The Top Regular Savers Discussion Thread

pecunianonolet

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

Most pay only at maturity and for others I would check the T&C's. 

surreysaver

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

If they pay more frequently than just at maturity, then they will. If the have a gross and AER figures and they are different, then they will compound 

clairec666

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

A lot of regular savers (most?) pay interest once, at maturity. Zopa is an exception (pays monthly) and also Natwest and RBS, which pay monthly and also pay a lower rate of interest above £5000. For these two, if your balance hits £5000, it's worth withdrawing the interest each month.

castle96

Same with Santander Edge (though not a RS of course)

friolento

Descrabled said:

 Virgin RS

E_zroda said:

Descrabled said:

Virgin RS

My present balance at 1July is £3139.52

• Interest at 10% for 31 days on this balance is £26.66. Total £3166.18
• Interest at 10% for 31 days on £3000 is £25.48. Total £3165.00

So two conclusions:

1. Virgin sums are rubbish. My total will be in excess of their projected balance.
2. Leaving the additional £139.52 in the account only risks £1.18 at 10% or 59p in another account at 5% interest.

I'll risk the loss of 59p, me thinks.

Have a look at your last statement, mine says at the bottom 0-3163 :10.38%; 3163+ :0.0%

Yes, so as my balance is presently below £3163 and thus I should receive full 10% interest for July on 31st?

If you mean whether your July deposit will be subject to the 10% AER, the answer is yes. But 10% is the annual rate, and your July deposit will be in the account for a maximum of 31 days. Thus your July deposit will get a maximum of 31 days of the daily interest rate (annual rate / 365). Similar applies to the balance you accrued from earlier deposits.

WillPS

clairec666 said:

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

A lot of regular savers (most?) pay interest once, at maturity. Zopa is an exception (pays monthly) and also Natwest and RBS, which pay monthly and also pay a lower rate of interest above £5000. For these two, if your balance hits £5000, it's worth withdrawing the interest each month.

Also any regular saver which has a term longer than a year will have to pay interest at least once a year.

Some building societies pay interest on a fixed day each year as well as maturity (Mansfield is one such society).

subjecttocontract

clairec666 said:

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

A lot of regular savers (most?) pay interest once, at maturity. Zopa is an exception (pays monthly) and also Natwest and RBS, which pay monthly and also pay a lower rate of interest above £5000. For these two, if your balance hits £5000, it's worth withdrawing the interest each month.

....and
* Virgin  pay quarterly.
* Melton pay (on my accounts) end of March & end of May.
* Market Harb' pay end of November.

clairec666

subjecttocontract said:

clairec666 said:

20122013 said:

Do all regular savings account pay interests on the interest incurred? if not, I will withdraw the interest.

A lot of regular savers (most?) pay interest once, at maturity. Zopa is an exception (pays monthly) and also Natwest and RBS, which pay monthly and also pay a lower rate of interest above £5000. For these two, if your balance hits £5000, it's worth withdrawing the interest each month.

....and
* Virgin  pay quarterly.
* Melton pay (on my accounts) end of March & end of May.
* Market Harb' pay end of November.

The more recent Virgin regular saver (the 6.5% one that was available in May) only pays interest at maturity. Having seen the last couple of pages of this thread, should simplify things considerably!

innocentlove

flaneurs_lobster said:

» show previous quotes

I've got the debit card linked to PayPal and doing a Friends'n'Family transfer of 1p from Me1 to Me2 (2nd PayPal account). Been doing this once daily since the 5x roundup came in. Shifts £4.95/day to the DRS. Takes a minute.

@flaneurs_lobster It is a great explanation about "paying bit" on Page 306. I'd appreciate if you could shed some light on the process of having a Me2 account please. Cheers!

flaneurs_lobster

innocentlove said:

@flaneurs_lobster It is a great explanation about "paying bit" on Page 306. I'd appreciate if you could shed some light on the process of having a Me2 account please. Cheers!

Should just be a matter of opening a new PayPal account using a different email address from the existing one, don't believe this is in breach of their Terms. If you want to use the app for both accounts then having the second account on a different device makes it much easier.

Then just send a Friends & Family payment to the "new" email address.