The Top Easy Access Savings Discussion Area

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 I know the initial deposit requirement is £5k but I’ve withdrawn most to deposit elsewhere.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.

Stevo_safc

pecunianonolet said:

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. 

I've spoke to them before on the subject of balance dropping below 5k and they said it will continue to generate profit at the same rate and it appears to have to done so for me thus far.

benny5

chris_the_bee said:

I-LOV-MONEY said:

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

Nationwide Flex Instant Saver is 2.0%, simple to open and operate and no notice withdrawals credit by FPS very quickly. Downside is the account only lasts for a year.

Anyone know if the 'flexibility' extends to deposits as well as withdrawals? can’t see it in the T’s &C’s.

Looking at moving any accumulated balance from current A/C to this and then back again should an unexpected event occur.