in £500 chunks, instead of all at once.
Am I interpreting this correctly? If my interpretation is correct, this is a really poor deal.
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Comments
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I_Love_Saving_Money wrote: »So at £500 per month, I can only deposit a maximum of £6000 per year. Which I am forced to deposit in £500 chunks, instead of all at once.
Am I interpreting this correctly? If my interpretation is correct, this is a really poor deal.
Or if you have £6K now (and have already filled the 4% & 5% current accounts), put it in a 3% AER account and drip feed the 5% AER regular saver from there...thereby getting an aggregate 4% AER.0 -
I_Love_Saving_Money wrote: »Am I interpreting this correctly? If my interpretation is correct, this is a really poor deal.
Probably worth reading the quick link above titled How to Start Saving to put the different types of account into perspective and working out which account (or combination of accounts, as per YB's post) suits your needs the best.0 -
I_Love_Saving_Money wrote: »Am I interpreting this correctly? If my interpretation is correct, this is a really poor deal.
all the other amounts from the other regular savers) a month out of your salary. It also still beats just leaving your lump sum in a 3% account for the whole year.Eco Miser
Saving money for well over half a century0 -
I'm a fan of these, simply because of the high interest. I drip feed several from other account(s) and try and spread the anniversary dates. M&S next for me.However hard up you are, never accept loans from your friends. Just gifts0
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Note that both the accounts mentioned require the applicant to have a current account with the bankEthical moneysaver0
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realaledrinker wrote: »Note that both the accounts mentioned require the applicant to have a current account with the bank0
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