Regularly Beat the Best Savings Account Rates Discussion Area

labp04

Anyone can help'd be good! I've been trying to understand how regular savings accounts pay interest eg the Lloyds regular saver pays interest for 12 months: 12 months from when is where I'm confused. Is the period from 12 months after opening the account or is it 12 months after each monthly payment? I've tried emailing Lloyds but, so far, there is no answer to my question just the repeated mantra of "interest is payable for 12 months" but no clarification of my question. It may be that I'm being a bit thick here but if anyone knows the definitive for sure I for one will be interested.

RayWolfe

From the date your account is opened.

Nick_C

RayWolfe wrote: »

There's a MSE lesson for you! Get a current account that pays interest. ;-)

Thanks for the tip, but I've got a current account that pays me £100 a year - Halifax Cashback current account gives me 1% back on all my debit card purchases. I regularly move money instantly between my current account and web saver, which gives me 5.3%, but I do like to keep enough in my account to cover cheques that I have written.

bristolleedsfan

Nick_C wrote: »

Thanks for the tip, but I've got a current account that pays me £100 a year -

:think: id be interested in info re your current account that pays u 100.00 a year as opposed to a one off 100.00 switching incentive. :j

Nick_C

bristolleedsfan wrote: »

:think: id be interested in info re your current account that pays u 100.00 a year as opposed to a one off 100.00 switching incentive. :j

http://www.halifax.co.uk/bankaccounts/moneybackcurrentaccount.asp

£100 based on spending £10K a year on my debit card - which I do.

littlemissmoney

Nick_C, why not get a cashback credit card and a decent current account? Sorry, bit OT.

Nick_C

littlemissmoney wrote: »

Nick_C, why not get a cashback credit card and a decent current account? Sorry, bit OT.

Mainly inertia! I've been with Halifax a long time and enjoyed a good service from them. The ability to move money instantly between by current a/c and Web Saver gives me 5.3% on the money I need to service my everyday needs - I think that plus the £100 pa cashback makes it a good deal.

redcar_2

Great thread guys (this and the rates one)- just about to dip my toe properly in the reg savings bath! Two questions:

1) On HSBC I have a student account and don't pay my main salary in here although there is a steady stream of transactions including one off salary type payments. I had a previous reg saver with similar transactions going through and got the higher intrest rate with no trouble. Anyone know how particular they are about this - I'm already part way through saving here so will be peeved to not get the higher rate and would rather know sooner rather than later - although obviously not alert them by asking!

2) I was going to open the Lloyds TSB account to get their reg saver but not sure whether to go for classic or classic plus. I don't intend to keep any money other than the £1 in there so any suggestions? Also do they insist on closing your 'other' account as I'd rather keep that open?

Kazza242

redcar wrote: »

1) On HSBC I have a student account and don't pay my main salary in here although there is a steady stream of transactions including one off salary type payments. I had a previous reg saver with similar transactions going through and got the higher intrest rate with no trouble. Anyone know how particular they are about this - I'm already part way through saving here so will be peeved to not get the higher rate and would rather know sooner rather than later - although obviously not alert them by asking!

If your question is referring to the HSBC regular saver:
Contrary to what it says on their website, the HSBC current account funding doesn't have to be your salary (or pension). I believe that you must fund the account by £1,000 per month to qualify for the 8% regular saver.

redcar wrote: »

2) I was going to open the Lloyds TSB account to get their reg saver but not sure whether to go for classic or classic plus. I don't intend to keep any money other than the £1 in there so any suggestions? Also do they insist on closing your 'other' account as I'd rather keep that open?

The Classic account is the best one to go for in your case. If you only intend to keep £1 in the account then there is no point going for the Classic Plus.

redcar_2

Kazza242 wrote: »

If your question is referring to the HSBC regular saver:
Contrary to what it says on their website, the HSBC current account funding doesn't have to be your salary (or pension). I believe that you must fund the account by £1,000 per month to qualify for the 8% regular saver.



The Classic account is the best one to go for in your case. If you only intend to keep £1 in the account then there is no point going for the Classic Plus.

Thanks Kazza

I'll go for classic then.

I don't have £1000 going through the HSBC account regularly but I didn't last time either. I've not seen £1000 mentioned but could more easily argue that I do get a salary going into the account (from mystery shopping) which is fairly regular. Do you know of anyone being refused this rate at the end of the year for not meeting the conditions or would they have to let you know part way through?