Regular Savings Accounts: The Best Currently Available List!

London7766551

One.time said:

someone said:

London7766551 said:

cosh25 said:

The Principality First Home Steps account was one I always looked at... notice that from today if can be opened online. Its meant for ‘first time buyers’ (not sure how this is enforced as haven’t had a proper dig around).

key points
£1500 max per month up to £25000 and tiered rates from 0.80% to 1.50% depending on balance.

Obviously there is more to the account, but heads up for those who may want to look further.

I had a look on their site but it says you need a branch appointment to open an account.

It's a separate product. Raises the question on if someone with the branch based one can also open the online one. Given up to 1.5% on 2x £25,000 with "up to 6 withdrawals a year" (as you will have two withdrawal allowances) which ain't bad.

Branch "First Home Steps Issue 2":

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-account

-----

Online "First Home Steps Online" :

https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/First-Home-Steps-Online

Still not able to sign up online. Internal error

It is not just me then. If they pull it before fixing I will complain. I Can't call them in the week.

One.time

U tried via log in and apply as existing customer? I haven't try the new customer as I already got a log in detail 

London7766551

One.time said:

U tried via log in and apply as existing customer? I haven't try the new customer as I already got a log in detail 

I spoke to them, they know about it. They said try again in a few days. I am an existing customer. 

someone

re: Principality "First Home Steps Online"

I contacted them (mostly to get logged that I had attempted to open the account in the event it was withdrawn). I got a reply saying they was aware of it. I was later able to open the account. Not sure if the issue is fixed or they just fixed it for my login but worth other other posters retry if they had the error previously.

One.time

Just opened mine and I haven't ring them. So must be good for everyone

someone

j.p said:

For the Principality First Home Steps Issue 2 and the Online account, the most you can earn in later months while you keep it topped up at £25,000 is slightly above 1.3%; just under 1.33% to be precise. This is because part of the money is always earning 0.8% or 1% even though there is £25k in it, as the highest rate doesn't apply to the whole balance.

This is incorrect, summary box says

> Interest is calculated on your daily balance and paid annually on 1st January every year. For balances eligible for the higher rates of interest, the higher rate will apply to the total balance when that day’s interest is calculated.

Based on this the rate that applies to the account is as follows

Month 1 - Pay In £1,500 - Balance £1,500 - Rate 0.80%
Month 2 - Pay In £1,500 - Balance £3,000 - Rate 1%
Month 3 - Pay In £1,500 - Balance £4,500 - Rate 1%
Month 4 - Pay In £1,500 - Balance £6,000 - Rate 1%
Month 5 - Pay In £1,500 - Balance £7,500 - Rate 1%
Month 6 - Pay In £1,500 - Balance £9,000 - Rate 1.50%
Month 7 - Pay In £1,500 - Balance £10,500 - Rate 1.50%
Month 8 - Pay In £1,500 - Balance £12,000 - Rate 1.50%
Month 9 - Pay In £1,500 - Balance £13,500 - Rate 1.50%
Month 10 - Pay In £1,500 - Balance £15,000 - Rate 1.50%
Month 11 - Pay In £1,500 - Balance £16,500 - Rate 1.50%
Month 12 - Pay In £1,500 - Balance £18,000 - Rate 1.50%
----------------
Year 2 - Pay In £7,000 - Balance £25,000 - Rate 1.50%
----------------
Year 3 - Pay In £0 - Balance £25,000 - Rate 1.50%
----------------
Year 4 - Pay In £0 - Balance £25,000 - Rate 1.50%
----------------
Year 5 - Pay In £0 - Balance £25,000 - Rate 1.50%

----------------

P3

Use this as a example to see who's right

£18,137.23 (based on 12 monthly deposits of £1,500, the first being made at account opening and the remaining 11 on the same day each calendar month).

someone

P3 said:

Use this as a example to see who's right

£18,137.23 (based on 12 monthly deposits of £1,500, the first being made at account opening and the remaining 11 on the same day each calendar month).

Month 1 - Pay In £1,500 - Balance £1,500 - Rate 0.80% - Interest (1/12) £1.00
Month 2 - Pay In £1,500 - Balance £3,000 - Rate 1.00% - Interest (1/12) £2.50
Month 3 - Pay In £1,500 - Balance £4,500 - Rate 1.00% - Interest (1/12) £3.75
Month 4 - Pay In £1,500 - Balance £6,000 - Rate 1.00% - Interest (1/12) £5.00
Month 5 - Pay In £1,500 - Balance £7,500 - Rate 1.00% - Interest (1/12) £6.25
Month 6 - Pay In £1,500 - Balance £9,000 - Rate 1.50% - Interest (1/12) £11.25
Month 7 - Pay In £1,500 - Balance £10,500 - Rate 1.50% - Interest (1/12) £13.13
Month 8 - Pay In £1,500 - Balance £12,000 - Rate 1.50% - Interest (1/12) £15.00
Month 9 - Pay In £1,500 - Balance £13,500 - Rate 1.50% - Interest (1/12) £16.88
Month 10 - Pay In £1,500 - Balance £15,000 - Rate 1.50% - Interest (1/12) £18.75
Month 11 - Pay In £1,500 - Balance £16,500 - Rate 1.50% - Interest (1/12) £20.63
Month 12 - Pay In £1,500 - Balance £18,000 - Rate 1.50% - Interest (1/12) £22.50

Total for Year 1 = £136.64 (£0.59 less than advertised, I assume because I've done the rate at 1/12 monthly but not worth the time finding out why)

colsten

Principality is beset with IT probs today. Can't get to their website at all, not with different browsers, not on laptop, not on smartphone

surreysaver

colsten said:

Principality is beset with IT probs today. Can't get to their website at all, not with different browsers, not on laptop, not on smartphone

I managed to open my Issue 24 earlier, although the first attempt at logging in failed to produce a text message authentication number