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    • chamelion
    • By chamelion 22nd Sep 17, 6:36 AM
    • 109 Posts
    • 30 Thanks
    chamelion
    Provided you have more than £1k in savings, the Charter Savings Easy Access account paying 1.26% seems to beat the top two open to all regular saver accounts: Leeds Regular Saver (effective rate 1.24%) and the Virgin Money Regular Saver (effective rate 1.21%).

    Or am I missing something?
    Originally posted by dekkard
    What I don't get is why people would go for such a low rate regular savers when you have places like atom bank offering 1.9% for a year commitment - which is essentially what you'd do with a regular saver at potentially far lower return.
    Last edited by chamelion; 22-09-2017 at 9:23 AM. Reason: oops
    • IanManc
    • By IanManc 22nd Sep 17, 8:32 AM
    • 318 Posts
    • 447 Thanks
    IanManc
    Provided you have more than £1k in savings, the Charter Savings Easy Access account paying 1.26% seems to beat the top two open to all regular saver accounts: Leeds Regular Saver (effective rate 1.24%) and the Virgin Money Regular Saver (effective rate 1.21%).

    Or am I missing something?
    Originally posted by dekkard
    You're missing something. And you've just made up the "effective rate" figures you have quoted, and they're nonsense.

    The true effective rate of the Leeds account is 2.3% and the Virgin one is 2.25%. You only get interest for money which is actually in the account in any savings account.

    This issue has been done to death on these forums and has been explained ad nauseam.
    Last edited by IanManc; 22-09-2017 at 8:40 AM.
    • robertrdw
    • By robertrdw 12th Oct 17, 12:55 PM
    • 1 Posts
    • 0 Thanks
    robertrdw
    Yorkshire BS Regular Saver
    I have had a Yorkshire BS Regular Saver since 2006, paying an annual bonus of 3.5% on balances up to £20k. Clearly this is a very good rate these days and I have been transferring in the maximum contribution of £500 per month from other savings, and keeping the balance as high as I can. However, the Society has now made a decision to convert this account into a lower interest account paying 1.5% p.a. Can they legally do this?
    • eskbanker
    • By eskbanker 12th Oct 17, 1:17 PM
    • 5,562 Posts
    • 5,405 Thanks
    eskbanker
    I have had a Yorkshire BS Regular Saver since 2006, paying an annual bonus of 3.5% on balances up to £20k. Clearly this is a very good rate these days and I have been transferring in the maximum contribution of £500 per month from other savings, and keeping the balance as high as I can. However, the Society has now made a decision to convert this account into a lower interest account paying 1.5% p.a. Can they legally do this?
    Originally posted by robertrdw
    Probably worth reading the dedicated thread on this at http://forums.moneysavingexpert.com/showthread.php?t=5722669 but I believe the view is that they're acting in compliance with their Ts & Cs by giving 60 days notice of the change. Do you believe there is some sort of permanent binding commitment to the old rate and if so, do you have any backup for this?
    • ctdctd
    • By ctdctd 12th Oct 17, 1:27 PM
    • 845 Posts
    • 656 Thanks
    ctdctd
    Probably worth reading the dedicated thread on this at http://forums.moneysavingexpert.com/showthread.php?t=5722669 but I believe the view is that they're acting in compliance with their Ts & Cs by giving 60 days notice of the change. Do you believe there is some sort of permanent binding commitment to the old rate and if so, do you have any backup for this?
    Originally posted by eskbanker
    The 3.5% bonus was fixed in the original terms of the account - that is why the only way the YBS can exit is to close the account. They are transferring the deposits to a new account, or you can withdraw with no penalty between 14th Oct and 14th Dec which is their 60 days notice.
    Do Money Saving sites make you buy more bargains - and spend more money?
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