Regular Savings Accounts Article Discussion

Archi_Bald

If you are a Santander customer already, your best bet would almost certainly be their 123 account. Don't think they do a regular saver, and the rates on their savings accounts are pants.

bofhvp

My Childs Halifax Regular Savings matured in December 2013. I then started another Halifax Regular Savings for 2014 which is at 6%.

The person at the desk said that I'd be better off saving regularly into the normal Childrens Savings Account which has 3% interest rate which will give a better interest after 12 months than the regular savings account.

Am currently saving £100 (max allowed) per month into the regular savings. Would I be better saving in a normal childs saving account ?

Vortigern

bofhvp wrote: »

My Childs Halifax Regular Savings matured in December 2013. I then started another Halifax Regular Savings for 2014 which is at 6%.

The person at the desk said that I'd be better off saving regularly into the normal Childrens Savings Account which has 3% interest rate which will give a better interest after 12 months than the regular savings account.

Am currently saving £100 (max allowed) per month into the regular savings. Would I be better saving in a normal childs saving account ?

The person at the desk tried to tell you that a 3% account would be better than 6%??? Sounds like that person is bonused for creating new accounts!

If the rate drops after 12 months then you move the money elsewhere.

chamelion

bofhvp wrote: »

My Childs Halifax Regular Savings matured in December 2013. I then started another Halifax Regular Savings for 2014 which is at 6%.

The person at the desk said that I'd be better off saving regularly into the normal Childrens Savings Account which has 3% interest rate which will give a better interest after 12 months than the regular savings account.

Am currently saving £100 (max allowed) per month into the regular savings. Would I be better saving in a normal childs saving account ?

I think what they were trying to say is that the 6% regsaver matures after a year and you can only put £100/month. The children's account is ongoing, and you can get 3% on balances of up to 20k.

This is accurate - if you put 20k into the children's account you'll get a far better rate of return even at 3% than you would drip feeding £100 at 6% over the year.

Archi_Bald

Play about with a couple of calculators to understand the amount of money you (/your kid) can make

Normal savings calc: somewhere near the bottom of http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Regular savings calc:
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator

smudger1998

I was wondering why MSE has missed this one on its article?

Archi_Bald

It is in the Reg Savers sticky - first few posts of https://forums.moneysavingexpert.com/discussion/608697

Shake

4% Regular Savings from KRBS

smudger1998 wrote: »

I was wondering why MSE has missed this one on its article?

Looks great but this account can only be opened and operated at a Kent Reliance branch.

Striping1

Last year having retired,I looked at ways to maximise my income.
I opened a regular saver
Paid in £250 a month
I can't remember the interest mentioned,but thought I might make a few pounds
I have paid in £3000
I have received acheque for £3001.13.
So my total interest is £1.13
I don't know why this is .
I intend to ring the company tomorrow and ask for a breakdown of interest rates. Has any one got any comments

YorkshireBoy

Striping1 wrote: »

Has any one got any comments

Not without knowing the bank/building society involved and also the specific product name, no.

Actually I have...next time you sign up for something read the small print and ask for an illustration of interest payable if you're unsure.