The Top Easy Access Savings Discussion Area

Bigwheels1111

I finally bit the bullet and opened 2 five year fixed deals with annual interest paid away for an income.
A 3 year fixed ISA with emergency fund in it. Will cost £200 to access the funds, but that’s a small price to pay if needed.
Still have 2 FD regular savers.
A mix of all types of accounts.

pecunianonolet

Does anyone know where to work out the true interest rate? E.g. 2.81% Al Ryan and drip feed to Monmouthshire 5.5% account. I can work out the interest easily with the MSE calculator but what would the rate be?

RG2015

pecunianonolet said:

Does anyone know where to work out the true interest rate? E.g. 2.81% Al Ryan and drip feed to Monmouthshire 5.5% account. I can work out the interest easily with the MSE calculator but what would the rate be?

4.25%

£102 / £2,400

PS You will need to keep the Al Rayan above £5,000 throughout the year.

neurosurgeon

pecunianonolet said:

Does anyone know where to work out the true interest rate? E.g. 2.81% Al Ryan and drip feed to Monmouthshire 5.5% account. I can work out the interest easily with the MSE calculator but what would the rate be?

Hi for the Monmouthshire 5.5% account, you can only apply by post but do you have the address where I should send the application for to? Thanks

chris_the_bee

neurosurgeon said:

pecunianonolet said:

Does anyone know where to work out the true interest rate? E.g. 2.81% Al Ryan and drip feed to Monmouthshire 5.5% account. I can work out the interest easily with the MSE calculator but what would the rate be?

Hi for the Monmouthshire 5.5% account, you can only apply by post but do you have the address where I should send the application for to? Thanks

Monmouthshire Building Society, Monmouthshire House, John Frost Square, Newport, South Wales, NP20 1PX. As per bottom of page 3 of application form.

Sensory

RG2015 said:

PS You will need to keep the Al Rayan above £5,000 throughout the year.

I've always received full expected profit even during months where the balance fell far below £5,000.

sturgeon

It’s not clear from the terms, if I withdraw from Al Rayan to leave less than £5k am I still earning the full interest on that amount? I know the initial deposit requirement is £5k but I’ve withdrawn most to deposit elsewhere. So there’s about £3k left in there. 

Aidanmc

Regarding the Monmouthshire BS accounts, from the Key Product Info summary......N. Ireland residents seem to be excluded from opening accounts

pecunianonolet

RG2015 said:

pecunianonolet said:

Does anyone know where to work out the true interest rate? E.g. 2.81% Al Ryan and drip feed to Monmouthshire 5.5% account. I can work out the interest easily with the MSE calculator but what would the rate be?

4.25%

£102 / £2,400

PS You will need to keep the Al Rayan above £5,000 throughout the year.

Thanks, should have figured that out myself but yeah, sometims you can't see the forrest because of too many trees in front of you. 

Instead of filling out documents and send them through the country I can just put 2.4k in a 1y fix with Atom for 4.35% AER / 4.27% Gross and it is more or less the same rate. Interest is paid monthly so if I open today I get also 4 months worth of interest paid into this years PSA allowance protecting my PSA next year. 

sturgeon said:

It’s not clear from the terms, if I withdraw from Al Rayan to leave less than £5k am I still earning the full interest on that amount? I know the initial deposit requirement is £5k but I’ve withdrawn most to deposit elsewhere. So there’s about £3k left in there. 

I only had 5k in Al Ryan to open it, left it in for a few days and moved it away again. The first transaction went through a fraud check and they called me. Called them back and they authorised it. Got paid interst also on below 5k but maybe someone who speaks to them on the phone next time can ask the question and confirm. I might send them a secure message to confirm. 

alternate

Based on evidence of ppl on here - you get the full interest on 1 pound +, the 5000 is just to open it.