Regular Savings Accounts: The Best Currently Available List!

jameseonline

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

Emily_Joy

RosieRooBear said:

pokemaster said:

Looks like Virgin are thinking about doing a regular saver soon, but might be limited to customers who opened a current account before a certain date 

Rudyson said:

pokemaster said:

Looks like Virgin are thinking about doing a regular saver soon, but might be limited to customers who opened a current account before a certain date 

Thank you. I was thinking about switching away, but will hang on for now

Just as I’ve switched it away to Nationwide for the £200 switch bonus 🤷🏼‍♀️

A few months ago I switched to Ulster for £200 bonus and then a week or two later opened a current account with VM again to get access to market-leading ISA. I had an easy access saver with VM, though that came with the current account, so was an existing customer.

RosieRooBear

@Emily_Joy, good idea thank you. I’ll still have the saver account so if the regular saver is worth it I’ll do that.

surreysaver

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

jameseonline

surreysaver said:

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

It's the AER but it isn't because the account doesn't last for a year, just seems misleading to include that % to me.

When you go to your list of Principality accounts list it shows up as 7.85% though.

surreysaver

jameseonline said:

surreysaver said:

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

It's the AER but it isn't because the account doesn't last for a year, just seems misleading to include that % to me.

When you go to your list of Principality accounts list it shows up as 7.85% though.

Even if it lasted a year it still wouldn't be 8%, assuming they paid the interest at the end

AmityNeon

surreysaver said:

jameseonline said:

surreysaver said:

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

It's the AER but it isn't because the account doesn't last for a year, just seems misleading to include that % to me.

When you go to your list of Principality accounts list it shows up as 7.85% though.

Even if it lasted a year it still wouldn't be 7.85%, assuming they paid the interest at the end

It's 8% AER because the account lasts for six months and there are two six month periods in a year, so 7.85% gross paid twice a year would compound to 8%.

They include the AER to follow regulations, but the gross rate is the rate of interest paid.

jameseonline

AmityNeon said:

surreysaver said:

jameseonline said:

surreysaver said:

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

It's the AER but it isn't because the account doesn't last for a year, just seems misleading to include that % to me.

When you go to your list of Principality accounts list it shows up as 7.85% though.

Even if it lasted a year it still wouldn't be 7.85%, assuming they paid the interest at the end

It's 8% AER because the account lasts for six months and there are two six month periods in a year, so 7.85% gross paid twice a year would compound to 8%.

They include the AER to follow regulations, but the gross rate is the rate of interest paid.

Does the account pay out twice a year though?

flaneurs_lobster

jameseonline said:

AmityNeon said:

surreysaver said:

jameseonline said:

surreysaver said:

jameseonline said:

Opened the 7.85% (sorry you cant call it 8% when it doesn't even last a year) 6 month Principality Regular Saver & funded, probably going to close my 5.5% Regular pretty much end of next month

That was my thought. There's no compounding, as the interest is only paid once. Where do they get 8% from?

It's the AER but it isn't because the account doesn't last for a year, just seems misleading to include that % to me.

When you go to your list of Principality accounts list it shows up as 7.85% though.

Even if it lasted a year it still wouldn't be 7.85%, assuming they paid the interest at the end

It's 8% AER because the account lasts for six months and there are two six month periods in a year, so 7.85% gross paid twice a year would compound to 8%.

They include the AER to follow regulations, but the gross rate is the rate of interest paid.

Does the account pay out twice a year though?

As you realise, no.

The clue is in the acronym, Annual EQUIVALENT Rate, if this account were to run for 12 months (which it doesn't) then the rate is equivalent to an account paying 5% 8% compounded annually.

Special_Saver2

Hi Everybody,

There is nothing that I can see to change for the first page of this thread.

I will do the next update within the next 2 weeks.

SS2

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For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1