First Direct 7% con

WillPS

kimwp said:

WillPS said:

kimwp said:

Bigwheels1111 said:

surreysaver said:

Bigwheels1111 said:

Organgrinder said:

I'm a maths teacher and might use this as a test question.

Last Direct advertise a savings rate that pays 7% interest per annum. You are allowed to pay £250 into your account each month. John says at the end of the year he'll have earned £210 in interest. Explain why John is incorrect.

£300 a month.

HSBC is £250

Up to £300pm. It could be £250

I only had 13 this year, all RS maxed out.
Can’t wait to renew as many as possible.
Don’t see the point if not maxed out, those that are over 5.5% that is.

I did ponder at one point opening lots of regular savers to push most of my cash in over the first couple of months, then reducing the contributions to the minimum, which would actually gain more interest than maxing them.

(In the end, there were so many hoops of direct debits and pushing money through current accounts to open them all for fairly small gains that I just stuck with the ones that took minimal set up effort).

Bit surprised tbh that you can satisfy all the requirements with £4k take-home!

Can't think of any regular savers which require current accounts with DDs?

TSB, Natwest, RBS, Co-op, TSB, Bank of Scotland and Nationwide just require a current account to be held, no funding necessary. First Direct is the same, although the standing order has to be from FD so you will need to make sure the deposit is in your 1st Account for that one - so while not a deposit requirement, you would have to fund it to benefit.

Club Lloyds requires a Club Lloyds account, which has a £3 fee waived if you transfer £2k in/out. Not exactly tricky, especially since it's gets you a freebie too! (In fact, you probably could get away with just downgrading to Classic after you'd opened the Reg Saver, because Lloyds don't seem to close or downgrade regular savers which have already been opened.)

Halifax and all the building societies (except Nationwide) have no requirement to hold current accounts at all, leave alone DDs.

What am I missing?

This was when I was looking at them last year.

Which required DDs back then? So far as I know the only difference back then was Co-op didn't have one at all, and (depending when) Nationwide's wasn't as competitive.

kimwp

WillPS said:

kimwp said:

WillPS said:

kimwp said:

Bigwheels1111 said:

surreysaver said:

Bigwheels1111 said:

Organgrinder said:

I'm a maths teacher and might use this as a test question.

Last Direct advertise a savings rate that pays 7% interest per annum. You are allowed to pay £250 into your account each month. John says at the end of the year he'll have earned £210 in interest. Explain why John is incorrect.

£300 a month.

HSBC is £250

Up to £300pm. It could be £250

I only had 13 this year, all RS maxed out.
Can’t wait to renew as many as possible.
Don’t see the point if not maxed out, those that are over 5.5% that is.

I did ponder at one point opening lots of regular savers to push most of my cash in over the first couple of months, then reducing the contributions to the minimum, which would actually gain more interest than maxing them.

(In the end, there were so many hoops of direct debits and pushing money through current accounts to open them all for fairly small gains that I just stuck with the ones that took minimal set up effort).

Bit surprised tbh that you can satisfy all the requirements with £4k take-home!

Can't think of any regular savers which require current accounts with DDs?

TSB, Natwest, RBS, Co-op, TSB, Bank of Scotland and Nationwide just require a current account to be held, no funding necessary. First Direct is the same, although the standing order has to be from FD so you will need to make sure the deposit is in your 1st Account for that one - so while not a deposit requirement, you would have to fund it to benefit.

Club Lloyds requires a Club Lloyds account, which has a £3 fee waived if you transfer £2k in/out. Not exactly tricky, especially since it's gets you a freebie too! (In fact, you probably could get away with just downgrading to Classic after you'd opened the Reg Saver, because Lloyds don't seem to close or downgrade regular savers which have already been opened.)

Halifax and all the building societies (except Nationwide) have no requirement to hold current accounts at all, leave alone DDs.

What am I missing?

This was when I was looking at them last year.

Which required DDs back then? So far as I know the only difference back then was Co-op didn't have one at all, and (depending when) Nationwide's wasn't as competitive.

Not sure, I don't keep records of accounts I don't open. I had an HSBC one at one point, I think this might have required 2 DDs. 

Bridlington1

kimwp said:

WillPS said:

kimwp said:

WillPS said:

kimwp said:

Bigwheels1111 said:

surreysaver said:

Bigwheels1111 said:

Organgrinder said:

I'm a maths teacher and might use this as a test question.

Last Direct advertise a savings rate that pays 7% interest per annum. You are allowed to pay £250 into your account each month. John says at the end of the year he'll have earned £210 in interest. Explain why John is incorrect.

£300 a month.

HSBC is £250

Up to £300pm. It could be £250

I only had 13 this year, all RS maxed out.
Can’t wait to renew as many as possible.
Don’t see the point if not maxed out, those that are over 5.5% that is.

I did ponder at one point opening lots of regular savers to push most of my cash in over the first couple of months, then reducing the contributions to the minimum, which would actually gain more interest than maxing them.

(In the end, there were so many hoops of direct debits and pushing money through current accounts to open them all for fairly small gains that I just stuck with the ones that took minimal set up effort).

Bit surprised tbh that you can satisfy all the requirements with £4k take-home!

Can't think of any regular savers which require current accounts with DDs?

TSB, Natwest, RBS, Co-op, TSB, Bank of Scotland and Nationwide just require a current account to be held, no funding necessary. First Direct is the same, although the standing order has to be from FD so you will need to make sure the deposit is in your 1st Account for that one - so while not a deposit requirement, you would have to fund it to benefit.

Club Lloyds requires a Club Lloyds account, which has a £3 fee waived if you transfer £2k in/out. Not exactly tricky, especially since it's gets you a freebie too! (In fact, you probably could get away with just downgrading to Classic after you'd opened the Reg Saver, because Lloyds don't seem to close or downgrade regular savers which have already been opened.)

Halifax and all the building societies (except Nationwide) have no requirement to hold current accounts at all, leave alone DDs.

What am I missing?

This was when I was looking at them last year.

Which required DDs back then? So far as I know the only difference back then was Co-op didn't have one at all, and (depending when) Nationwide's wasn't as competitive.

Not sure, I don't keep records of accounts I don't open. I had an HSBC one at one point, I think this might have required 2 DDs. 

AFAIK HSBC hasn't ever required you to have DDs set up to be able to open the regular saver.