Monthly Savings Accounts

Money, investing, mutuals etc
planteria
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Monthly Savings Accounts

Post by planteria » Mon Oct 17, 2016 10:56 am

along with Current Accounts, Monthly Savings Accounts are seeing their rates dropping.

i have a Club Lloyds Monthly Saver which is currently paying 4%, but when it matures next month the rate to continue would be 3%, so i'm not going to bother. i'm currently saving into HSBC and M&S accounts at 6% and Nationwide at 5% too. as it stands, at maturity, all would be renewable at 5%.

i'm going to set a 5% baseline and anything at or above 5% i'll take :think: they're useful for building up a little lump sum, and bagging some interest, but below 5% i don't think they're worth the hassle.

pabenny
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Re: Monthly Savings Accounts

Post by pabenny » Mon Oct 17, 2016 11:06 am

I guess these accounts must be (partly) supported by the marketing budgets for customer retention. About 4% extra interest on a maximum balance of £3000-3600 costs about £60 a year* and locks in the customer.

(* since they are a monthly savings account, the average balance is approx half the maximum £3000/2 *4% = £60)

planteria
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Re: Monthly Savings Accounts

Post by planteria » Mon Oct 17, 2016 1:42 pm

i guess so, yes... all of the accounts i mention depend upon having a Current Account with the account provider

Luke_PieStalker
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Re: Monthly Savings Accounts

Post by Luke_PieStalker » Mon Oct 17, 2016 3:59 pm

You wont take less than 5%? Really limits your options there (especially with lump sums).

I am dreaming of 5% rates for normal deposits.

Prob be 2025 by the time those days come back around (if ever)

planteria
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Re: Monthly Savings Accounts

Post by planteria » Mon Oct 17, 2016 6:24 pm

Luke_PieStalker wrote:You wont take less than 5%? Really limits your options there (especially with lump sums)..
we're talking about Monthly Savers. £1k/m across Nationwide/HSBC/M&S, averaging 5%+, is good enough for me.
Thanked by: Luke_PieStalker


planteria
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Re: Monthly Savings Accounts

Post by planteria » Wed Oct 19, 2016 1:04 am

i don't fancy that em :geek:

myfyr
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Re: Monthly Savings Accounts

Post by myfyr » Mon Oct 24, 2016 12:16 pm

Are these plans available via Hargreaves Lansdown?

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