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RBS - Round Ups

jackjones01
Posts: 520 Forumite


Finally RBS now allows you to do round ups 🙏👍
https://www.rbs.co.uk/savings/tools-for-savings/round-ups.html
https://www.rbs.co.uk/savings/tools-for-savings/round-ups.html
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Comments
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Saw this earlier today.
According to the RBS app, "customers on average could save £10.43 a month from using Round Ups". These can be paid into various RBS savers, incl into their market-leading Digital Regular Saver (on top of the max monthly deposit).
Not quite as good as the Chase Round Ups, which pays 5% on Round Ups.
To be honest, I totally fail to understand the appeal of Round Ups. Whether you get 3.04% or 5% AER on those meagre savings, you are not likely to make even a fiver from these sorts of schemes.
This is the result after 1 year if you get 5% AER (way more than you can get at RBS) if you have £10 new round-ups on the 1st of every month (which you are highly unlikely to ever have).
£3.23. Really???
Why not pay a fiver, or a tenner, or however much you can afford, into a savings account every month instead, per Standing Order or manually?
Can someone explain what the attractions of these Round Up schemes are?0 -
Daliah said:Saw this earlier today.
According to the RBS app, "customers on average could save £10.43 a month from using Round Ups". These can be paid into various RBS savers, incl into their market-leading Digital Regular Saver (on top of the max monthly deposit).
Not quite as good as the Chase Round Ups, which pays 5% on Round Ups.
To be honest, I totally fail to understand the appeal of Round Ups. Whether you get 3.04% or 5% AER on those meagre savings, you are not likely to make even a fiver from these sorts of schemes.
This is the result after 1 year if you get 5% AER (way more than you can get at RBS) if you have £10 new round-ups on the 1st of every month (which you are highly unlikely to ever have).
£3.23. Really???
Why not pay a fiver, or a tenner, or however much you can afford, into a savings account every month instead, per Standing Order or manually?
Can someone explain what the attractions of these Round Up schemes are?
I guess it depends what you save for. If it's a nice meal out every now and again, it's useful. If you're looking to fund a holiday then I agree, it's not really much of a strategy, and it relies on you not using a credit card and thus forgoing the better rewards they often provide.0 -
It's means you are drip saving - without actually making a conscious effort.
Their regular saver is already pretty meagre as a savings option anyway.
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