Monthly Saver

Stanai

First I'd just like to say Happy New Year 2014 to everyone. My resolution is to save money. Just before Christmas I went on my banks website to see what different types of savings accounts they offer. They range from an online saver, easy saver, monthly saver and more. So I made a coffee and began perusing. An online saver or easy saver would be ok but then it would be down to me to pay in money when I can. The monthly saver is a structured savings plan, you pay in between £25 - £250 once a month by standing order, for 12 months. The account then matures into an easy saver. It comes with an impressive 2% AER interest rate for the first 12 months as well. So I opened an account and opted to set the standing order at £150. I'm really excited and hope I achieve my saving goal. At the end of the year I should have put some away and begun climbing the savings ladder. I'm really impressed with the level of service Lloyds Bank provides and couldn't recommend a better bank to go with. And believe me I've tried them all, from Barclays, HSBC, Halifax to Natwest.

innovate

Not sure whether this is a wind up but assuming it isn't: I am afraid, you haven't chosen the best option.

Firstly, you don't have to have your savings with the same bank as you have your current account with. So you could have considered a 6% regular saver at First Direct, for instance.

Secondly, 2% for a regular saver is a terrible rate. Even Lloyds themselves pay better than that in their Vantage current account.

Anyway, congratulations to having resolved to save some money.

Hominu

The daft thing is that LLoyds bank offer a 2% regular saver whilst TSB offer a 3% regular saver.

Then other banks like First Direct offer a 6% regular saver.

ViolaLass

It seems curious that someone who posts on here wouldn't have looked at the information on this website about regular savers, thus bagging themselves a much better deal.

ColdIron

Both the Lloyds and TSB Monthly Savers were 3% but have dropped to 2% recently (10/12/2013)

lawriejones1

ViolaLass wrote: »

It seems curious that someone who posts on here wouldn't have looked at the information on this website about regular savers, thus bagging themselves a much better deal.

With the interest rates as they are Martin Lewis should tell savers to keep their eyes on the floor. Over the course of a year you will pick up more money on the streets than you would earning interest on £1,000.

jimjames

lawriejones1 wrote: »

With the interest rates as they are Martin Lewis should tell savers to keep their eyes on the floor. Over the course of a year you will pick up more money on the streets than you would earning interest on £1,000.

The streets near you must be paved with gold or very careless people.

I can get 11% on £1000 savings (annual interest = £110) with 2 high street banks so I doubt you'd pick that up as loose change.

EarthBoy

Stanai wrote: »

It comes with an impressive 2% AER interest rate for the first 12 months as well. .

I can only say that you are easily impressed.

Seanymph

jimjames wrote: »

The streets near you must be paved with gold or very careless people.

I can get 11% on £1000 savings (annual interest = £110) with 2 high street banks so I doubt you'd pick that up as loose change.

would you mind saying which accounts please?

opinions4u

Seanymph wrote: »

would you mind saying which accounts please?

My guess would be Halifax Reward current account and Nationwide's latest super doopa Flex thing.

Although I thought that would be 12.5% gross interest myself.

jimjames

Seanymph wrote: »

would you mind saying which accounts please?

Yes, if you have £1000 you can move it between the NW and Halifax accounts each month.

5% interest on Nationwide Flexdirect equates to £50 per year on £1000.

Moving it through Halifax account will give you £5 reward per month, total £60 per year.

Overall £110 per year, 11% gross on £1000.

opinions4u wrote: »

My guess would be Halifax Reward current account and Nationwide's latest super doopa Flex thing.

Although I thought that would be 12.5% gross interest myself.

Spot on with the accounts. I'm not sure about the calculation to get 12.5% though, can you explain?