new and really confused lol!

Icesaver

LucyTheDwarf wrote: »

That looks quite alright, 5% monthly saver - you could certainly do far worse. Good luck

Just remember after 12 months the account becomes a bog standard savings account wire (at the moment) dire interest, so you'll be looking for something else in a year's time. But good rate for the moment, also don't expect the interest to be 5% on all of what you put away it's only actually 5% for the first months installment, as the rest of the money you pay in each month will be in the account for less than a year. S iof for instance you put £250 a month in you'l get 5% for the first £250 THEN 11/12 OF 5% for the next £250 etc until the last £250 will only get 1/12 of 5% interest as it's only in the account for a month.
To be fare Lloyds do actually quote that :- (if you save £250 a month for a year you’ll receive £65 interest (net).

LucyTheDwarf

That's no different to any other savings account where you're paying in £100 a month, though. You are getting 5%, no more, no less.

Icesaver

LucyTheDwarf wrote: »

That's no different to any other savings account where you're paying in £100 a month, though. You are getting 5%, no more, no less.

I know, but OP did say she's confused by % in original post, and I have seen posts before now querying why the interest received is nothing like 5% on the total saved over the year. Sometimes people forget the obvious!

I also wanted to point out that this account only runs for 12 months before interest rate falls, as OP wants to save for a number of years.

Halifax's regular saver (which I have) rolls over for the following year, though the savings accumulated are transferred at end of year to a bog standard Websaver account.

So OP would need to review situation in 12 months time if she is to keep on top of interest rates.

savingmummy

Thank you!!
I totally understand about the yr thing and also the 5% buisness, That is fine for now!! I am really ignorant to all the &`s really don`t understand all the terms but so far i haven`t come across anything else to suit what i need.
Many thanks for your time and help xx