Savings Accounts: The Best Currently Available News!

buffman

AA 2 year postal bond paying 3.8% AER has been withdrawn and replaced with a 3 year bond paying 4% AER.

buffman

Santander eSaver 5 has been withdrawn and replaced with eSaver 6 paying 3% AER (and includes a 2.5% variable bonus).

WaltD

alanq wrote: »

SAGA fixed rate postal accounts.
3.0% 1-year. No early access.
3.8% 2-year. Early access with penalty equivalent to loss of 90 or 180 days interest depending on time remaining to maturity.

Thank you very much for this information. I was just on the point of opening a Birmingham Midshires 2-year account at 3.4% until you pointed out that the identical account is available via Saga at 3.8% !
:T

alanq

Shawbrook Bank Fixed Rate Bond Issue 1. Min £5K
3.80% AER until 06/10/2014. No early access.

https://www.shawbrook.co.uk/personal/save/fixed-term-product/fixed-rate-bond-issue-1

alanq

Sainsbury's Bank

New
Bonus Websaver account
2.90% variable on balances £5000-£100,000. (Includes 1.40% bonus for 12 months)
Unlimited penalty-free access

http://www.sainsburysbank.co.uk/savings/sav-bonuswebsaver-skip.shtml

Existing
eSaver Special
2.70% variable on balances £1000-£100,000. No bonus.
Unlimited penalty-free access

http://www.sainsburysbank.co.uk/savings/sav_esaverspecial_skip.shtml

2010

Halifax, all rates cut

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yet again.

http://www.halifax.co.uk/savings/accounts/fixed-online-saver/

innovate

How much, or how little, money have you got? If you don't already, you could stick away quite a bit on drip-fed (from a 3% AER account) Regular Savers - £9.6K between FD, HSBC and Nationwide, making a bit more than in the Cahoot one for a basic-rate tax payer.

Drip-feeding from lower AER Reg Savers won't beat the Cahoot Rate, but some will come pretty close. Of course the question arises whether it will be worth faffing about with umpteen Reg Savers for a tenner or so a year.

innovate

Know what you mean - can be quite a bit of effort to chase all those regular savers. But don't discard it completely, there can be quite bit of mileage in it. I draw a line at a minimum of 6% Reg Saver AER myself, so only FD, HSBC and Nationwide qualify. So the total capital involved is £9.6K. Granted, it takes a bit more effort to administer, but I feel it is worth it with the current numbers.

Here come some numbers (confirm for yourself with the MSE Dripfeed calc)

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For higher rate tax payer

12 x 300 into FD = £56 extra (£125 total)
12 x 250 into HSBC = £26 extra (£84 total)
12 x 250 into Nationwide = £26 extra (£84 total)
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Total: £109 extra (net)
You would need to get 3.8% AER on £9.6K to achieve the same.

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For basic rate tax payer

12 x 300 into FD = £74 extra (£166 total)
12 x 250 into HSBC = £35 extra (£112 total)
12 x 250 into Nationwide = £35 extra (£112 total)
==========================
Total: £144 extra (net)
You would need to get 5% AER on £9.6K to achieve the same.

EDIT: Oops, sorry, forgot to say this assumes a 3.2% feeder account.

MoneySaverLog

innovate wrote: »

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For basic rate tax payer

12 x 300 into FD = £74 extra (£166 total)
12 x 250 into HSBC = £35 extra (£112 total)
12 x 250 into Nationwide = £35 extra (£112 total)
==========================
Total: £144 extra (net)
You would need to get 5% AER on £9.6K to achieve the same.

EDIT: Oops, sorry, forgot to say this assumes a 3.2% feeder account.

Add to that £5 from the Halifax that's an additional £60 a year, and you have my plan. Not sure where you get a 3.2% feeder though.

geewcee

The First Direct regular saver is good at 8%, I max it out each year but you cant put in anymore than £300 a month.