Regular Saver Thread **New and Restarted**

SephirothX

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.

Speculator

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_xx

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!

adindas

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.

teddysmum

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.

surreysaver

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.

MM2002

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?

Westie983

surreysaver wrote: »

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

greenglide

This Lloyd!!!8217;s regular saver, is it maximum 250 per month,

The Club Lloyds regular saver is up to £400 per month.

adindas

surreysaver wrote: »

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.

Good if you could find a newly launched or issued RSA each month. But unfortunately this is not under your control. Wait it a few weeks, it might be that this RSA is not on offer anymore.

IMO It is better to open it as soon as possible if a new product which meet your criteria available on the market irrespectively whether you have an old RSA will be maturing or not. If you have not got enough funding, just pay a minimum amount.

You could use higher interest current accounts paying interest of 2%+ (say) as a temporary container if the old one mature and you have not found a new one to replace them.