The Lemon Fool

May be of interest to some, I think a pretty decent offer:

Club Lloyds 0.6% 0-4k,1.5% 4-5k

Plus free Disney+ £8 pm saved

Club Lloyd's monthly saver 6.25% £400 pm

Linked 2 year fixed bond 5.25%

Adamski wrote:May be of interest to some, I think a pretty decent offer:

Club Lloyds 0.6% 0-4k,1.5% 4-5k

You can get much better (4 to 5%) in HL's Active Saver.

Adamski wrote:May be of interest to some, I think a pretty decent offer:

Club Lloyds 0.6% 0-4k,1.5% 4-5k

WADR that's woeful.

Club Lloyd's monthly saver 6.25% £400 pm

Thats not bad though.

so - club llods..

* open account
* set up SO for one's a/c elsewhere to pay 2k a month in to CL a/c
* then move £600 a month from CL a/c into CL saver, get 6.25% (T&Cs apply etc to that saver)
* set up a SO to move back the £1400 left over in CL a/c to one's a/c elsewhere

rinse and repeat.

?

didds wrote:

Club Lloyd's monthly saver 6.25% £400 pm

Thats not bad though.

I think Nationwide do 8% for a regular saver. Are Club Lloyd's more typical of the rates for these?

Are regular savers worth it for most people? The interest on those are of course following a "triangular" shape (max input * interest / 2), so might not be as useful to people as one might immediately assume. (note: people get hooked by the larger-than-usual interest rate, not realising that most of the year they don't have much of their money inside the product, because there's a cap on how much per month you can put in)

It is also dead money and you pay tax on the interest.

yes regular savers get a lot of headlines but very little attention given to the real earnings being about half the headline rate

they are however an excellent way of putting an amount away each month without feeling any pain
as...a bit like your PAYE...its gone before you see it!!
but its still yours!!

GeoffF100 wrote:It is also dead money and you pay tax on the interest.

IF you earn sufficient interest in a year of course...

I'm already well in breach of the £500 higher rate tax free interest allowance (although I've also never aggregated all my income sources up to know how close I am to falling into the additional tax rate bracket and getting 0 allowance on interest!).

However, looking at my files I have:
HSBC Regular Saver (£250/month max for 12 months) paying 5.00%
Santander Edge Regular Saver (£250/month max for 12 months) paying 5.00%
Lloyds Monthly Regular Saver (£250/month max for 12 months) paying 5.25%

Santander Edge Saver (max £4,000 balance) paying 7.00%
Chip (no max) paying 4.84%

I only opened an Edge account recently as Santander is where all my household bills go through and I worked out the cash back I'd get was greater than the monthly fee outside of any interest bearing accounts.

And lastly, not interest bearing from a tax man perspective:
Premium Bonds (max £50k) paying the average Joe 4.65%

I only set the regular savers up because I already had accounts with them. I'm not sure I'd be bothered to open an account elsewhere just for the interest rate especially given that I will be over £500 annual interest simply with the balance that sits in the Chip account so every interest rate is effectively halved due to my income tax position.

Mind you, that still puts it at a level marginally higher than my combined mortgage interest rate (and I can't pay off more each year on that than I already do without penalties) so better to save it up until each mortgage falls out of its fixed rate over the next 3/4 years.