Regular Savings Accounts: The Best Currently Available List!

where_are_we

Due to the obligatory signature documents having to be returned in post before making first deposit into MBS RSB issue4, I gave up trying to get £250 in before the end of the month (a loss of about 20p in interest is no worry!). To be safe I included a cheque for £250 payable to myself followed by my new account number. I will set up the 11 £250 SO`s starting 1/10/20 later next month.

surreysaver

where_are_we said:

Due to the obligatory signature documents having to be returned in post before making first deposit into MBS RSB issue4, I gave up trying to get £250 in before the end of the month (a loss of about 20p in interest is no worry!). To be safe I included a cheque for £250 payable to myself followed by my new account number. I will set up the 11 £250 SO`s starting 1/10/20 later next month.

Surely the loss is over £3.00, as you're not going to be able to put that £250 until next August?  The £250 you're going to put in in September would have been put in in September regardless of whether you funded the account this month?

polymaff

surreysaver said:

where_are_we said:

Due to the obligatory signature documents having to be returned in post before making first deposit into MBS RSB issue4, I gave up trying to get £250 in before the end of the month (a loss of about 20p in interest is no worry!). To be safe I included a cheque for £250 payable to myself followed by my new account number. I will set up the 11 £250 SO`s starting 1/10/20 later next month.

Surely the loss is over £3.00, as you're not going to be able to put that £250 until next August?

You assume that "that £250" will be earning nothing in the mean time?

surreysaver

polymaff said:

surreysaver said:

where_are_we said:

Due to the obligatory signature documents having to be returned in post before making first deposit into MBS RSB issue4, I gave up trying to get £250 in before the end of the month (a loss of about 20p in interest is no worry!). To be safe I included a cheque for £250 payable to myself followed by my new account number. I will set up the 11 £250 SO`s starting 1/10/20 later next month.

Surely the loss is over £3.00, as you're not going to be able to put that £250 until next August?

You assume that "that £250" will be earning nothing in the mean time?

Even if its earning in the region of 1%, we're still in the region of £1 down, and not 20p as the poster believes. Possibly more if interest rates in variable accounts go down again in the meantime 

polymaff

Somewhere between the two of you, then. ... 

typistretired

There used to be a spreadsheet on here which used to work out exactly how interest was calculated on regular savings.  But as the account matures on the anniversary date you open it surely whether it is August 28th or September 1st shouldn't make a lot of difference

polymaff

Gosh, that must be some spreadsheet !

From experience of writing my own, the different ways the different institutions calculate interest is enough to drive you mad. ...

surreysaver

typistretired said:

There used to be a spreadsheet on here which used to work out exactly how interest was calculated on regular savings.  But as the account matures on the anniversary date you open it surely whether it is August 28th or September 1st shouldn't make a lot of difference

Its the interest on £250 for nearly a year which is the difference if you cannot put that £250 in before 1st September 

typistretired

Whichever way you will only get interest on 12 months.  Maximum of £3,000 allowed

surreysaver

typistretired said:

Whichever way you will only get interest on 12 months.  Maximum of £3,000 allowed

Indeed. But £250 of that £3k will either be in there for a year if you can get it in before the beginning of September, or less than a month if you cannot.