Regular Saver Thread **New and Restarted**

soulsaver

adindas wrote: »

Thanks for the heads up. Indeed it is now showing in the new Key Fact. When I checked it I checked the copy of my Keyfact (old Key Fact) when I applied this statement

"You must live within the following postcode areas to be eligible for this account. ST14 – ST21, WS11 – WS13 or WS15.

is NOT there.

So it is apparently this new restriction was added in Key Fact and FAQ very recently.

A few minutes after somsman copied & pasted it from the key facts, you said that you checked it & said it (still) wasn't there.

So maybe you're mistaken about your assertions that it wasn't there when you applied?

Steve_xx

adindas wrote: »

Thanks for the heads up. Indeed it is now showing in the new Key Fact. When I checked it I checked the copy of my Keyfact (old Key Fact) when I applied this statement

"You must live within the following postcode areas to be eligible for this account. ST14 – ST21, WS11 – WS13 or WS15.

is NOT there.

So it is apparently this new restriction was added in Key Fact and FAQ very recently.

I think that the general feeling is that the terms have been amended. This is the most likely scenario as this small society would have noted a deluge of applications.

adindas

Steve_xx wrote: »

I think that the general feeling is that the terms have been amended. This is the most likely scenario as this small society would have noted a deluge of applications.

It was amended after January 8, 2020 so very recently.
I posted the image on here
https://postimg.cc/gallery/1ykimst00/

Steve_xx

adindas wrote: »

It was amended after January 8, 2020 so very recently.
I posted the image on post #3254
https://postimg.cc/gallery/1ykimst00/

Yes, I'm sure that you are correct. If you take a look at their account applications form you will note that it is dated 9 January 2020. I'm not sure, without wading through all of it, whether this document makes any direct reference to the points raised here. But it does show that they have actively made amendments over the past few days!

happybagger

I'm an existing member/customer but nowhere near the midlands, emailed and got no reply.
I sent my application off anyway, will reply here when I get either the passbook, or my application returned.

oli356

Silly question (don't laugh!) and it's probably explained somewhere on the forum, though its all new to me.



How is the interest calculated on these saving accounts? For example according to MSE
the HSBC account will earn £44.69 interest if you saved the max.

The MSE calculator says £44.50 (saving £250 for 12 months).

HSBC website says £44.69


However I don't understand how this number is created as 2.75% of £3000 is £82.5 so how do we get to 44.69 and why does the calculator on the site differ (albeit only by 19p)

schiff

oli356 wrote: »

However I don't understand how this number is created as 2.75% of £3000 is £82.5 so how do we get to 44.69 and why does the calculator on the site differ (albeit only by 19p)

1. The £3000 is not the balance for the full 12 months; you get the interest on the actual daily balance throughout the year and the balance early on is only £250/£500 etc. It's not a silly question, many others have asked about it before

2. It is to do with how the different calculation methods work out. It's only pence so is it worth bothering about? If you get £44.69 then you are allowed a little smile

colsten

oli356 wrote: »

.... so how do we get to 44.69 and why does the calculator on the site differ (albeit only by 19p)

It's again to do with the length of time how much money is assumed to be in the account for. Different calculators use different assumptions.

Taking the example of an RS which operates on a calendar month basis (most do): You can get a different result if you assume the max monthly amount gets always deposited on the 1st of a month, versus assuming that such a deposit is made on the 1st working day each month. The latter result would be more accurate as deposits are only made on working days. If you choose to make your deposits later in the month, your actual result will yet again be different (i.e. lower).

oli356

Thank you both

As of this year I will be a 40% tax payer (just, after work bonuses at least), so I am trying to calculate how much interest each account will be earning as my PSA will be of course £500. As I've got around £60k to play around with, regular savings / saving accounts will not get me too far as I would exceed the PSA, so figuring out how much could go in these and then how much would need to go into an ISA (or something else...)

eskbanker

oli356 wrote: »

As of this year I will be a 40% tax payer (just, after work bonuses at least), so I am trying to calculate how much interest each account will be earning as my PSA will be of course £500. As I've got around £60k to play around with, regular savings / saving accounts will not get me too far as I would exceed the PSA, so figuring out how much could go in these and then how much would need to go into an ISA (or something else...)

You might wish to find out from your employer if you can sacrifice some salary to make additional pension contributions, as this can keep you at basic rate tax while also providing long term benefits.