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Regular Savings Advice
Comments
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Well, no, because the Tesco Bank account could never get more than £88 a year currently at 3%
My Nottingham one has no length of term (I can deposit £250 a month for the rest of my life if I want) and Leeds has a max. balance of £6000, which when I reach I can leave it and it will garner 2.55% without having to do anything. It's called compounding, several on here don't seem to get that. Leeds has earned me double what my Tesco Bank one has.
I think I perhaps should give up trying. But one more go....
It doesn't matter that Tesco Bank " could never get more than £88 a year currently at 3%". What matters is that that's on just £3k. Leeds can't get that much on £3k as it pays a lower rate of interest. So that particular £3k would do better in Tesco which pays 3%, not Leeds, which only pays 2.55%.
Leeds may well have earned you more than your Tesco account - but, er that's because you put more in it. Not because it's better interest. Fill Tesco first then put money in Leeds. You'll get more. Yes, really!
As for length of term. Tesco have no end date - only a statement that it will at least until next spring. I doubt you'll be able to invest in Leeds 'for the rest of your life' or that the £6k limit will continue to earn that interest for ever. All these deals are temporary.
Right, I'm done now.0 -
This is shown if i want to upgrade my FlexAccount
so shown in my onlinebanking.
Indeed it is, I just checked. But it's still out of date. FlexDirect T&C have changed since August 2016 and so that page is something Nwide should have altered. Doesn't make any difference though - if you open a FlexD you will be using current T&C not those old ones.0 -
I think I perhaps should give up trying. But one more go....
It doesn't matter that Tesco Bank " could never get more than £88 a year currently at 3%". What matters is that that's on just £3k. Leeds can't get that much on £3k as it pays a lower rate of interest. So that particular £3k would do better in Tesco which pays 3%, not Leeds, which only pays 2.55%.
Leeds may well have earned you more than your Tesco account - but, er that's because you put more in it. Not because it's better interest. Fill Tesco first then put money in Leeds. You'll get more. Yes, really!
As for length of term. Tesco have no end date - only a statement that it will at least until next spring. I doubt you'll be able to invest in Leeds 'for the rest of your life' or that the £6k limit will continue to earn that interest for ever. All these deals are temporary.
Right, I'm done now.
Is ColdIron in cahoots with you or something? Talk about instant follow about for a thumbs up.
Anyway, Leeds is 6k, not 3k. Not sure where you are getting 3k balance from. Once Leeds is at 6k, I can leave it and it will garner 2.55% on it without depositing. Like I said, I'm going to put 3k into Tesco Bank. I said that many comments ago.
Just as a little fact, Nottingham over 10 years would generate 3.2k in interest if I deposit 250pm and make no withdrawals.0 -
Ok, this really is my last effort...Is ColdIron in cahoots with you or something? Talk about instant follow about for a thumbs up..
Er, no. I'm just trying to help. You started the thread to ask advice. This is advice.Anyway, Leeds is 6k, not 3k. Not sure where you are getting 3k balance from. Once Leeds is at 6k, I can leave it and it will garner 2.55% on it without depositing. Like I said, I'm going to put 3k into Tesco Bank. I said that many comments ago.
I didn't say anything about Leeds being 3k. The point I was making was that the first £3k would have made more if you'd put it into Tesco, not Leeds. You want to make more interest? Use the higher interest accounts first!Then fill the Leeds account.
The primary factor is not how much can the account hold (as you seem to concentrate on) , it's which has the higher rate of interest.Just as a little fact, Nottingham over 10 years would generate 3.2k in interest if I deposit 250pm and make no withdrawals.
You really think Nottingham will keep that account at that interest rate for 10 years?
Right, that really is it. Not wasting any more time on this thread!0 -
Ok, this really is my last effort...
Er, no. I'm just trying to help. You started the thread to ask advice. This is advice.
I didn't say anything about Leeds being 3k. The point I was making was that the first £3k would have made more if you'd put it into Tesco, not Leeds. You want to make more interest? Use the higher interest accounts first!Then fill the Leeds account.
The primary factor is not how much can the account hold (as you seem to concentrate on) , it's which has the higher rate of interest.
You really think Nottingham will keep that account at that interest rate for 10 years?
Right, that really is it. Not wasting any more time on this thread!
Well it's really weird that he is giving you a thumbs up within minutes of you replying each time. I don't know what he/she thinks it is achieving.
Tbh your first few comments weren't actually giving advice but okay.
Yeah, I get what you're saying. I haven't actually contradicted you or said you're wrong. I had to find 3k from somewhere for the LISA, and the most easy access and replenish-able account I had to take it from was Tesco Bank which was only 4 months ago. I haven't been able to replace the money to it yet because Nottingham and Leeds are restricted to one withdrawal a year and subject to a loss of interest bonus before the bonus pay date. Why take it out early and forfeit the bonuses? I've already said that I will withdraw 3k from Leeds on the last day of the bonus year (So I get my £120 interest paid first then withdraw) so I don't lose out on it. I've taken that advice and I will do it. So what's the problem?
Nottingham have released issues since then and not closed issue 2. It brings me but back to the compounding fact. You'd get less from having a FD RS every year for 10 years (less than 1k)0 -
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ValiantSon wrote: »I gave up trying to explain interest to aj23 months ago. It really isn't worth the effort, as he refuses to listen.
Please read my above comments and think again.0 -
Once Leeds is at 6k, I can leave it and it will garner 2.55% on it without depositing.
No.
The Terms and Conditions for RS4 say:
"Conditions for bonus payment
1.8% bonus payable annually on 31 August (commencing 31 August 2017) provided:
. you make only one single payment of between £50 and £250 each month
. your account balance does not exceed £6000 (excluding accrued interest); and
. you only make one withdrawal per bonus period.
The bonus period runs from 1 September to 31 August each year."
So if you stop paying in you lose the 1.8% bonus and only get the underlying rate, and the same happens if you carry on paying in when the balance (excluding accrued interest) exceeds £6000.0 -
A quick read of this thread gives an indication why some people voted the way they did on a certain political issue currently in the news.God save the King!
I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.0 -
Please read my above comments and think again.
I'd already read them. They don't change anything. The total return in monetary terms is irrelevant; the rate is the important thing.
I'm not going to get in to all of this with you again. I was merely offering support to someone else who was clearly growing frustrated..0
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