Are regular savings accounts worth it ?

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  • veryintrigued
    veryintrigued Posts: 3,843
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    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: 8,901
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    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
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    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: 8,901
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    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!
  • 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
    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
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    @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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