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  • FIRST POST
    • bristolleedsfan
    • By bristolleedsfan 28th Nov 07, 1:44 PM
    • 7,494Posts
    • 9,627Thanks
    bristolleedsfan
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 28th Nov 07, 1:44 PM
    Regular Savings Accounts: The Best Currently Available List! 28th Nov 07 at 1:44 PM
    Watch out on this account. Tho' it's promoted as £1000pm its actually £1000 during the 6 weeks prior to your statement date!

    Depending on your statement date this means that, theoretically you could pay in £1000 in 2 consecutive calendar months and get a penal interest rate (approx 0.5%) OR you could pay in £0 in a calendar month and still get the full 6.35% for that month!!

    The "£1000 in 6 weeks prior to statement date" is hidden away in the T&Cs.
    Originally posted by Old Slaphead


    this is how the post on the subject was made on r-points on 17th november.


    funtimefrankie
    Gifted



    Joined: 11 Apr 2006
    Posts: 437

    Posted: 17 Nov 2007 15:55 Post subject: BEWARE THE COVENTRY FIRST ACCOUNT

    If you're looking for good catches - try the Coventry First.

    You think you're supposed to pay in £1000pm to get 6.35% interest ? - Well no, actually you have to pay in £1000 during the 6 weeks before statement date. My statement is 19th of month - therefore, using October as example I have to pay in £1000 between 7th Sept and 19th Oct to qualify for 6.35%.

    I actually paid in money on 6th Sept and 20th Oct and qualified for 0.5% interest in October !!!!!

    Using the Coventry method, it's both pssible to pay in £1000 in 2 consecutive calendar months (as I did) and only get 0.5% interest, conversley, it's possible to pay in nothing in a calendar month and still get 6.35%.

    Is THAT weird or what !
Page 302
    • Over62
    • By Over62 14th Jul 17, 10:26 AM
    • 44 Posts
    • 22 Thanks
    Over62
    The Nationwide RS going down to £250 is a bit of a blow. Was looking to open one of those in the near future.
    Originally posted by binaryuniverse
    Yes, the OH's existing Nationwide RS matures in 3 weeks and we were expecting to open a new one on the same terms.
    • mhoc
    • By mhoc 14th Jul 17, 11:18 AM
    • 16,524 Posts
    • 203,818 Thanks
    mhoc
    The worst of it was that Nationwide at one time had a monthly saver which you could add £1000 to a month, no restrictions, no maturity date -excellent for the longer term "what if" savings.

    Then Nationwide decided to do some streamlining last year and the monthly saver went and we were left with the £500 a month flexclusives.
    And now its down to £250 a month for new accounts ...

    I also had a Cheshire building society monthly saver - my very first foray into saving and it even came with a passbook and again I was with them for years.
    Then Cheshire was absorbed by Nationwide but they let us keep the monthly saver going and it became manageable online on the Nationwide banking app. You could put up to £500 a month in and it was opened ended, no expiry date.
    Also you could have both a £1000 Nationwide monthly saver and the old Cheshire £500 regular saver.

    This ex-Cheshire was also withdrawn in the same month as the up to £1000 monthly saver was withdrawn.

    Most of my savings used to be with the Nationwide, I really didn't need to go much further - bonds, ISAs and monthly savers and that covered everything.
    A year long bond and the 4 year ISA both mature this September and their contents will both go to feed various regular savers in other banks and building societies.
    Next January it will be down to £250 a month in nationwide.
    savings.
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • apt
    • By apt 14th Jul 17, 5:39 PM
    • 3,064 Posts
    • 1,721 Thanks
    apt
    Yes, the OH's existing Nationwide RS matures in 3 weeks and we were expecting to open a new one on the same terms.
    Originally posted by Over62
    Would have been nice if you could have, but it has already lasted longer than most Nationwide savings offers.
    • TheGardener
    • By TheGardener 14th Jul 17, 6:41 PM
    • 2,210 Posts
    • 2,096 Thanks
    TheGardener
    Comes to something when we are all excited by the prospect of a product that earns us £2.50 per mth (ish)

    Savings rates need to rise!
    • surreysaver
    • By surreysaver 14th Jul 17, 6:46 PM
    • 2,374 Posts
    • 1,336 Thanks
    surreysaver
    Comes to something when we are all excited by the prospect of a product that earns us £2.50 per mth (ish)

    Savings rates need to rise!
    Originally posted by TheGardener
    Makes me wonder if its worth my time administering it. And whether is costs banks more money to administer it than they make. Perhaps we'd all just be better off not doing anything!
    I consider myself to be a male feminist. Is that allowed?
    • TheGardener
    • By TheGardener 14th Jul 17, 6:47 PM
    • 2,210 Posts
    • 2,096 Thanks
    TheGardener
    ...but Kent Reliance have now got a regular saver at £500 pm at 3% - woo hooo...(hint of sarcasm...)
    • colsten
    • By colsten 14th Jul 17, 6:56 PM
    • 8,922 Posts
    • 7,644 Thanks
    colsten

    Savings rates need to rise!
    Originally posted by TheGardener
    Those with a mortgage and other big debts would be deliriously happy if their rates went up. Not.
    • TheGardener
    • By TheGardener 14th Jul 17, 7:10 PM
    • 2,210 Posts
    • 2,096 Thanks
    TheGardener
    Those with a mortgage and other big debts would be deliriously happy if their rates went up. Not.
    Originally posted by colsten
    Indeed. You can't please all of the people all of time. My first ever mortgage was 8% and I though that was a great rate at the time...
    But this is the savings and investments board - they can moan about mortgage rates on the House buying and selling board
    Last edited by TheGardener; 14-07-2017 at 7:13 PM.
    • Hattie625
    • By Hattie625 14th Jul 17, 7:20 PM
    • 651 Posts
    • 509 Thanks
    Hattie625
    Indeed. You can't please all of the people all of time. My first ever mortgage was 8% and I though that was a great rate at the time...
    But this is the savings and investments board - they can moan about mortgage rates on the House buying and selling board
    Originally posted by TheGardener
    My first ever mortgage was 15.4%. I thought I was lucky (to have got a mortgage at all). But I decided that I must pay it off asap.
    • surreysaver
    • By surreysaver 14th Jul 17, 7:45 PM
    • 2,374 Posts
    • 1,336 Thanks
    surreysaver
    ...but Kent Reliance have now got a regular saver at £500 pm at 3% - woo hooo...(hint of sarcasm...)
    Originally posted by TheGardener
    I'll see if I can pop to my 'local' branch to open one!
    I consider myself to be a male feminist. Is that allowed?
    • TheGardener
    • By TheGardener 14th Jul 17, 8:06 PM
    • 2,210 Posts
    • 2,096 Thanks
    TheGardener
    oh yeah - I didn't realise their regular saver was a branch based account.
    Last edited by TheGardener; 14-07-2017 at 8:17 PM.
    • surreysaver
    • By surreysaver 14th Jul 17, 9:14 PM
    • 2,374 Posts
    • 1,336 Thanks
    surreysaver
    Well, they're called Kent Reliance but have branches in Southampton and Chichester! So I might be able to get to one of them!
    I consider myself to be a male feminist. Is that allowed?
    • colsten
    • By colsten 14th Jul 17, 10:00 PM
    • 8,922 Posts
    • 7,644 Thanks
    colsten
    But this is the savings and investments board - they can moan about mortgage rates on the House buying and selling board
    Originally posted by TheGardener
    Yeah, let's stuff those with mortgages and debts. It makes no differences to the health of society.
    • TheGardener
    • By TheGardener 14th Jul 17, 10:15 PM
    • 2,210 Posts
    • 2,096 Thanks
    TheGardener
    Yeah, let's stuff those with mortgages and debts. It makes no differences to the health of society.
    Originally posted by colsten
    No offence intended - it was a dry response to pitiful rates for savers on a savings and investments board - we all understand there are two sides to the coin, that's why there are several boards dedicated to MFW, DFW and house buying and selling. Even savers have mortgages and debts (although strictly speaking I believe its not very MSE to have credit debts and savings at the same time)
    Last edited by TheGardener; 14-07-2017 at 10:20 PM.
    • bigadaj
    • By bigadaj 15th Jul 17, 6:02 AM
    • 10,804 Posts
    • 7,109 Thanks
    bigadaj
    No offence intended - it was a dry response to pitiful rates for savers on a savings and investments board - we all understand there are two sides to the coin, that's why there are several boards dedicated to MFW, DFW and house buying and selling. Even savers have mortgages and debts (although strictly speaking I believe its not very MSE to have credit debts and savings at the same time)
    Originally posted by TheGardener
    You're not a stoozer then, some interesting stories of six figure sums on cards at 0%, netting the individual a few grand a year net.
    • bigadaj
    • By bigadaj 15th Jul 17, 6:04 AM
    • 10,804 Posts
    • 7,109 Thanks
    bigadaj
    Yeah, let's stuff those with mortgages and debts. It makes no differences to the health of society.
    Originally posted by colsten
    So you're saying that nearly a decade of near zero interest rates and lax credit has led to a healthier society, I think I'd disagree.
    • colsten
    • By colsten 15th Jul 17, 7:49 AM
    • 8,922 Posts
    • 7,644 Thanks
    colsten
    So you're saying that nearly a decade of near zero interest rates and lax credit has led to a healthier society, I think I'd disagree.
    Originally posted by bigadaj
    Non sequitur.
    • surreysaver
    • By surreysaver 15th Jul 17, 8:08 AM
    • 2,374 Posts
    • 1,336 Thanks
    surreysaver
    Yeah, let's stuff those with mortgages and debts. It makes no differences to the health of society.
    Originally posted by colsten
    Well, with an offset mortgage of 1%, its worth me borrowing money and putting it in savings of 2%.
    I consider myself to be a male feminist. Is that allowed?
    • karlie88
    • By karlie88 15th Jul 17, 8:50 AM
    • 8,333 Posts
    • 106,077 Thanks
    karlie88
    I thought this was a thread for regular savers?

    I'm half-expecting the launch of a new regular saver with all this discussion, only to be disappointed.
    Official MSE canny forumite and HUKD VIP badge member
    • bigadaj
    • By bigadaj 15th Jul 17, 9:13 AM
    • 10,804 Posts
    • 7,109 Thanks
    bigadaj
    Non sequitur.
    Originally posted by colsten
    No constructive response then.....

    Edit - Apologies you must be a fan of corbynomics.
    Last edited by bigadaj; 15-07-2017 at 9:31 AM.
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