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Any 8%+ Reguler Savers

Hi,

Currently have:

Lloyds
A+L
Ipswitch
Stroud and Swindon
Halifax

Reguler Savers. I am only looking for ones with 8% or more ( by my calculations 7% or more would beat my ICICI 5.03% Account, but I am now only going through the hassle of opening an account if it is 8% or more).

Does anyone have any more to add to my collection?
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Comments

  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    If you're funding it from the ICICI accont, surely anything more than 5.03% (thought it was 5.15% btw) would be an improvement... Can understand the hassle bit though.

    Dunno of any others - may be towards the back end of the year?
  • gt94sss2
    gt94sss2 Posts: 6,220 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    HSBC's regular saver is at 8% and Barclays is 10%

    Regards
    Sunil
  • anniecave
    anniecave Posts: 2,476 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    gt94sss2 wrote:
    HSBC's regular saver is at 8% and Barclays is 10%

    Regards
    Sunil

    Both of these have to have your salary/pension paid direcly into their current account. Minor problem unless you have lots of salaries and pensions of high values....
    Indecision is the key to flexibility :)
  • Kazza242
    Kazza242 Posts: 2,203 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I am only looking for ones with 8% or more ( by my calculations 7% or more would beat my ICICI 5.03% Account, but I am now only going through the hassle of opening an account if it is 8% or more).

    Does anyone have any more to add to my collection?

    I think you're looking at regular savers in the wrong way. Most of the 8%+ regular savers (apart from LTSB) only last for 12 months. Therefore, more interest can be made by going for a regular saver that continues beyond a 12 month period. This will allow you to build up quite a lump sum, which will benefit from compound interest and allow your money to earn a higher rate for longer.

    I think that the Yorkshire BS regular saver (paying 6.5%; £500 p.m.) is definitely worth having as it allows you to continue savings until the balance reaches £20,000. Similarly regular savers by Scarborough and Bath, both paying 6%, allow balances to build up to £15,000.
    Please call me 'Kazza'.
  • Kazza242 wrote:
    I think you're looking at regular savers in the wrong way. Most of the 8%+ regular savers (apart from LTSB) only last for 12 months. Therefore, more interest can be made by going for a regular saver that continues beyond a 12 month period. This will allow you to build up quite a lump sum, which will benefit from compound interest and allow your money to earn a higher rate for longer.

    I think that the Yorkshire BS regular saver (paying 6.5%; £500 p.m.) is definitely worth having as it allows you to continue savings until the balance reaches £20,000. Similarly regular savers by Scarborough and Bath, both paying 6%, allow balances to build up to £15,000.

    Kazza I am pleased that you have said that. What is the reason for the obsession with short-term/fixed-term regular savers? Clearly they attract customers - witness the number of threads asking about them - but, as you suggest, long term saving is about more than the quick fix offered by many of the savers. At the end of the year - with a few extra pounds from the extra interest - your accumulated 'wealth' is thrown out to a normal savings account and you have to start again. I think they are a good way of saving towards next year's cash ISA but as a serious savings vehicle they're all sparkle and no substance. The banks and BS must love them - modest amounts and no long term tie-in.

    End of sermon ...
  • Aliance & Leicester now have a 12% regular saver, but you must have a current account with them. Also, as it;s for new customers only I guess you wouldn't be able to get one - maybe if you have a partner they could open one?
    MFW #185
    Mortgage slowly being offset! £86,987 /58,742 virtual balance
    Original mortgage free date 2037/ Now Nov 2034 and counting :T
    YNAB lover :D
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    baldbloke wrote:
    but as a serious savings vehicle they're all sparkle and no substance. The banks and BS must love them - modest amounts and no long term tie-in.
    End of sermon ...
    I don't disagree with you except the use of the word "serious". For me, part of it is about fun. The fun of getting these high rates but with no commitment. Provided that no one feels any loyalty to these institutions, there can be a lot of fun in getting these rates even if it's only for a year. Personally I go for them all, short term, long term, whatever they're offering but it never locks me into their other products unless I want to be.
    Software to track what I've got and standing orders* mean little work and a lot of fun.
    Ray
    (Sad (in the new sense) but happy to be so.

    * I'm so fixated that I don't even use standing orders but bank transfers so that I never lose out the weekend days. ;-)
  • A&L 12% conditions apply.
    ..
  • RayWolfe wrote:
    I don't disagree with you except the use of the word "serious". For me, part of it is about fun. The fun of getting these high rates but with no commitment. Provided that no one feels any loyalty to these institutions, there can be a lot of fun in getting these rates even if it's only for a year. Personally I go for them all, short term, long term, whatever they're offering but it never locks me into their other products unless I want to be.
    Software to track what I've got and standing orders* mean little work and a lot of fun.
    Ray
    (Sad (in the new sense) but happy to be so.

    * I'm so fixated that I don't even use standing orders but bank transfers so that I never lose out the weekend days. ;-)

    SOFTWARE? - Do you happen to have a good Excel spreadsheet we all might be able to use?

    I will consider LONG term savings - maybe do both. I work out that an 8% saver is actually about 5.4% net, were as the second year of a 6.5% saver is 5.2% net. Both beat the ICICI 4.02%.

    Therefore, 8% or above reguler savers would beat the long term savers, even if you have to start from scratch again each year.
  • Kazza242
    Kazza242 Posts: 2,203 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    baldbloke wrote:
    Kazza I am pleased that you have said that. What is the reason for the obsession with short-term/fixed-term regular savers? Clearly they attract customers - witness the number of threads asking about them - but, as you suggest, long term saving is about more than the quick fix offered by many of the savers. At the end of the year - with a few extra pounds from the extra interest - your accumulated 'wealth' is thrown out to a normal savings account and you have to start again. I think they are a good way of saving towards next year's cash ISA but as a serious savings vehicle they're all sparkle and no substance. The banks and BS must love them - modest amounts and no long term tie-in.

    I agree with your post 100%. Banks and BS' know that these type of accounts attract customers. Often if you look beyond the headline rates offered, you find that some of the regular savers are not as good as they look.

    RayWolfe - I don't disagree with what you've said. I have a number of regular savers myself, but I think that the OP was viewing regular savers in the wrong way. I rate regular savers, like those offered by YBS, Scarborough and Bath highly because they allow savers to build up a lump sum while continuing to earn a high rate of interest. Whereas, most of the other regular savers sweep the balance + interest out after only 12 months - so you never get the benefit of compounding and then you have to start all over again. In my opinion, accounts like the YBS one shouldn't be overlooked in favour of the latter 1 year duration regular saver - even if it does pay 8%.
    Please call me 'Kazza'.
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