Regular Savings Accounts: The Best Currently Available List!

veryintrigued

colsten wrote: »

Not that old chestnut again!

As has been discussed countless times, the full rate applies throughout the duration of the term. There is no reduction of any sort of the interest rate - it's a fixed rate.

Checkmate indeed

EarthBoy

checkmate9999 wrote: »

The cumulative effect of this across the term means that the net return on all funds deposited is well below the headline rate. That was my point and I am not sure why you opted to misunderstand it.

You receive the headline rate, you don't receive "well below" it. All interest rates quoted for all savings accounts are per year. If you pay money into a regular saver account every month, you will receive the same interest as you would from paying the same monthly payments into a bog standard easy access account every month if the advertised interest rate was the same .

As Martin Lewis himself says:

"Don't believe the bad press

Sadly, regular saver accounts often receive negative publicity due to a flawed understanding. Many people say they've used regular savers, but only received around half the interest they thought they would. Yet that's because they expected the wrong amount, not because they were underpaid."

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

le_loup

checkmate9999 wrote: »

As for using them I do , but only those offering 6%pa which over the course of a year of regular deposits nets down to just over 4% on the total funds deposited.

No, it results in 6% on the total funds deposited for the time that they are deposited.
You say that you use these accounts; you say you understand these accounts but you insist on misleading others who are perhaps not as wise as you.
A monthly saver does exactly what it says is on the tin.

checkmate9999

Let me clarify.
The product is marketed at 6%pa for example. That number is the headline number that attracts. It is correctly applied has you cite. I never questioned that. However, for the reader who actually reads the original post I stated this flatters the product because the actual net return on the total funds deposited over the term is actually 3.3% assuming regular deposits . My point being that when so many people cannot even pass what used to be the 11 plus in math will they understand the difference ? Now consider that most regular saver accounts are 3%pa or less then in effect they net out below 2% over the 12 month term. Again the point is that with the advent of so many high rate paying current accounts then settling for less with caveats attached regarding access appears to lack any attraction other than for those lacking in self discipline.
Now that's a reasonable response since I can tell you I was shocked by the replies which went from derogatory through to mildly obnoxious. On that note children please take back your playground as I was here mistakenly ;)thinking it was a forum.

saintalan

Methinks rather than you being mistaken that it is us, thinking that you are serious!

veryintrigued

checkmate9999 wrote: »

My point being that when so many people cannot even pass what used to be the 11 plus in math will they understand the difference ?

You're getting the advertised rate on every single penny you save.

As people are trying to tell you it doesnt 'flatter the product' - it states exactly what you'll expect to get back.

P.S its 'maths' or 'mathematics' over here!

Archi_Bald

checkmate9999, you have been given plenty of information and links that should allow you to figure out where you are going wrong with your thinking. Instead, you are just continuing to squirt out more nonsense. You are in a deep hole already, stop digging.

paul_liverpoolfc

I'm interested in Tesco's Fixed Rate Saver account and it says you can have the interest paid into an account with another bank.

Does anyone know if my Santander 123 current account accepts interest payments?

skitskut

Yes it will do. An interest payment is no different from any other payment. Tesco will just need the sort code and A/N.

paul_liverpoolfc

Am I right in thinking Tesco's Fixed Rate Saver account just keeps your deposit safe until the end of the term whilst letting you transfer the interest on the deposit to an external account?