High Yield Savings Rate Comparison Tool Table List

mitchie_mbs

This link will always be the same, linking to the latest version

What started as a simple list got way out of hand very quickly. 2 days later and lots of coffee and the first instance was live. It's a table comparing the best savings rates available with built in calculators (if you get the excel version). Especially important for those wanting to maximise high yield savings. I lost a good few hours fighting with excel because it was casting some form of disappearing spell on my right hand borders, and it 100% wasn't print margins, messing with those settings for duration, no matter the adjustment, splicy cut they were! Turns out that if you have hidden columns, those will mask the border (very poor illogical behaviour excel, but never mind).

I've shown this to a lot of friends and most of them don't care so I bring it here. All feedback welcome, improvements, ideas, corrections. To me it's a work of art, probably my best creation.

Thank you
MitchieMasha

mitchie_mbs

For the next update I intend to add which accounts use the 1st calendar day of the month vs anniversary/deposit day to reset payments. It's good info to know and have at hand if needed.

I have the info ready but not added the column yet. I'm thinking a CM, AM or just C, A as a symbol for each of the monthly savers. The issue would be writing the explanation and how it can be utilised to maximise returns, in as fewest words as possible, 1 simple line maximum, due to space constraints. That's the challenge!!!

InvesterJones

What does this do above what I can do at Moneyfacts?

masonic

Santander Edge Saver pays 5.84% gross pa monthly, not 5.84% AER.

Descrabled

The monthly income is of course irregular dependant upon the number of days in the month. I only record the approx interest income for the full term based upon maximum funding.

My spreadsheet has a few additional columns: F/V = fixed or variable interest. Maturity date. Start date.

I also have a column that multiplies the interest rate and the amount saved. The sum of this column then produces the mean interest rate for all the regular savers.

Actual interest received is recorded on a separate yearly spreadsheet for tax purposes.

mitchie_mbs

https://forums.moneysavingexpert.com/discussion/comment/82050595#Comment_82050595

This is a compact 1 page print out, which if one has the excel version, one can edit it to suit their needs.

I haven't been on that page before. It looks very good. I like the little symbols they have for opening the account etc, as this was info I was thinking very important for people to know, those looking for simplicity over the extra hassle.

Thank you

mitchie_mbs

https://forums.moneysavingexpert.com/discussion/comment/82050599#Comment_82050599

I wasn't sure about putting 6% or 5.84% in the table as I needed to look more into the specifics of how this works, sensing there was something in it not quite right, but without knowing the definitive reality.

I've just looked more into this right now and I was onto something, let me expand!

The 6% annual equivalent rate presumes compounding. Due to the £4000 cap on interest, if the account is maxed out already (as shown in the table), any interest earned isn't earning more interest, therefore no compounding! 5.84% AER. I'd presumed the interest is moved out to help plug a short fall in funding a higher monthly saver or used on general living expenses. No point leaving it in at 0%.

To get the advertised 6%, one would need to have £3773 or less in the account on day 1. Which does create a bit of a savers paradox. £3773 6% = £226 return vs £4000 5.84% = £233 return (it's not really a paradox, it's just maths… and time).

But yes, if one uses this table, and they have a lower balance in Santander, they could up it to 6%. They'd get a higher return to cash saved ratio but a lower total return vs maxed.

Now this has got me thinking further. If we could have 2 identical accounts but limited funds, splitting the balance would work vs maxing 1 and the rest in the other. Which is exactly what this table is for, to help us better understand and figure out these small differences to maximise returns. If your only other option left is less than 5.84% max Santander. If you have another account higher than 6%, don't worry about this 1 being £3773, plus this would be less admin.

Thank you for your comment. Writing this has really helped me get a better understanding. I'm going to think about this more and I may change the table reference amount to £3773, as a magic number for 4k capped 6% accounts. Now there's a excel formula I need to develop, ideal starting balance for different % and max cap, for higher return vs cash invested ratio. But, don't forget, this only matters if no more higher % accounts left, maxing it out still wins if no short fall in funds.

mitchie_mbs

https://forums.moneysavingexpert.com/discussion/comment/82050672#Comment_82050672

Monthly, daily income is just for kicks really. I added it to mine some time back purely out of curiosity, wanting to know what that total daily interest might be. Then it became the catalyst to focusing more on the challenge, each small step up felt like a huge achievement, especially striving for that £10/day target... so I've kept it here!

Maturity date, funding date etc. Yeah! I have those on my own sheet, It looks nothing like this. I put this together as a quick reference, handy to show others, some info pulled from my own list, tidied up, with extra notes and other accounts added, trying to keep it all compact. Doing the layout was the hardest part. It was only supposed to take an hour!

I record actual interest received in another document for tax purposes too, that's in with my self employment sheet.

Do i not have a total average? It was a normal average excel formula at first but it's weighted average now. Or, do you mean something else? I think I've only done this for the 2 separate tables, not combined both. Do let me know more. I need to go check up different averages again, I'm off for a read.

Thank you