The Top Easy Access Savings Discussion Area

Steve_xx

murphydavid wrote: »

Not read the terms but someone said it is a regular saver. If it is the same as a normal regular saver you would not be able to remain at £1.00 because with regular savers you cannot reduce your monthly investment part way through so having got your capital to a pound the next month it would go back to £1 + your regular payment etc. Hence the penalty for closing.
Also if you are going for a regular saver I think you can do better than this.

It isn't the same as what you term as a 'normal' regular saver.

With some regular savers you can reduce the amount you put in each month.

The moral of the story is: not all regular savers are the same.

DragonQ

I just realised that I've never had to settle for a lower interest rate instant access account since I've been saving seriously:

Year 1: Savings = 1.6%, New ISA = 3.0%
Year 2: Savings = 2.9%, New ISA = 3.2%, Old ISA = 3.0%
Year 3: Savings = 3.05%, New ISA = 3.3%, Old ISA = 3.2%
Year 4: Savings = 3.2%, New ISA = 4.25%, Old ISA = 3.3%

If the base rate ever rises then hopefully this'll continue.

matthewbpt

What do you guys think of the new Sainsbury's eSaver Special (www dot sainsburysbank dot co dot uk/savings/sav_esaverspecial_skip.shtml) it's offering 2.9% AER, which is lower than a lot of other savings accounts available now, but it's a "clean" rate, so the rate isn't going to drop after an introductory 12 month period. I'm thinking it'll be worth opening this one now while they have the offer, but also open another with a higher rate at a different bank, so I can move the money into this one after the bonus rate expires ...

Mr_K

matthewbpt wrote: »

What do you guys think of the new Sainsbury's eSaver Special (www dot sainsburysbank dot co dot uk/savings/sav_esaverspecial_skip.shtml) it's offering 2.9% AER, which is lower than a lot of other savings accounts available now, but it's a "clean" rate, so the rate isn't going to drop after an introductory 12 month period. I'm thinking it'll be worth opening this one now while they have the offer, but also open another with a higher rate at a different bank, so I can move the money into this one after the bonus rate expires ...

Its not bad. Not market leading but as you say doesn't have any bonus or a max. no of withdrawals each year which Sainsburys used to have on their savings accounts. Funds can instantly be transferred to it from an existing account.

However they've done their usual trick of keeping quiet about the new account to existing savers. Only discovered it in the best buy tables this morning. You really have to keep checking the latest rates on offer with Sainsburys because they certainly won't tell you about them if they've got your funds in a lower interest account. I guess they're not the only ones guilty of this.

Steve_xx

matthewbpt wrote: »

so the rate isn't going to drop after an introductory 12 month period..

The rate is variable, and therefore it could drop tomorrow, let alone in 12 months.

matthewbpt

Steve_xx wrote: »

The rate is variable, and therefore it could drop tomorrow, let alone in 12 months.

It is variable, but so are the accounts by other providers which include a bonus that you will lose after 12 months. I can't find any easy access savings accounts with fixed rate of interest.

Steve_xx

matthewbpt wrote: »

It is variable, but so are the accounts by other providers which include a bonus that you will lose after 12 months. I can't find any easy access savings accounts with fixed rate of interest.

Yes, but why settle for an account with a lower rate of interest when the rate is variable. This account could vary its way down to point one of a percent, whereas accounts with a bonus element usually have a least the bonus element fixed.

RON17

I have £12000 which I want to draw £1000 per month over the year , has anyone any ideas how best to do this in the hope of earning a little interest as well. I am in employment and pay tax at the normal rate

panzer11

Hi my parents have £2800000 to invest to give them an monthly income which is the best place and should they spread it around for 1 year or 5 years?

adonis10

£80000 to save short (ish) term. Already have an account with Coventry BS paying 3.17% so looking for the next best, which appears to be Derbyshire BS at 3.06%, as it offers unlim withdrawals without penalty). Likely to need the cash within the year hence not going for a 1 year saver.

Anyone had any experience with this institution? With such a large amount, I'm skeptical about internet savers but that is where the best rates are at.