123 Regular eSaver

robatwork

ceredigion wrote: »

Tesco's, and the question is ?

Name a breed of bear native to North America.

Sorry but you got it wrong and lost the 5%.

dosh1

LXdaddy wrote: »

hmmmmm.. can I phone a friend?
lol

More chance of getting through to a friend! :mad:

alternate

ISA deadline. Last minute panic savers. Give it a few days.

Janal

I opened one this week by phone 0800 032 4604. While it took ages to actually get through (coming up to 20 minutes) there was no hard sell, just facts. My only concern is - it is advertised as a 5% interest account lodging £200 a month for one year which I thought would be £120. However it is a compound interest rate being added on daily resulting in only £64 something. I am actually wondering now if I would be better to leave my money in my Santander 1-2-3 current account which pays 3% interest annually?!!

changearound

Janal wrote: »

I opened one this week by phone 0800 032 4604. While it took ages to actually get through (coming up to 20 minutes) there was no hard sell, just facts. My only concern is - it is advertised as a 5% interest account lodging £200 a month for one year which I thought would be £120. However it is a compound interest rate being added on daily resulting in only £64 something. I am actually wondering now if I would be better to leave my money in my Santander 1-2-3 current account which pays 3% interest annually?!!

If you left the £2400 in your 123 Current it would earn interest at 3% for the whole year.

If you open the Reg esaver you have £200 at 5% and £2200 at 3% for month 1. Then £400 at 5% and £2000 at 3% for month 2 and so on until £2400 at 5% and£0 at 3% for month 12.

Ultimately, you're better off with the Reg esaver.

butterflymum

Janal wrote: »

I opened one this week by phone 0800 032 4604. While it took ages to actually get through (coming up to 20 minutes) there was no hard sell, just facts. My only concern is - it is advertised as a 5% interest account lodging £200 a month for one year which I thought would be £120. However it is a compound interest rate being added on daily resulting in only £64 something. I am actually wondering now if I would be better to leave my money in my Santander 1-2-3 current account which pays 3% interest annually?!!

As per reply in previous post, but also, you might be best having a read through http://www.moneysavingexpert.com/savings/best-regular-savings-accounts to help you better understand the regular savers.

colsten

Janal wrote: »

I opened one this week by phone 0800 032 4604. While it took ages to actually get through (coming up to 20 minutes) there was no hard sell, just facts. My only concern is - it is advertised as a 5% interest account lodging £200 a month for one year which I thought would be £120. However it is a compound interest rate being added on daily resulting in only £64 something. I am actually wondering now if I would be better to leave my money in my Santander 1-2-3 current account which pays 3% interest annually?!!

Interest in the Regular Saver isn't compounding. It gets calculated on the balance in the account at the end of each day and added to the account at maturity. All Regular Savers work like that.

It should be obvious that getting 5% AER on your money is better than getting 3% AER but sometimes expressing it in £££ helps: would you rather earn £72 or £98 interest? There is a calculator which helps you work out how much money you make if you drip-feed the regular saver from your 123. http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#dripfeed

robatwork

OK as promised - had my appointment today and it was a not entirely unpleasant experience, almost genial.

No hard sell, nice chap, and I even got a gold debit card thrown in for the odd occasion I want to withdraw > £250 in a day, which has been known.

He also advised me as a "select" customer when he heard my cynical "oh yes" to watch out in my emails for special days out funded by Santander at sporting events. Will believe that when I see it of course.....

ceredigion

robatwork wrote: »

OK as promised - had my appointment today and it was a not entirely unpleasant experience, almost genial.

No hard sell, nice chap, and I even got a gold debit card thrown in for the odd occasion I want to withdraw > £250 in a day, which has been known.

He also advised me as a "select" customer when he heard my cynical "oh yes" to watch out in my emails for special days out funded by Santander at sporting events. Will believe that when I see it of course.....

£750 in a day

EssexExile

robatwork wrote: »

He also advised me as a "select" customer when he heard my cynical "oh yes" to watch out in my emails for special days out funded by Santander at sporting events. Will believe that when I see it of course.....

Don't hold your breath.