Santa's coming - with 8.50%

Afahmaep

The minimum opening deposit is £1. This account is designed to help people save towards Christmas so as long as a minimum payment is made each month (of £1) then that is OK. Although I very much doubt if anyone would go to the trouble of just saving £1 per month. Definitely more trouble than it is worth.

Lazy_Runner

Afahmaep wrote: »

I don't begrudge the £100 I've kept in their Paid Up Share account at 2.25% Gross at all now.
8.00% Rovers Premiership RS (12x£250)
7.50% Galloway's RS (12X£250) and now
8.50% Santa RS (12X£150); and all running concurrently.

I am slightly concerned from the application form that the account which will get the funds in a year's time has to be opened before the regular saver.
So the nominated account could be a paid up share account as Afahmaep operates.

I think it is only a great deal if the combined interest rates / amounts deposited works out as a good deal. I am not sure about this until I work out my sums.

Milarky

Lazy_Runner wrote: »

I am slightly concerned from the application form that the account which will get the funds in a year's time has to be opened before the regular saver.

So the nominated account could be a paid up share account as Afahmaep operates.

I think it is only a great deal if the combined interest rates / amounts deposited works out as a good deal. I am not sure about this until I work out my sums.

Paid up share account only requires a £25 balance - scarcely a scratch on the combined rate available

butterfly72

Milarky wrote: »

Paid up share account only requires a £25 balance - scarcely a scratch on the combined rate available

Sorry, I don't understand what you are saying. Supposing I put in the £150max per month and £25 in the Pain up share account... is this a good deal or not!!? £25 is not a lot to have in a low paying account so it seems ok to me!

mary

Just put in the £25 in to the Paid up Share account and forget about it, so to speak. You don't have to add any more money to it, just keep it open. Then go for the 8.5% Santa account. It's a good rate, and not as demanding as some with only a max of £150, not your average £250.

ffacoffipawb

£300 per month into first direct gets 8% gross, fixed.

http://www.firstdirect.com/savings/regular-saver-overview.shtml?WT.ac=REG0201

Much higher ceiling than the £150 maximum here.

LittleVoice

ffacoffipawb wrote: »

£300 per month into first direct gets 8% gross, fixed.

http://www.firstdirect.com/savings/regular-saver-overview.shtml?WT.ac=REG0201

Much higher ceiling than the £150 maximum here.

Interesting - but you have to have a First current account with them. They say, "banking with first direct usually costs £10 a month, but it's free when you pay in at least £1,500 to your 1st Account each month, hold a selected first direct additional product, or maintain an average monthly 1st Account balance of £1,500."

And that current account pays no interest on credit balances.

mary

I have First Direct at 8%. I opened a 1st Account and also an Esaver, have £10 in each, and will keep them open for the duration of the 8% RS. Don't need to keep in a balance of £1,500 - confirmed by Customer Services when I opened the account. (In any case the £10 would not be charged for the first 6 months)

mary

I've just rung Chorley to query what acct. no to put in on their application form and was told that when the account matures, they will transfer all but £1 into your nominated account. The £1 will then keep the Santa Saver account open and you can continue saving next year as well. I was told this has been done bearing in mind savers who lost their money with Farepak, and wanted to give people the opportunity to save and get their money back.

Milarky

mary wrote: »

I have First Direct at 8%. I opened a 1st Account and also an Esaver, have £10 in each, and will keep them open for the duration of the 8% RS. Don't need to keep in a balance of £1,500 - confirmed by Customer Services when I opened the account. (In any case the £10 would not be charged for the first 6 months)

Why not also take the free £250 overdraft that is offered (i.e. put that towards your 8% regular saver in the first month?)