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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 321
    • colsten
    • By colsten 11th Oct 17, 9:06 AM
    • 8,922 Posts
    • 7,644 Thanks
    colsten
    I have a high risk, high return strategy - mine goes into my RCI 1.3% instant access Freedom account until the next decent RS comes along.
    Originally posted by ctdctd
    You mean high, high risk strategy? As RCI doesn't come with FSCS protection. Before you say it, I know all about the French equivalent it comes with, and I wish you the best of luck if you ever need to use it.
    • Mee
    • By Mee 11th Oct 17, 11:00 AM
    • 1,041 Posts
    • 1,012 Thanks
    Mee
    HI All,

    Just wish to mention that some instant savers like those from Tesco and Ford Money have been increasing slowly over the last few months. Tesco's Internet Saver is now 1.20% (w bonus) and Ford Money (flagged above) has increased slowly from 1% to 1.17%. (no bonus)
    Last edited by Mee; 12-10-2017 at 9:26 AM. Reason: typo
    • Wheres My Cashback
    • By Wheres My Cashback 11th Oct 17, 12:08 PM
    • 2,843 Posts
    • 35,887 Thanks
    Wheres My Cashback
    Mine goes into my 1.25% Ulster e-saver which works like greased lightning.
    Originally posted by colsten
    Ditto, until something better comes up.
    • patientperson
    • By patientperson 11th Oct 17, 3:31 PM
    • 444 Posts
    • 370 Thanks
    patientperson
    Monmouthshire BS - First Home Bonus Saver Issue 2
    Only for existing members and a selective range of residential post codes.

    http://www.monbs.com/first-home-bonus-saver-summary/

    Good Rate .. 4.5% including 4% bonus - Max £500 per month (£1000 pm for a joint application) BUT do not get too excited just yet.

    The bonus only becomes payable if the savers take out a mortgage with the Monmouthshire BS.

    Still for some it can be a great help for some.
    • EachPenny
    • By EachPenny 11th Oct 17, 4:44 PM
    • 4,613 Posts
    • 9,445 Thanks
    EachPenny
    Just wish to mention that some instant savers like those from Tesco and Ford Money have been increasingly slowly over the last few months. Tesco's Internet Saver is now 1.20% (w bonus)and Ford Money (flagged above) has increased slowly from 1% to 1.17%. (no bonus)
    Originally posted by Mee
    Which means they are knocking on the door of the 123 account effective rate (cashbacks excluded).

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    "In the future, everyone will be rich for 15 minutes"
    • Speculator
    • By Speculator 11th Oct 17, 4:51 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    Which means they are knocking on the door of the 123 account effective rate (cashbacks excluded).

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    Originally posted by EachPenny
    I am pretty sure If you deposit via FP just after midnight, it gets credited same day and show in your account by 11am.

    My S/Os to my Ford Regular Saver and Regular ISA gets credited/shows up same day.
    Last edited by Speculator; 11-10-2017 at 4:54 PM. Reason: .
    • Neil Jones
    • By Neil Jones 11th Oct 17, 4:55 PM
    • 1,145 Posts
    • 647 Thanks
    Neil Jones
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    • Speculator
    • By Speculator 11th Oct 17, 5:08 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    Originally posted by Neil Jones
    The 123 is useful for depositing matured regular saver cheques over £5k that don't allow you to withdraw the balance via BACS.

    My £5 monthly fee is offset via utility cashback.
    Last edited by Speculator; 11-10-2017 at 5:09 PM. Reason: .
    • karlie88
    • By karlie88 11th Oct 17, 5:10 PM
    • 8,333 Posts
    • 106,077 Thanks
    karlie88
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    Originally posted by Neil Jones
    Depends on how much cashback you earn. It does work out to be around 1.2% (assuming max balance with no cashback from DDs).

    I lited mine and have shifted funds across to various RSs paying 2% or more.

    I'd like to personally thank Richard Branson for helping with this process over the past year...

    Don't forget Santander's 5% reg saver.
    Official MSE canny forumite and HUKD VIP badge member
    • EachPenny
    • By EachPenny 11th Oct 17, 5:32 PM
    • 4,613 Posts
    • 9,445 Thanks
    EachPenny
    I am pretty sure If you deposit via FP just after midnight, it gets credited same day and show in your account by 11am.
    Originally posted by Speculator
    It is the withdrawal process which lets it down. The request has to be made before 2pm for payment by CoB the next working day. As a holding account to feed RS accounts you need to think ahead, especially if the RS deposits are spread over different days (e.g. Santander, HSBC)

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    Originally posted by Neil Jones
    It is getting close to that point for me, the main advantage as Speculator mentions is when it comes to cheques (outgoing as well as received).
    "In the future, everyone will be rich for 15 minutes"
    • Hattie625
    • By Hattie625 11th Oct 17, 5:49 PM
    • 651 Posts
    • 510 Thanks
    Hattie625
    Only for existing members and a selective range of residential post codes.

    http://www.monbs.com/first-home-bonus-saver-summary/

    Good Rate .. 4.5% including 4% bonus - Max £500 per month (£1000 pm for a joint application) BUT do not get too excited just yet.

    The bonus only becomes payable if the savers take out a mortgage with the Monmouthshire BS.

    Still for some it can be a great help for some.
    Originally posted by patientperson
    No use for me. Not an existing memeber. live about as far away from Monmouthshire as it's possible to be without falling into the North Sea.

    And taking out a mortgage just to get access to a 4.5% RS, even at £500 a month...they have to be joking, those nice folk at MBS
    • Wheres My Cashback
    • By Wheres My Cashback 11th Oct 17, 6:29 PM
    • 2,843 Posts
    • 35,887 Thanks
    Wheres My Cashback
    also this new one which at least gives you 1.27% for a year, fully flexible

    https://www.postoffice.co.uk/savings-accounts/online-saver
    Originally posted by mhoc
    My experience of a previous PO saver is that funds are not moved until the day after the request. Not a good solution in my book.
    • adindas
    • By adindas 11th Oct 17, 6:49 PM
    • 3,655 Posts
    • 2,077 Thanks
    adindas
    The 123 is useful for depositing matured regular saver cheques over £5k that don't allow you to withdraw the balance via BACS.

    My £5 monthly fee is offset via utility cashback.
    Originally posted by Speculator
    Any particular reason ??
    Is it because the date you start earning interest based on is when you are handing the cheque, not when the cheque is cleared ??

    If that is the reason then Lloyds, TSB is also doing the same thing
    • adindas
    • By adindas 11th Oct 17, 7:00 PM
    • 3,655 Posts
    • 2,077 Thanks
    adindas
    What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

    Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?
    Originally posted by Neil Jones
    Given the opportunity to put all of the money into flexible regular saver earning higher interest (e.g Virgin Money) then no brainier. I have been arguing this case since Santander dropping their Santander 123 interest while increasing the fee.

    After maximizing RS, you could still easily find flexible online saver paying interest effectively the same with Santander 123 (if you count the fee). For many people you will be better of to lite it, keep earning cashback with lower fee of £1 (instead of £5). So the money could still be moved to flexible online saver earn interest of 1.25% if needed.

    The only exception is that if you have maxed out all of the flexible Regular savers and online eSaver. But keep in mind you could put more than 100k in online eSaver. Much higher than Santander 123.
    Last edited by adindas; 11-10-2017 at 7:03 PM.
    • Neil Jones
    • By Neil Jones 11th Oct 17, 8:17 PM
    • 1,145 Posts
    • 647 Thanks
    Neil Jones
    I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned £5.73 in cashback and £15 interest on my 123 account.

    I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...
    Last edited by Neil Jones; 11-10-2017 at 8:19 PM.
    • adindas
    • By adindas 11th Oct 17, 9:03 PM
    • 3,655 Posts
    • 2,077 Thanks
    adindas
    I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned £5.73 in cashback and £15 interest on my 123 account.

    I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...
    Originally posted by Neil Jones
    If you have flexible saver earning 1.3% it is very easy to see that you will be better off to lite it and just pay £1. You receive exactly the same amount of cash back but with lower fee.
    • soulsaver
    • By soulsaver 11th Oct 17, 11:51 PM
    • 1,590 Posts
    • 594 Thanks
    soulsaver
    also this new one which at least gives you 1.27% for a year, fully flexible

    https://www.postoffice.co.uk/savings-accounts/online-saver
    Originally posted by mhoc
    1.27% aer variable for a year...
    • bigadaj
    • By bigadaj 12th Oct 17, 2:49 AM
    • 10,808 Posts
    • 7,110 Thanks
    bigadaj
    Depends on how much cashback you earn. It does work out to be around 1.2% (assuming max balance with no cashback from DDs).

    I lited mine and have shifted funds across to various RSs paying 2% or more.

    I'd like to personally thank Richard Branson for helping with this process over the past year...

    Don't forget Santander's 5% reg saver.
    Originally posted by karlie88
    Though Branson only has a third of Virgin money, the power of branding eh.
    • Wheres My Cashback
    • By Wheres My Cashback 12th Oct 17, 8:48 AM
    • 2,843 Posts
    • 35,887 Thanks
    Wheres My Cashback
    When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.
    Originally posted by Hattie625
    In addition to the details I posted before, Virgin have responded...

    I can confirm all interest accrued will be added upon transfer to the new account on 20 October 2017.
    • Mee
    • By Mee 12th Oct 17, 9:30 AM
    • 1,041 Posts
    • 1,012 Thanks
    Mee

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    Originally posted by EachPenny
    Each to their own! I find with Tesco [Internet Saver], which I favour in many ways, there is a delay when setting up a new payee for payment which then doesn't allow me to make a same day payment.
    Last edited by Mee; 12-10-2017 at 5:41 PM. Reason: For clarification...
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