The Top Easy Access Savings Discussion Area

Consumerist

polymaff said:

One of them mentioned the word "Vultures"

I think that he meant us. ...

Nah! They were talking about themselves.

Consumerist

You could have a look at <MSE's best buys> :

colsten

@I-LOV-MONEY I would recommend you have a good read of the Regular Savings article, and have play-about with the RS Calculator to get a proper appreciation of the advantages of Regular Savers. 

If you have questions left after working through the above, please add any further RS questions to the Regular Savers thread so this one can go back to discussing easy access accounts..

murphydavid

Consumerist said:

murphydavid said:

I don't like %age talk I like to think in real money.

That could be a mistake. In my view, for what that's worth, AER is king, all other things being equal.

I don't quite follow where the £200 pm came from when you start again.

If you only go on the AER you may not realise that all you are getting is £13.74.
Am I the only one who thinks £13.74 a year isn't worth the bother?
After a year you have £1200 lump sum returned to you. So you continue with the £100 from your income and add another £100 from your lump sum. Hence you have £200 a month to save.

InA

Just looking at the first page of this thread brings back such wonderful memories.

5.5%

polymaff

InA said:

Just looking at the first page of this thread brings back such wonderful memories.

5.5%

10% - eleven years ago, but it feels more like a century ago. ... 

Consumerist

murphydavid said:

Consumerist said:

murphydavid said:

I don't like %age talk I like to think in real money.

That could be a mistake. In my view, for what that's worth, AER is king, all other things being equal.

I don't quite follow where the £200 pm came from when you start again.

If you only go on the AER you may not realise that all you are getting is £13.74.
Am I the only one who thinks £13.74 a year isn't worth the bother?
After a year you have £1200 lump sum returned to you. So you continue with the £100 from your income and add another £100 from your lump sum. Hence you have £200 a month to save.

This is just one account but £13,74 here plus £13.74 there plus . . .

You would be better off to add as much as possible each month until the £1,200 lump sum and accumulated income is all deposited before returning to £100 pm from income. (This assumes the account is paying more than any alternative - based on AER, of course).

polymaff

murphydavid said:

Consumerist said:

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.

1. I don't like %age talk I like to think in real money.

2. ... but now you can save £200 a month. and net £27.48 
 

1. Too depressing. ...

2. Less, likely enough, as you have to buffer the previous year's £1,200 yield in an easy access account. ...

MDMD

polymaff said:

InA said:

Just looking at the first page of this thread brings back such wonderful memories.

5.5% 

10% - eleven years ago, but it feels more like a century ago. ... 

Particularly like this post from page 2

ManAtHome said:

No problems with Icesave or B&B - sent them a cheque, no further docs required. Same with BM (who run the AA account), dunno if it may differ as it's a third-party account.

Might not have been any problems opening the accounts but it all went rather downhill from there....

I-LOV-MONEY

MDMD said:

polymaff said:

Particularly like this post from page 2

ManAtHome said:

No problems with Icesave or B&B - sent them a cheque, no further docs required. Same with BM (who run the AA account), dunno if it may differ as it's a third-party account.

I had an Icesave account.  I seem to remember it got bailed out - the Government ??

I also had an AA account.  I don't recall any problems other than it became uncompetitive.