The Top Easy Access Savings Discussion Area

SaverRate

I-LOV-MONEY said:

Looks good, but remember you are only getting 1.5% pa  on the first month of savings.

Sorry what is this in response to? If its in response to my post then how is that correct?

twitterers

So I have around 12k I want to put into a savings account and I think the drip method is the best so:

1. I opened a sage saving account yesterday with easy access and put 10k into there from my halifax current account
2. I now need to open a regular savings account which I can then drip feed money into however it has to be a UK current account linked to the sage account

Any ideas on what to do?

colsten

HarryDavies01 said:

.... TSB Monthly Saver at 2% but thats only for Classic Plus account holders. 

The TSB Monthly Saver is available to holders of any TSB current account.

There are also a number of Monthly (Regular) Savers with better than 2% interest rates https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

I-LOV-MONEY

HarryDavies01 said:

I-LOV-MONEY said:

Looks good, but remember you are only getting 1.5% pa  on the first month of savings.

Sorry what is this in response to? If its in response to my post then how is that correct?

Because on month 1 you get 1.5%  on the amount you have put in.   On month 2, you will get 11/12th of 1.5% (as the new money is there for only 11 months),  month 3 you will get 10/12th .... month 12 ..1/12th of 1.5%

SaverRate

colsten said:

HarryDavies01 said:

.... TSB Monthly Saver at 2% but thats only for Classic Plus account holders. 

The TSB Monthly Saver is available to holders of any TSB current account.

There are also a number of Monthly (Regular) Savers with better than 2% interest rates https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

Yes but all of the others have a penalty to withdraw, those two don’t!

SaverRate

I-LOV-MONEY said:

HarryDavies01 said:

I-LOV-MONEY said:

Looks good, but remember you are only getting 1.5% pa  on the first month of savings.

Sorry what is this in response to? If its in response to my post then how is that correct?

Because on month 1 you get 1.5%  on the amount you have put in.   On month 2, you will get 11/12th of 1.5% (as the new money is there for only 11 months),  month 3 you will get 10/12th .... month 12 ..1/12th of 1.5%

Yes that makes more sense than your previous post! I thought the above was quite obvious! 

I-LOV-MONEY

HarryDavies01 said:

Yes that makes more sense than your previous post! I thought the above was quite obvious! 

It is easy just to see the headline figure, and not realise how the calculations are worked out.

colsten

HarryDavies01 said:

colsten said:

HarryDavies01 said:

.... TSB Monthly Saver at 2% but thats only for Classic Plus account holders. 

The TSB Monthly Saver is available to holders of any TSB current account.

There are also a number of Monthly (Regular) Savers with better than 2% interest rates https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

Yes but all of the others have a penalty to withdraw, those two don’t!

If it's withdrawal penalties you are worried about, there are several other 2% ones, and at least one 2.5% one, which allow penalty-free withdrawals.

polymaff

I-LOV-MONEY said:

HarryDavies01 said:

I-LOV-MONEY said:

Looks good, but remember you are only getting 1.5% pa  on the first month of savings.

Sorry what is this in response to? If its in response to my post then how is that correct?

Because on month 1 you get 1.5%  on the amount you have put in.   On month 2, you will get 11/12th of 1.5% (as the new money is there for only 11 months),  month 3 you will get 10/12th .... month 12 ..1/12th of 1.5%

Shock-horror - you don't earn interest on money that is not yet in the account !!!

SaverRate

I-LOV-MONEY said:

HarryDavies01 said:

Yes that makes more sense than your previous post! I thought the above was quite obvious! 

It is easy just to see the headline figure, and not realise how the calculations are worked out.

I understood prior to your posts how the calculations worked? Its just like any other savings account? You cant earn interest on money that isnt in your account