Regularly Beat the Best Savings Account Rates Discussion Area

Woodyrocks

What YBS 7.1% ??????

DeepSporran

Woodyrocks wrote: »

What YBS 7.1% ??????

First one on this list:

http://forums.moneysavingexpert.com/showthread.html?t=483531

Woodyrocks

DeepSporran wrote: »

First one on this list:

http://forums.moneysavingexpert.com/showthread.html?t=483531

I have a YBS reg saver and have done since April but wasn't aware of the higher interest it is now attracting. Well pleased I have a best buy as I always max it out and don't intend on touching it either :j

struggle_2

i have £10k to invest. i was thinking to do drip feeding technique
as far as i understand it works like that u put main money into high interest saving account and then put dd or standing order to a regular savings acc
pls let me know if am i right so far...
2. step i was thinking use these acc for high interest acc
B&B OR A & L
and for regular saver acc
HSBC

PLS GIVE ME UR OPINION OR SUGGESTIONS...
many thanks..

Kazza242

struggle wrote: »

i have £10k to invest. i was thinking to do drip feeding technique
as far as i understand it works like that u put main money into high interest saving account and then put dd or standing order to a regular savings acc
pls let me know if am i right so far...

The first port of call when saving should be to use your mini cash ISA allowance of £3,000 (going to to £3,600 from April 6th 2008). The interest that is earned from an ISA is tax free, where as other savings accounts are taxed (if you are a taxpayer).

Check out the thread: The Best Mini Cash ISA Article Discussion Area.

The Best Cash ISA Article.

and also: Mini Cash ISAs: The Best ISA Currently Available List which is a continually updated list.

struggle wrote: »

2. step i was thinking use these acc for high interest acc
B&B OR A & L
and for regular saver acc
HSBC

PLS GIVE ME UR OPINION OR SUGGESTIONS...
many thanks..

Once you've used up your mini cash ISA allowance, you can use the drip feed approach to move money to a regular savings account. Note though, that most high interest easy access savings account allow you to nominate only current accounts and don't allow you to setup standing orders or DD's. Therefore in some cases you would need to do two transfers.

Sainsbury's Bank, paying 6.25% allow you to make manual payments (directly) to other savings accounts without having to go via a current account. It is useful for dripfeeding.

The B&B account you are thinking of, is that the eSaver paying 6.40%? If so, they allow you to setup only a nominated account that has direct debit facilities. Therefore you couldn't move funds directly from the eSaver to a regular saver. See the terms and conditions here (PDF).

A&L, which account are you referring to, their Premier Direct current account? For a regular saver, the 8% one offered by HSBC is a good option provided you are already an HSBC customer and you credit your salary (or at least £1,000) to their current account each month.

Also consider the Yorkshire Building Society 7.10% regular saver which allows deposits between £10 - £500. It allows you to continue saving at a high rate until the balance reaches £20,000 unlike some regular savers which sweep funds into a lower interest paying account after 1 year. Lloyds TSB' 8% monthly saver is another one to consider, as it allows you to make a one-off lump sum payment within 7 days of opening the account. You do need to open/hold a LTSB current account to qualify.

miss_sixty_3

could anyone advise me the best account for savings for my grandchildren?

jennielynn21

Hey everyone,

First time on money saving expert forum so please bear with me....

Have read alot of what everyone has been posting to get an idea but unfortunately being new to money savings all these percentages and workings out are a little confusing.

Basically am opening CTF for my son but do not want him to have control at 18. Would really like a savings account for him that I have control over that is high interest and I dont mind it being unaccessable for periods of time. You were saying that they are only half the interest stated why would this be?

Sorry for the thickness!

10_66

I’ve been looking at Martin’s recommendations for opening Regular Savings accounts and would like to ask a question, please. On Martin’s "Size of the Saving" example table http://www.moneysavingexpert.com/sav...vings-accounts, is his illustration on the Icesave account (£200) assuming you’re starting with £500 per month, not with £6,000 already sitting in the Icesave account? Because if you already have £6,000 in an Icesave account, does that not produce interest of £372 per annum (6.20% – I know it’s now 6.30%). Which means the difference between this and the Dripfeed is only £28 per annum? The Dripfeed figure seems to assume that the £6,000 is already in an Icesave account, whilst the Icesave figure seems to assume you don’t and are saving £500 per month. Sorry if I haven’t explained myself very well, you may have assumed by now that I’m confused by this table! If I’ve misinterpreted it, I’d really appreciate being put straight..

Woodyrocks

WOW! Am i really earning that much interest from icesave. Maybe I should try and work the interest out every now and then if that is the kind of lovely surprise in store. 10_66 is this before tax at 20%?

F_T_Buyer

jennielynn21 wrote: »

Hey everyone,

First time on money saving expert forum so please bear with me....

Have read alot of what everyone has been posting to get an idea but unfortunately being new to money savings all these percentages and workings out are a little confusing.

Basically am opening CTF for my son but do not want him to have control at 18. Would really like a savings account for him that I have control over that is high interest and I dont mind it being unaccessable for periods of time. You were saying that they are only half the interest stated why would this be?

Sorry for the thickness!

Because they are refering to a drip feed, regular account. I.e. if I put £250 in a month, at the end of the year I'll have put in £3k. Say the interest rate is 7%, then it won't be 7% on the £3k as the £3k wasn't in the account all year. On average it would be 7% on £1,500 (half the £3k, as half way through the year you would have paid in half the total) or as another way it would be 3.5% on £3k, hence half the interest rate.

If you do get an account for your son, make sure it is tax free (i.e. in his name, and you fill out the necessary forms)!!!