First Direct Regular Saver is back

bugbyte_2

6% better rate than I feared. Luckily I opened an 8% one before it was withdrawn. Now all we need is a competitive ISA from them.

Alex92_2

bugbyte wrote: »

6% better rate than I feared. Luckily I opened an 8% one before it was withdrawn. Now all we need is a competitive ISA from them.

I'd say 3% is more than competitive. It's the leading one for this new year. Trouble is getting over £40k

typistretired

londoner1998 wrote: »

This is good... I opened my first regular saver with FD in 2011 and when this matured in August 2012, I phoned them up and asked if I could do it again: to my amazement, they said, 'yes, of course'- They opened the same account (with a new account number) and so I am saving at 8% for the second year running. I guess I will have to 'downgrade' to 6% next year when my account comes to its full term...

Will mature this year wont it, September?

J_i_m

Alex92 wrote: »

I'd say 3% is more than competitive. It's the leading one for this new year. Trouble is getting over £40k

Yeah... That'll take me a while too

Still, the relative flexibility of the account makes up for the slightly uncompetitive rate and I do like to keep the bulk of my savings in the same place for the ease of managing it.

I did kind of get sneered at for this approach in another thread of this forum, but in my opinion faffing about transferring ISAs for a net gain of hardly even £50 and probably significantly less isn't really worth the hassle of plumping for an account that either ties you down to a multi year term (when you are likely to need access at any time) or otherwise reverts to a uncompetitive rate after one year.

I'll stick to my FD ISA, and bolster it's relatively modest return with the regular saver.

MoneySaverLog

J_i_m wrote: »

Still, the relative flexibility of the account makes up for the slightly uncompetitive rate and I do like to keep the bulk of my savings in the same place for the ease of managing it.

Where are you getting better than 6% on a regular saver?

Alex92_2

J_i_m wrote: »

Yeah... That'll take me a while too

Still, the relative flexibility of the account makes up for the slightly uncompetitive rate and I do like to keep the bulk of my savings in the same place for the ease of managing it.

but in my opinion faffing about transferring ISAs for a net gain of hardly even £50 and probably significantly less isn't really worth the hassle of plumping for an account that either ties you down to a multi year term .

I used to do this too, but since I have looked into it all properly, I have been able to go from £48 Interest PCM, to £146.50 (not to mention still in the process of finding some more reward/accounts and always setting up new accounts after I get big pay outs).

To me, where I am at this point in my life, I would much rather have an extra £100 per month for the sake of sending off a few forms and spending a few hours on a boring, rainy sunday researching it all. I only spend £40(ish) a month on petrol, £40 gym membership, and £200 rent. £280 fixed outgoings. That means my real term fixed out goings is only around £140. I dont know, it's very much worth it for me.

J_i_m

Yeah.. I suppose if you already have a significant balance then faffing around transferring for different rates will make a bigger difference more worth your time. But for me in my situation it doesn't. Especially when the monthly interest you allude to is what I can expect in a year.

@MoneySaverLog, you misinterpreted my post. I haven't found a better regular saver than 6%, I am on FD's regular saver of 6%. I was referring to the cash ISA having a relatively uncompetitive rate for smaller balances.