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cranberry
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19-01-2015, 05:14 PM
41

Re: Savings Interest Rates

I have just had an email from M&S, just skim read it and IF you transfer your current account to them and are willing to save each month for 1 year a minimum of £25, max of £250, you can get 6% AER/GROSS... Can't withdraw or you have to close the account.
I may do it, been with the same bank for years and they don't give much away.

If you want to save a small amount and can afford to leave it then might be worth it.. haven't read ALL the small print yet.
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19-01-2015, 05:19 PM
42

Re: Savings Interest Rates

Originally Posted by cranberry ->
I have just had an email from M&S, just skim read it and IF you transfer your current account to them and are willing to save each month for 1 year a minimum of £25, max of £250, you can get 6% AER/GROSS... Can't withdraw or you have to close the account.
I may do it, been with the same bank for years and they don't give much away.

If you want to save a small amount and can afford to leave it then might be worth it.. haven't read ALL the small print yet.
When you've read it.... is there a maximum transfer from your current account. Would I be able to transfer all my savings into my current account and then transfer to the M&S one and get 6% for a set term? Doubt it, but let me know
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stevmk2
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20-01-2015, 03:46 PM
43

Re: Savings Interest Rates

Originally Posted by billclay ->
if my premium bonds come up and I win a million I will be looking for crew for my yacht, anyone interested?, bearing in mind I haven't actually won it yet.
Crewed a yacht in 1991 for two weeks around the French Riviera, Elba and Corsica - fantastic!

Bear me in mind Bill!! stevmk2
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20-01-2015, 06:15 PM
44

Re: Savings Interest Rates

Originally Posted by stevmk2 ->
Crewed a yacht in 1991 for two weeks around the French Riviera, Elba and Corsica - fantastic!

Bear me in mind Bill!! stevmk2
You've had such an exciting life Stevmk2, you've seen so many places too.

I was reading about your post on Spain. We saw the programme with properties around Costa Calida and it looked very nice. Places near Dena seem to look good too, more lush and different Nationalities living there, rather than just us Brits. Unfortunately we can't afford a second home and could see problems in old age if we sold up. Many people have to come back to the UK when they can't look after themselves any longer, that would be a big worry. So we're just left with the dreams.....
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20-01-2015, 06:50 PM
45

Re: Savings Interest Rates

Cranberry, beware the maths!
Suppose you save £100 a month for a year.
For month 1, you get 1 years interest on £100.
For month 2, you get 11 months interest on £200........ etc....
For Month 11, you get 1 months (ie 0.5%) interest on £1200.

So that equates to a lot less than 6% (less tax). A lot better than most, but not all that it seems and on a relatively small amount.

However, if you deposit at least £1k a month, you can get 5% on balances up to £3k. (ie. keep a min of £3k balance and get 5% on the whole amount)
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cranberry
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20-01-2015, 07:21 PM
46

Re: Savings Interest Rates

Originally Posted by Grumblewagon ->
Cranberry, beware the maths!
Suppose you save £100 a month for a year.
For month 1, you get 1 years interest on £100.
For month 2, you get 11 months interest on £200........ etc....
For Month 11, you get 1 months (ie 0.5%) interest on £1200.

So that equates to a lot less than 6% (less tax). A lot better than most, but not all that it seems and on a relatively small amount.

However, if you deposit at least £1k a month, you can get 5% on balances up to £3k. (ie. keep a min of £3k balance and get 5% on the whole amount)
Ahhh, these things are never what they seem, are they? So it looks similar to the one that Santander are offering - I think..
Think I'll put my fiver under the mattress!
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Honey
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20-01-2015, 07:58 PM
47

Re: Savings Interest Rates

Originally Posted by cranberry ->
I have just had an email from M&S, just skim read it and IF you transfer your current account to them and are willing to save each month for 1 year a minimum of £25, max of £250, you can get 6% AER/GROSS... Can't withdraw or you have to close the account.
I may do it, been with the same bank for years and they don't give much away.

If you want to save a small amount and can afford to leave it then might be worth it.. haven't read ALL the small print yet.
6% on £250 isn't worth the bother of changing accounts, there are other deals out there that could work better for you
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cranberry
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Notts, UK
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20-01-2015, 08:03 PM
48

Re: Savings Interest Rates

£250 a month, Honey, but from reading more it doesn't seem worth all the faff anyway.
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Honey
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20-01-2015, 08:11 PM
49

Re: Savings Interest Rates

this explains it very well, my money's always on Martin!
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cranberry
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20-01-2015, 08:30 PM
50

Re: Savings Interest Rates

Yes, I think you're probably right - I have saved the info and will study it later. Haven't got loads of dosh but some ISAs are paying very little, may as well get what we can..
 
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