first direct regular saver - 6%

fimacca

You need a current first account with them, but saving £300 pm for 12 months only - they will pay above, and it only takes about 4 clicks of a button on the computer. I was just paid after the last 12 months, and just renewed again. I have yet to see if the wife can make a similar application based on the same account - max it out !
Over £100 interest and all I do is shift money around....
And you get one of the best banks. never had a problem - been with them for years online. they were the first 24/7 for us shift workers. (but am thinking about santander with their current offers...maybe..)
:T

zagfles

fimacca wrote: »

You need a current first account with them, but saving £300 pm for 12 months only - they will pay above, and it only takes about 4 clicks of a button on the computer. I was just paid after the last 12 months, and just renewed again. I have yet to see if the wife can make a similar application based on the same account - max it out !
Over £100 interest and all I do is shift money around....
And you get one of the best banks. never had a problem - been with them for years online. they were the first 24/7 for us shift workers. (but am thinking about santander with their current offers...maybe..)
:T

You can have one each if you have a joint current account.

ChesterDog

You're only getting 6% gross on the first £300, of course. 3% averaged over the year on all the contributions.

Still better than a poke in the eye, though.

jimjames

ChesterDog wrote: »

You're only getting 6% gross on the first £300, of course. 3% averaged over the year on all the contributions.

Still better than a poke in the eye, though.

No. You get 6% on all the money in the account for the time it is in the account. You just don't get paid interest on money that you've not paid in yet.

The rate is 6%.

katejo

jimjames wrote: »

No. You get 6% on all the money in the account for the time it is in the account. You just don't get paid interest on money that you've not paid in yet.

The rate is 6%.

But you have to use a standing order to transfer the money don't you? I am reluctant to tie myself to the same amount each month in case I have an unexpected expense (or my lodger moves out so I don't have their rent coming in to save).

YorkshireBoy

katejo wrote: »

But you have to use a standing order to transfer the money don't you? I am reluctant to tie myself to the same amount each month in case I have an unexpected expense (or my lodger moves out so I don't have their rent coming in to save).

The SO doesn't need to be a fixed amount. Anything from £25-300 a month is fine, so if funds are tight one month just cut it back.

planteria

good point, YB.
i use a similar account with HSBC.. the interest is helpful, but just using it to force my save £3k to clear a credit card is useful for me too.

ChesterDog

jimjames wrote: »

No. You get 6% on all the money in the account for the time it is in the account. You just don't get paid interest on money that you've not paid in yet.

The rate is 6%.

Yes, Jim, I accept all monies paid in are earning 6% per annum, but what I meant was the total sum paid in by the year end will not have earned 6% as such.

masonic

ChesterDog wrote: »

Yes, Jim, I accept all monies paid in are earning 6% per annum, but what I meant was the total sum paid in by the year end will not have earned 6% as such.

Most savings accounts operate this way in that you don't earn interest on money that isn't yet in the account (there are one or two exceptions).

ChesterDog

Of course. Maybe it's just my mindset, but I think of how much money will I earn rather than, what is the stated rate of earning. :-)

Archi_Bald

ChesterDog wrote: »

Yes, Jim, I accept all monies paid in are earning 6% per annum, but what I meant was the total sum paid in by the year end will not have earned 6% as such.

That would be because you did not have the total sum in the account all year long. You will earn precisely 6% AER in the FD Regular Saver.