Regular Savings Accounts: The Best Currently Available List!

janusd

subjecttocontract said:

Doubt I'll bother......it's worth less than £2.......or am I missing something here ?

if you mean Gatehouse, I think it's closer to £23 (according to MSE RS Calc) - it will effectively be £3,900 at 7% for one month.

veggieblob

E_zroda said:

veggieblob said:

I closed and re-opened Principality 6m this morning.  Money in my bank and new account funded before the new interest rate announced!  Thanks so much for the very helpful posts on here.  I would never have thought of extending Skipton and Principality even though I've done similar with LBG.  Such a help to those of us trying to make our savings pot last as long as possible

How long between the closure and the re-opening please?
Thanks.

I instigated closure at 9.30, got confirmation of closure at 10.15.  Immediately opened and funded the new account.  Funds arrived around 11.30

Stargunner

janusdesign said:

subjecttocontract said:

Doubt I'll bother......it's worth less than £2.......or am I missing something here ?

I think it's closer to £23 (according to MSE RS Calc) - it will effectively be £3,900 at 7% for one month.

The account will already have £3600 in it, so it is only 7% interest on an additional £300 for a month, which is less than £2 gain if the £300 was sitting in a zero interest account, but as it is likely to come from an EA account earning around 5% the actual gain would be about 50p.

subjecttocontract

I opened my account & paid the first payment on 29/11/23. I made the next 11 payments from 6/12/23 onwards. The account ends on 29/11/24. I could have made a 13th payment on 6/11/24.

So, an extra 23 days interest = £1.32 hardly seems worth the effort.

janusd

subjecttocontract said:

I opened my account & paid the first payment on 29/11/23. I made the next 11 payments from 6/12/23 onwards. The account ends on 29/11/24. I could have made a 13th payment on 6/11/24.

So, an extra 23 days interest = £1.32 hardly seems worth the effort.

if I use the MSE RS calculator, £300 for 12 months @ 7% comes to £135 interest/profit (which more or less tallies with the Gatehouse PDF document example from last November)... if I calculate £300 for 13 months @ 7%, it comes to £158.

assuming the 13th payment is accepted now (should get confirmation just after 1pm), i'll find out at the end of November what the true amount of interest will be.

subjecttocontract

Then perhaps the MSE calculator is wrong. It's basic maths and in my case it's £1.32 extra. Waiting until the end of November won't change the outcome.

Kazza242

Following today's Bank of England decision to reduce the base rate from 5.00% to 4.75%:

Principality BS have announced that they will be reducing the interest rate on their First Home Steps regular saver accounts by 0.15%, from 5.00% to 4.85%, with effect from 5th December 2024.

First Home Steps Online (issue 3)

First Home Steps - branch based (issue 4)

They will also be reducing their 1 Year Triple Access Regular Saver rate from 5.75% to 5.60% on the same date.  

1 Year Triple Access Regular Saver 

SJMALBA

janusdesign said:

subjecttocontract said:

I opened my account & paid the first payment on 29/11/23. I made the next 11 payments from 6/12/23 onwards. The account ends on 29/11/24. I could have made a 13th payment on 6/11/24.

So, an extra 23 days interest = £1.32 hardly seems worth the effort.

if I use the MSE RS calculator, £300 for 12 months @ 7% comes to £135 interest/profit (which more or less tallies with the Gatehouse PDF document example from last November)... if I calculate £300 for 13 months @ 7%, it comes to £158.

assuming the 13th payment is accepted now (should get confirmation just after 1pm), i'll find out at the end of November what the true amount of interest will be.

It's 13 deposits, rather than 13 months - in my case, 1st deposit 30.11.23, 13th deposit 1.11.24, with maturity 30.11.24.

While some may not think it's worth it (presumably, no one is forcing them to do anything they don't want/can't be bothered to do?), as someone who relies on interest for their income, I'm very much applying 'look after the pennies, pounds look after themselves'. 

Each to their own.

GetRichOrDieSaving

I really don’t understand the mentality of people saying “is it worth it?” for even the smallest of gains. Maybe not to some, but then why would we be doing any of this if it wasn’t worth it? 

For example, if there’s no point in a 13th payment due to an extra £2 or whatever, then what’s the point in the 12th or the 11th?…. 

Obviously it’s a case of each to their own, all I now is that I want every penny of mine working as hard for me as it can. If that means pushing a 13th deposit or closing an account early to extend the maturity date then so be it.

Its not so much the exact monetary gain from dong all these things, it’s about being on top of the banks and getting what measly interest we can whilst its still available. If that’s not the point, why do we bother at all…. 

After all, pennies make pounds and it ALL adds up! Peace✌🏼 

subjecttocontract

It's because we are all different and have different opinions and views. Whilst I won't be bothering to claim my extra £1.32 I will, as the saying goes, most definitely, defend your right to do exactly the opposite if you want to.

Don't spend it all at once.