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The Top Regular Savers Discussion Thread
Comments
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So as I understand it with the Santander 8%, we can only fund it a month after the opening date. I've opened one for myself and for my wife today. Is it still best practice to maximise the rate to fund again next month onwards from 25th July or would it make no difference if we did it on 1st August?
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That wasn’t your original Q, was it?
It’s a relatively easy calculation how the RS rate minus tax compares with your cash ISA rate. You then have to factor in that you can only add small monthly amounts to an RS, as opposed to an up to £20k lump sum for ISAs. You can use the MSE Regular Saver calculator to simplify the calculations.
FWIW, I always move the annual max into one or more ISAs on April 6 or next working day, as I still have a substantial sum of cash to move into tax shelters. A lot of the remainder goes in RSs (and also some into SIPP and PBs). Your and your wife’s circumstances are not the same as mine, so you should not be guided by my approach.
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You can fund it today, and then on July 25th at the earliest.
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You might want to go back in and check the 'Chat' - my closure request stalled because - as I've just spotted- I didn't reply in very short order to a chat message asking where I wanted the interest from the closed RS to be sent.
Just spent a frustrating 25 minutes with the so-called Smart Sandi getting it to acknowledge my request to close my RS.
£6000 in 20232 -
Santander. Keep funding on the 25th for maximum interest. That's why I'm keeping my fingers crossed it's still around on the first (I think it will be) and opening it then.
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Whether you open it on 25th and keep funding on 25th of each month - or - open it on the 1st and keep funding on 1st of each month - you will still get the same interest with this account. The opening date for maximising interest doesn't matter with "monthiversary" accounts like this one or Zopa.
But I get it that it may be for convenience of funding this one at the same time as other ones.
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No, but I think rates will come down or stabilise in the long run. Overheated stock markets, debt crisis of many countries, etc.. A large market correction is a bit overdue, sadly, and that will require more money to be pumped into the market so rates will be lowered. Ofc, I hope none of it is happening but it just feels like something is brewing.
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I think though that the 12 month clock starts on the date you open the account, not when you make the first deposit. Thus there is no advantage of delaying the first deposit.
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I thought I'd reason here that with Santander you could open and fund now then the 1st of july, 1st of August etc
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No, it's a month from 1st payment
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