Nationwide Regular Saver.

msallen

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

Of course anyone with a modicum of common sense would start the year with £2400 in the easy access account and transfer over £200 to the RS every month, thereby getting somewhere around £32 (rough calc) interest on it, rather than draw out the £2400 from the easy access and keep it 0% while waiting to put it into the RS which would appear to be what you would do.

surreysaver

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

Be nearer £31, as an average of £1,200 will be in the 2% account for a year, but an average of £1,200 will also be in the 0.6% account for the year.
Its not really any fuss at all. Quicker to set up the account than it was to write this post

Jami74

This is my Christmas 2022 account   

No, the little bit of interest will not be life changing but it will be more than my Christmas 2021 account paying 1% which has just matured.

PS. I love these threads that smaller savers can be a part of. 

EarthBoy

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

You're presuming that everybody has £2400 already saved up. If you haven't, and if you're paying the £200 from your monthly salary, then it's £24 interest from the regular saver, compared to nothing without the regular saver.

vernall

If it is a joint flex direct account can we both have a RS?

kaMelo

vernall said:

If it is a joint flex direct account can we both have a RS?

Yes you can .

zagfles

surreysaver said:

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

Be nearer £31, as an average of £1,200 will be in the 2% account for a year, but an average of £1,200 will also be in the 0.6% account for the year.
Its not really any fuss at all. Quicker to set up the account than it was to write this post

It's more than that - the average in the RS would be £1300 if you started today 27/11 and paid £200 on the 27th every month. But if you pay in £200 today and then £200 on the 1st of every month as suggested above, the average RS balance will be £1475, earning £29.50 interest. Plus £6.75 from the feeder easy access. Total £36.25.

Compared to £15.60 if you just left the £2600 in the easy access. So £20.65 more. Just opened one for myself and wife, took 15 mins for a £41 gain. Some people might think a £164/hour "pay rate" isn't worth it, but if they do, maybe MSE isn't for them