Regular Savers, a waste of time...

j.martin3

Sorry everyone but I don't think I understand Regular Savers either. Does anyone think this amount of interest sounds right - all regular saver calculators on the net disagree:

Lloyds 8%, two year regular saver. Started with a £500 lump sum plus £250 in November 2006, paid in £250 every month. Ended with £6500 plus £304.24 interest after tax in November 2008. Other calculators suggest I should have got around £450 after tax...

Does anyone know if I should kick up a fuss?

apt

If the rate was 8% fixed and you should certainly have got more than £304.24 interest. I would definitely complain.

sloughflint

j.martin3 wrote: »

Sorry everyone but I don't think I understand Regular Savers either. Does anyone think this amount of interest sounds right - all regular saver calculators on the net disagree:

Lloyds 8%, two year regular saver. Started with a £500 lump sum plus £250 in November 2006, paid in £250 every month. Ended with £6500 plus £304.24 interest after tax in November 2008. Other calculators suggest I should have got around £450 after tax...

Does anyone know if I should kick up a fuss?

I don't think it's too far out.I input a start date of the 20th November and then the 1st of each month and got £ 348.48 net. See here:

http://spreadsheets.google.com/pub?key=pLv5pWbQddSIa8KoGwQnSaA

I wonder if the calculator you used calculated the total interest over the two years. Don't forget that you also got paid last November as well.

apt wrote: »

If the rate was 8% fixed and you should certainly have got more than £304.24 interest. I would definitely complain.

I'm not so sure although banks do get it wrong sometimes. Weekends and bank holidays will make a bit of a difference.
Perhaps the poster can put his/her own dates and values in the spreadsheet to be sure.

j.martin3

Thanks Sloughflint, but the £304.24 was the total interest for both years. I got £62.16 in year 1 after tax and £242.08 after tax at the end of year 2...

Baldur

j.martin3 wrote: »

Thanks Sloughflint, but the £304.24 was the total interest for both years. I got £62.16 in year 1 after tax and £242.08 after tax at the end of year 2...

The first year's interest sounds very low - mine was £133.44 net.

sloughflint

j.martin3 wrote: »

Thanks Sloughflint, but the £304.24 was the total interest for both years. I got £62.16 in year 1 after tax and £242.08 after tax at the end of year 2...

Definitely put your own dates in that spreadsheet and use for ammunition then.:mad:
Good luck.

j.martin3

Will check the spreadsheet against my dates, but your guesses are pretty accurate. Thanks for your help, Sloughflint - and everyone else!

YorkshireBoy

I exploited the start up loophole and was paid £143.04 in year 1.

I expect another £345.40 in a couple of weeks at the end of the 2nd year.

Both figures are net.

oldfella

take out a 0% Halifax CC, put everything you spend on the CC into the RS each month. I am getting 10% on £1000 per month, for money which isnt mine.

LucyTheDwarf

Mr_K wrote: »

yeah, I understand the point, but there are too many restrictions and inflexibilty for my liking. You're never going to make much more than peanuts out of these accounts.

£128 is a lot to pay for peanuts :eek: