Reg. Savers 5%

AndyPK

Well I'm grumpy.

These regular savers seam to be diminishing either in rate or how much you can put in them.


Another one in finishing soon and the replacement is only 2.xx%

I have a santander and nationwide already.

I may as well stick the money in a 1.4% account.

I'm pondering HSBC £250 and M&S £250 (earn £81)

But getting to the point where I wonder if it's worth the trouble. I guess if I include the switching bonus it is.

Can anyone recommend an account to open, that I can use to sacrifice to get a switching bonus?

Are there any with nice rates on current accounts ? I have BOS,S123


Thanks

Eco_Miser

You think 1.4% is better than 2.xx%? The trick is to spread your regular savers over the year so that a each matures, its contents re spread into the others, keeping a fairly level amount getting the best rates.
You're right though that the number of pounds available from each account each year is not inspiring.

I presume you've read the articles and threads on saving and regular savers?

RG2015

AndyPK wrote: »

These regular savers seam to be diminishing either in rate or how much you can put in them.

Another one in finishing soon and the replacement is only 2.xx%

Thanks for the heads up. Just one question, which one is reducing to 2.xx%?

Kim_13

AndyPK wrote: »

Well I'm grumpy.

These regular savers seam to be diminishing either in rate or how much you can put in them.


Another one in finishing soon and the replacement is only 2.xx%

I have a santander and nationwide already.

I may as well stick the money in a 1.4% account.

I'm pondering HSBC £250 and M&S £250 (earn £81)

But getting to the point where I wonder if it's worth the trouble. I guess if I include the switching bonus it is.

Can anyone recommend an account to open, that I can use to sacrifice to get a switching bonus?

Are there any with nice rates on current accounts ? I have BOS,S123


Thanks

There's also First Direct £300 per month at 5%.

Sadly the only place with a decent interest paying current account and Regular Saver is Nationwide (FlexDirect 5% year.) Sadly it's now a one time only offer though as far as the current account goes.

Kent Reliance will take £500 per month at 3% but it needs to be opened in branch. You might find the MSE guide to regular savers of interest: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts

polymaff

The trick is to fund regular savers from regular income. Then you really do receive the full rate.

AndyPK

On maturity the virgin money replacement is 2.25%

The current one will go into an account earning 1%

TheShape

AndyPK wrote: »

On maturity the virgin money replacement is 2.25%

You've currently got a Virgin Money Regular Saver paying 5%?

polymaff

Kim_13 wrote: »

Sadly the only place with a decent interest paying current account and Regular Saver is Nationwide (FlexDirect 5% year.) Sadly it's now a one time only offer though as far as the current account goes.

... and, double-sadly - the monthly max deposit in the regular saver is now half of what it was a year ago.

AndyPK

TheShape wrote: »

You've currently got a Virgin Money Regular Saver paying 5%?

Oh :eek: Nope, already down at 2.25%



I guess I was having a similar problem last year! and as I had an account with VM it was easy to open one of these.

TheShape

AndyPK wrote: »

Oh :eek: Nope, already down at 2.25%

Was it like that when I opened it ?

I guess I was having a similar problem last year! and as I had an account with VM it was easy to open one of these.

Yes. I guess it's the Regular E-Saver Issue 3 that matures on 20th February?

Regular E-Saver Issue 9 is available to open now @ 2.25% if you want to start paying the maturing funds back into a Virgin Money Regular Saver. Better rates available elsewhere though.

AndyPK

So basically what you are saying is that I need to open 2
current accounts and then switch them to hsbc and m&s and maybe first direct. To get switching bonus. I can then get their regular saver for a year.

the bonus + reg saver is worth doing. I just wished their current accounts earned some interest!