Regular Saver or Fixed Rate Saver

Wilkco123

I've built up a decent Stooze Pot in my 1st year of stoozing, by funding Current Accounts and Regular Savers, However, my Regular Saver is due to mature in the next few months.

The Current Accounts I hold are full, and I'm not sure if opening a Fixed Rate Saver, would offer me a better return than a Regular Saver, as the Regular Savers are deigned to be drip feed over the course of a full year.

Thoughts?

pogofish

Banking forum

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Wilkco123

Ah thanks Pogofish, Apologies

The_Urbanite

Regular savers are a bit misleading really. Whilst they do what they say on the tin, if you pay in the full amount every month, whatever the balance is after 12 months, the APR on that would be approximately 50% of the advertised rate.

Dripping money in to get what is really 2-3% on whatever you've saved after 12 months is poor when you can get a current account which will pay that on the lump sum from the outset.

TheShape

The_Urbanite wrote: »

Regular savers are a bit misleading really. Whilst they do what they say on the tin, if you pay in the full amount every month, whatever the balance is after 12 months, the APR on that would be approximately 50% of the advertised rate.

Dripping money in to get what is really 2-3% on whatever you've saved after 12 months is poor when you can get a current account which will pay that on the lump sum from the outset.

This post is a bit misleading!