Best strategy for regular savers?

mary

It was 6.17% with Halifax High Interest Account, but now with Coventry 50+ e save at 6.4%

DeepSporran

bluebeard wrote: »

West Bromwich BS have a RS account called Magic 8. This WAS 8% with a max of £1000 per month. It has since been reduced to 7.75% but that is still very good. On closer inspection it seems the high rate includes a bonus if certain conditions are met and the actual interest rate is 5.25%. Anyone else experience of this account?

Most of the better paying RS accounts work like this - you must make a payment every month for 12 months to get the high rate. If you don't, you get a lower rate. The West Bromwich lower rate of 5.25% is actually quite good compared to the lower rate for many other RS accounts.

The_Fiddler_2

Fella wrote: »

No, that'd be a net -£400

Yes, thats my understanding too, so even if you put in the max that you can - £250 that month, you would still get the lowest interest rate and not the 6.5%

The_Fiddler_2

Afahmaep wrote: »

I have started using the Nationwide Regular Savings as an emergency current account. You can withdraw £300 per day from a cashpoint and then go into the branch and withdraw another £500 over the counter. As long you top up the account by the end of the month and it increases by £200 or more (by the end of the month) you still get 6.50%.

You can only put in a max of £250 per month, so you could not make up the £800 you took out on that month and hence you would get the lowest interest rate.

nicko33

bluebeard wrote: »

West Bromwich BS have a RS account called Magic 8. This WAS 8% with a max of £1000 per month. It has since been reduced to 7.75%

I think it is currently 7.85%
5.25% + bonus of 2.6%

noh

The_Fiddler wrote: »

You can only put in a max of £250 per month, so you could not make up the £800 you took out on that month and hence you would get the lowest interest rate.

No that is not so. There is no max deposit of £250 a month. There is only a maximum increase of balance of £250 a month.
I have withdrawn, from the Nationwide regular savings, £2000 at the beginning of the month and deposited £2250 at the end. The balance earned the higher rate of interest.

Nigel

RayWolfe

That's right. There is no limit to deposits, just a limit to the net increase.

The_Fiddler_2

RayWolfe wrote: »

That's right. There is no limit to deposits, just a limit to the net increase.

That's interesting to know, thanks for that

Special_Saver2

mary wrote: »

On the supposition my money has transferred without a hitch to the new Northern Rock Fixed Access Bond Issue 1 at 6.95% over the weekend, I would now like to leave that money in there for as long as possible, and reduce monthly payments into feed Regular Savers where the rate is 7% or just a bit above. With days lost in transit, it has reduced the margins. As I have some 21 RS accounts, does anyone know off the top of their head, which ones you can change the amount without any penalty - I believe Yorkshire BS.

How about Bath, or does anyone know of any others?

I am in the same position, I got all my spare cash into the 6.9% bond before it closed and I will be reducing the contributions on some of my regular savers so that I am only funding them from my spare monthly income.

The Bath Regular Saver issue 1 (no longer available to new customers) terms and conditions say that you cannot reduce the monthly amount you save. Issue 2 does let you vary the amount but the interest rate is much lower - issue 1 currently paying 6.7% gross, issue 2 paying 6% gross.