Regular Savings Accounts: The Best Currently Available List!

Frogletina

10_66 wrote: »

Can anyone confirm for me please, I've just been using the MSE regular savings tool (for drip feeding), for OH. The calculation for basic rate tax payer seems to be taking off around 50%. I'm sure I must be doing something wrong! If say £2400 had been left in a normal account @1.05% for 12 months, it's saying only £12 interest would be earned. If you select no tax, it comes up with the correct £25.20. Where am I going wrong?

I don't think you are doing anything wrong, it doesn't make sense.

If you use the drip feed calculator and add nil to the regular saver each month, as grumbler has done, it shows you £25 interest whether you use the no tax or basic tax rate buttons.

However if you use 2% for the regular saver, and 200 a month, it tells you that you get

£12 normal saver
£26 regular saver

and a message to say that if you only had the normal saver you would get £25 (but only if you had chosen the no tax button)

If you had chosen the basic tax button, the message says that if you only had the normal saver you would get £12

So the calculator is calculating correctly, but the message is incorrect. Very odd.

frogletina

grumbler

Frogletina wrote: »

However if you use 2% for the regular saver, and 200 a month, it tells you that you get

£12 normal saver
£26 regular saver

and a message to say that if you only had the normal saver you would get £25 (but only if you had chosen the no tax button)

If you choose the basic tax button, the message says that if you only had the normal saver you would get £12

So the calculator is calculating correctly, but the message is incorrect.

I am getting £25 for both 'No tax' and 'Basic rate'

10_66

Frogletina wrote: »

I don't think you are doing anything wrong, it doesn't make sense.

If you use the drip feed calculator and add nil to the regular saver each month, as grumbler has done, it shows you £25 interest whether you use the no tax or basic tax rate buttons.

However if you use 2% for the regular saver, and 200 a month, it tells you that you get

£12 normal saver
£26 regular saver

and a message to say that if you only had the normal saver you would get £25 (but only if you had chosen the no tax button)

If you had chosen the basic tax button, the message says that if you only had the normal saver you would get £12

So the calculator is calculating correctly, but the message is incorrect. Very odd.

frogletina

This is what I'm getting. I've not experienced this problem when using it in the past.

Frogletina

grumbler wrote: »

I am getting £25 for both 'No tax' and 'Basic rate'

Hi grumbler

This is the message I am getting when putting in basic tax - copied and pasted from the calculator

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

Total interest earned: £38
£12 from the normal savings & £26 in the regular saver.

If you'd kept the money only in the normal savings account you'd have earned £12 in interest.

frogletina

Jo_Blogs

Santander Regular e-Saver Issue 5 (fixed) is now available

http://www.santander.co.uk/uk/savings/regular-esaver

isasmurf

Neil_Jones wrote: »

Interesting observation on the Santander website, they now have an Issue 5 regular eSaver which pays 2.5% normally or 5% for 123 World customers. This appears to have replaced Issue 4 completely.

dc_scotland wrote: »

The new Santander Issue 5 has a 5% fixed rate for 123 customers.
http://www.santander.co.uk/info/savings/regular-esaver

Jo_Blogs wrote: »

Santander Regular e-Saver Issue 5 (fixed) is now available

http://www.santander.co.uk/uk/savings/regular-esaver

There's an echo in here.:rotfl:

pafpcg

KTF wrote: »

Just finished setting up the standing order for the remaining 11 payments starting on May 3.

Edit: As pointed out in subsequent posts, what I've suggested below is NOT allowed by Santander's Regular eSaver "Key Facts" document, so please ignore this post. Sorry!

Why May 3rd? You can make each month's contribution on any day of the month, so why not make it the first day of the month so that you'll get an extra two days of interest on each month's contribution?

It's what serious money savers would do!

(And fanatical money savers would do the transfer manually on the first for those months when the first falls on a non-working day when standing orders would get postponed until the next working day. But beware that some building societies don't pay interest on funds received on a non-working day, so stay with standing orders for those.)

ColdIron

pafpcg wrote: »

Why May 3rd? You can make each month's contribution on any day of the month, so why not make it the first day of the month so that you'll get an extra two days of interest on each month's contribution?

It's what serious money savers would do!

Serious money savers would also read the T&Cs

Some organisations work on a calendar month but not Santander

Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month

But I'm with you in principle

KTF

pafpcg wrote: »

Why May 3rd? You can make each month's contribution on any day of the month, so why not make it the first day of the month so that you'll get an extra two days of interest on each month's contribution?

It's what serious money savers would do!

(And fanatical money savers would do the transfer manually on the first for those months when the first falls on a non-working day when standing orders would get postponed until the next working day. But beware that some building societies don't pay interest on funds received on a non-working day, so stay with standing orders for those.)

As above but the first payment went into it on April 3 so the next one has to go in May 3 or after that date in Santander land.

pafpcg

Thanks for the warning - I'll check the T&Cs and recheck the interest paid on last year's account against my spreadsheet calculation to see if Santander have no paid interest from the 1st until the "correct" day for each contribution. I started my accounts on the 26th and have always paid subsequent contributions on (or just after) the 1st of every month with any apparent issue including the second payment for my latest account (Issue4) credited by standing order from my 123 account yesterday (3rd) without any demur from Santander (so far!)