Regular Savings Accounts: The Best Currently Available List!

Middle_of_the_Road

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Is the interest credited quarterly on this account, therefore appearing incorrect?
Also it's possible to pay in above £250pcm with no interest paid on the excess.

Emily_Joy

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Why not? The first 250 were there for 5 months, the second 250 were there for four months, etc... comes to 31.25 + a little extra cumulative interest.

flaneurs_lobster

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

MSE calculator gives £30, why so incredulous?

brucefan_2

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

You may want to check those figures again.

RG2015

Middle_of_the_Road said:

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Is the interest credited quarterly on this account, therefore appearing incorrect?
Also it's possible to pay in above £250pcm with no interest paid on the excess.

I am thinking I posted in haste. £32 is the notional interest that will have accrued but not be paid until 31st Dec. The only interest posted to date is for August and September.

RG2015

Emily_Joy said:

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Why not? The first 250 were there for 5 months, the second 250 were there for four months, etc... comes to 31.25 + a little extra cumulative interest.

Yes, my mistake.

I posted in haste. The £32 is correct.

Apologies to Middle_of_the_Road and thanks to all those that rightly admonished me!

Newly_retired

I am thinking of not starting a new RS with First Direct. A decent rate of interest @7% I know, but the hassle each year is putting me off.
Each time I somehow fail to get online with my secure key and end up blocking my account. Even following the reset instructions correctly or so I thought, it still locked me out. I spoke to a lovely agent who told me my secure key could not be unlocked now for 5 hours.  No way round it. 
Worse than that though is having all the information disappear off the online account when the RS has matured, before you can see interest and subsequently withdraw the money. The agent told me that might take five working days. Life is too busy just now to faff around. At least she was able to tell me how much interest it has made.

s71hj

s71hj said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

Maybe I phrased this wrongly
How I'm interpreting this is that if my balance goes above £1282 (a rather arbitrary figure I acknowledge) I will earn 0% but I guess it means something else?

Right I think I've worked out the answer to my own question. Each month the maximum balance that earns interest goes up by £250 so next month that part of the statement will say a higher figure than £1282 (at a guess £1532) for the amount that above which you earn 0% interest. I've just never spotted it shown this way before.

flaneurs_lobster

Newly_retired said:

I am thinking of not starting a new RS with First Direct. A decent rate of interest @7% I know, but the hassle each year is putting me off.
Each time I somehow fail to get online with my secure key and end up blocking my account. Even following the reset instructions correctly or so I thought, it still locked me out. I spoke to a lovely agent who told me my secure key could not be unlocked now for 5 hours.  No way round it. 
Worse than that though is having all the information disappear off the online account when the RS has matured, before you can see interest and subsequently withdraw the money. The agent told me that might take five working days. Life is too busy just now to faff around. At least she was able to tell me how much interest it has made.

Could you use the First Direct app? A lot less hassle logging on (once the one-time Id setup is completed) just needs a fingerprint.

It's not a lot of hassle for £136 interest, IMO.

Bridlington1

Melton BS Interest Rate Reductions From 19/12/24:

Regular Saver 4 ~~~ NO CHANGE ~~~ Remains at 5.5%
Regular Saver 5 ~~~ NO CHANGE ~~~ Remains at 5%
Regular Saver 6 ~~~ NO CHANGE ~~~ Remains at 6%