Regular Savings Accounts Article Discussion

Ken68

One week waiting time here, for Virgin store .... have four of their R.S's and next Friday hopefully another two. Not sure how many there are.

Jo_Blogs

prasangv wrote: »

Does it matter what date of the month I put subsequent deposits? If I open a regular saver and make my first deposit on the 10th of the month, should following months' deposits be on the same date - in order to maximise interest by the end of the 12 months? Or should I deposit on the 1st of the month from month 2 onwards to maximise interest?

That's what most old hands do, when possible

Westie983

Ken68 wrote: »

One week waiting time here, for Virgin store .... have four of their R.S's and next Friday hopefully another two. Not sure how many there are.

There has been five regular savers

Branch Issue 1 & 2
Online Issues 1, 2 & 3

and now we have the match day ones Online and Branch. So thats 7 RS all paying out 2.25%

I am hoping Branch Issue 3 is imminent, to balance my seesaw of Regular Savers.

mgarl10024

Westie983 wrote: »

There has been five regular savers
I am hoping Branch Issue 3 is imminent.

I am hoping Online Issue 4 appears in April, as the MatchDay one seemed to be out of the pattern.

Jo_Blogs

It's the 10th and still no changes / additions to the Virgin RS's available. It remins as:

Matchday E Saver Issue 1 £250 pm 2.25%

Store version for those who can easily get to one. (Issue 1)

Regular E-Saver Issue 3 £250 pm 2.25%

Store version for those who can easily get to one. (Issue 2)

There have, however, been additions made to the CashIsa and fixed term accounts now presently available

stevec59

Hi, I'm sure it's here somewhere, how do I workout interest on regular saver, I'm looking at HSBC £250pm over 12 month=£3000 plus £81.58 interest, the rate is 5 % but as your not saving £3000 for 12 months it doesn't actually work out any where near that.

Many thanks

agentk

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts bottom of page

[Deleted User]

stevec59 wrote: »

Hi, I'm sure it's here somewhere, how do I workout interest on regular saver, I'm looking at HSBC £250pm over 12 month=£3000 plus £81.58 interest, the rate is 5 % but as your not saving £3000 for 12 months it doesn't actually work out any where near that.

Many thanks

It's roughly half as that's the average amount you'll have in there. £3000 at 5% if it was there all year would give you £150 so......

stevec59

agentk wrote: »

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts bottom of page

That just tells me that if I save a certain amount per month at a certain % interest that I will get so much interest, it doesn't tell me how to calculate the interest.

HSBC £250pm over 12 month=£3000 plus £81.58 interest, the rate is 5 % but as your not saving £3000 for 12 months it doesn't actually work out any where near that.
If I do a rough calculation, £3000 + 2% = £60, I was trying to work out if I'm better off with Atom ( who have just dropped the rate for 1Yr Fix), or Regular saver, as I'm switching to HSBC for the incentive I might as well do the Regular saver

stevec59

Thanks Marvo5, You're about right,

£3000 =2.5% = £75, so slightly more than 2.5%.

Are there any 'Stand Alone' 5% reg savers?In other words one's that you don't need to have a current account with, I know Saffron Waldon B?s are doing 3.5% fix