No I asked you is it Ā£200 a month youāre allowed to save?
AER always gives half due to the monthly instalments, Ā£250 a month for 12 months at 2.5% Nets you Ā£3037.50
Yes, sorry Iām not being very clear (which is why I basically donāt like posting using a smartphone!). Iāll try again.
I try not to over-do saving, as no matter how good the rate it, itās unlikely to beat inflation or the stock market. Sadly, however, you cannot invest all your money so I cycle emergency cash annually. Letās for the sake of argument here say that the emergency cash is Ā£4,000.
December 2022 - my regular savings accounts all mature, I have Ā£4,000 plus interest to re-distribute. Iāll open 3x regular savers all allowing Ā£500 monthly at 9%, 6% and 5%:
21 December - I add Ā£500 to each of them, Ā£1,500 used. The rest sits in a holding savings account.
1 January - I add another Ā£500 each, Ā£3,000 used. This gives me almost but not quite a full year for both sets of deposits to accrue the full interest.
1 February - Iāll add Ā£500 to the 9% one but possibly only Ā£250 to each of the other ones - Ā£3,500 used.
1 March - Ā£500 to the 9%, bare minimum to the others.
From 1 April - as much spare cash (without losing investment opps) to the 9% one, bare minimum to the others.
Unfortunately Iām speaking from the point of view of someone who does not have a vast amount of spare money monthy (especially not since the cost of living went up). Of course for someone who can fill their Ā£20k ISA annually and has so much money they donāt know what to do with doesnāt have to worry about penny pinching, this kind of faffing would be a waste of time. I was just trying to make the point, not very clearly, that you can open a regular saver near the end of one month to get almost two months of full interest.
However, itās a very good reminder you made to not fall into the trap of perfect being the enemy of good - it would be stupid to see putting money into a 9% regular saver towards the tail end of its life as an opportunity cost while instead putting it in a new saver of 5% or, worse, keeping it in a 4% instant access account!
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An 8% regular savings account gives you 8%
You donāt get interest on money you havenāt put into the account, just like they donāt charge interest on money you have paid back on a loan.
So
An 8% regular saver over one year paying in Ā£1,000 in equal installments will give you Ā£1,040
A 8% loan of Ā£1,000 paid back in equal installments you will pay back Ā£1,040 (slightly more as you donāt pay in until the end of the first month)
So 8% regular saver is 8%.
Stop saying itās 4% when itās not.
Unless you are prepared to say a 8% loan paid back in the same way is a 4% loan, which you are not prepared to say.
Is this meant as an example?
IE you know of a Ā£500 a month regular savers that pays 9% !!!
Tell me. Private message is preferable!!!
Yes, it is just an example 
Saffron Buildings Society was doing one, but it was existing members only. Hence Iāve now joined with a Ā£1 account in case of future offers.
Yes I have it but it is only Ā£50 a month. Obviously if it was Ā£500 I would be bragging about itā¦to the world!!
It is only Ā£50 a month not finished yet
Using a monthly saver for years and a lack of maths behind me itās just how I see it. When I first opened a monthly saver i thought I was getting the full percentage when in fact I got half but now I know why and understand why., thatās all Iām saying.
Okay
I know i have an acount with them and
Saffron Walden
Yorkshire
Nottingham (behive)
Leeds
Skipton
And ā¦i wish i could remember!
Banks NatWest 6.25%
First Direct 7%
And its not even my money i use zero interest credit cards to feed them.
So borrow at zero % and lend at upto 9%
How kind are these credit card companies?
How do you get 0% interest on cash advances on a 0% credit card ?
Probably not cash advances. But 0% purchases, and āpaying off the balanceā into a savings account until the credit card promo finishes.
And even then, some banks are doing 0% & no fee balance transfers to extend that promo period further.
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Correct.
Either 0 interest spending credit card or zero interest zero fee balance transfer credit card. What you spend on the card (spending card) you put into a savings account and pay back at the end of the deal. Keeping the interest. Assuming there isnāt a 0% 0 fee balance transfer card available.
Have only one card for spending now, which I pay at the end of the month IE not 0% BUT if I pay a balance transfer into it it immediately ask me if I want the overpayment paid back into my bank account.
So I had Ā£9,500 paid into it a couple of months ago to pay off another 0% credit card (Ā£8,500) due in April.
Moved money into savings accounts.
Been doing this for about 15 years. Have some in a peer to peer on short dated loans at 10%.
In the past i always had all the money in savings accounts but a recent check debt V savings shows that some of the money has sneaked off into the market.
Not to worried as I now have my state pension and a small disability pension.
Naughty but I like a bit of risk. Could be called gearing or as the Americans prefer leverage but without the interest bit.
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If people have the time and inclination to do this sort of stuff fair play. Seems like a lot of time and effort for 2 or 3 pounds a week though.
Each to their own. But I have cĀ£9k on interest free credit cards at the moment. The Ā£9k I have in savings is earning around 5.5%. Thatās around Ā£500 in interest Iāll earn between now and when the credit card is due to be paid off.
More if there is a zero fee balance transfer.
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And all you have to do if you are using regular savers is set up a standing order.
And if all your doing is putting it into a instant access account virtually nothing.
I reckon roughly average interest including regular savers I should be getting 6% > on around Ā£16,000. Thatās not Ā£2 or Ā£3 a week.
Itās Ā£18.46p a week!!
Thatās a lot of beer
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Or just put the cash into one account such as Santander at 5.2% where you can get Ā£16/week interest on your Ā£16k.
As I said if youāve got the time and the motivation then fair play, itās a return less than inflation over the year anyway.
Its way above inflation.
As its someone elses money . So inflation is irrelevant ā¦except to the credit card company, they pay the inflation bill.
As its not my money inflation only kicks in when i receive the interest.
PS > means greater than.
7,8 and 9% regular savers. Plus a small amount with Crowdproperty paying 10%.
Latest instant access account interest rates from MSE
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess
I canāt be bothered moving again. I will wait till there is a 5.5% instant access accountā¦i may be being hopeful!
Update regular savers max monthly payments
8% Ā£200 Nationwide
8% Ā£200 principality building society you need to be a member but can open immediately. Only 6 months savings account.
Yorkshire 7%Ā£500
Skipton 7% Ā£250
Virgin 10% Ā£250 not sure how I managed to open this. Sometimes they say you have to have an account with them from before ??? Canāt remember I basically opened an account with them and used an old account number. So I got it. Not sure if you can get it if you just open an account with them. Nice interest rate.
Instant access
Skipton easy access 5.5%
To make sure rules like loyalty savers are open to you I open an account and just pay a Ā£1 a month in.
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Update. I have about Ā£20k interest free credit card debt (not payable until next year), earning on average 6% in savings interest.
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