The Top Regular Savers Discussion Thread

moi

masonic said:

ChewyyBacca said:

masonic said:

Halifax and Lloyds can be renewed if you upgrade to a different account type before closing.

masonic Could you please explain what do you mean by upgrading to a different type of account?

There is an option in online banking to "Renew account", which will upgrade it to a different type of account, such as an easy access account, meaning the account will not be counted as being a regular saver. Then you are free to open another one whenever you like. If you simply close it as a regular saver, then the system remembers it as such and you'd have to wait until the end of the account year.

Lloyds/Halifax. Thanks for the tip! Do you know if you can open a new regular the same day you close the previous regular, or if you have to wait til the next day? (cf. Nationwide)

AmityNeon

Bobblehat said:

TSB RS

After reading Soulsaver's comment, I was wondering how much you would have expected in interest if you opened the RS on the 'n'th day of the month and funded it each month on the 'n'th day for the 12 months with £250? No need for any fancy adjustments for weekends etc .... just a ballpark figure.

If deposits were evenly spaced (monthly), there would be approximately 78 deposits of monthly interest:
78 × £250 × (6% / 12) = £97.50.

By opening/depositing on the last day of a calendar month, and then subsequently depositing on the first day of each calendar month, there would be almost approximately 90 deposits of monthly interest, as each account month essentially has an extra deposit:
90 × £250 × (6% / 12) = £112.50.

Month	1	2	3	4	5	6	7	8	9	10	11	12	Total
Regular Deposit	1	2	3	4	5	6	7	8	9	10	11	12	78
Late & Early Deposit	2	3	4	5	6	7	8	9	10	11	12	13	90

Even without a 13th payment, there would still be 89 deposits:
89 × £250 × (6% / 12) = £111.25.

Rudyson

moi said:

masonic said:

ChewyyBacca said:

masonic said:

Halifax and Lloyds can be renewed if you upgrade to a different account type before closing.

masonic Could you please explain what do you mean by upgrading to a different type of account?

There is an option in online banking to "Renew account", which will upgrade it to a different type of account, such as an easy access account, meaning the account will not be counted as being a regular saver. Then you are free to open another one whenever you like. If you simply close it as a regular saver, then the system remembers it as such and you'd have to wait until the end of the account year.

Lloyds/Halifax. Thanks for the tip! Do you know if you can open a new regular the same day you close the previous regular, or if you have to wait til the next day? (cf. Nationwide)

I have renewed regular savers with both Lloyds and Halifax and opened new accounts immediately

Bobblehat

allegro120 said:

Bobblehat said:

TSB RS

After reading Soulsaver's comment, I was wondering how much you would have expected in interest if you opened the RS on the 'n'th day of the month and funded it each month on the 'n'th day for the 12 months with £250? No need for any fancy adjustments for weekends etc .... just a ballpark figure.

I've made 12 payments.  First payment on 28th January 2024 and 11 payments on the 1st of each month (TSB credits deposits at weekends).  I've received £110.37 in interest.

Thanks allegro120. We have an interesting scenario here ....

TSB quotes £85.57 as a typical interest figure for £3000 total pay-in.
MSE calculator quotes £97 for a straight £3000 total pay-in.
My own spreadsheet shows ~£97 for a straight £3000 total pay-in.
Allegro120 got £110.37 without a 13th payment.
CricketLady got £110.78 with a 13th payment (but only expected £80ish)!

That's quite a spread!

AmityNeon

Bobblehat said:

allegro120 said:

Bobblehat said:

TSB RS

After reading Soulsaver's comment, I was wondering how much you would have expected in interest if you opened the RS on the 'n'th day of the month and funded it each month on the 'n'th day for the 12 months with £250? No need for any fancy adjustments for weekends etc .... just a ballpark figure.

I've made 12 payments.  First payment on 28th January 2024 and 11 payments on the 1st of each month (TSB credits deposits at weekends).  I've received £110.37 in interest.

Thanks allegro120. We have an interesting scenario here ....

TSB quotes £85.57 as a typical interest figure for £3000 total pay-in.
MSE calculator quotes £97 for a straight £3000 total pay-in.
My own spreadsheet shows ~£97 for a straight £3000 total pay-in.
Allegro120 got £110.37 without a 13th payment.
CricketLady got £110.78 with a 13th payment (but only expected £80ish)!

That's quite a spread!

TSB's illustration delays payments by 25 days, so for 12 payments, that's 300 days of daily interest:
300 × £250 × (6% / 365) = £12.33.

allegro120

CricketLady said:

allegro120 said:

Bobblehat said:

TSB RS

After reading Soulsaver's comment, I was wondering how much you would have expected in interest if you opened the RS on the 'n'th day of the month and funded it each month on the 'n'th day for the 12 months with £250? No need for any fancy adjustments for weekends etc .... just a ballpark figure.

I've made 12 payments.  First payment on 28th January 2024 and 11 payments on the 1st of each month (TSB credits deposits at weekends).  I've received £110.37 in interest.

So your last (12th) payment was made on the 1st of December?

Yes, on the 1st December.

Bobblehat

AmityNeon said:

TSB's illustration delays payments by 25 days, so for 12 payments, that's 300 days of daily interest:
300 × £250 × (6% / 365) = £12.33.

So the real difference (without complicating it with drip-feeding) for 12 payments of £250 shifted to as early as possible in all months except the first, is approx £110 - £97 = £13. I'll take that £13 

Edit: but not a lot to be gained from the 13th payment?

allegro120

Bobblehat said:

allegro120 said:

Bobblehat said:

TSB RS

After reading Soulsaver's comment, I was wondering how much you would have expected in interest if you opened the RS on the 'n'th day of the month and funded it each month on the 'n'th day for the 12 months with £250? No need for any fancy adjustments for weekends etc .... just a ballpark figure.

I've made 12 payments.  First payment on 28th January 2024 and 11 payments on the 1st of each month (TSB credits deposits at weekends).  I've received £110.37 in interest.

Thanks allegro120. We have an interesting scenario here ....

TSB quotes £85.57 as a typical interest figure for £3000 total pay-in.
MSE calculator quotes £97 for a straight £3000 total pay-in.
My own spreadsheet shows ~£97 for a straight £3000 total pay-in.
Allegro120 got £110.37 without a 13th payment.
CricketLady got £110.78 with a 13th payment (but only expected £80ish)!

That's quite a spread!

CricketLady  made the 1st Deposit on 30th, mine was made on 28th.  CricketLady set up SO for the 2nd of each month,  I deposited directly on the 1st of each month.  Both accounts matured on the same day.  If my calculation is not wrong, I've contributed for 17 days more than CricketLady.  That could explain why I got almost the same interest without 13th payment. If CricketLady didn't squeeze an extra £250 the interest would have been less than £110.78.

freehugs_2

gt94sss2 said:

Cobbler_tone said:

The rest in Gatehouse 4.65% AER

Others have responded to the rest of your post, but just on this.. if you are taking about the Gatehouse easy access account, it pays 4.75% AER not 4.65%

Hi, re this Gatehouse 'post RS account' this rate is good for an instant access account, and I've left my money with them. Does anyone know if you can pay further money in to it? - I cant find the terms of this new account. 

wiseonesomeofthetime

freehugs_2 said:

gt94sss2 said:

Cobbler_tone said:

The rest in Gatehouse 4.65% AER

Others have responded to the rest of your post, but just on this.. if you are taking about the Gatehouse easy access account, it pays 4.75% AER not 4.65%

Hi, re this Gatehouse 'post RS account' this rate is good for an instant access account, and I've left my money with them. Does anyone know if you can pay further money in to it? - I cant find the terms of this new account. 

You most certainly can as that has been my main easy access savings account since it was created.
They didn't send or post any T&Cs to my knowledge.