Regular Savings Accounts: The Best Currently Available List!

eskbanker

vernall said:

Isn't Club Lloyds 2% on balances between £4000 and £5000? or has something happened that I have missed?

Sounds like you've perhaps missed the fact that you only get 2% on that part of the balance that's between £4K and £5K, while the rest up to £4K still only earns 1%.  Hence a balance of £5K earns (£4K @ 1% = £40) plus (£1K @ 2% = £20) equals £60, i.e. 1.2%, which is the highest effective rate you can earn on these accounts.

(Technically the rates are slightly lower than that as interest on fully-funded accounts can't compound, so is only earned at gross rates (0.99% and 1.99%) rather than the rounder AER figures)

vernall

eskbanker said:

vernall said:

Isn't Club Lloyds 2% on balances between £4000 and £5000? or has something happened that I have missed?

Sounds like you've perhaps missed the fact that you only get 2% on that part of the balance that's between £4K and £5K, while the rest up to £4K still only earns 1%.  Hence a balance of £5K earns (£4K @ 1% = £40) plus (£1K @ 2% = £20) equals £60, i.e. 1.2%, which is the highest effective rate you can earn on these accounts.

(Technically the rates are slightly lower than that as interest on fully-funded accounts can't compound, so is only earned at gross rates (0.99% and 1.99%) rather than the rounder AER figures)

oh yes lol

Special_Saver2

Hi Everybody,

Many thanks to the forum members who praised my work on this thread in posts that I can see were made during the week. In turn, I would like to thank all the forum members who make helpful posts on this thread about changes and new products that I might not have spotted on my own.

Here is this weekend's update to this thread.

- Decrease in interest rates for most accounts by 0.5% for all of the Halifax, Bank of Scotland and Lloyds regular savings accounts so the Club Lloyds account pays 2% and the other accounts pay 1.5% fixed - if you have one of these accounts already then this will not affect you immediately as the interest rate remains fixed until the maturity of your account; the Halifax Kids' Monthly Saver interest rate remains at 4.5%
- Penrith BS Junior Savers interest rate decreased from 2.75% to 2.45% (which I had already noted on my entry on page 1 was going to drop)
- Scottish BS Junior Regular Saver interest rate dropped from 2.35% to 1.7%

I will do the next update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

eddie7612

Received details of the new Chorley regular saver in the post today. 1.75% variable. The key facts sheet refers to a "Members" regular saver - anyone received details of this? They've only sent me details for the standard one. 

veryintrigued

eddie7612 said:

Received details of the new Chorley regular saver in the post today. 1.75% variable. The key facts sheet refers to a "Members" regular saver - anyone received details of this? They've only sent me details for the standard one. 

eddie7612 said:

Received details of the new Chorley regular saver in the post today. 1.75% variable. The key facts sheet refers to a "Members" regular saver - anyone received details of this? They've only sent me details for the standard one. 

Yes.

Scroll back a page or so on this thread

veryintrigued

veryintrigued said:

eddie7612 said:

Received details of the new Chorley regular saver in the post today. 1.75% variable. The key facts sheet refers to a "Members" regular saver - anyone received details of this? They've only sent me details for the standard one. 

eddie7612 said:

Received details of the new Chorley regular saver in the post today. 1.75% variable. The key facts sheet refers to a "Members" regular saver - anyone received details of this? They've only sent me details for the standard one. 

Yes.

Scroll back a page or so on this thread

Actually it's more than a couple of pages.

I forgot how much chit chat goes on in here rather than highlighting new issues.

Shout up if you need a picture of the actual sheet and I'll dig it out.

Southcoast01

I received my letter from Chorley and the key fact sheet says if I deposit £250 a month for the 12 months the estimated balance will be £3055.50, although I estimate to be just under £3030.00. 

colsten

Southcoast01 said:

I received my letter from Chorley and the key fact sheet says if I deposit £250 a month for the 12 months the estimated balance will be £3055.50, although I estimate to be just under £3030.00. 

Seems they have borrowed one of those who don't understand that you don't get interest on money that isn't in the account. May be open that account and take them by their word key fact sheet in a year's time?

eskbanker

Southcoast01 said:

I received my letter from Chorley and the key fact sheet says if I deposit £250 a month for the 12 months the estimated balance will be £3055.50, although I estimate to be just under £3030.00. 

Since £3,055.50 is exactly £3,000 plus 1.85%, are they making the same rookie error that many indignant posters do when believing that the interest on a regular saver should be final balance multiplied by interest rate?

schiff

These obvious mistakes by BSs are surprising, with Chorley getting this wrong and Monmouthshire the other day omitting a figure for interest in 2019/20. With the cost of postage being what it is it is crazy that proper checks are not made. And sadder too when they are both paying a decent rate.