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Are regular savings accounts worth it ?

245

Comments

  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ColdIron wrote: »
    According to my details for this years self assessment I earned £733.10 from regular savers last year so I'd say it was worth it. It all adds up

    Yeah but I reality you should have earned twice that much if the Regular Savers actually paid what they advertised they do (said and thought far too many posters on here!!).
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    Not that old chestnut again

    They pay exactly what they advertise and don't forget the money that is not deposited is earning interest elsewhere

    If you find a savings account that pays interest on money not yet deposited let us know, I'm sure they'll be wildly popular
  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    Do you have somewhere else to put your money that pays a higher rate? If so then they're not worth it. If not then they are worth it.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    ColdIron wrote: »
    Not that old chestnut again

    They pay exactly what they advertise and don't forget the money that is not deposited is earning interest elsewhere

    If you find a savings account that pays interest on money not yet deposited let us know, I'm sure they'll be wildly popular

    I think that veryintrigued was making a joke.
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    Apologies to veryintrigued if so

    Still, it's only a matter of time :)
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    ColdIron wrote: »
    Apologies to veryintrigued if so

    Still, it's only a matter of time :)

    I think we hit that moment with the original post!
  • redandwhitestripes
    redandwhitestripes Posts: 43 Forumite
    The reason I asked the question was because I got different answers using different Regular savings calculators.

    Here, thisismoney , moneyfacts - they all give different returns.
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    @redandwhitestripes
    Compare your calculator experiences with this one:-


    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator


    It would benefit everyone if you find an error that can be demonstrated and then later rectified.

    J_B.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    redandwhitestripes wrote: »
    The reason I asked the question was because I got different answers using different Regular savings calculators.

    Here, thisismoney , moneyfacts - they all give different returns.

    Put the following formula into Excel and it will give you your total balance at the end:

    monthly deposit*((1+interest rate)^(Number of months/12)-1)/1-(1+interest rate)^(-1/12))
  • No_6
    No_6 Posts: 835 Forumite
    Part of the Furniture Combo Breaker
    @red.pipes
    we all go to the internet to find our answers
    and we get different answers....it's not a GOD
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