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Regular Saver Thread **New and Restarted**

edited 16 November 2019 at 8:25AM in Savings & Investments
3.5K replies 620.9K views
15253555758352

Replies

  • ColdIronColdIron Forumite
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    Steve_xx wrote: »
    Can you have both, simultaneously?
    Afraid not, only one account per customer. They are the same product only with different interest rates
  • edited 24 April 2018 at 12:51PM
    SpeculatorSpeculator Forumite
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    edited 24 April 2018 at 12:51PM
    Today is a good day to open a Lloyds Monthly saver, even if you already hold their Club Lloyds Monthly saver.

    First payment must reach the a/c by the 25th by SO, so open one today and set 1st SO payment to reach the a/c for tomorrow.

    Then after it has been paid, amend the SO to the 1st so you have £500 in the account on the 1st of May.

    Final payment will be 1st of April 2019 because the account allows 13 payments.
  • soulsaver wrote: »
    You can have the Santander RS at 3% without any 123 account.

    To get 5% on the reg saver you must be part of the 123 world.

    3% is poor for a regular saver as it's only about 1.5% on the amount after 12 months. I guess there's nothing to stop me opening a new 123 account after the switch... But maybe there's a better deal out there. Already got Club Lloyds but could do with a third regular saver account.
  • SpeculatorSpeculator Forumite
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    SephirothX wrote: »
    3% is poor for a regular saver as it's only about 1.5% on the amount after 12 months. I guess there's nothing to stop me opening a new 123 account after the switch... But maybe there's a better deal out there. Already got Club Lloyds but could do with a third regular saver account.

    3% is not poor.
  • Steve_xxSteve_xx Forumite
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    SephirothX wrote: »
    3% is poor for a regular saver as it's only about 1.5% on the amount after 12 months. I guess there's nothing to stop me opening a new 123 account after the switch... But maybe there's a better deal out there. Already got Club Lloyds but could do with a third regular saver account.
    That simply is not correct. It is 3% on the amount that's in the account, from the day that the monies arrive there. You're not taking into account the fact that the whole of the total amount is not in the account from day one!
  • edited 24 April 2018 at 6:06PM
    adindasadindas Forumite
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    edited 24 April 2018 at 6:06PM
    Steve_xx wrote: »
    That simply is not correct. It is 3% on the amount that's in the account, from the day that the monies arrive there. You're not taking into account the fact that the whole of the total amount is not in the account from day one!
    Speculator wrote: »
    3% is not poor.
    SephirothX wrote: »
    3% is poor for a regular saver as it's only about 1.5% on the amount after 12 months.

    This comment has been going on and on. It normally comes from people who are new into this game. Thus they do not actually know how to take advantage of regular saving accounts in addition to other current/saving accounts they already have.
  • teddysmumteddysmum Forumite
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    Half the rate,here 1.5% , is just the rate to do a rough calculation of how much interest you have earned at the end of 12 months,assuming no withdrawals, but the rate paid is almost 3% per annum ,but more accurately 1/365 of 3 % per day.
  • surreysaversurreysaver Forumite
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    adindas wrote: »
    This comment has been going on and on. It normally comes from people who are new into this game. Thus they do not actually know how to take advantage of regular saving accounts in addition to other current/saving accounts they already have.

    What I am trying to do is open one regular saver per month, so in a year's time will have one account maturing each month. Therefore having the maximum amount of savings earning the maximum amount of interest, and it assists cash flow. Some months I will have two accounts opened, and maturing.
    I consider myself to be a male feminist. Is that allowed?
  • MM2002MM2002 Forumite
    117 posts
    This Lloyd!!!8217;s regular saver, is it maximum 250 per month, starting at zero balance? Basically, what hsbc and others pay 5% interest on?
  • Westie983Westie983 Forumite, Board Guide
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    1,000 Posts Fifth Anniversary Photogenic Xmas Saver!
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    What I am trying to do is open one regular saver per month, so in a year's time will have one account maturing each month. Therefore having the maximum amount of savings earning the maximum amount of interest, and it assists cash flow. Some months I will have two accounts opened, and maturing.

    Try virgin they have launched lots over the last few years, I am on number 23, not including other accounts, Leeds x 2 and Santander, Lloyds/TSB/Halifax/BOS/Chorley/Kent/Buckinghamshire others I cant remember now.

    I have at least two maturing till April 2019.

    Westie983
    Save 12k in 2020 #33 Total (£2300) £1250.00/£5000 = 25.00%
    Sealed Pot Challenge ~ 13 #97 Total (£505)+£70.00/£500 = 14.00%
    Xmas 2020 £1 a Day #8 Total (£386)+£63.60/£365 = 17.42%
    Virtual Sealed Pot #1 Total (£600)+£200.00/£500 = 40.00%
    £2 Savers Club 2020 #11 Total (£720)+£4.00/£300 = 1.33%
    Total £1587.60/£6665 = 25.32%
    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email [email protected]
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