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simoncorkswill1

Band7 said:

simoncorkswill1 said:

Band7 said:

simoncorkswill1 said:

Anyone else checked CHIPS interest calcs ? Being first month with them I can not be certain up to what date their calc applies and I am also not sure of when say the calc starts after deposit ie same day or next day , mine seem way off , have emailed them for a breakdown , just wondered if anyone else had checked .

There is a discussion about CHIP interest calculation and payment etc in a separate thread and I would suggest you take any concerns over there.

Suffice to say, saying their calcs are way off seems way off 

Given on the two accounts we have one was showing the accumulated interest and the other failed to do so for about ten days you would understand the concern when the accrued was applied and was seemingly too low.

Seems very odd that one account showed the interest 10 days before the other as CHIP are paying all interest on the 4th working day of a month. 

Seemed odd to me, just thought it was an App error , anyway have emailed the gent who wrote to us when we deposited to see if we can get to the answer .

SAC2334

mebu60 said:

cogrady84 said:

GalacticaActual said:

poppystar said:

GalacticaActual said:

Did Marcus increase its interest rate overnight?

It’s showing 3.20%/3.16% (including the 0.25% bonus rate) this morning 🤔 

Haven’t logged in to my Saga account but it too is now showing as 3.2% on Saga savings page, so I guess the answer is yes🙂.

Really would like NS&I to do something with their interest rates now..

There might be an announcement from NS&I about their interest rates any day now.
During the next financial year, which starts on 6th April, NS&I will have to rake in 25 per cent more than its current £6 billion for this year (2022/23).

The Government has tasked NS&I with attracting £7.5 billion from savers in the next 12 months, despite its recent struggles to stop people leaving for better deals elsewhere.

Have I misunderstood premium bonds then? My understanding was that it didn't have an interest rate, just prizes?

It's a prize fund rate. What return you could expect with average luck. It's slightly overstated due to the size of the top prize that you are unlikely to win. But it is tax free. 

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

MichaelAP

SAC2334 said:

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

£400 per month with ZOPA? That means you must have something around £138,000 with ZOPA, which as we know is way past the £85,000 recommendations for protection.

Band7

MichaelAP said:

SAC2334 said:

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

£400 per month with ZOPA? That means you must have something around £138,000 with ZOPA, which as we know is way past the £85,000 recommendations for protection.

The max interest you could currently get in Zopa for £50k (max PB holding) is just under £148 a month. May be @SAC2334 meant £400 a year?

chris_the_bee

MichaelAP said:

SAC2334 said:

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

£400 per month with ZOPA? That means you must have something around £138,000 with ZOPA, which as we know is way past the £85,000 recommendations for protection.

£85,000 is doubled if it is a joint account.

Band7

chris_the_bee said:

MichaelAP said:

SAC2334 said:

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

£400 per month with ZOPA? That means you must have something around £138,000 with ZOPA, which as we know is way past the £85,000 recommendations for protection.

£85,000 is doubled if it is a joint account.

It's a bit difficult to get a Zopa joint account though 

chris_the_bee

Sorry. Amount is doubled for joint accounts but Zopa don't offer them.

flobbalobbalob

MichaelAP said:

SAC2334 said:

I LL stick to Zopa as my two years on Premium bonds was pathetic .I prefer a guaranteed £400 a month rather than £0 which I got for six months in a row .A few low " prizes ' still had me losing .

£400 per month with ZOPA? That means you must have something around £138,000 with ZOPA, which as we know is way past the £85,000 recommendations for protection.

I think the op wanted a guaranteed return of £400 in any accounts rather than a statistical return of £400 from premium bonds.

Eirambler

A couple can open two separate accounts with Zopa and save a fully protected £170,000 that way though, easily saving north of £400 per month.

Band7

Eirambler said:

A couple can open two separate accounts with Zopa and save a fully protected £170,000 that way though, easily saving north of £400 per month.

Sure, you can save more than £400 a month in Zopa. Don't even need to be a couple for that.

But not even a couple would be able make £400 a month from £50k. £50k is the reference amount for this discussion because the comparison is between Zopa and Premium Bonds, where £50k is the maximum. So you don't even need to bring a couple into the equation because FSCS covers more than £50k.

At present, the max Zopa interest per annum from £50k is £1,775 a year, or just under £148 a month.