Regular Savings Accounts: The Best Currently Available List!

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%

poolboy

Principality issue 2 opened and funded, already have issue 1, thanks to poster much appreciated.  Wish there were more like this.

allegro120

flaneurs_lobster said:

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.

I used this secure key for many years until it stopped working.  I urgently needed to make a number of transactions, so I called FD and a lovely agent suggested that the quickest way to get me back on track is to download the app.  I wasn't familiar with apps then, so she went through the whole process with me until the app was up and running and I was able to make a transaction.  I have hardly used on-line version since and now use apps for banking with all providers offering apps.

I've used FD RS since 2011, never found it a hassle. Feeding my FD current account once a month and opening a new one once a year doesn't consume much time or effort.  A couple of days break is not ideal, but the interest rate compensates for inconvenience.

RG2015

s71hj said:

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.

I agree, each month will increase by £250 but also with one month’s interest. And next month will be £1,544 to include £250 plus £12 (which is one month’s interest on £1,282)

Virgin Money frequently do things in a unique way.

Bobblehat

RG2015 said:

s71hj said:

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.

I agree, each month will increase by £250 but also with one month’s interest. And next month will be £1,544 to include £250 plus £12 (which is one month’s interest on £1,282)

Virgin Money frequently do things in a unique way.

Just to clarify that you won't actually see a monthly credit of interest in your transactions/statement, that interest is only credited quarterly on the last day of March, June, September and December. Virgin actually say that the interest is worked out on the balance at the end of each day (but not credited daily, or even monthly).

s71hj

Bobblehat said:

RG2015 said:

s71hj said:

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.

I agree, each month will increase by £250 but also with one month’s interest. And next month will be £1,544 to include £250 plus £12 (which is one month’s interest on £1,282)

Virgin Money frequently do things in a unique way.

Just to clarify that you won't actually see a monthly credit of interest in your transactions/statement, that interest is only credited quarterly on the last day of March, June, September and December. Virgin actually say that the interest is worked out on the balance at the end of each day (but not credited daily, or even monthly).

Every day truly is a school day on this thread 😀