Regular Savings Accounts: The Best Currently Available List!

lkmc01

so as I will need the money in oct 2010 I will probably be best fixing it in whatever fixed rate fixed term account I can between 24th oct 2009 and 24th oct 2010

lkmc01

so when the reg account empties on the 23rd oct 09 either -

• close the reg savers account if the rate is poor on the 24th oct 09 after the account is empied on the 23rd oct. (the last payment for the 1st yr being on the 1st oct 09) and put it into a fixed rate and term account

or

• put the money - £6000 ish into a good rate instant access account and use the money to start to fund a second yr's reg savers account.

which bullet point have people found most effecieve then? I've got £14,500 in fixed rate fixed term accounts too.

Afahmaep

steveteach wrote: »

Hi Special_Saver
Unfortunately my passbook does not state which issue it is. When I get the chance I will call into the branch and try to open a new account and see what happens.

I opened the 6.00% RS8 on friday having having re-opened my 7.25% RS7 last month. Checking my spreadsheets I have had 2 Abbey Regular Savers running concurrently in the past namely 6&7.
I seem to recall specific exclusivity clauses about some of them but there is no clause preventing 7&8 running together.

lkmc01

another 4 questions regarding reg savings interest.

if I put 500 in a reg savers 7% account, then the interest for one day this year is 10p for the first day. this is due to 500 x 0.07 = 35
35 / 366 = 0.09562.....p

does the bank round up or down on a daily basis, in this example to 10p, or does it add interest as 0.09562p.... for this one day?

next question, when it works out the second day interest does it include the 500 and the 10p or 0.09562p it gave from the first day, or just the 500 you put in and any other money you put in?

3rd question, if you recieve interest gross, and say the reg savers account was changed from net to gross 7 days after you opened it would you get gross or net interest for the first 7 days of the account. bear in mind that it not actually paid until a years time.

what about changing from net to gross interest for a fixed rate account. If you register for gross and its goes through 7 days after you opened it, so you get gross for the whole fixed period?

thanks

steveteach

Hi Afahmaep

Thanks for that, I will try to open a RS8 next weekend as it will be the first chance I get.
Let's see what happens.

YorkshireBoy

lkmc01 wrote: »

if I put 500 in a reg savers 7% account, then the interest for one day this year is 10p for the first day. this is due to 500 x 0.07 = 35
35 / 366 = 0.09562.....p

does the bank round up or down on a daily basis, in this example to 10p, or does it add interest as 0.09562p.... for this one day?

Who knows...or cares!

next question, when it works out the second day interest does it include the 500 and the 10p or 0.09562p it gave from the first day, or just the 500 you put in and any other money you put in?

Interest accrues daily, and is paid annually. AFAIK, no savings accounts compound daily...and if they did, they'd use a different rate to the 'gross p.a.' rate quoted.

3rd question, if you recieve interest gross, and say the reg savers account was changed from net to gross 7 days after you opened it would you get gross or net interest for the first 7 days of the account. bear in mind that it not actually paid until a years time.

what about changing from net to gross interest for a fixed rate account. If you register for gross and its goes through 7 days after you opened it, so you get gross for the whole fixed period?

Interest is taxed when it is paid. So long as the necessary registration has been made before this date, you'll receive the interest gross (I believe?).

sloughflint

YorkshireBoy wrote: »

. AFAIK, no savings accounts compound daily...and if they did, they'd use a different rate to the 'gross p.a.' rate quoted.

Funnily enough, I recently learnt that Egg do.

YorkshireBoy wrote: »

Interest is taxed when it is paid.
So long as the necessary registration has been made before this date, you'll receive the interest gross (I believe?).

You are correct.
.....
lkmc01,would this help you?
http://spreadsheets.google.com/pub?key=pLv5pWbQddSLsAUdF0jlZHA

To answer your later questions.
The sixth column is made by multiplying the 4th and 5th columns.
The gross interest is the sum of the previous column.
I gather you are ok on the 4th column but it is the number of days to the next date divided by 365 multiplied by the balance.
eg formula in cell D2 would be = (A3-A2)*C2/365

lkmc01

thanks alot but could you give me any titles to the colomns with 42.4657534246575 and 2.97260273972603 at the top.
thanks:beer:

lkmc01

thanks. i get it all now - brain on overtime

lkmc01

calculations show that because I only opened it on 23rd Oct and just today realised that the 500 should be going in on the 1st of each month I've lost out on £2.49 only. So its not too bad. Will now work out what I would of lost if I hadn't found out.