Regular Savings Accounts: The Best Currently Available List!

noh

Ok I will explain it although it is clearly explained in the link above.

Using the FD account as an example.
All figures gross.

Pay £300 a month into the FD regular saver interest received after 12 months £154

Pay £3600 into an easy access account at say 3.4% interest received after 1 year £122

So the FD regular saver, on its own,gives a better return than an instant access account currently available that I am aware of.

Use a combination of the two ie deposit £3600 in the instant access account and drip feed the regular saver total return is £210 which clearly beats using the instant access account alone.

Here is a screen shot of the calculator results

samizdat

Spies wrote: »

Rather than insulting me, why don't you explain it?

Probably because this type of trolling/stupidity is repeated every few days on this forum, and patience is finite.

I have come here to ask what people are planning once their First Direct 8% Regular Savers mature. Mine matures in a couple of weeks, and I have a sneaking suspicion FD will withdraw the product before then, to ensure that nobody can ever enjoy a second bite at the cherry.

I have tried to apply again, and it seems you can only do this online. When I initiate this, I am blocked, getting a message that I am only allowed one of these accounts at any one time. Yes, but I'm not trying to open one NOW, I want one in a couple of weeks' time!

Thoughts?

Spies

I wasn't clicking the drip feed bit.

I trust I can just open a 1st account without moving all my direct debits etc as I quite like having a branch of my bank local to me.

KTF

samizdat wrote: »

Probably because this type of trolling/stupidity is repeated every few days on this forum, and patience is finite.

I have come here to ask what people are planning once their First Direct 8% Regular Savers mature. Mine matures in a couple of weeks, and I have a sneaking suspicion FD will withdraw the product before then, to ensure that nobody can ever enjoy a second bite at the cherry.

I have tried to apply again, and it seems you can only do this online. When I initiate this, I am blocked, getting a message that I am only allowed one of these accounts at any one time. Yes, but I'm not trying to open one NOW, I want one in a couple of weeks' time!

Thoughts?

You can only have one open at a time you you have to wait until the existing one is closed before opening another as the first payment to the 'new' one is taken on the day of opening.

noh

samizdat wrote: »

Probably because this type of trolling/stupidity is repeated every few days on this forum, and patience is finite.

I have come here to ask what people are planning once their First Direct 8% Regular Savers mature. Mine matures in a couple of weeks, and I have a sneaking suspicion FD will withdraw the product before then, to ensure that nobody can ever enjoy a second bite at the cherry.

I have tried to apply again, and it seems you can only do this online. When I initiate this, I am blocked, getting a message that I am only allowed one of these accounts at any one time. Yes, but I'm not trying to open one NOW, I want one in a couple of weeks' time!

Thoughts?

Yes you can only open one if you currently don't have one running.
Mine matures on the 4th November. I'm hoping that they won't withdraw the account before then.

noh

Spies wrote: »

I wasn't clicking the drip feed bit.

I trust I can just open a 1st account without moving all my direct debits etc as I quite like having a branch of my bank local to me.

You can do so. There is no requirement to switch all your DDs.
You can use HSBC for deposits and withdrawals
.

SnowMan

samizdat wrote: »

I have come here to ask what people are planning once their First Direct 8% Regular Savers mature. Mine matures in a couple of weeks, and I have a sneaking suspicion FD will withdraw the product before then, to ensure that nobody can ever enjoy a second bite at the cherry.

I have tried to apply again, and it seems you can only do this online. When I initiate this, I am blocked, getting a message that I am only allowed one of these accounts at any one time. Yes, but I'm not trying to open one NOW, I want one in a couple of weeks' time!

Thoughts?

I rang them to ask about this and posted earlier here.

Once the FD regular saver has matured and money moves automatically to a FD savings account, you can then apply for another 8% regular saver it seems.

As I suspect a lot of people opened an 8% regular saver on 1st November 2010 and the days afterwards you may be right that the account will be withdrawn, but let's hope not.

ctdctd

SnowMan wrote: »

As I suspect a lot of people opened an 8% regular saver on 1st November 2010 and the days afterwards you may be right that the account will be withdrawn, but let's hope not.

Mine matures on November 13th so hopefully not as well!

moonrakerz

samizdat wrote: »

I have come here to ask what people are planning once their First Direct 8% Regular Savers mature. Mine matures in a couple of weeks, and I have a sneaking suspicion FD will withdraw the product before then, to ensure that nobody can ever enjoy a second bite at the cherry.

OOOH ! - you are a cynic ! just like me

I too, think that it will be withdrawn as soon as the first anniversary of its introduction is reached. If not - I'll be there again !

My current one matures just in time for when the balance on a cruise is due - so no problem with what to do with it.

samizdat wrote: »

Probably because this type of trolling/stupidity is repeated every few days on this forum, and patience is finite.

Your patience is obviously more finite than mine ! no wonder so many people get into financial trouble if they can't understand the interest on a regular saver..........

adindas

Could you let us know where could you get "0.6% monthly rate "flexible saving" ???

Hope you are aware that many people in this forum are fully aware about the way RSA interest is calculated.

Martin's has written a good explanation about RSA here

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Also on the bottom there is a calculator where you could calculate the approximate value that you will get after one year.

You will get £154.17.by the end of saving account.

Remember that here you just need a sum of £200-500 a month initially to deposit. You do not need a large sum of money and you gradually move your money from a lower interest to higher interest.

You are right you will get more if you have a large sum of money and you could get saving ('flexible') which pay 0.6% or 7.2% interest, flexible saving account. But could you get this, let us know if you could find one .... I am really interested if you could find me one .....

Gosh ...... 7.2% interest rate ('flexible") saving ....

Spies wrote: »

Much easier to look at it as 0.6% AER monthly GROSS as it's more accurate.

A lot of these deals much sucker in people thinking "ooh 8%".