MSE News: Savings loophole allows under-35s to earn 5%

Lokolo

ses6jwg wrote: »

But then in month 4, would you earn the 5 % AER on that 25,000 or just the £300 deposit for that month?

You'd earn the 5% on the whole lot. Sacrifice one months worth of interest so get an overall benefit.

Mikeyorks

Lokolo wrote: »

You can add more than £300 a month but in any month you do put more in you get a lower rate. So example Month 1 - £300 = 5%, Month 2 - £300 = 5%, Month 3 - £25,000 = 0.1%, Month 4 - £300 = 5%

Month 4 is 0% interest ........ because they close your account as you've abused the T&Cs

http://forums.moneysavingexpert.com/showpost.html?p=28798577&postcount=17

echelon101

Sent up my account today took about 10 minutes, and then handed my R85. I don't think I am going to get more than a 5% return (although delayed) anywhere at the moment, apart from those premium debit accounts. So good times.

cashbackproblems

Iv looked at this in the past but the only offputting thing is the fact its with Abbey, who messed up my applications to open a cc and regular saver in the past and i dread even having to close an account with them! Otherwise its a good deal.

ses6jwg

I think Might open one of these, I understand its branch only but can it be viewed online?

Also, can you operate Santander accounts using an Alliance and Leicester login?

Lukehluke

ses6jwg wrote: »

I think Might open one of these, I understand its branch only but can it be viewed online?

Also, can you operate Santander accounts using an Alliance and Leicester login?

Oddly enough... I would like to know that too lol

keet83

i opened this account a couple of days ago. the cashiers that i first spoke to didn't actually know about it, however they managed to find out and make me an appointment straight away. there was no hassle whilst opening the account, just the basic questions and proof of identity then sign on the dotted line. i paid in £1000 by cheque and set up a standing order as soon as i got home. you dont need to go into the bank or speak to anyone about it again until you want to close it. i've never had an abbey/santander account before so i cant really comment much on service however i had no problems.
once it is opened and a standing order is set up you just need to keep an eye on the interest rate, although i dont think it will change by much, more likely to rise than fall (fingers crossed). it beats all other interest rates on regular saver accounts and can be open for as long as you want, not just 1 year.

co123456

The wrote: »

Is there a branch anywhere near the Greater London area? (capital of England).

Branches everywhere, however I think you'll find that Stonehenge is the capital of England. (Changed from London in 2003)

Lukehluke

cheeryoleary wrote: »

Branches everywhere, however I think you'll find that Stonehenge is the capital of England. (Changed from London in 2003)

The capital is London.

co123456

Lukehluke wrote: »

The capital is London.

Changed by Royal Decree to Stonehenge as part of the 2012 Olympic Games. The company that built Stonehenge won the naming rights after pledging to sponsor a large part of the games.