ISA's are offering really low interest rates at the mo so thought I'd look into some regular savers. This one looks good and you can save anything from £25-£300 per month and a maximum of £3600 in a year.

Works out at £93 net interest if you save the full £300 per month from month 1.

Bear in mind you'll need a first direct current account.

EDIT**

It seems some people really struggle with basic maths and logic. So to briefly explain:

You will not receive 6% gross on £3600 for a whole year because the maximum you can save is £300 per month. I thought this was pretty obvious. Therefore, assuming you pay the maximum £300 in per month, you earn 0.005% on £300 for month 1, 0.01% on £600 for month 2, 0.015% on £900 for month 3, 0.02% on £1200 for month 4 and so on (see post 22 for a better breakdown, thanks Smithers37). It equates to £93 net interest per year, its good. If you see a better current deal, post it!

What I will be doing is moving my current ISA to the best ISA I can find, and all my new savings that I make in the next year, will go into this regular savings account - because the interest rate is far better than any ISA I've seen.

People go on about paying off mortgage etc but I have a wedding to pay for!

Hope the deal (and explanation) is useful to some of you.

Works out at £93 net interest if you save the full £300 per month from month 1.

Bear in mind you'll need a first direct current account.

EDIT**

It seems some people really struggle with basic maths and logic. So to briefly explain:

You will not receive 6% gross on £3600 for a whole year because the maximum you can save is £300 per month. I thought this was pretty obvious. Therefore, assuming you pay the maximum £300 in per month, you earn 0.005% on £300 for month 1, 0.01% on £600 for month 2, 0.015% on £900 for month 3, 0.02% on £1200 for month 4 and so on (see post 22 for a better breakdown, thanks Smithers37). It equates to £93 net interest per year, its good. If you see a better current deal, post it!

What I will be doing is moving my current ISA to the best ISA I can find, and all my new savings that I make in the next year, will go into this regular savings account - because the interest rate is far better than any ISA I've seen.

People go on about paying off mortgage etc but I have a wedding to pay for!

Hope the deal (and explanation) is useful to some of you.

did this is last year....its pants

94 quid...

Can you earn more in interest with a bank? If so please let me know!

i use the nationwide 5% invested 2.5k

have a standing order in and out monthly every 10th day of the month.

see what happens in 11months time!!!

Do you have a time machine?

Easy 6% if you have some surpass cash around.

To apply for a Regular Saver Account you must already hold a first direct current account - our 1st Account.

Thanks, have added to OP

These could be BoS and LLoyds Classic Vantage as well as Santander 123

If you can afford £300 savings a month the £3k to earn 3% should be no problem

Only if you don't understand how interest works. Its a regular saver, obviously if you just have £3600 sticking around earning no interest this isn't the account for you. For folks like me with a job and save some each month, its a great idea.

So could you enlighten me and perhaps others on where I've gone wrong? I'm pretty sure after reading the First Direct blurb that you would not get a total of £216 (£3,600 x 0.06) gross interest after a year of investing £300 per month.

Anyone get anything different?

The interest on each individual month of savings would be:

0.06

0.055

0.05

0.045

0.04

0.035

0.03

0.025

0.02

0.015

0.01

0.005

I don't think it works like that either. The OP has already said it would yield £94 net interest (on £300 pm / £3,600 total) after a year. That is, as you say, £117 gross which equates to a 'simple flat rate' of 3.26%. I think that the 'true compund rate' for equal monthly instalments is ([square root of 1.06] - 1) x 100, which is (1.0296 - 1) x 100 = 2.96%.

I wasn't dissing the deal, merely pointing out that the stated interest rate is, just like all other sales blurbs, slightly misleading.

Don't let the headline 6% catch you out, it's not that great. Not voted as it isn't that bad either.

Both accounts require you to pay in £500-1000 per month to keep the benefits active.

How do you do that? Can you pay in £1000 then transfer it away immediately again? Does that count?

94 quid after a year isn't much is it ? You'd be better off spending wisely saving a quid or two a week by not buying this or that and you'll still get 50-100 quid!

Or selling some games/DVDs around the house

Savings rates really are not worth the bother at the moment!

Which bank do you work at?

http://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts

As long as you're a particular type of customer, example - Premier customer, or a student

(used to be 8% too)

Hold off the impulse purchases! Not all just one or two :-)

Of course it would.

I use the Santander 123 account as my current account, my salary gets paid there and I transfer £1000 out that day to Nationwide via standing order and then back to Santander the following day.