The Top Regular Savers Discussion Thread

jameseonline

Kim_13 said:

Virgin Money's recent 6.5% was superior to Nationwide's I believe (fixed rate.) It would be a shame if fixes disappear with the VM brand.

Possibly deposit more also, because for some unknown reason Nationwide only do £200 max deposit limit per month, I know Virgin do £250 for the 10%

E_zroda

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%

Descrabled

 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?

20122013

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

WillPS

20122013 said:

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

Yes, unless that interest takes the account above a balance above which interest is payable at a certain rate (not the same as accounts which define a maximum balance level but actually allow that to be exceeded).

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.