Regular Savings Accounts: The Best Currently Available List!

grumbler

31 minutes here. I am exhausted, but I can see it online already.
BTW, I have to set up a SO myself.

ceredigion

Anybody tried going through the Select phone number

Nual

Am i missing something? 5% on 200/ month , total after 12 months 2400 maximum ie £64 versus 3% on 123 account. How much difference are we talking about in terms of interest earned?

Steve_xx

Nual wrote: »

Am i missing something? 5% on 200/ month , total after 12 months 2400 maximum ie £64 versus 3% on 123 account. How much difference are we talking about in terms of interest earned?

Hard to say because of course the £200 per month wont be there in the Regular Saver for the whole of the 12 month period. So in effect it'll be earning 3% in the 123 account whilst it's waiting to go into the 5% account.

Zanderman

Nual wrote: »

Am i missing something? 5% on 200/ month , total after 12 months 2400 maximum ie £64 versus 3% on 123 account. How much difference are we talking about in terms of interest earned?

My edited reply: (replacing original which was misleading, you can see it quoted in YorkshireBoy's reply below)

The best return on this Santander Reg would, I assume, be drip-feeding from a 123 at £200 per month. Which, for the £2400 involved, would earn, according to Martin's calculator (http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#dripfeed)

After drip-feeding the cash for 12 months...

Total interest earned: £98
£33 from the normal savings & £65 in the regular saver.

If you'd kept the money only in the normal savings account [i.e. the 123 account] you'd have earned £72 in interest.

Ashen

As someone who doesn't often call the bank, what sort of information, security or otherwise, do Santander need when you phone up to apply?

YorkshireBoy

Zanderman wrote: »

Reg savers are best used, in this scenario, for front-loading the first few months with the max amount (£200 in this case) and decreasing to the minimum in later months. That way you get more than 123's 3% on the first few payment, but don't lose by getting less on the later ones....

Maybe I'm missing something (or maybe you are?), but I'd rather make 5% AER on my money than 3% AER...each and every day of the year...not just for a few months.

someone

Ashen wrote: »

As someone who doesn't often call the bank, what sort of information, security or otherwise, do Santander need when you phone up to apply?

I'm just going to wait for it to be online as at the end of the day it is £24 difference (between a 123 account and this account). A 20 min call with an advisor is just too painful. If it was for a £100+ switching bonus on the other hand I would be fine doing it on the phone.

colsten

Santander Select can only open accounts between 7am and 11pm :-(
There goes my cunning plan to jump the queues.

Zanderman

YorkshireBoy wrote: »

Maybe I'm missing something (or maybe you are?), but I'd rather make 5% AER on my money than 3% AER...each and every day of the year...not just for a few months.

Yes, you're right of course - - I wrote my last comment after a long tiring day!

The best return on this Santanader Reg would, I assume, be drip-feeding from a 123 at £200 per month. Which, for the £2400 involved, would earn, according to Martin's calculator (http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#dripfeed)

After drip-feeding the cash for 12 months...

Total interest earned: £98
£33 from the normal savings & £65 in the regular saver.

If you'd kept the money only in the normal savings account you'd have earned £72 in interest.