We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Regular Savings Accounts: The Best Currently Available List!
Comments
-
They must have had some help with calculating the % in their signature coming out with nonsense like that....
You can only hope lots of others think similar tripe so that these sorts of offers don't get blown out of the market by the MSE massive0 -
Another Oh Dear here too
Let battle commence.
No offence was intended, it was an genuine question and I would like to know. I only have one with First Direct which is at 5% (down from 6 last year) I have looked around and seen some of these but I didn't think they were worth the effort just for say £60 over a year. Does having so many mean the actual rate increases by recycling the money to make it worthwhile?Save £12,000 in 2017 member #110 Amount to date 971.50/ 10,000 - 9.71%)
Save £12,000 in 2016 member #102 Amount to date 8,215.91/ [STRIKE]9,000[/STRIKE] 8,000 - 102.69%)
Save £12,000 in 2015 member #50 Amount to date 9.147.45/[STRIKE]11,000[/STRIKE] 9,000 - 101.64%:D0 -
veryintrigued wrote: »They must have had some help with calculating the % in their signature coming out with nonsense like that....
I would advise keeping your comments to yourself if that is all you have to offer.Save £12,000 in 2017 member #110 Amount to date 971.50/ 10,000 - 9.71%)
Save £12,000 in 2016 member #102 Amount to date 8,215.91/ [STRIKE]9,000[/STRIKE] 8,000 - 102.69%)
Save £12,000 in 2015 member #50 Amount to date 9.147.45/[STRIKE]11,000[/STRIKE] 9,000 - 101.64%:D0 -
dark.knight wrote: »No offence was intended, it was an genuine question and I would like to know. I only have one with First Direct which is at 5% (down from 6 last year) I have looked around and seen some of these but I didn't think they were worth the effort just for say £60 over a year. Does having so many mean the actual rate increases by recycling the money to make it worthwhile?
Revisit your '2% pays equivalent of 1% after a year' comment.
Its incorrect - or do you think you are getting 2.5% with FD?0 -
dark.knight wrote: »I would advise keeping your comments to yourself if that is all you have to offer.
I'd advise popping back to school!0 -
No need - last year i deposited 3600 @ 6% and i got 116.33 interest
116.33/3600*100 = 3.23% i.e more or less half of the quoted rate
This year i expect to get
3600*2.5% = 90.00
i.e more of less half of what the quoted rate is
Calculator here
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator
Using above calc
300*12 = 3600
5% annual rate
96.77interest
96.77/3600*100 = 2.68% - i.e. half
If i'm missing something, please let me knowSave £12,000 in 2017 member #110 Amount to date 971.50/ 10,000 - 9.71%)
Save £12,000 in 2016 member #102 Amount to date 8,215.91/ [STRIKE]9,000[/STRIKE] 8,000 - 102.69%)
Save £12,000 in 2015 member #50 Amount to date 9.147.45/[STRIKE]11,000[/STRIKE] 9,000 - 101.64%:D0 -
You are missing that the money is only in the account for half a year (on average), and that for the other half year it is earning somewhere else, or you haven't even got it yet.dark.knight wrote: »If i'm missing something, please let me know
Go through a year calculating the interest earned each month, you'll see it's one twelfth of the advertised gross rate, making the full gross rate for the full year, but each month has a different amount deposited, so a different number of pounds interest earned.Eco Miser
Saving money for well over half a century0 -
dark.knight wrote: »No need - last year i deposited 3600 @ 6% and i got 116.33 interest
The interest on your first monthly deposit of £300 is £1.50 - right?
In month two you have a balance of £600 on which the interest is £3 - right?
Work that through month by month till month 12 when you arrive at your figure.
Now calculate the interest earned in months one and two at 6% - £300 at 6% and £600 at 6%. Inescapable fact - you are getting 6% on your money.
Be happy
0 -
dark.knight wrote: »Excuse me for being flippant but why would anyone have a regular saver that pays less than 2%. A basic calulation for the interest recieved is to half the interest and that its roughly what you'd get for a year i.e a 2% RS would net the equivalent of 1% after a year. You can get that in a number of savings account and save a lot more than what you can on regular savers
You are missing the fact that the interest rate is per annum, i.e. the interest for each pound you have in is proportioned by the number of days it is in there. Thus, only the first month's subscription will earn all of the quoted rate. Your argument completely ignores the interest funds are getting elsewhere whilst waiting to feed the RS.dark.knight wrote: »300*12 = 3600
5% annual rate
96.77interest
96.77/3600*100 = 2.68% - i.e. half
If i'm missing something, please let me know0 -
Fastest account I have opened in a long time. Opened an online account and the new regular saver issue 3 immediately. They gave details of account and sort number so was able to transfer £250 immediately. Interest is showing at 0.10% but their help section says the correct interest rate will show when funds have cleared next working day."Look after your pennies and your pounds will look after themselves"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards