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[Deleted User]

Further to the last but one post (Simon not Allegro) I think the 10% Virgin saver will pay some interest on the 30th.

allegro120

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

This is why I think that calculating the gain is pointless.  You never know where you will be feeding from over a period of product's life.  My January distribution will be from 5.12% EA, I've no idea what it will be in February, never mind June   

Bridlington1

allegro120 said:

Bridlington1 said:

The advantage of opening and funding it on 31st rather than today would be that you'd be effectively swapping having 5 days of the account sitting with a £200 balance earning 8% in December for an extra 5 days of having the account sat at a £1.2k balance earning 8% in June. In other words you get more interest opening/funding the account on 31/12/24 as opposed to opening/funding the account today.

True, but there is always a chance for the product to be pulled any day. The latest example - MHBS issue2.  I've decided to delay for a couple of days (for the obvious reason)....... I even put the details in my spreadsheet and amended my MHBS distribution list, I stupidly assumed that they not going to pull this issue until the end of this month. 

Or the compromise candidate of open now and then refresh if still available on 31/12/24, which has served me well with many of Principality BS's previous regular savers, Coventry BS's Sunny Day Saver among many others.

allegro120 said:

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

This is why I think that calculating the gain is pointless.  You never know where you will be feeding from over a period of product's life.  My January distribution will be from 5.12% EA, I've no idea what it will be in February, never mind June   

I don't necessarily calculate the gain as such but one factor at play is that if you have multiple regular savers and are at the point where you are having to empty regular savers in order to feed other regular savers, having an account mature on the last day of the month is probably going to be more convenient than having the regular saver mature on, say, 26th of the month as the chances are you'll be feeding lots of regular savers on 1st and/or the first working day of the month.

Additionally having an account mature at the end of the month would also reduce the length of time you'd need to store money temporarily in regular savers and/or an EA account at a lower rate before you use the funds for other regular savers on 1st, which in my experience has left me with more interest overall.

happybagger

January is my last 5.12% month (cahoot) - as it stands I will be feeding from 4.75% (unless something decent crops up)

Bobblehat

allegro120 said:

happybagger said:

£1200 earning 8% instead of around 5% in typical access account over 5 days is under 50p in my book. Not really worth a debate - I'd just open it now if I was going to.

This is why I think that calculating the gain is pointless.  You never know where you will be feeding from over a period of product's life.  My January distribution will be from 5.12% EA, I've no idea what it will be in February, never mind June   

But surely, it is handy to know before committing to a product if the gain is likely to be pennies, pounds, or tens of pounds? If your feed account interest rate drops or increases then it's handy to have a starting point to assess whether to continue moving funds over to the RS or not?

allegro120

happybagger said:

January is my last 5.12% month (cahoot) - as it stands I will be feeding from 4.75% (unless something decent crops up)

18th January for me.  So far Gatehouse's EARS looks like a successor, but they might change the rate at any time. Today I have a number of EAs paying above 4.75% to choose from, this might change after the next BoE meeting or even sooner.

ForumUser7

HSBC and First Direct Flexible Savers (Easy Access):

Looking for accounts to close.
I think these came from maturing Regular Savers.
I think I read on the forum somewhere if I leave them open, maturity is quicker next time?
Can anyone confirm please? Wanted to check before I closed them.

Thanks

WillPS

ForumUser7 said:

HSBC and First Direct Flexible Savers (Easy Access):

Looking for accounts to close.
I think these came from maturing Regular Savers.
I think I read on the forum somewhere if I leave them open, maturity is quicker next time?
Can anyone confirm please? Wanted to check before I closed them.

Thanks

In the past it was quicker for FD at least. Recent reports indicate the FD process is quicker than it once was, but of course YMMV.

allegro120

ForumUser7 said:

HSBC and First Direct Flexible Savers (Easy Access):

Looking for accounts to close.
I think these came from maturing Regular Savers.
I think I read on the forum somewhere if I leave them open, maturity is quicker next time?
Can anyone confirm please? Wanted to check before I closed them.

Thanks

I keep them open, no need to close them. They don't generate new accounts on RS maturity if you already have one, so you won't end up with a large portfolio of useless accounts like you would with some other banks.

dgpur

[Deleted User] said:

Further to the last but one post (Simon not Allegro) I think the 10% Virgin saver will pay some interest on the 30th.

They say last working day, which would be 31st. Depends how hard and fast they stick to that.