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shedfish

Are The Banks Trying To Attract Savers Again?

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wow, a non-bond paying 3% just sprang up at Lloyds Trustee Savings Bank Halifax Bank of Scotland Bank

interest penalty in a withdrawal month, but a not so shabby (in these ZIRP times) rate while keeping your options open

any other examples around?

Edited by ɥsıɟpǝɥs

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wow, a non-bond paying 3% just sprang up at Lloyds Trustee Savings Bank Halifax Bank of Scotland Bank

interest penalty in a withdrawal month, but a not so shabby (in these ZIRP times) rate while keeping your options open

any other examples around?

Nice one! Their existing internet savings account is utter shite, so I've just moved half of the money in there into the new account. Just that half will earn more interest in one month than the whole lot in the existing account will earn in a year!

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wow, a non-bond paying 3% just sprang up at Lloyds Trustee Savings Bank Halifax Bank of Scotland Bank

interest penalty in a withdrawal month, but a not so shabby (in these ZIRP times) rate while keeping your options open

any other examples around?

Ooh yes, the "Incentive Saver" - 3.04% if you don't touch it. As I'm a Lloyds customer :( it might be useful, thanks for the heads-up. I'm expecting some even better rates to appear in August & September, just a feeling in my balls :blink:

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Sorry l am assuming this is 3% annual gross% and NOT 3% per month as this would equal 36% per year before any AER calcs which would come to a grand total of 42.5% interest.

3% annual gross isn't great for a flakey **** bank is it?

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Sorry l am assuming this is 3% annual gross% and NOT 3% per month as this would equal 36% per year before any AER calcs which would come to a grand total of 42.5% interest.

3% annual gross isn't great for a flakey **** bank is it?

Better than the 0.1% I was getting on my existing Lloyds savings account. Might as well screw a few extra quid out of them.

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Coventry paying 3.3% non-bond- . Alliance & Leicester paying 3.15% instant access. Rates are going up, albeit slowly.

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I have just opened a savings account with ING which pays 3% for new accounts for the first 12 months with no penalties and pays interest monthly.

Better than a kick in the nads.

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Well my Tescos internet account is paying 2.25% (gross) and at the moment that still isn't looking too bad.

I'm going to close down my poxy Nationwide ISA which is paying 0.5% and move the money over. I couldn't give a damn about ISA's anymore; another government instituted rip off which is leaving me worst off every day.

Edited by chefdave

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Coventry paying 3.3% non-bond- . Alliance & Leicester paying 3.15% instant access. Rates are going up, albeit slowly.

Well savings rates can't go up too quickly. It might stop people splurging their cash on pwoperdee :blink:

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I have just opened a savings account with ING which pays 3% for new accounts for the first 12 months with no penalties and pays interest monthly.

Better than a kick in the nads.

Beware, they cut the interest on existing accounts...

OP: many thx, will look in to this. HBOS were giving 10% last year (max £500 per month tho for one year)

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Beware, they cut the interest on existing accounts...

OP: many thx, will look in to this. HBOS were giving 10% last year (max £500 per month tho for one year)

After 12 months it goes back to 0.5% which is when you look around for summit better i guess.

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Newcastle bs recently had a 5% 5 yr bond with a 90 day free notice withdrawal condition, making it a 90 notice account at 5% for 5 years instead of a bond.

What a clanger!. They closed the offer really quick when the press noticed it.

I just got in before it was closed. Others are offering over 5% 5 year bonds, but they, of course, allow no withdrawals in the 5 yr term.

Moneysaving expert mailed all their members about it.

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Well my Tescos internet account is paying 2.25% (gross) and at the moment that still isn't looking too bad.

I'm going to close down my poxy Nationwide ISA which is paying 0.5% and move the money over. I couldn't give a damn about ISA's anymore; another government instituted rip off which is leaving me worst off every day.

Why not just transfer the ISA to another provider? You should be able to get 3.5% from the High Street so get the interest and the tax advantages. I'm getting 3% from Halifax at the moment.

Basically ISAs should be shifted once a year.

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Shedfish, good tip, thx.

So if I've got this right:

saver should invest only what they don't need to withdraw because in any month that theres a withdrawal interest gets down to nil,

therefore it might be best to withdraw all but £1 on the first day of a new month to avoid significant interest loss on a significant deposit and then only add significant funds on the 1st day of a subsequent (new) month and then make no withdrawals for that month, and so on. Correct?

in effect then its an account where you need to know up to a month in advance if you'll need the money, and plan accordingly removing all but £1 any time you make a withdrawal or you get nil on what you leave behind for up to 31 days.

Edited by loginandtonic

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i know LTSB are a bit flakey, but show me a bank that aren't... and they are almost as Government-backed as it gets, for what it's worth

i've been wavering, and almost got sucked in with the spring's tranche of gun-jumpers in housing. it's a small step i know, but this account has given me cause to pause, with the prospect of at least earning some interest, while remaining flexible

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Beware, they cut the interest on existing accounts...

OP: many thx, will look in to this. HBOS were giving 10% last year (max £500 per month tho for one year)

Indeed they were. I took a slice of that particular cake.

So many people I spoke to told me that regular savings accounts were no good. I`m currently averaging nearly 5% on my savings (taking everything into account). The Lloyds 3% account doesn`t sound very appealing to me, especially having been on the recieving end of their customer "service".

Edited by Prof

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I have just opened a savings account with ING which pays 3% for new accounts for the first 12 months with no penalties and pays interest monthly.

Better than a kick in the nads.

Why put your money with ING @ 3% when 1) ING are not covered by the fsa guarantee scheme? and 2) you can get a better rate from various banks ( A & L, Coventry, Lloyds) that are covered by the FSA Guarantee Scheme? and still on instant access

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this from NE in savings forum - WHAT IS "A MONTH" ....

From the "Important Information":

2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).

http://www.lloydstsb.com/legal/savings_leg...er_imp_info.asp

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