dead-money
Rocket to the Moon
Posts: 735
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Post by dead-money on Jun 29, 2019 13:29:12 GMT
"I know this is a bit old but was wondering do you really get 5% on the santander Regular (Monthly) saver (Issue6), mine ran out and was moved into a 3% Issue 7 in Feb - automatically that is with my open ended S/O. It's still slightly better than Marcus overall but I notice it's been reduced down to 2.5%"
Yes you did, put remember it's 5% per annum calculated daily for the number of days each monthly payment was in the account. So twelve monthly payments of £200 over course of one year gave you just £65. Issue 7 at 3% will give £38 and Issue 8 at 2.5% £32. (It's all detailed on their website)
So you can see why P2P 'savings' accounts got so popular with the masses with their promise of 5% or more on your whole balance from day one...
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aju
Member of DD Central
Posts: 3,480
Likes: 917
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Post by aju on Jun 29, 2019 13:51:55 GMT
"I know this is a bit old but was wondering do you really get 5% on the santander Regular (Monthly) saver (Issue6), mine ran out and was moved into a 3% Issue 7 in Feb - automatically that is with my open ended S/O. It's still slightly better than Marcus overall but I notice it's been reduced down to 2.5%"
Yes you did, put remember it's 5% per annum calculated daily for the number of days each monthly payment was in the account. So twelve monthly payments of £200 over course of one year gave you just £65. Issue 7 at 3% will give £38 and Issue 8 at 2.5% £32. (It's all detailed on their website)
So you can see why P2P 'savings' accounts got so popular with the masses with their promise of 5% or more on your whole balance from day one...
Yes so did I, get the 5% that is, that was my point, made badly I guess. P2P promises "Bah humbug" , I wonder did the politicians get the same idea when they argued the toss on brexit perhaps ... sorry couldn't resist. That said sticking to the biguns I have been lucky enough to make some profits over the last 10 years or so that are not to be sniffed at, although we did start off slowly in P2P with Zopa and are lucky enough to get the early adopter that mitigates quite a bit of default losses. For other interest the 5% works out as roughly 2.71% overall and the 3% is about 1.61% I keep spreadsheets so I can compare each one rate wise and make the correct targeting decisions when rates run out or change. As I said Tesco currrent account rates has just dropped and TSB is dropping on 2nd July - That one is still better than marcus and as the funding in and out is automatic will be keeping it until it deteriorates.
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Post by df on Jun 29, 2019 21:41:37 GMT
Not really "managing" May be because I was doing it for long time, but it it doesn't feel like hard work. Hardly any paper. Login is easy for most, but I don't have to do it very often. I've had locked online access to TSB account once, a bit of pain, but it was resolved. Good thing about banks is that you always get notified for maturity dates and any interest/T&C changes well in advance. The only one I have to pay fee for is Santander, but after cash back from utility bills it is around £2 a months, considering 5% on £200 per month (monthly saver) all together as a package works fine. Santander made a good move with reg saver - it is now automatically renewed as long as you keep your SO open-dated. I know this is a bit old but was wondering do you really get 5% on the santander Regular (Monthly) saver (Issue6), mine ran out and was moved into a 3% Issue 7 in Feb - automatically that is with my open ended S/O. It's still slightly better than Marcus overall but I notice it's been reduced down to 2.5% for Issue 8 so next time we will have to decide where to move to but by then Marcus will be lower as the bonus (0.15%) will have run out. BTW when we were playing the Current account interest chasing game we had many many accounts (over 30 or more between us )and it was fun never seemed to affect credit rating though. We made over £3000 on HFX alone until they all started to drop the rates and made it pretty much too much bother - especially when tesco stopped DD funding of their savings accounts. We still have TSB, Tesco and one Santander gaining interest but am about to withdraw tesco as its rate has dropped below Marcus. Will still us it for Clubcard points etc. Yes, it's 3% now. Still good for regular saver. I'm still to wait 9 months for the next issue, but if the situation with bank offers is the same as it is now I will be happy to renew at 2.5%. I'm probably wrong, but I thought Marcus is offering some kind of renewal of this bonus??? If not, there are few instant access with unlimited withdrawals offering above 1.4%. I've withdrawn my 6k from Tesco on the day when the rate dropped down to 1%. The other two current account 1.5%-ers are Bank of Scotland (15k) and Lloyds (5k). I used to have all three with BoS, but reduced them to two is favour of £100 offered by Halifax for switching. I've had 36 of them at some point (just on my own). Probably less now, can't be bothered to count, some of them are dormant (RCI, Ulster etc.) - they used to deliver leading rates at some point, not now, but there's no need closing them.
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