The Top Easy Access Savings Discussion Area

I-LOV-MONEY

This may seem a silly answer, but have you asked Charter?

dekkard

I-LOV-MONEY wrote: »

This may seem a silly answer, but have you asked Charter?

I had asked them and they've now responded. The answer is yes.

Sunshinegirl12171

Help please. Santander are offering a regular savings account where you can save £200 per month for 12 months with an AER gross of 5% calculated daily but added annually. They say maximum interest is £64.33. That doesn’t look like 5% to me or am I being stupid? Thanks

soulsaver

Sunshinegirl12171 wrote: »

Help please. Santander are offering a regular savings account where you can save £200 per month for 12 months with an AER gross of 5% calculated daily but added annually. They say maximum interest is £64.33. That doesn’t look like 5% to me or am I being stupid? Thanks

Possibly. What do you think it should be?

murphydavid

Sunshinegirl12171 wrote: »

Help please. Santander are offering a regular savings account where you can save £200 per month for 12 months with an AER gross of 5% calculated daily but added annually. They say maximum interest is £64.33. That doesn’t look like 5% to me or am I being stupid? Thanks

Its correct see
http://www.hl.co.uk/tools/calculators/regular-savings-calculator

Sunshinegirl12171

I get it I am being stupid as 5% of £200 is £10 I thought the gross rate would be a multiple of that over 12 months. I’ve seen the calculator now...

murphydavid

Sunshinegirl12171 wrote: »

I get it I am being stupid as 5% of £200 is £10 I thought the gross rate would be a multiple of that over 12 months. I’ve seen the calculator now...

Yes its 5% a year which is about 0.4% a month so on the last £200 deposit you only get 1 months interest about 83 pence (£0.83) you only get the full 5% compounded on the first £200 deposited because thats the only amount that is actually in the account for the full 12 months.

badger09

Sunshinegirl12171 wrote: »

I get it I am being stupid as 5% of £200 is £10 I thought the gross rate would be a multiple of that over 12 months. I’ve seen the calculator now...

You're not the first, and you won't be the last;)

Just think about it though. The last £200 you pay into the account will have been there for a month at the most. Would they really pay you a whole year's interest on that £200?

theloft

Deleted_User wrote: »

I opened an Ulster Bank savings account about 8 years ago. I don't live in Ulster and was not known to them before. Yet I had no problem whatever opening the savings account as well as a current account. The identity checks were carried out online. I did not need present any additional documentation nor to visit a branch. Indeed I have never at any time visited an Ulster Bank branch. I can only wonder if theloft has a skeleton hidden in their loft which was causing a problem to the bank.

It just goes to show how behind the times your are! Security on bank accounts is much higher now due to money-laundering, and I have a current account with a leading UK bank, plus 3 savings accounts with building societies and similar. But the security to open an account with Ulster Bank was beyond the pale. I have now opened an Instant Savings Account on line with Charter Savings Bank, latest Best Buy Instant Access Account. There was absolutely no problem with them. For your information I do NOT have any skeletons in the loft, cupboard or elsewhere, so keep your rude thoughts to yourself in future!]

murphydavid

Seeing the name Charter Savings Bank reminded me that there was a suggestion I wanted to make about the MSE Top savings article.
I would suggest that a link to the "Notice Savings Accounts" paragraph is placed in the header after the fixed savings link so it can be found without lots of careful scrolling.
And under that paragraph heading a mention is made of the 1.6% that can be earned with a 95 day notice account. (which, although a slightly lower interest rate than the 180 day one listed is of significant interest (to me at least) being the equivalent of a 3 month fixed rate account but efectively with the added advantage that you can choose any term beyond 3 months - not clearly expressed but you know what I mean)