Latest saving rates

PaulDesmond

Hi. I was looking at top savings companies. As  have one with Virgin, I looked at there website. I came across 1 Year Fixed Rate E-Bond but when you go to the website  https://uk.virginmoney.com/savings/products/1_year_fixed_rate_e_bond_issue_598/
to look there is no information, How much is the monthly saving that can be paid in? All it says is that it is a 12 month period.

Ayr_Rage

You cannot add to it monthly, you fund it at the beginning and then cannot touch it for 12 months.

PS. The link works and has full details.

refluxer

That type of fixed rate account/bond will have a limited funding window for paying in deposits - this can vary, but between 1 and 3 weeks is typical. Once the funding window is closed, you can't pay any more in.

As you won't be able to access the money until the maturity date, make sure it's money you definitely won't need for the next 12 months.

If you want to save on a monthly basis, you'll be better off with a Regular Saver. These also usually run for 12 months and many pay higher rates of interest than the type of fixed rate bond you linked to. Virgin Money don't currently offer a Regular Saver though, so you'll have to look elsewhere.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

clivep

It's a 12 month fixed rate bond not a regular savings account.

Bridlington1

As others have mentioned if you wish to add money on a regular basis you'd be better off with regular savers.

I currently maintain a list of the top regular savers in the thread below. Feel free to use it to ask any queries you might have about regular savers and/or discuss them:
https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1

PaulDesmond

Ayr_Rage says PS. The link works and has full details.

So I can put in £20,000. I am not wanting a regular saver. It can stay in as long as I want. I will want to transfer my Virgin savings to a higher interest account and carry on a regular saver account as well. I was under the impression that the problem with an ISA is that it does not give good interest but with regular savers now offering low interest rates of 4.3%or less it dosn't seem a problem.

friolento

PaulDesmond said:

Ayr_Rage says PS. The link works and has full details.

So I can put in £20,000. I am not wanting a regular saver. It can stay in as long as I want. I will want to transfer my Virgin savings to a higher interest account and carry on a regular saver account as well. I was under the impression that the problem with an ISA is that it does not give good interest but with regular savers now offering low interest rates of 4.3%or less it dosn't seem a problem.

You can put substantially more than £20k into the account you linked to. It is not an ISA, it is a normal fixed term savings account, the interest of which is taxable income. It lasts for 1 year only; after which you probably want to move your money elsewhere as the interest rate will plummet. Only ISAs have a max annual £20k contribution limit, and all interest in ISA accounts is tax exempt. Like with normal savings account, there are fixed term and open-ended ISAs. There are currently ISAs with better rates than normal savings accounts. ISAs are particularly beneficial for higher rate tax payers, and for basic rate payers who expect to earn more than £1,000 in savings interest in a tax year.

The term "regular saver" (RS) refers to a special type of savings accounts. It doesn't mean 'regular' as in 'usual / common / normal' but indicates that the account is designed for regular, usually monthly, contributions, and has a fixed duration, most often 12 months.The interest rate in such accounts is generally higher than in normal savings accounts. The best RS rate for currently available RSs is 7.5%, though you are heavily limited by how much you can deposit each month. There are ISA and non-ISA RSs.

https://moneyfactscompare.co.uk/savings-accounts/guides/what-type-of-savings-account-do-i-need/