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    • RG2015
    • By RG2015 16th Nov 17, 12:40 PM
    • 580 Posts
    • 302 Thanks
    RG2015
    So any regular saver offering 1.5% or above represents a more attractive option (to me) than trying to maintain all the current accounts. My 123 account will also be history by that point of course.
    Originally posted by EachPenny
    Have you considered the NatWest savings builder? It is much maligned but run correctly can be a worthwhile option.

    First, you can deposit £5,000 on day one and earn 1.50% which is very unusual for regular saver. However you need to increase the balance by £100 per month and balances between £5,000 and £10,000 earn only 1.00% although the first £5,000 continues to earn 1.50%.

    I deposited £4,000 and earned 1.50% for 10 months starting at £4,000 and ending at £5,000. I then transferred out in month 11 and sacrificed * one month's interest and started again.

    Finally the monthly increase is measured on the penultimate working day of the month so this can catch people out. Despite the crazy conditions for me it is good and I like getting some easy money from NatWest.

    * Edit: I didn't actually lose one month's interest as my balance earned 1.50% in my 123 account for that month.
    Last edited by RG2015; 16-11-2017 at 12:43 PM.
    • RG2015
    • By RG2015 16th Nov 17, 12:48 PM
    • 580 Posts
    • 302 Thanks
    RG2015
    As counterintuitive as it sounds, my first preference would be for them to leave everything exactly as it is
    A slightly improved interest rate might come with unwelcome strings.
    Originally posted by EachPenny
    From my experience with VM this is not the sort of thing they do as they like to keep things simple. They would just do it to keep their revenues high if they thought they may be losing out to the competition.
    • EachPenny
    • By EachPenny 16th Nov 17, 2:42 PM
    • 3,263 Posts
    • 6,003 Thanks
    EachPenny
    Have you considered the NatWest savings builder? It is much maligned but run correctly can be a worthwhile option.
    Originally posted by RG2015
    Yes, I've had one for about a year now and completely agree, so long as you are willing to understand and comply with the complex T&C's then it has some valuable features.

    I adopted a different strategy to you though. For me the priority is to seek to get the money into a higher interest account as quickly as possible, unless there is a clear reason not to. (e.g. interest rates are about to increase)

    12 months ago 1.05% was the best access savings rate I was looking at, so I started the Savings Builder with £5k. In month 2 that meant having an additional 'balance growth' £100 only earning 1% (not 1.05%) but it meant having the 'extra' £1000 (compared to your approach) earning 1.5% (rather than 1.05%). The 'gain' of 0.45% on £1000 is obviously much greater than the 'loss' of 0.05% on £100.

    Because of the penultimate working day requirement, the first 'growth' £100 didn't need to be paid in until very near the end of month 2, thus gaining two month's interest at 1.5% on that 'extra' £1000 with very little loss on the 'growth' £100.

    The same has applied in subsequent months, the 'growth' £100 has always gone in as close as possible to the end of the month. It is possible (I've never got round to checking) that the additional growth deposit required is actually £100 less the interest credited to the account that month.

    This month the Savings Builder has become my 'sacrificial lamb' account. So I'm now exploring a different quirk in the T&C's The account has no maximum pay-in and unrestricted FP withdrawals. So when I needed to fund new RS accounts I've taken it from the Savings Builder. Shortly before the end of the month I will 'borrow' enough from my 123 account to restore the Savings Builder to the start of the month balance plus £100 and thus meet the bonus condition to earn the full 1.5% on the various amounts which remained in the account during the month

    That 'quirk' means it can be used as an instant access account earning 1.5% on up to £5000, provided you can always 'borrow' enough from other accounts for a few days in order to inflate the balance to the level required to meet the growth bonus condition on the day it has to be met.

    So with hindsight, the optimal way of running the account would be to start with £5000 then add £100 near the end of month two, withdraw £100 at the start of month three. Add £200 near the end of month three, withdraw £200 at the start of month four... and so on. That way you maximise the earnings at 1.5% and minimise the time anything is only earning 1%.
    "In the future, everyone will be rich for 15 minutes"
    • RG2015
    • By RG2015 16th Nov 17, 3:19 PM
    • 580 Posts
    • 302 Thanks
    RG2015
    EachPenny,

    I bet you did double maths at A Level!
    • EachPenny
    • By EachPenny 16th Nov 17, 3:28 PM
    • 3,263 Posts
    • 6,003 Thanks
    EachPenny
    I bet you did double maths at A Level!
    Originally posted by RG2015
    I might have done But I only enjoyed applied maths for some reason
    "In the future, everyone will be rich for 15 minutes"
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:07 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    Regular Saver account required for £400 per month
    1) Lloyds Bank Club Lloyds Monthly Saver
    2) Use two £250 savers
    Originally posted by Eco Miser
    Thanks for these suggestions, I will consider, but as I think someone else has pointed out Lloyds needs you to have their current account too. Not ready to change current account or open another one which will meet their criteria
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:11 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    Thanks @solartom
    the only RS that allows £400 pcm is the Club Lloyds Monthly Saver
    but you need the Club Lloyds Current Account to get it
    other option would be to open 2 RS with different Banks/BS or if you have a virgin branch near you could open one in branch and one online(not using the full allowance)
    that would save having to open a new current account
    Originally posted by solartom
    Thanks for your thoughts. The Club Lloyds is not an option for me at the moment, but I could consider 2 RS I suppose. Just didn't really want too many more accounts!
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:19 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    @veryintrigued thanks
    Nonsense.

    I can think of Yorkshire BS, N&P and Notts BS off the bat that allow up to 500.

    To the OP look here:

    http://forums.moneysavingexpert.com/showthread.php?t=608697
    Originally posted by veryintrigued
    Certainly a lot to consider in that thread, thank you.
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:21 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    @eastofeden thanks
    Kent Reliance is 3% and allows £500per month to be paid in. Depends where you are geographically of course, as it has to be opened in branch.
    Originally posted by eastofeden
    Unfortunately not in Kent, but thanks anyway
    • veryintrigued
    • By veryintrigued 17th Nov 17, 9:23 PM
    • 2,117 Posts
    • 1,386 Thanks
    veryintrigued
    Certainly a lot to consider in that thread, thank you.
    Originally posted by lesleyp118
    Concentrate on the first page.

    The forumite who keeps those first few posts up to date is someone very special!
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:26 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    I would also be looking to move almost everything out of the Loyalty Saver account (leaving a £1 token balance perhaps). Even with 15+ years of membership the account only pays 0.75% at present, increasing to 1% from 1 December.

    Some of the best instant access accounts are paying 1.2% rising to 1.3% or more - and they don't require you to have been a customer for 15 years to get that rate.

    Drip-feeding that money into (say) Virgin RS accounts @2.25% would give you a much better return, whilst still maintaining the ability to access the money instantly.
    Originally posted by EachPenny
    Yes, thanks, I know I really need to do some financial housekeeping as we're not making the most of any of our accounts. These ideas are a good starting point when I can make the time
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:29 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    You don't mention whether you already have a Flexclusive Regular Saver with Nationwide. If not, it would be a good idea to start there with £250pm and find another place for the balance.
    Originally posted by TheShape
    Yes, got one of those as well, I think, but possibly an earlier incarnation as I can put more in there than £250pm, and already doing so.
    Thanks for taking the time to suggest it
    Last edited by lesleyp118; 17-11-2017 at 9:46 PM.
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:36 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    Have a look at this thread, which is run by a forum member and and provides a list of the best available accounts: http://forums.moneysavingexpert.com/showthread.php?t=608697

    You will maximise your return if you're willing to split the money over two such accounts. (Nationwide, First Direct, M&S, HSBC (Advance customers) and Santander (123 customers) offer the best rate at 5%.) You need to hold the requisite current account to get these, some also have a requirement for Direct Debits to be paid from said account.

    If considering the Club Lloyds/Lloyds/Halifax or BOS regular savers, hold off until 1st December when the accounts will receive a 0.5% increase in rate. They're fixed accounts so won't change on 1st December if you apply beforehand.
    Originally posted by Kim_13
    Thanks for this - someone else also pointed me to this thread, which I am beginning to go through in detail. I really wanted to make it easy by just setting up one account, but looks like I need to take more time to consider the options, especially if it might be better to open related current accounts. It just needs time, which I must try to make!
    • lesleyp118
    • By lesleyp118 17th Nov 17, 9:48 PM
    • 17 Posts
    • 10 Thanks
    lesleyp118
    Concentrate on the first page.

    The forumite who keeps those first few posts up to date is someone very special!
    Originally posted by veryintrigued
    Wouldn't be you in a different guise (user name), by any chance?
    • veryintrigued
    • By veryintrigued 17th Nov 17, 9:52 PM
    • 2,117 Posts
    • 1,386 Thanks
    veryintrigued
    Wouldn't be you in a different guise (user name), by any chance?
    Originally posted by lesleyp118
    Crikey no - a far better person than I.

    Enjoy your reading.
    • missymouse
    • By missymouse 4th Dec 17, 3:45 PM
    • 350 Posts
    • 319 Thanks
    missymouse
    My 5% on my Nationwide current account has expired. Is there any way of reinstating the 5% again?
    • Frogletina
    • By Frogletina 4th Dec 17, 4:00 PM
    • 2,923 Posts
    • 10,695 Thanks
    Frogletina
    My 5% on my Nationwide current account has expired. Is there any way of reinstating the 5% again?
    Originally posted by missymouse
    No. It is now restricted to once only. Before this change you could have 5% every two years

    Frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • member03030
    • By member03030 4th Dec 17, 5:46 PM
    • 173 Posts
    • 76 Thanks
    member03030
    santander
    hi, i have a 123 acc with santander and a regular saver linked to this account which should pay 5% after a year, i'm looking to close both accounts but am only 6 months into the 12..

    I can't find any terms on what the reg saver will pay in interest if closed after say 6 or 7 months, or if it will pay any interest at all.

    Would anyone happen to know, or have a link ? thanks
    • solartom
    • By solartom 4th Dec 17, 7:08 PM
    • 5 Posts
    • 2 Thanks
    solartom
    "We're sorry to hear that you are thinking about closing your savings account or cash ISA. Please send a secure message through your online banking, visit your local branch or call 0800 9 123 123. Lines open 7am to 9pm Monday to Saturday and 8am to 9pm Sundays."

    from the santander website FAQ's
    Last edited by solartom; 04-12-2017 at 7:09 PM. Reason: spelling
    • dekkard
    • By dekkard 4th Dec 17, 7:16 PM
    • 97 Posts
    • 31 Thanks
    dekkard
    hi, i have a 123 acc with santander and a regular saver linked to this account which should pay 5% after a year, i'm looking to close both accounts but am only 6 months into the 12..

    I can't find any terms on what the reg saver will pay in interest if closed after say 6 or 7 months, or if it will pay any interest at all.

    Would anyone happen to know, or have a link ? thanks
    Originally posted by member03030
    I don't know for sure but I'd imagine they'd pay you the interest due for those 6 months.
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