Interest rates

[mistyoptic]

These deals fool many people (not suggesting you two) with their high % figure with only eg the first £250 earning the full 7% and the last £250 earning very little (and all stops inbetween diminishing as they go).

Yes, effectively only 3.5% because you can’t put the whole amount in at the start. Even so, at the time I opened the account, it was a decent deal. Less so now

 

[wiggydiggy]

Yes, effectively only 3.5% because you can’t put the whole amount in at the start. Even so, at the time I opened the account, it was a decent deal. Less so now

Oh I see what the point being made earlier was now, yes I agree I'll only get 7.5% on the £250 I pay at the start. The final amount I've saved (£3000) will only get 7.5% for a month.

However as I don't have £3000 now, but I do have £250 this account is good for me as I'm looking to build over time not invest a large lump sum.

 

[SpokeyDokey]

Oh I see what the point being made earlier was now, yes I agree I'll only get 7.5% on the £250 I pay at the start. The final amount I've saved (£3000) will only get 7.5% for a month.

However as I don't have £3000 now, but I do have £250 this account is good for me as I'm looking to build over time not invest a large lump sum.

It's good to save!

I got the saving bug back in the 90's but didn't really start managing money properly until the start of the millenium.

 

[DogmaStu]

I've only got Easy Access at the moment.

Investec sent me an email today, up to 4.38% so that's nice.
Chip are at 4.51% since last month.
Tandem are on 4.36%
Raisin with UBL UK still at 4.18% - I'll move this soon if it stays there.

 

[JtB]

Just seen Shawbrook have put their new issue ISA up again, now 4.33%, mine is still at 3.72%! GGGRRRR!!!

Just requested that Shawbrook up-issue my Easy Access account to the latest issue and pay the higher interest rate which they have done. However, they indicated that the do not do this automatically and that customers need to request it. Clearly a ploy to attract new customers at a higher internet rate while hoping not to pass on the higher interest rate to existing customers. Always good to know how much or little an organisation appreciates its customers’ loyalty.

 

[Mike_P]

Worth checking what is offered under your own banks terms as an adjunct to your normal account. Barclays have a Blue Awards Saver which you pay £5 into a month and gives a somewhat low return (3% gross) but then allows you to access other services including a Rainy Day Saver which gives 5% gross on savings upto £5000 and allows immediate withdrawals.

 

[mr_cellophane]

A few years ago I put a lump sum in a fixed interest account and had the interest paid into a regular savings account. So if I did that today, I could be earning 4% on the principle and 7% on the interest on the interest. Clerk in Santander thought I was odd, I told him if they offered the same interest rate for all accounts I wouldn't do it.

 

[Mike_P]

Currently the best ISA is a 2 year fixed RBS
one at 5.9% but only open for new applicants for a few more days

 

[Deleted member 26715]

Slightly OT, but we have a Asda card, which is managed by Jaja, they sent through an email today, if we took cash on the card the rate would be 33.35% how can they justify that kind of rate?

 

[mr_cellophane]

Currently the best ISA is a 2 year fixed RBS
one at 5.9% but only open for new applicants for a few more days

Already got my application underway

 

[wiggydiggy]

Worth checking what is offered under your own banks terms as an adjunct to your normal account. Barclays have a Blue Awards Saver which you pay £5 into a month and gives a somewhat low return (3% gross) but then allows you to access other services including a Rainy Day Saver which gives 5% gross on savings upto £5000 and allows immediate withdrawals.

Have to be a Blue Rewards Member for that, £5 a month cost. You can offset that by having a current account and meeting certain conditions but for low balance savers who don't want to switch current account i dont think it's worth it.

 

[Mike_P]

Have to be a Blue Rewards Member for that, £5 a month cost. You can offset that by having a current account and meeting certain conditions but for low balance savers who don't want to switch current account i dont think it's worth it.

Yes but you get £5 a month added to the 3% account so you do lose anything. They use to put more into the 3% account than you paid. Again funds from that account can be withdrawn.

 

[wiggydiggy]

Yes but you get £5 a month added to the 3% account so you do lose anything. They use to put more into the 3% account than you paid. Again funds from that account can be withdrawn.

I didn't see that in the account description?

 

[Mike_P]

I didn't see that in the account description?

Certainly the way it works. Almost as if it's a direct monthly transfer between accounts.

 

[wiggydiggy]

Certainly the way it works. Almost as if it's a direct monthly transfer between accounts.

I just checked again and you only get £5 back if you open a current account and meet certain conditions. You can certainly join Blue Rewards and link it to that savings account, but you won't get £5 back a month that way. You'll earn interest sure but I think there are better options available for those with small amounts to save.