Regular Saver Thread **New and Restarted**

colsten

polymaff wrote: »

I wonder if a screen-shot taken now would force them to pay the higher rate?

As is often the case, there is only one way to find out :cool:

polymaff

dcs34 wrote: »

Is it the total account value (deposits + monthly interest to date) that earns interest in each subsequent month, or only on the deposit value itself (i.e. increasing £1000 each month)?

"Interest is calculated daily and paid ... into your account upon maturity at the end of the 12 month term."

So, there is no compounding.

Just a guess, but what they might have used in their dodgy example is the gross rate on a non-compounding monthly account paying 4% AER - i.e. 3.93% Which would yield the figure they give, plus or minus a few pennies. Only a guess.


Look around their website and you'll find various errors - suggesting that Saffron are not exactly the sharpest knife in the box...:)

dcs34

polymaff wrote: »

Look around their website and you'll find various errors - suggesting that Saffron are not exactly the sharpest knife in the box...:)

Indeed, but as this is one of the first products I can open (live within the postcode area but far from a branch) I'm very grateful for a rate just above inflation, and even better if they'll accidentally pay 3-4%!

polymaff

In similar circumstances, I've received the difference paid out as compensation. All for the cost of a screen-shot.


Good Luck.

Special_Saver2

Hi Everybody,


Here is this weekend's update...



- Lloyds Bank and Bank of Scotland accounts in the feeder section have these changes: from 1st October 2019, this account will be paying 1% AER on any part of the balance from £1 to £3999.99, and 2% AER on any part of the balance from £4000 to £5000


- Leek United Flexible Saver Account moved from the wrong section into the 12 month maturity section


- Chorley BS Regular Saver Issue 2 will only accept £150 per month (unlike the Members only version that accepts £250 per month)


- Triodos Bank Fixed Regular Savings account is now FSCS protected and allows "closure at any time" (but I am not clear if that means you do not have to give 33 days' notice as with any other withdrawal)


- Saffron BS issue 3 withdrawn and issue 4 introduced paying 3% on up to £250 per month (issue 3 was 3.5% on £200 per month)


- Saffron BS 170th Birthday Regular Saver account paying 2.5% on up to £1,000 per month for locals



I have not included the new Loughborough Building Society account in the list on page 1 as it is not good enough to meet the criteria I have laid out in post 1. Thanks for posting about it just in case somebody wants to take it though.


I will do the next update next weekend.

SS2

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

JamesRobinson48

Special_Saver2 wrote: »

I have not included the new Loughborough Building Society account in the list on page 1 as it is not good enough to meet the criteria I have laid out in post 1. Thanks for posting about it just in case somebody wants to take it though.[/SIZE][/FONT]


I will do the next update next weekend.

SS2

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

It's entirely at your discretion of course, but I'm unsure why the new Loughborough BS Issue 4 (2.0% variable) isn't good enough for inclusion. This account has indefinite life, subject to a max account balance of £12,000 (which would take at least four years to reach). The withdrawal/closure terms seems reasonably flexible. Overall this RSA's T&Cs seem eerily similar to the current Earl Shilton BS RSA (which is included on your list), although admittedly the latter does have higher max monthly pay in, higher max account balance, and online read access.

adindas

JamesRobinson48 wrote: »

It's entirely at your discretion of course, but I'm unsure why the new Loughborough BS Issue 4 (2.0% variable) isn't good enough for inclusion. This account has indefinite life, subject to a max account balance of £12,000 (which would take at least four years to reach). The withdrawal/closure terms seems reasonably flexible. Overall this RSA's T&Cs seem eerily similar to the current Earl Shilton BS RSA (which is included on your list), although admittedly the latter does have higher max monthly pay in, higher max account balance, and online read access.

I also fail to see why the new Loughborough BS Issue 4 (2.0% variable) isn't good enough for inclusion. The criteria for inclusion might be based on the old criteria. But with banks start reducing the interest rate, LBG start reducing “effective” interest for the balance of £5000 from 1.5 % to 1.2% from October 2019 the criteria for inclusion might need changing.

Keep in mind
- This account has indefinite life, subject to a max account balance of £12,000.
- You have the chance to vary the monthly deposit between £10 - £250
- Two penalty free withdrawals per account year are allowed leaving a minimum balance of £10, or closure without notice. With this condition you are fully in control to close the account when the interest fall below your expectation say below 2%.

mhoc

I cant see it mentioned at the top of the thread but are we aware that Yorkshire building society has a childrens account

Childs regular saver

3.8% gross variable

method of opening - branch or by post

https://www.ybs.co.uk/savings/product.html?id=YB071041BA

save from £10
Annual interest
Allows withdrawals on one day per account year based on the anniversary of account opening. You may close your account at any time even if you have used your withdrawal day
Save up to £100 in the first calendar month of account opening and £100 per month after that
Only one account per child (under 18 years old) to be held in trust
£100 per month saved at 3.80% gross p.a./AER would lead to gross interest of £24.80 at the end of the 12 month period

dcs34

Well, I asked Saffron to confirm their 170th RS example calculation, this was the response:

"I have double checked the approximate interest figure we give on our website for the 170th Birthday Regular Saver account with our payments team and they have confirmed that based on a customer paying in the maximum of £1,000.00 per calendar month and the interest rate being at 2.5% gross* the projection given on the website is correct, so approximately the total balance at the end of the 12 month term would be £12,255.62. Please note that this is an approximate figure and can change slightly depending on the day the payment is paid to the account each month."

Lets see what they pay after a year!

karlie88

dcs34 wrote: »

Well, I asked Saffron to confirm their 170th RS example calculation, this was the response:

"I have double checked the approximate interest figure we give on our website for the 170th Birthday Regular Saver account with our payments team and they have confirmed that based on a customer paying in the maximum of £1,000.00 per calendar month and the interest rate being at 2.5% gross* the projection given on the website is correct, so approximately the total balance at the end of the 12 month term would be £12,255.62. Please note that this is an approximate figure and can change slightly depending on the day the payment is paid to the account each month."

Lets see what they pay after a year!

:rotfl:

Love it.

:T