Regular Savings Accounts Article Discussion

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Principality, 6% gross Min £50 per month, Max £500 per month

full details.

http://www.principality.co.uk/default.aspx?page=1054

YorkshireBoy

7sefton wrote: »

And I am sure I opened it when 7% was the advertised rate.

The advisor was correct...

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf (page 3, Key Features, 3rd bullet)

LongTermLurker

I'm sure there's a very good reason, but why is everyone trying to open accounts on the very last day? OK, someone might have seen the details this morning and thought "best get one of these quick - that was lucky", but opening bank accounts on New Years Eve is generally the last thing on my mind.

7sefton - sorry to say but yes, accounts are generally deemed "open" when the funds are received. It's unfortunate for you that they changed the rate in between. 6%'s still not bad in the current climate.

susieque_3

RayWolfe wrote: »

Welcome.
In order to qualify to be an MSE, you mustn't waste money and I'm afraid you have just paid out more to receive a higher rate of interest than the amount of extra interest will provide!
Never mind, you will get better at it, we all had to start somewhere.
Happy new year.

Thank you so much for the advice; however it's not strictly correct that I have wasted money, nor that I will receive less interest than it has cost in charges. You have also underestimated the writer, and assumed incorrectly, that I will not be challenging Barclays Bank for a refund of the charges.

So maybe I will qualify to be an MSE a lot earlier than you assumed!!

Happy New Year

flyingflea

I appreciate the tip for the 7.75% Barclays Regular Saver but it would be nice to be given more than 3 hours notice to get it! I don't check my e-mail THAT regularly to be able to have enough time to go into town and open an account.

LongTermLurker

flyingflea wrote: »

I appreciate the tip for the 7.75% Barclays Regular Saver but it would be nice to be given more than 3 hours notice to get it! I don't check my e-mail THAT regularly to be able to have enough time to go into town and open an account.

Was that a direct "tip" to you? The Barclays 7.75% account has been discussed on here for months - I thought I might be cutting it fine applying in November, after the base rate cuts. Not being funny, but if people are serious about getting the best accounts then they need to log in and browse the forums on a regular basis.

JimLad

I just opened a halifax regular saver and my first £500 will be going in on the 10th of jan just after my salary is paid to me. I hope i have made the right choice as this is fixed for a year at 5%

Palm_Centro

I am looking to start a small monthly savings scheme for 10 years at £25 per month .

LongTermLurker

JimLad wrote: »

I just opened a halifax regular saver and my first £500 will be going in on the 10th of jan just after my salary is paid to me. I hope i have made the right choice as this is fixed for a year at 5%

I think you'll find 5% will prove to be a good rate this year. Assuming it has the same Ts & Cs as earlier ones, you can change the amount you save each month and it can be as low as £20 or £25, so even if a higher rate came available in summer, you'd be able to open that and wind down the Halifax account. In practical terms, most other accounts have limits of £250pm so you could easily put half your money into the new account, set a standing order up to Halifax for £250 and modify that depending on an individual month's income - if you had a bonus or overtime you may get some months when you can increase the Halifax deposit.

Check your Ts & Cs before modifying your deposit though.

flyingflea

LongTermLurker wrote: »

Was that a direct "tip" to you? The Barclays 7.75% account has been discussed on here for months - I thought I might be cutting it fine applying in November, after the base rate cuts. Not being funny, but if people are serious about getting the best accounts then they need to log in and browse the forums on a regular basis.

I don't check the MSE website that often, only for the odd article about something I need to at that point in time (car insurance, call / flight checker etc). That's why I rely on the newsletter to inform me of offers. These newsletters usually provide enough time to apply for the product but a few hours seemed a little shorter than normal. I was able to benefit from the AA Internet Fixed Rate Savings account mentioned previously in the newsletter, afterall.