Leeds and Holbeck Regular Saver

Tim_L

Anyone who has this account will have received notification that the monthly amount has gone up from £250 to £500 (also the interest rate is going up, but they don't tell you that in the mailing).

Don't throw the junk mail element of the letter away without looking at it though - one of the flyers is a referral that allows you to recommend a friend or family member to open a savings account, and both receive £10 in vouchers.

zain

I set up a L& H account almost a year ago. Is there up to date info on all the regular savings account out there so i can compare the interest rates and conditions? How does the L&H rate compare?

bonecold1

I find Money Supermarket are the best for comparison. You can get to Martin's affiliated link to them here.

http://www.moneysavingexpert.com/buys.phtml#DST

Although Leeds & Holbeck aren't currently no 1 on the list, their regular savings account has been among the top interest payers for some time now.

Jake'sGran

bonecold1 wrote: »

I find Money Supermarket are the best for comparison. You can get to Martin's affiliated link to them here.

http://www.moneysavingexpert.com/buys.phtml#DST

Although Leeds & Holbeck aren't currently no 1 on the list, their regular savings account has been among the top interest payers for some time now.

I am genuinely curious. Do you actually work out what the true interest is at the end of one year? There have been quite a few posts from people on these boards after they get their interest and see how low it is. Strange as it may seem some people genuinely believe that they will get the headline rate on all the money in the account at the end of twelve months. And the ads the banks put out do nothing to make it clear. It just annoys me.

Speculator

Min monthly payment is £20 max monthly payment is £1000

interest rate is only 5% gross, previously 5.25%

It will probably go down to 4.5% after the next round of rate cuts.

http://www.leedsbuildingsociety.co.uk/savings/regular_saver.html

http://www.leedsbuildingsociety.co.uk/savings/rates_easy.html

Twopints

Jake'sGran wrote: »

I am genuinely curious. Do you actually work out what the true interest is at the end of one year? There have been quite a few posts from people on these boards after they get their interest and see how low it is. Strange as it may seem some people genuinely believe that they will get the headline rate on all the money in the account at the end of twelve months. And the ads the banks put out do nothing to make it clear. It just annoys me.

But you do genuinely get the "headline" rate on all money for all the time it is in the account. Do people genuinely expect to get a full year's interest on money that has only been in an account for a month? Are they that easily fooled?

RayWolfe

Twopints wrote: »

Are they that easily fooled?

I don't think anyone is trying to fool anyone but there is a level of ignorance out there that is beyond frightening.
The number of posts here over the years, of people expecting annual interest to be applied to the final balance is very large.

Milarky

RayWolfe wrote: »

The number of posts here over the years, of people expecting annual interest to be applied to the final balance is very large.

..t'was never on the National Cirriculum, I'd guess. Realistic interest examples should have taught all children (since 1989) how to perform repeated calculations - and emphasised the discrete balances and time periods - even without the 'stepped' balances of regular savers.

Another example (of a paired cirriculum) was the continued use of textbooks with VAT sums using '15%' - well beyond 1991. The method being taught was to take am amount, like £100, work out 10% of this THEN work out 50% (half) of the 10% - to give '15% VAT'. So why was it considered such a stretch of those ADD minds to get them to work out half of the half - to give a realistic example?