Reg. Savers 5%
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But presumably you'd be feeding the money from the 1.41% account into the 2.5% account...0
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chockydavid1983 wrote: »But presumably you'd be feeding the money from the 1.41% account into the 2.5% account...
Why would you presume that? People could easily be funding it from monthly income, and even if they weren't 1.4% on the lump sum is still more than 2.25% on the regular deposit.0 -
ValiantSon wrote: »Why would you presume that? People could easily be funding it from monthly income, and even if they weren't 1.4% on the lump sum is still more than 2.25% on the regular deposit.
No it isn't. You dont have the whole £3000 in the regular saving account, and whole £3000 doesn't disappear from the 1.4% account on the first day
Someone gradually transferring from one to the other would have about £55.
If it's simpler anf you're talking only about regular savings from income, putting it in the lower interest account doesn't give you £42, but about £23.0 -
How does putting some of your monthly income into a 1.4% account pay you more interest than putting the same amount, at the same monthly time, into one or more regular savers paying 2.25%?ValiantSon wrote: »Why would you presume that? People could easily be funding it from monthly income, and even if they weren't 1.4% on the lump sum is still more than 2.25% on the regular deposit.0 -
The strategy for getting the best returns, if we're talking about cash only, is to have it in the highest paying current account and transfer gradually to regular savers and also put excess monthly income into regular savers.0
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Thank you andypk and Yorkshire boy, will try and get my head round that later! Appreciate your time.0
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i currently have £1k/m going into HSBC/M&S/Nationwide.. but when the latter matures i'll only be able to stash £750/m at 5%. and that's if things don't deteriorate further. below 5% i won't bother.. i had an FD current account way back, and since then they haven't allowed me to open another account with them.0
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No it isn't. You dont have the whole £3000 in the regular saving account, and whole £3000 doesn't disappear from the 1.4% account on the first day
What?
I never said that you did have the full £3000 in the regular saver! In fact, I quite clearly said that you would be putting £250 in each month, but having the full £3000 in a savings account at 1.4% would yield a higher return.Someone gradually transferring from one to the other would have about £55.
Again, I never said that they wouldn't. I was simply responding to an erroneous comment that the regular saver at 2.xx% was better than a savings account at 1.4%. The exact arrangements of how you move the money around changes the return, but the bold statement is false.If it's simpler anf you're talking only about regular savings from income, putting it in the lower interest account doesn't give you £42, but about £23.
And once again, I wasn't talking about that either. I did make a second post, commenting on the possibility of someone paying in to a regular saver out of monthly income, but that was an entirely separate point. If you conflate two different and separate comments I make on differing scenarios, then you will misunderstand what I was saying.0 -
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