The Top Easy Access Savings Discussion Area

Consumerist

Just as an aside to the topic: I'm seeing repeated messages on the forum, as follows:

"Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Anyone know what has changed significantly?

accorian

Deleted_User said:

polymaff said:

Second time this week that MSE's carp software has censored a crucial full-stop / decimal-point in an email notification.

Why on earth did they throw over a functional system for this load of ......... .

When did MSE start using carp software? It sounds a bit fishy to me. Maybe they could change to something less slippery?

The answer to that dates back many a year and possibly to a time long, long before the questioner became an MSE member.

'Carp' was a misspelling invented by one of MSE's brighter regulars to get around the automatic text censorship in operation on the forum at that time. We all came to understand that  'rubbish' is carp by any other name, and so carp came into being.

The twee sensitivity shown by MSE at that time was by no means unusual; even the software developers behind one of the best computer hard drive cleaning products out there had to call it CCleaner (and still does) lest delicate souls were upset by mention of the synonym for 'rubbish' comprising all 4 letters in the word carp.

There's probably no need nowadays for that kind of censorship but how nice it was to see polymaff reviving the good ol' days on here.

colsten

I-LOV-MONEY said:

What is RSs ??

Regular Savers

Consumerist

I-LOV-MONEY said:

What is RSs ??

Regular Savers.

They have recently become my mainstay for spare income which I would ordinarily put into variable savings accounts. I'm averaging a mere 2.1% pa on these at the moment but better than nothing.

I-LOV-MONEY

Consumerist said:

Regular Savers.

They have recently become my mainstay for spare income which I would ordinarily put into variable savings accounts. I'm averaging a mere 2.1% pa on these at the moment but better than nothing.

I have never really been a fan of Regular Savings.  As everybody knows you only get the full interest rate on the first month's payment.  The rest dwindles down, until month 12 when you only get 1/12th of the headline rate.    What is the advantage?

Consumerist

I-LOV-MONEY said:

I have never really been a fan of Regular Savings.  As everybody knows you only get the full interest rate on the first month's payment.  The rest dwindles down, until month 12 when you only get 1/12th of the headline rate.    What is the advantage?

If you don't already have a lump sum to save, you get the full headline rate on a month by month basis.

I didn't have a lump sum available to invest at the time, so I wasn't losing anything by using a regular saver or three.

I-LOV-MONEY

Consumerist said:

If you don't already have a lump sum to save, you get the full headline rate on a month by month basis.

I didn't have a lump sum available to invest at the time, so I wasn't losing anything by using a regular saver or three.

It is probably me   but surely you would only get the full headline rate on the money that has been in the account for 12 months, ie the first month's investment.  Each subsequent investment would get a reducing percentage of the headline rate.    Unless 1/12th is a better rate than you can get on any other type of investment.   I suppose one could argue that the rate you receive until say, month 8, is better than other products.

Consumerist

I-LOV-MONEY said:

Consumerist said:

If you don't already have a lump sum to save, you get the full headline rate on a month by month basis.

I didn't have a lump sum available to invest at the time, so I wasn't losing anything by using a regular saver or three.

It is probably me   but surely you would only get the full headline rate on the money that has been in the account for 12 months, ie the first month's investment.  Each subsequent investment would get a reducing percentage of the headline rate.    Unless 1/12th is a better rate than you can get on any other type of investment.   I suppose one could argue that the rate you receive until say, month 8, is better than other products.

But if I can only afford to add, say, £100 pm to my savings then I would get just the same interest as I would in an ordinary savings account at the same annual rate.

Eco_Miser

I-LOV-MONEY said:

Consumerist said:

Regular Savers.

They have recently become my mainstay for spare income which I would ordinarily put into variable savings accounts. I'm averaging a mere 2.1% pa on these at the moment but better than nothing.

I have never really been a fan of Regular Savings.  As everybody knows you only get the full interest rate on the first month's payment.  The rest dwindles down, until month 12 when you only get 1/12th of the headline rate.    What is the advantage?

No, you get the full interest for every day the money is in the account. For the first payment this is 365 days, for the last payment it's only 30 or 31 days, but it's all at the full quoted AER, just the same as putting the same amount of money into an easy access account on the same dates (but the easy access account probably has a lower AER).

I-LOV-MONEY

Consumerist said:

But if I can only afford to add, say, £100 pm to my savings then I would get just the same interest as I would in an ordinary savings account at the same annual rate.

So what is the advantage of Regular Savings?