Regular Saver Thread **New and Restarted**

schiff

I made a decision in the middle of last year not to bother with RSs paying under 2.5% but that was before the decisions about Nationwide, M&S, HSBC et al and finally the Santander interest rate drop (where most of my lying about money sits) I've changed my mind. Things have changed, a lot.

On two conditions, fixed rate and unlimited access. I've done the last two Virgins and this weekend opened a TSB RS. I shouldn't have to access them so effectively it's like having money in a current account earning twice what Nationwide will pay me.

I should add that none of these accounts need to cost anything in travel.

gozaimasu

Really annoying, I went into the app and took a screenshot of my regular saver showing an account maturity date of 2021 - but they sent me an email a couple of days ago saying it matures soon. Reckon if I complain I can get them to extend the account for another year? Obviously I'm going to try since I have nothing to lose, but I'm interested to know what everyone else's app says about their account maturity date.

MDMD

schiff wrote: »

I made a decision in the middle of last year not to bother with RSs paying under 2.5% but that was before the decisions about Nationwide, M&S, HSBC et al and finally the Santander interest rate drop (where most of my lying about money sits) I've changed my mind. Things have changed, a lot.

On two conditions, fixed rate and unlimited access. I've done the last two Virgins and this weekend opened a TSB RS. I shouldn't have to access them so effectively it's like having money in a current account earning twice what Nationwide will pay me.

I should add that none of these accounts need to cost anything in travel.

I’m doing the same, although I have a third condition that the interest must pay out after April 2021 (which rules out the Virgin accounts with their 11 March payment date) because my 2020/21 0% rate band has already been used up by other higher paying accounts. After 40% tax the 2% accounts are down to 1.2% and I currently get 1.5% in an ISA with a backup flexible (albeit variable) ISA paying 1.1%. The admin isn’t worth it otherwise.

There’s also a fourth condition that it should require no additional current accounts that I don’t already have.

So I’m opening the standard Lloyds, Halifax and TSB ones in April this year.

hgt

gozaimasu wrote: »

Really annoying, I went into the app and took a screenshot of my regular saver showing an account maturity date of 2021 - but they sent me an email a couple of days ago saying it matures soon. Reckon if I complain I can get them to extend the account for another year? Obviously I'm going to try since I have nothing to lose, but I'm interested to know what everyone else's app says about their account maturity date.

I doubt you'll get any joy I'm afraid seeing as they pulled the account in April 2019, and as they run for 12 months, the last possible maturity date anyone can have is April 2020.

polymaff

MDMD wrote: »

I’m doing the same, although I have a third condition that the interest must pay out after April 2021 (which rules out the Virgin accounts with their 11 March payment date) because my 2020/21 0% rate band has already been used up by other higher paying accounts. After 40% tax the 2% accounts are down to 1.2% and I currently get 1.5% in an ISA with a backup flexible (albeit variable) ISA paying 1.1%. The admin isn’t worth it otherwise.

There’s also a fourth condition that it should require no additional current accounts that I don’t already have.

So I’m opening the standard Lloyds, Halifax and TSB ones in April this year.

I'm working on 2% as acceptable for RS accounts. The rule I apply - maybe you two, too - is that it must be funded by regular income. Trickle-feeding a 2% RS from a 1.5% instant access is the thin end of the wedge...:)


At present...:rotfl:

arsenalboy

polymaff wrote: »

Trickle-feeding a 2% RS from a 1.5% instant access is the thin end of the wedge...:)



Why?

surely in todays miserable interest rates a .5% increase is not to be sneezed at?

1.5% to 2.0% is a 33% increase on your return.

Both 1.5% and 2% are miserable rates compared with historic rates, but it is where we are.

surreysaver

arsenalboy wrote: »

polymaff wrote: »

Trickle-feeding a 2% RS from a 1.5% instant access is the thin end of the wedge...:)



Why?

surely in todays miserable interest rates a .5% increase is not to be sneezed at?

1.5% to 2.0% is a 33% increase on your return.

Both 1.5% and 2% are miserable rates compared with historic rates, but it is where we are.

Yes. By saying you wouldn't transfer money from an account paying 1.5% to one paying 2%, is like saying you wouldn't transfer money from an account paying 15% to one paying 20%

Eco_Miser

surreysaver wrote: »

Yes. By saying you wouldn't transfer money from an account paying 1.5% to one paying 2%, is like saying you wouldn't transfer money from an account paying 15% to one paying 20%

NO!
1.5% to 2% is 0.5 percentage points, £5 on £1k.
15% to 20% is 5 percentage points, £50 on £1k.

Also the context was Regular Savings, so just £250 a month usually, not thousands in a lump sum.

Special_Saver2

Hi Folks,

Here is this weekend's update. I note the new Nottingham BS Panthers Regular Saver account but with 1.5% interest, it is not good enough to qualify for the list on page 1 (as per the criteria set out in post 1). There is nothing else that I can see that has changed this week.



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

polymaff

arsenalboy wrote: »

polymaff wrote: »

Trickle-feeding a 2% RS from a 1.5% instant access is the thin end of the wedge...:)



Why?. ... a .5% increase

You don't get an extra 0.5%. As the average £ spends equal time at each rate you get the mean of the two rates - i.e. 1.75% - so only 0.25% extra.