Regular Savings Accounts: The Best Currently Available List!

SFindlay

colsten said:

SFindlay said:

Yeah meant if put the full £1000 a month from April this year to March next year account balance will start at £1200 (plus interest on 31st March) on 1st April 2021. 

Sorry to be a bit thick - how do you end up with £1,200 plus interest on April 1st 2021?

Sorry typo, obviously £1000 per month for 12 months is £12,000 (not £1,200) then get interest on 31st March so balance on 1st April 2021 starts off at £12,000 plus interest and you can make a further deposit of another £1000 on that date. 

tel_

Just checking my sums for the Lloyds Bank Club Lloyds Monthly Saver.

Can someone confirm £64.74 interest is possible with the £400 x 12 monthly payments?

SFindlay

tel_ said:

Just checking my sums for the Lloyds Bank Club Lloyds Monthly Saver.

Can someone confirm £64.74 interest is possible with the £400 x 12 monthly payments?

Sounds about right, they'll tell you £60 over the year depositing middle of month etc etc but if you opened near end of month one and then paid in on 1st of every month thereafter then your fugure is feasible.  I opened and funded my current one on 29th July and then put further £400 in on 1st August so in effect had £800 earning interest from 4 days of opening account and expect about £65 interest. 

tel_

SFindlay said:

tel_ said:

Just checking my sums for the Lloyds Bank Club Lloyds Monthly Saver.

Can someone confirm £64.74 interest is possible with the £400 x 12 monthly payments?

Sounds about right, they'll tell you £60 over the year depositing middle of month etc etc but if you opened near end of month one and then paid in on 1st of every month thereafter then your fugure is feasible.  I opened and funded my current one on 29th July and then put further £400 in on 1st August so in effect had £800 earning interest from 4 days of opening account and expect about £65 interest. 

Yes, I gathered that from previous posts about an extra 13th payment.

So an extra payment will be made by you on the 1st of July as well?

Cheeky, but possible

saverkev

Be aware not all regular savings accounts use calender months eg Santander, Coventry BS
To quote Santander:-
"Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month."

badger09

tel_ said:

SFindlay said:

tel_ said:

Just checking my sums for the Lloyds Bank Club Lloyds Monthly Saver.

Can someone confirm £64.74 interest is possible with the £400 x 12 monthly payments?

Sounds about right, they'll tell you £60 over the year depositing middle of month etc etc but if you opened near end of month one and then paid in on 1st of every month thereafter then your fugure is feasible.  I opened and funded my current one on 29th July and then put further £400 in on 1st August so in effect had £800 earning interest from 4 days of opening account and expect about £65 interest. 

Yes, I gathered that from previous posts about an extra 13th payment.

So an extra payment will be made by you on the 1st of July as well?

Cheeky, but possible

Possible indeed. I managed £65.95 on mine which matured 4th April. 

vermania

In the current environment this account might be an attractive offering for anyone running out of regular saver options, in the North East of England. Darlington Building Society, Special Occasions Saver, 1.75%. Save £250 per month, allows 4 no-notice withdrawals per year (or closure on the 5th). Seems to be an open-ended account for whenever you have a special occasion worth withdrawing for or to accumulate as you wish. But strictly for people in the postcode areas DL, DH, SR, TS, YO and HG.
https://www.darlington.co.uk/savings/all-savings-accounts/regular-savings-accounts/special-occasions-saver/

Kontro

vermania said:

In the current environment this account might be an attractive offering for anyone running out of regular saver options, in the North East of England. Darlington Building Society, Special Occasions Saver, 1.75%. Save £250 per month, allows 4 no-notice withdrawals per year (or closure on the 5th). Seems to be an open-ended account for whenever you have a special occasion worth withdrawing for or to accumulate as you wish. But strictly for people in the postcode areas DL, DH, SR, TS, YO and HG.

Alas, Darlington are dropping the rate on this account to 1.25% as of 01/05/2020. Same for the old High Days & Holidays account for anybody who still has that.
Nothing showing on the website about this, but I've had a letter notifying the drop in rates.

stehouk

apologies if this has  already been posted, iv'e been on the coventry bs regular saver issue 2 link and on the application page it states the variable rate is being reduced to 1.85% from 6th may 2020.

surreysaver

colsten said:

surreysaver said:

Only posted my application to them last week. Still waiting to hear back. Wondering whether I should bother or not

Snap. You and I seem to be on the same journeys, making the same experiences (I'd love to be on a real journey right now, spending my money, rather than chasing the best interest rates....)

Just got a call from the Ecology advising the rate is going down to 1.25% and asking whether I would still like to proceed.  They said the direct debit wouldn't be set up in time for May, but it will be for June.  Can still pay in by bank transfer, though.