Regular Saver Thread **New and Restarted**

typistretired

No I learnt to type when I retired!

adyziggy

Can anyone help?
My TSB monthly saver has just matured in November. Interest rate (for 12month term) 2.00 % gross/AER ( Fixed ) For a £250 monthly deposit for 12 months I received £ 29.83 interest
making my balance £3,029.83 Can this be right? the bank manager insist it is.
I have a prospective for next years Monthly Saver 2.00% Gross/AER ( fixed ) It says--
Based on accounts opened on the first of March,with 12 monthly deposits of £250 made on the 25th of the month ( which is the maximum you can pay in each month )
This example assumes that no withdrawals are made and that variable interest rates on Easy Saver remain the same. Amount Saved £3000. Interest earned at 2.00% Gross/AER fixed £28.33
Estimated balance after 12months £3,028.33 ( Note to Martin,can this be right ? )

sully1311

adyziggy wrote: »

Can anyone help?
My TSB monthly saver has just matured in November. Interest rate (for 12month term) 2.00 % gross/AER ( Fixed ) For a £250 monthly deposit for 12 months I received £ 29.83 interest
making my balance £3,029.83 Can this be right? the bank manager insist it is.
I have a prospective for next years Monthly Saver 2.00% Gross/AER ( fixed ) It says--
Based on accounts opened on the first of March,with 12 monthly deposits of £250 made on the 25th of the month ( which is the maximum you can pay in each month )
This example assumes that no withdrawals are made and that variable interest rates on Easy Saver remain the same. Amount Saved £3000. Interest earned at 2.00% Gross/AER fixed £28.33
Estimated balance after 12months £3,028.33 ( Note to Martin,can this be right ? )

Yes it all depends when the deposits were made in each calendar month.

fiestaman87

adyziggy wrote: »

Can anyone help?
My TSB monthly saver has just matured in November. Interest rate (for 12month term) 2.00 % gross/AER ( Fixed ) For a £250 monthly deposit for 12 months I received £ 29.83 interest
making my balance £3,029.83 Can this be right? the bank manager insist it is.
I have a prospective for next years Monthly Saver 2.00% Gross/AER ( fixed ) It says--
Based on accounts opened on the first of March,with 12 monthly deposits of £250 made on the 25th of the month ( which is the maximum you can pay in each month )
This example assumes that no withdrawals are made and that variable interest rates on Easy Saver remain the same. Amount Saved £3000. Interest earned at 2.00% Gross/AER fixed £28.33
Estimated balance after 12months £3,028.33 ( Note to Martin,can this be right ? )

adyziggy,

Don't forget that the average for the whole 12 months was only £1,500 as this article in the regular savings guide of Moneysavingexpert explains:

"Don't believe the bad press

Sadly, regular saver accounts often receive negative publicity due to a flawed understanding. Many people say they've used regular savers, but only received around half the interest they thought they would. Yet that's because they expected the wrong amount, not because they were underpaid. Here's an example...
Mr Matt Mattics and his £3,000 savings

Matt has saved a total of £3,000 in a regular savings account paying 10% interest over a year.

What Matt expects to earn? His simple sum works out that he's put £3,000 in at 10% therefore he should earn £300 in interest

Why is this wrong? Matt only had £3,000 in there for the last month; it took a year to build up to that amount. You only earn interest on money in the account. So after the first month he was earning the 10% on just £250, half way through the year he was earning it on £1,500.

How Matt should work it out? Over the year, his average balance was roughly half the £3,000, in other words £1,500... so Matt should expect to earn around 10% of £1,500 over the year, which is £150."

YorkshireBoy

adyziggy wrote: »

Can anyone help?
My TSB monthly saver has just matured in November. Interest rate (for 12month term) 2.00 % gross/AER ( Fixed ) For a £250 monthly deposit for 12 months I received £ 29.83 interest
making my balance £3,029.83 Can this be right? the bank manager insist it is.
I have a prospective for next years Monthly Saver 2.00% Gross/AER ( fixed ) It says--
Based on accounts opened on the first of March,with 12 monthly deposits of £250 made on the 25th of the month ( which is the maximum you can pay in each month )
This example assumes that no withdrawals are made and that variable interest rates on Easy Saver remain the same. Amount Saved £3000. Interest earned at 2.00% Gross/AER fixed £28.33
Estimated balance after 12months £3,028.33 ( Note to Martin,can this be right ? )

If I understand you correctly, you're asking why the interest isn't nearer £60...yes?

Well the answer is that you only earn interest on money you have deposited...unsurprisingly!

So your average balance over the year was 1/2 the final balance at £1,500

£1,500 x 2% = £30

Special_Saver2

Hi Everybody,

Here is this weekend's update.

- Nationwide FlexDirect account entry in post 9 (feeder account section) updated to show that it is no longer possible to continue getting 5% on this account after 12 months by trying to downgrade and then upgrade this account
- Tipton and Coseley BS Fixed Rate Regular Saver account added to post 3 (more than 12 months until maturity)
- First Trust Regular Saver account added to post 5 (requires a linked current account)


I will do another update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page

aj23_2

adyziggy wrote: »

Can anyone help?
My TSB monthly saver has just matured in November. Interest rate (for 12month term) 2.00 % gross/AER ( Fixed ) For a £250 monthly deposit for 12 months I received £ 29.83 interest
making my balance £3,029.83 Can this be right? the bank manager insist it is.
I have a prospective for next years Monthly Saver 2.00% Gross/AER ( fixed ) It says--
Based on accounts opened on the first of March,with 12 monthly deposits of £250 made on the 25th of the month ( which is the maximum you can pay in each month )
This example assumes that no withdrawals are made and that variable interest rates on Easy Saver remain the same. Amount Saved £3000. Interest earned at 2.00% Gross/AER fixed £28.33
Estimated balance after 12months £3,028.33 ( Note to Martin,can this be right ? )

There are other regular saver accounts with the same pay in which would get you better interest.

arsenalboy

arsenalboy wrote: »

It is probably worth a punt as to begin with they don't require ID.

It is only required if electronic verification fails and everybody knows their track record on this?

Applied last Thursday by post and received passbook this morning, no ID requested.

aj23_2

It says:

" To open this account you need to have held a savings account or mortgage with Saffron BS for at least 6 months."

This isn't true. I was a new customer with no prior account. You just have go into a branch to open it to verify identity.

EachPenny

aj23 wrote: »

It says:

" To open this account you need to have held a savings account or mortgage with Saffron BS for at least 6 months."

This isn't true. I was a new customer with no prior account. You just have go into a branch to open it to verify identity.

It would help everyone if you'd included a link in your post.
https://www.saffronbs.co.uk/savings/immediate-access-savings-accounts/12-month-fixed-rate-regular-saver-issue-3-g2/

It is true if you want to open the account by post.

The T&C's and summary box make it clear that the account can be opened by anyone (meeting the other conditions) in branch, or "...if you currently hold a savings or mortgage account with the society for at least six months you can open this account by post."