Regularly Beat the Best Savings Account Rates Discussion Area

10_66

Woodyrocks wrote: »

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%?

Yes, 6.20% was the gross rate. Gross interest is what's shown in Martin's table.

10_66

I’m sorry if I’m posting in the wrong place, but not too sure where I should ask this. I did post it elsewhere, but as I haven’t had an answer thought it might’ve been in the wrong place. 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.

masonic

The figure for Icesave is based on dripfeeding £500 per month into the Icesave account. As you say, a fixed balance of £6000 would return £372.

You are quite correct that if you have a lump sum in Icesave, you'll only be better off by about £28 using the dripfeeding technique. But if you look at the difference in the two rates (less than 1%), you probably wouldn't expect to be much better off using this method. There are better regular savings accounts around where this technique produces better returns. However, the YBS one does allow you to keep the money in the account after the first year earning the full 7.1% as long as you keep funding it.

COCO

Hi, could someone give me some advice, i have a Barclays taxbeater isa, do i need to change provider.

Coco.:beer:

comdw

COCO wrote: »

Hi, could someone give me some advice, i have a Barclays taxbeater isa, do i need to change provider.

List of the best cash ISAs currently available here: http://forums.moneysavingexpert.com/showthread.html?t=401374

COCO

cheers comdw

[Deleted User]

Hi, quick question regarding the YBS Regular Saver...does anyone have experience of paying into this via an Abbey eSaver? I don't believe the eSaver permits SOs, but it does allow "bill payments and payments to any UK bank or building society". Reason I ask is the previous roll/ref number query. The eSaver bill payment form has a/c, sort code and "their ref no", so I'm assuming that's where the roll/ref number would be quoted? I'm in the position where I have a cash-mini ISA with full allowance used for 07/08, plus the aforementioned eSaver with approx £7k sat in it. Obviously £3.6k of that is earmarked for the ISA come April 2008, so I'm left with £3.5k to play with. I'm presently in a position to add to the eSaver regularly, but have been looking at ways to get more out of my savings. I was considering a fixed term account or bond, but the idea of dripfeeding a regular savings account has got me interested and the YBS account looks ideal. Appeciate any comments. Cheers.

Nick_C

I feed my YBS RS from my Halifax bill payments facility without any problems. These facilities create one off BACS payments. As you guessed, put the 10 digit YBS account number in the ref field.

Takes an extra day to feed a YBS account by BACS, so send your payments on a Monday or Tuesday and they should be credited Thurs or Fri.

majc27

HI All,
Where is the best place for 40k?Need to be able to get to it.Already have ISAs for me and the wife.
Thanks....
MAJC27

Nick_C

majc27 wrote: »

HI All,
Where is the best place for 40k?Need to be able to get to it.Already have ISAs for me and the wife.
Thanks....
MAJC27

How old are you? If you are 50 or older, I would suggest Coventry 50+ eSave which is paying 6.4% fixed for a year (or 6.2% if you want monthly interest).

http://www.coventrybuildingsociety.co.uk/savings/esave.aspx

Additionally open two Nationwide BS regular saver accounts (one each) and drip feed them with £500 a month (£250 each) to get 6.75%, If you need money from Nationwide, close one of the accounts, as you only get this rate of interest if your balance increases by £200-£250 each month

http://www.nationwide.co.uk/savings/regular_savings/introduction.htm