Saga Top 5 Tracker interest dropped to..

G_M

The Saga Top 5 account tends to be lower than Investec's High Five as Investec include accounts with bonuses (which are open to new business) whilst Saga excludes them when calculating the top 5 average rate.

On the other hand Investec needs 3 months notice to withdraw - but at least it is still available...

savetilibleed

cos69 wrote: »

Thats not good news, lets see what the BoE says next week about rates, might need to move my money around again.

Presently a new ING Direct account pays 3.0% AER. It'll be down 0.5% in response to the last BOE cut soon though.

Geoffo_M

G_M wrote: »

On the other hand Investec needs 3 months notice to withdraw - but at least it is still available...

and a minimum investment of £25,000

Stompa

G_M wrote: »

The Saga Top 5 account tends to be lower than Investec's High Five as Investec include accounts with bonuses (which are open to new business) whilst Saga excludes them when calculating the top 5 average rate.

Also, the Investec pays the average, but the Saga offering pays no less than 0.25% below the average.

nobby24

Well it seems to be sticking at 2.34%, I wonder if this is as low as it's going to get? Maybe things are looking up!

Stompa

nobby24 wrote: »

Well it seems to be sticking at 2.34%, I wonder if this is as low as it's going to get?

Yes, but that rate is listed from 01/04/2009. I suspect they just haven't got around to changing it yet. In previous months it's changed on the 2nd or 3rd of the month.

G_M

The Saga rate drops (sorry, adjusts) monthly. Investec's is adjusted weekly (3.12% again this week).

Saga is always lower than Investec as it excludes accounts with bonuses when calculating the average top 5, whereas investec includes bonus accounts, which tends to increase the average.

savetilibleed

Almost all of them pay bonuses these days, it is difficult to find 5 top paying ones without bonus then average them then take off 0.25%. Taking account of only three (ICICI's 2.45%, YBS's 2.1% and NRock's 2%) you get about 1.93%. So I guess it'll be lower than that when it changes.

G_M

Sounds about right. Soooooo.... Saga's top Five or Investec's High Five.

Switch and get £50 too!


Financial institutionAccount Gross rate*
United National Bank 3 Month Gold Deposit 3.50%

Investec Bank High 5 Account 3.12%

Secure Trust Bank60 Day Notice Issue 2 3.11%

FirstSave 90 Day Notice 3.00%

Newcastle BSReward Saver 3.00%

Progressive BSPostal 7 Day Notice Issue 4 3.00%

nobby24

Oh dear, it's down to 1.88% today.

:mad: