123 Regular eSaver

LXdaddy

crumpetman wrote: »

So how much is this regular saver actually worth if you're drip feeding? £25? If I have to wait ages on the phone or actually go into the branch then I don't think I will bother with this one. Maybe they will setup online applications at later date?

drip feeding £25 per month will get you £25*6.5*5% just about £8 interest.


Drip feeding £250 per month is obviously somewhat more. So is about half an hour of your time worth about £81?

agentk

Ballard wrote: »

Do they ask any questions about income? I'm asking because I'm not currently working and fear that they might pull the plug on my credit card if they know. I'm not a credit risk as I've got a fair bit of cash but I'm slightly concerned that 'computer says no'. I've got several grand at 0% until the end of the year and it'd be a shame to lose it for the sake of a regular saver.

No they did not with me. But i dont have a credit card with them.

edit opened by phone and not employed.

Ballard

LXdaddy wrote: »

drip feeding £25 per month will get you £25*6.5*5% just about £8 interest.


Drip feeding £250 per month is obviously somewhat more. So is about half an hour of your time worth about £81?

I believe that it's capped at £200 per month.

If £200 each month is too much you can always put that amount in on payday and withdraw it when needed as there's no requirement to leave the funds in the account. You just can't add more than £200 per month.

brewerdave

No Qs about income -but they wanted details from the debit card associated with the 123 Account that the Saver would be associated with eg last four numbers,expiry date etc, also address and phone details,DOB ,time at current address.... I was prepared with telephone banking log in details ...but he didn't ask for any of them !!

agentk

LXdaddy wrote: »

drip feeding £25 per month will get you £25*6.5*5% just about £8 interest.


Drip feeding £250 per month is obviously somewhat more. So is about half an hour of your time worth about £81?

Isnt it £200 max per month or am mistaken.

edit sorry ballard crossed post

Futuristic

Ballard wrote: »

Do they ask any questions about income? I'm asking because I'm not currently working and fear that they might pull the plug on my credit card if they know. I'm not a credit risk as I've got a fair bit of cash but I'm slightly concerned that 'computer says no'. I've got several grand at 0% until the end of the year and it'd be a shame to lose it for the sake of a regular saver.

They asked me on my employment status and tax residency, I think he said something to do with update the details (probably because it's been over 3 years since they last asked me for that info).

agentk wrote: »

Isnt it £200 max per month or am mistaken.

edit sorry ballard crossed post

Yes max £200, min £0 (you can miss months). This is only good offer if you've already taken out FirstDirect (and may be others) who offer 6% or can't be bothered opening new bank acc and already have a Santander acc

Ballard

I bit the bullet and phoned them. 24 minutes in total and it's all done and dusted.

She did ask my employment status and I answered honestly but it didn't seem to be a problem.

crumpetman

LXdaddy wrote: »

drip feeding £25 per month will get you £25*6.5*5% just about £8 interest.


Drip feeding £250 per month is obviously somewhat more. So is about half an hour of your time worth about £81?

Sorry, I meant how much extra would I get by drip feeding into this regular saver from a 123 current account.

The max of £200 a month works out at around £25 in extra interest over the year.

colsten

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#dripfeed

LXdaddy

crumpetman wrote: »

Sorry, I meant how much extra would I get by drip feeding into this regular saver from a 123 current account.

The max of £200 a month works out at around £25 in extra interest over the year.

Oops two mistakes - I mis-understood your original post and gave the wrong max amount.


£200 * 6.5 * 5% = £65 earned in the regular saver
£200 * 6.5 * 3% = £39 less what it would have earned in a 3% acc
Difference is as you say around £25.


So is it worth it to spend half an hour setting up??? Only you can decide.