Saga Top 5 Tracker interest dropped to..

Loco

oh dear I guess didnt realise it was that bad, I guess I should be looking in to other options now

nobby24

Loco wrote: »

oh dear I guess didnt realise it was that bad, I guess I should be looking in to other options now

Same here, there's got to be better than 1.88% out there, it's guaranteed to be not more than 0.25% lower than the average of the best five savings accounts, but I suppose these days 0.25% is a fair chunk!

savetilibleed

nobby24 wrote: »

Same here, there's got to be better than 1.88% out there, it's guaranteed to be not more than 0.25% lower than the average of the best five savings accounts, but I suppose these days 0.25% is a fair chunk!

And - just looking at a printed version I have of the T's & C's, it is guaranteed to be calculated this was until 31 May 2010. Most accounts seem to have a first year bonus before the interest drops alarmingly. Wonder what'll happen after that. :rolleyes: Worth keeping open to see I guess.

I also just looked at my welcome letter from October 2008 - the interest rate was 6.20% gross :rotfl:

Stompa

nobby24 wrote: »

Same here, there's got to be better than 1.88% out there, it's guaranteed to be not more than 0.25% lower than the average of the best five savings accounts, but I suppose these days 0.25% is a fair chunk!

The T&C's say:

The interest rate will be no more than 0.25% gross below the average of the daily averages of the top five gross rates listed on ‘Moneyfacts Savings Best Buys – Internet Savings Account’ throughout the previous month. The daily average will be the rates quoted on the ‘Moneyfacts Savings Best Buys – Internet Savings Account’ page at 5pm on each working day.


We will exclude any of the following from the average rate calculation:

• A rate that is priced 0.50% gross or more above the second best buy rate.
• A rate that includes a bonus.
• A product that has any terms and conditions that prevent no notice access to a customer's investment or that only allow access subject to a charge/penalty.

We guarantee that the Monthly Rate changes will be calculated in this way until 31 May 2010.

I think most of the best rates these days include bonuses, so they're specifically excluded from the averaging unfortunately.

rexel

will have to move to fixed term

moonshine

1.87% this month. This seems really low when you look at Martin's savings account article, if it's supposed to track the top 5 accounts it doesn't seem to be doing that very well :rolleyes:

savetilibleed

moonshine wrote: »

1.87% this month. This seems really low when you look at Martin's savings account article, if it's supposed to track the top 5 accounts it doesn't seem to be doing that very well :rolleyes:

The accounts that pay more include a bonus. I seem to remember reading (probably on this forum) that they look at the top 5 that don't include a bonus such as Stroud and Swindon at 2.25%, YBS at 2.1%. Northern Rock at 1.85%, Nationwide eSavings Plus at 2%. So the Saga account possibly is doing what is says in these times of other accounts with strings (bonuses). Can't remember what the actual T&C's are now for the Saga account without raking it out of a file.

nobby24

I've closed my Saga top 5 tracker and opened an AA fixed rate savings 16 months at 4.05%. Both are administered by Birmingham Midshires.

Stompa

savetilibleed wrote: »

Can't remember what the actual T&C's are now for the Saga account without raking it out of a file.

See post #25.

Stompa

savetilibleed

Stompa wrote: »

See post #25.

Stompa

Oops, can't see for (not) looking