Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Top Regular Savers Discussion Thread
Comments
-
Last time I checked the T&Cs, they said you need the Club current account to open the Club RS. They didn't say you need to keep the Club current account. So it was possible to upgrade a normal current account to a Club, then open the Club R, and downgrade the Club current to a normal again. All in one online session. I know someone who has done this for 9 years in a row. Not sure whether it's still possible now as Lloyds seem to have tweaked their systems a little.
3 -
It’s simple maths but understandable how people get confused by it. Stretching things a bit but if there was a regular saver for £100k over 12 months (£8,333 pm) at 2% is would generate about £1,000 in interest but nobody would do it!
4 -
Regardless of the duration of an account, the fact remains that 7.1% is more than 5.4%. In other words, you make more interest for the same amount of money over the same period from the higher interest rate.
9 -
For regular savers the compounding comes from the term and not the rate. If you can fund one of the longer term ones don't automatically disregard it because it is under a certain rate.
Compounding is only relevant if interest is paid into the account during the term. So a multi-year RS account would be better from a compounding point of view, but mainly by virtue of many one-year RS accounts only paying interest at the end of the term.
A common reason why people say "I don't bother if it's under X%" is because unless the RS has an interest rate sufficiently higher than the best easy access rate then the hassle of opening and running the RS account may not be worth it (in their own personal circumstances).
A multi-year RS account paying the same (or less) than the best easy access rate is only really worth having if there's a belief that interest rates may alter during the term which would make the RS account the more advantageous one.
2 -
A bit of an extreme example, but makes the point well 🙂
2 -
I don't think this needed to be said, that's obvious. These are the sort of comments that make we want to leave these threads and not bother contributing
All I've said is don't disregard the rate alone look at it in along with the length of term
2 -
Lloyds
Have now got online banking. Can see my BoS account on there too.
Haven't funded either yet.
When I click into either account, I get an error message coming up at the top - anybody else?
0 -
Agree that rate alone isn't everything. But I wouldn't follow the rule of "longer = better" either, especially when there's such a big discrepancy in rates.
A lot depends on how much you've got available to deposit, too.
0 -
You’ve missed a vital piece of info, making your point a little misleading.
Zopa (1st RS, month 1-6) = £36 interest.
Zopa (2nd RS, month 7-12) = £36 interest.
So that’s £72 interest in the same period as £1800 into a 5.4% account over 12 months which gives you £49 or the same £300 pcm over 12 months (£3,600) at 5.4% would give you c£98 AND significantly more cash locked away.
1 -
Halifax
Now have a Lloyds login and it won't let me log in and apply as it doesn't recognise the username
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards