Ah yeh if you’ve already had £200 for switching to RBS you won’t be eligible.
Worth checking to see which other banks are doing it - first direct might still be?
Best savings account?
- Thread starter Merlin5
- Start date
Worth checking to see which other banks are doing it - first direct might still be?
I'm with first direct and lloyds
FD for the switch offer and the 7pc regular saver
Lloyd's for our joint account and I use the 5.25 regular saver
I have a S&S ISA for the 400-500 a month left over after the regular savers fill
The regular savers take 700 of my monthly spare cash.
Lloyd's is now 6.25 I believe if regular saver now.
FD for the switch offer and the 7pc regular saver
Lloyd's for our joint account and I use the 5.25 regular saver
I have a S&S ISA for the 400-500 a month left over after the regular savers fill
The regular savers take 700 of my monthly spare cash.
Lloyd's is now 6.25 I believe if regular saver now.
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Oh Halifax are still offering it?I did HSBC after 2020lol.
I'm definitely not cross - I've had my fair share lol!
No expired 23rd August - I think that's my exit strategy - use RBS for a while to get 9 quid, then when Halifax start offering I'll switch over. Hopefully they start a new campaign again soon!
Coop great but so antiquated.
Soldato
For that sort of money you'd be better off with an easy access savings accounts offering 4%+ now. Regular savers mean you effectively get half the advertised rate.
But I'd still be filling it monthly like I do now.
I agree when I come to the end of the year (November and December) I'll dump the chunk in an isa.
But if you are topping up from salary the regular savers are best for that
Soldato
It doesn’t make any difference… you’re just getting less interest?
I put around £600 into my Coventry BS account every month and it now pays 4.8%. If it was a regular saver limited to say £300 per month that’d need to be almost 10% to be equivalent.
Granted that’s limited access but there’s plenty of instant access accounts around now paying over 4%.
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Aye but if you're only putting 300 in anyway then 7 is higher than 4
Soldato
But he’s not getting 7, he’s only getting 3.5 due to how regular savers work… that’s my point. Better off with 4 in a normal account.
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You're making a comparison against someone paying the max on day 1...
Soldato
Its half the advertised amount because on average the money is only in the 180days.
For the other 180 days you can in effect have it elsewhere.
Eg say regular is 10%
Other is 8%
You have £4000 and you could put that all in the reg saver, but in 12ths
Reg will pay £4000 x 10% x 0.5 = £200
Other will pay £4000 x 8% x 0.5 = £160
Total £360
If you just use the other one its £4000 x 8% = £320
Higher rate, always wins.
Edit. To say the above is not quite right as its actually just over half, but its close enough for proving the reality of how it works.
Edit 2, moved the rates much closer.
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Soldato
Not really.
It depends if he's limited to only saving the max £700 a month allowed with those accounts. If he can bump that to £900 per month, the 4.7-5.2% accounts would work out more by around £30 depending on the timing of rate increases.
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Associate
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The regular savi
Really not sure that's true....if you start with £0 then you save £300 a month then putting it in via a higher rate regular saver is better....then at the end of your regular saver period you dump that all in a fixed rate ISA and start the regular saver again with new monthly money....
Soldato
It is true, obviously depending on the timing of rate changes. Regular savers total £299 in interest. If the rate on the variable account goes higher earlier it over takes them. And also obviously you can put in as much as you like every month too. Those accounts also compound the interest whereas regular savers don't.
Regular savers are fine if you have limited funds to put away every month, so long as you're aware of the timing impact on AER but if you're maxing two of them out that suggests you can probably save even more. It's not as simple as higher rate = best option.
| FD 7% RS | CL RS 6.25% | CBS 4.7-5.2% | |||
300 | 1.75 | 400.00 | 2.08 | 900.00 | 3.53 |
600 | 3.50 | 800.00 | 4.17 | 1803.53 | 7.06 |
900 | 5.25 | 1200.00 | 6.25 | 2710.59 | 10.84 |
1200 | 7.00 | 1600.00 | 8.33 | 3621.43 | 14.49 |
1500 | 8.75 | 2000.00 | 10.42 | 4535.92 | 18.90 |
1800 | 10.50 | 2400.00 | 12.50 | 5454.82 | 22.73 |
2100 | 12.25 | 2800.00 | 14.58 | 6377.54 | 26.57 |
2400 | 14.00 | 3200.00 | 16.67 | 7304.12 | 30.43 |
2700 | 15.75 | 3600.00 | 18.75 | 8234.55 | 35.68 |
3000 | 17.50 | 4000.00 | 20.83 | 9170.23 | 39.74 |
3300 | 19.25 | 4400.00 | 22.92 | 10109.97 | 43.81 |
3600 | 21.00 | 4800.00 | 25.00 | 11053.78 | 47.90 |
136.5 | 162.5 | 301.68 |
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Associate
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But doesn't your table show the opposite to your view, the CL RS at £400 a month gives you £162 interest which you still over half the interest you get by putting £900 in to the CBS so your have to save more then double to get less then double the interest.....so the regular saver is better....you should max out regularly savers and do as I said....it's the same for the FD RS it gives you much more for the £300 you put in....
It's like a politician using stats to prove a point lol. Totally makes sense if you ignore the value being saved lol.
People always over complicate this stuff.
If you have 700ppm to put away and start from 0 a regular saver of 5.25 + 7 covering that full 700 is going to be better than a 5pc easy access.
If you have 900. Those regular savers are going to still be better with the remaining 200 in the easy access.
If you have 700ppm to put away and start from 0 a regular saver of 5.25 + 7 covering that full 700 is going to be better than a 5pc easy access.
If you have 900. Those regular savers are going to still be better with the remaining 200 in the easy access.
Santander limited edition easy access - 5.20% (for 12 months)...
https://www.santander.co.uk/personal/savings-and-investments/savings/easy-access-saver
Only available until 17th September, or sooner if it sells out.
https://www.santander.co.uk/personal/savings-and-investments/savings/easy-access-saver
Only available until 17th September, or sooner if it sells out.