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  • FIRST POST
    • AndyPK
    • By AndyPK 10th Feb 18, 3:45 PM
    • 2,783Posts
    • 768Thanks
    AndyPK
    Reg. Savers 5%
    • #1
    • 10th Feb 18, 3:45 PM
    Reg. Savers 5% 10th Feb 18 at 3:45 PM
    Well I'm grumpy.

    These regular savers seam to be diminishing either in rate or how much you can put in them.


    Another one in finishing soon and the replacement is only 2.xx%

    I have a santander and nationwide already.

    I may as well stick the money in a 1.4% account.

    I'm pondering HSBC 250 and M&S 250 (earn 81)

    But getting to the point where I wonder if it's worth the trouble. I guess if I include the switching bonus it is.

    Can anyone recommend an account to open, that I can use to sacrifice to get a switching bonus?

    Are there any with nice rates on current accounts ? I have BOS,S123


    Thanks
Page 4
    • Kim_13
    • By Kim_13 11th Feb 18, 8:27 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    I'm no expert with mathematics but HSBC are offering a Regular Savers account with a fixed rate of 5% over 12months when you are a premier account holder. To me this means that at the end of 12months the interest on the maximum amount of 3000 is 150- but HSBC are telling me that the interest received will be 81.25... this is 2.7% not 5%.

    Am I working the % out incorrectly? is there something I'm missing?- what has your experience been?
    Originally posted by Ledw
    There's also an explanation of this under the 'Don't believe the bad press' section of the MSE Regular Savings guide, near the bottom of the page: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts.

    Simply put you do receive 5% on all the money in the account for the time it is in there - but there is only 250 maximum in there earning interest for the whole 12 months, 500 for 11 months and so on.
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • ValiantSon
    • By ValiantSon 11th Feb 18, 10:50 PM
    • 1,600 Posts
    • 1,345 Thanks
    ValiantSon
    This is what you actually wrote:



    As I say, you aren't comparing like with like, as these are different scenarios for the amount available and when, and furthermore the person with the 3000 lump sum at the start could use both accounts to make more than either of those numbers, about 55.

    In other words, you give one hypothetical example which nobody would/should actually follow; it is not better.
    Originally posted by redux
    I'm not going to continue arguing this point with you. You interpreted something I wrote incorrectly. Move on.
    • aj23
    • By aj23 12th Feb 18, 9:53 AM
    • 351 Posts
    • 130 Thanks
    aj23
    You'd get more long term with accounts which allow higher caps or no fixed term. Like Nottingham or Yorkshire or N+P building societies.
    • AndyPK
    • By AndyPK 12th Feb 18, 12:25 PM
    • 2,783 Posts
    • 768 Thanks
    AndyPK
    Could you tell me which one / rate you are referring to please ?


    https://secure.ybonline.co.uk/personal/savings/
    • polymaff
    • By polymaff 12th Feb 18, 3:39 PM
    • 2,048 Posts
    • 886 Thanks
    polymaff
    Could you tell me which one / rate you are referring to please ?
    https://secure.ybonline.co.uk/personal/savings/
    Originally posted by AndyPK
    Yorkshire Bank

    Yorkshire Building Society

    Two different organisations.
    • AndyPK
    • By AndyPK 12th Feb 18, 5:58 PM
    • 2,783 Posts
    • 768 Thanks
    AndyPK
    so they have a bond at 1.6%
    • polymaff
    • By polymaff 12th Feb 18, 6:33 PM
    • 2,048 Posts
    • 886 Thanks
    polymaff
    so they have a bond at 1.6%
    Originally posted by AndyPK
    Which, for a 3 year bond, is left in the dust by NS&I's current offerings...
    • AndyPK
    • By AndyPK 12th Feb 18, 7:06 PM
    • 2,783 Posts
    • 768 Thanks
    AndyPK
    I have a nsi 2.3% bond opened over a year ago. Am I allowed another ?
    • polymaff
    • By polymaff 12th Feb 18, 7:33 PM
    • 2,048 Posts
    • 886 Thanks
    polymaff
    I have a nsi 2.3% bond opened over a year ago. Am I allowed another ?
    Originally posted by AndyPK
    EDIT: Bet that that is actually a 2.2% bond

    You're allowed up to 1m of the latest 2.2% guaranteed growth bonds

    and

    up to 1m of the latest 2.15% (2.17% AER) guaranteed (monthly) income bonds

    Three year term, early withdrawal penalty of the equivalent of 90 days interest on the sum withdrawn.

    One day MSE will update the header to this forum to reflect the above
    Last edited by polymaff; 12-02-2018 at 7:44 PM.
    • aj23
    • By aj23 13th Feb 18, 12:13 PM
    • 351 Posts
    • 130 Thanks
    aj23
    Could you tell me which one / rate you are referring to please ?


    https://secure.ybonline.co.uk/personal/savings/
    Originally posted by AndyPK
    I said Yorkshire Building Society, not Yorkshire Bank
    • AndyPK
    • By AndyPK 27th Feb 18, 8:35 PM
    • 2,783 Posts
    • 768 Thanks
    AndyPK
    god you have to earn your cash back with first direct

    I've never seen so many questions on an application.

    RBS was easy!

    And it kept timing out! 4 times I went thru it. So nearly got to the end on the 2nd time?

    On the 4th time it wouldn't let me get to the end. (the previous application must have been registered).

    Thought I would leave it to see what would happen.

    Had an email today, to say they have my details already so won't get the cash back. Phoned them up and the answer is I have to go thru the application on the phone taking 45 mins!

    Ur not today! Think I will look at the other ones!
    I liked that 300/month saver

    So be warned! Have your details to hand, try not to think of the questions too much! and type quickly!
    Last edited by AndyPK; 27-02-2018 at 8:38 PM.
    • ColdIron
    • By ColdIron 27th Feb 18, 8:52 PM
    • 4,044 Posts
    • 4,996 Thanks
    ColdIron
    Phoned them up and the answer is I have to go thru the application on the phone taking 45 mins!
    Originally posted by AndyPK
    If you phone them up and ask them if they can phone you back because you couldn't complete the process online they will generally agree, helps to come across friendly
    • AndyPK
    • By AndyPK 28th Feb 18, 12:49 PM
    • 2,783 Posts
    • 768 Thanks
    AndyPK
    It wasn't the cost of the phone call I was concerned with.


    It was painful enough doing it online, and would be a lot worse over the phone. I didn't have all the data to hand and didn't want to start the process at 8pm!


    They are open till 10pm at night I think she said.


    I've surprised they have such a high satisfaction rating, Maybe its all good once you are a customer
    Last edited by AndyPK; 28-02-2018 at 12:55 PM.
    • ValiantSon
    • By ValiantSon 28th Feb 18, 1:12 PM
    • 1,600 Posts
    • 1,345 Thanks
    ValiantSon
    It wasn't the cost of the phone call I was concerned with.


    It was painful enough doing it online, and would be a lot worse over the phone. I didn't have all the data to hand and didn't want to start the process at 8pm!


    They are open till 10pm at night I think she said.


    I've surprised they have such a high satisfaction rating, Maybe its all good once you are a customer
    Originally posted by AndyPK
    I don't think their customer service is anything to write home about. The one big advantage is getting to speak to a human being straight off, rather than go through an automated system, but after that they are nothing special and their processes are antiquated. I'd say that their service is adequate.

    I suspect that the high customer service ratings (in the MSE poll) comes from a lot of people who only bank with First Direct and have done for quite some time. They like the phone being answered by a human being and have no recent experience with other banks to see that things can be done more quickly and with less fuss elsewhere.
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