Regular Saver Thread **New and Restarted**

DragonQ

pafpcg wrote: »

HBOS
Yorkshire BS
Principality BS
Monmouthshire BS
Virgin Money

I have 1x BoS, 1x Halifax, 1x Lloyds. Didn't know I could have multiple of each!

abz88

colsten wrote: »

Sadly, the Al Rayan 1.6% Everyday Saver is now no longer available to new applicants.

The rate is maintained for now on existing accounts (new accounts are a paltry 1%).

As its a Sharia account, do they have to reduce the 1.6% for existing customers or do they just pay out less as its not a guaranteed sum or technically interest?

abz88

vermania wrote: »

Yes, they have been consistently offering regular RSs with more generous rates for some time. The merger, and HSBC rate drops might cause a rethink. Make hay while the sun shines everyone! :money:

They were also the only provider that I had an account with that raised the RS interest when the BoE increased the base rate last year. My E-Saver Issue 10 went from 2.25% to 2.5%, can't see that happening after they merge somehow.

colsten

abz88 wrote: »

As its a Sharia account, do they have to reduce the 1.6% for existing customers or do they just pay out less as its not a guaranteed sum or technically interest?

The predicted profit on issue 1 is still 1.6%

abz88

Kind of my point colsten, nothing stopping then having a predicted profit of 1.6% but paying out 1%

colsten

abz88 wrote: »

Kind of my point colsten, nothing stopping then having a predicted profit of 1.6% but paying out 1%

I have always had the predicted profit paid out.

soulsaver

abz88 wrote: »

Kind of my point colsten, nothing stopping then having a predicted profit of 1.6% but paying out 1%

This is a regular saver thread; do try to stay on topic.

abz88

soulsaver wrote: »

This is a regular saver thread; do try to stay on topic.

It is on topic, the Al Rayan account is listed under the Best Feeder Accounts section of this thread. Whether it pays out the listed expected profit and if it will likely reduce this in line with the new offering will affect how much people make from RS when drip feeding is factored in.

abz88

colsten wrote: »

I have always had the predicted profit paid out.

Is it sold as a "fixed" expected profit, or a "variable" expected profit similar to standard savings accounts? Having never had a sharia account before I'm not sure if they have this distinction?

pafpcg

DragonQ wrote: »

I have 1x BoS, 1x Halifax, 1x Lloyds. Didn't know I could have multiple of each!

Ooops! Is there a misunderstanding here?

HBOS allow only one Bank-of-Scotland Regular Saver account and one Halifax Regular Saver account per customer (not multiple accounts of each type), but that's still two simultanteous regular savers.

Similarly, Lloyds Bank allow one Lloyds Regular Saver account and one ClubLloyds Regular Saver account per customer (not multiple accounts of each type), so that's also two simultanteous regular savers.