Expired

7% REGULAR SAVER CASH ISA FIXED FOR 12 MONTHS ACT QUICK @ Saffron Building Society

22
Found 26th Feb 2009
An excellent rate for those who are prepared to lock away the cash for the whole year.

ENDS MONDAY 5PM

Rate: 7% AER fixed for 12 mths.
Monthly Deposit: £25-300.
Make withdrawals?: No
Miss a payment? No
Operated by: Post/Branch

21 Comments

Saw this on MSE but as it's drip feed you won't get 7% on the full amount from day 1. I was hoping someone else would do the calculation to work out the effective rate.

Reserving vote for now.

effective rate for £3600 over a year is about 3% (£108 interest on paying £300 each month)

Which is very good in this climate!

muddyfox470;4499374

effective rate for £3600 over a year is about 3% (£108 interest on paying … effective rate for £3600 over a year is about 3% (£108 interest on paying £300 each month)Which is very good in this climate!



Yeah, better than the 1.X % some of these deposit takers are paying!

Still the best rate out there, good find.

Banned

I dont take chances with my savings thats why all my money is invested in Iceland.

Original Poster

This account is backed by the FSA so if you have 50K or less then your covered should anything goes wrong.

Banned

SHOWMAN36;4499696

I dont take chances with my savings thats why all my money is invested in … I dont take chances with my savings thats why all my money is invested in Iceland.



lmao!

SHOWMAN36;4499696

I dont take chances with my savings thats why all my money is invested in … I dont take chances with my savings thats why all my money is invested in Iceland.



Next to the frozen "prawn rings"?

nav0121;4499887

This account is backed by the FSA so if you have 50K or less then your … This account is backed by the FSA so if you have 50K or less then your covered should anything goes wrong.



Just to be precise/pedantic - the protection isn't from the FSA - they authorise/regulate/monitor the activity of the financial institutions (or not as history may show).

It is the totally distinct FSCS - Financial Services Compensation Scheme - that provides the now 100% £50K/person/authorised institution cover against loss.

See fscs.org.uk/con…ts/

Only after a lot of confusion/clicking/techie talk would you get to
fsa.gov.uk/reg…922
which reveals this (or any other) societies status - and it's STILL in complete gobbledygook - it's the PERMISSION page that reveals which activities are actually authorised and hence covered by the FSCS (as I understand it). Makes you wonder just how many CONSUMERS have ANY influence at the FSA/FSCS. Best to study the MoneySavingExpert page(s) on the whole topic.

The FSCS get THEIR money short term from government loans, and ongoing by a levy on any surviving retail deposit taking institutions - hence all building societies' results currently being hammered by extra levies over the next 3 years to cover Northern Rock=Paper, IceSave=melted, etc! (Thought it's been smaller societies hiding under the skirts of larger ones that have kept all the BS going recently rather than resorting to the FSCS.)

PS: This is NOT to knock this particular BS/account at all - I'm sure it's as good as any - it's our abysmal governmental/regulatory system for managing financial terrorism that bugs me - millions of peoples lives damaged and thousands of *ankers get gold bedded for the rest of their lives as their reward for it - ARGH!

MKD

thepearce;4500365

It's not bad - as you get to keep the money elsewhere (or wait to earn … It's not bad - as you get to keep the money elsewhere (or wait to earn it) over the course of the year.If you just want a lump sum ISA - 3.25% here : http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx#tabs=section2(3.5 if you have > 10k)



At least this rate is guaranteed, i.e. fixed. But the Natwest is variable isn't it? I doubt it's taken the latest drop into account

muddyfox470;4500402

At least this rate is guaranteed, i.e. fixed. But the Natwest is … At least this rate is guaranteed, i.e. fixed. But the Natwest is variable isn't it? I doubt it's taken the latest drop into account

Yes just checked & can't see it being fixed - you quoted me before I had a chance to remove it.

I find a good source of info is here : forums.moneysavingexpert.com/sho…t=1

This is looking quite good I think - as it is a fixed rate. Something I saw on MSE which I guess applies for most people :

Applications from out of area need to be received before close of … Applications from out of area need to be received before close of business on Monday (2nd March)



...so I'd better get my skates on.

The Effective rate is actually only 3.7% when you take account of the drip feed method. :whistling:

suesybabe21;4500707

The Effective rate is actually only 3.7% when you take account of the … The Effective rate is actually only 3.7% when you take account of the drip feed method. :whistling:

"only" 3.7% would be very good. Obviously not the headline 7% but if you have money waiting to drip feed into this hopefully it's earning a fairly decent rate anyway.

muddyfox470;4499374

effective rate for £3600 over a year is about 3% (£108 interest on paying … effective rate for £3600 over a year is about 3% (£108 interest on paying £300 each month)Which is very good in this climate!



If you are transferring the money from another account which also pays interest you need to add both lots of interest together and it will come out at more than 3%. I have money in an account paying just 3%, but am transferring the maximum to the (now unavailable) Halifax regular saver which pays 10%.

I can't understand why some other posters feel that a 7% rate on a regular savings account is some sort of con because you don't get the 7% on the full amount you might have after a year. Of course they won't pay interest on money you haven't saved yet..... 7% is very good in this climate as muddyfox says and the fact that it's been voted cold simply highlights the level of ignorance about money that most people have.

The fact that an actual rate of say 4.5% by drip feeding is good just shows how badly savers have been shafted by this useless government who got us into this mess in the first place.

merlinthehappypig;4500779

If you are transferring the money from another account which also pays … If you are transferring the money from another account which also pays interest you need to add both lots of interest together and it will come out at more than 3%. I have money in an account paying just 3%, but am transferring the maximum to the (now unavailable) Halifax regular saver which pays 10%.I can't understand why some other posters feel that a 7% rate on a regular savings account is some sort of con because you don't get the 7% on the full amount you might have after a year. Of course they won't pay interest on money you haven't saved yet..... 7% is very good in this climate as muddyfox says and the fact that it's been voted cold simply highlights the level of ignorance about money that most people have.The fact that an actual rate of say 4.5% by drip feeding is good just shows how badly savers have been shafted by this useless government who got us into this mess in the first place.



Well said!

Pays your money, takes your choice. Either put £3,600 in now at perhaps 3% or drip feed at 7% some people might not have £3,600 to put in as a lump sum.

Personally I don't think these sort of offers should be discussed here as lots of people don't understand things. 7% is 7% its just you haven't maxed out your allowance, as you probably havn't if you're considering this given there are only a few weeks left of this tax year! Probably best saved to MSE where this offer probably originated.

Anyway, anyone considering this might also want to know that First Direct offer the same deal (I think, not looked into details of the one being offered) but 7% on regular saving of up to £300 p.m.

...I've got a 10% Halifax regular saver too, as has the wife; will be a shame when I reach the last payment on that if things don't improve!

Original Poster

Sunnysider;4501299

Personally I don't think these sort of offers should be discussed here as … Personally I don't think these sort of offers should be discussed here as lots of people don't understand things. 7% is 7% its just you haven't maxed out your allowance, as you probably havn't if you're considering this given there are only a few weeks left of this tax year! Probably best saved to MSE where this offer probably originated.Anyway, anyone considering this might also want to know that First Direct offer the same deal (I think, not looked into details of the one being offered) but 7% on regular saving of up to £300 p.m.!



1-You and others seemed to understand this hence you replying (my point being whatever intrests you thats what you read and reply right?)

2- Some people may not have MSE so some people may not be aware of this deal! which is a good one if you compare it to ISA's these days!

3- With First Direct you need a current account to get that ISA and you have to pay in at least £1500 monthly!

Sunnysider;4501299

7% is 7% its just you haven't maxed out your allowance, as you probably … 7% is 7% its just you haven't maxed out your allowance, as you probably havn't if you're considering this given there are only a few weeks left of this tax year!



With this people are sending in post-dated cheques in order that the account be opened in the next tax year. As you say - this is all on MSE, but it's useful info nonetheless.

Initially I reserved my vote on this until I had some idea what the effective annual rate was, so I could see what the best deal was likely to be. Having done that, and considered the other benefits of this I have since voted hot.

Gutted I missed the Halifax International RS at 10%. Wanted the wife to open one as she pays less tax...but they refused on the basis of her nationality. By the time that had been argued it was down to 8%. By the time I got my forms back it was down to 6%. At least I earned some topcashback on the callback request. In the meantime the missus opened a RS at Barclays for 7% (IIRC)

Sunnysider;4501299

...I've got a 10% Halifax regular saver too, as has the wife; will be a … ...I've got a 10% Halifax regular saver too, as has the wife; will be a shame when I reach the last payment on that if things don't improve!



We both have one as well. I vaguely recall something about them continuing to offer the 10% rate for existing customers for another year. The money already accumulated at the end of the year will be transferred to the link account, but the regular saver can carry on for another 12 months. Probably wishful thinking......

Banned

thepearce;4502717

With this people are sending in post-dated cheques in order that the … With this people are sending in post-dated cheques in order that the account be opened in the next tax year. As you say - this is all on MSE, but it's useful info nonetheless.Initially I reserved my vote on this until I had some idea what the effective annual rate was, so I could see what the best deal was likely to be. Having done that, and considered the other benefits of this I have since voted hot.Gutted I missed the Halifax International RS at 10%. Wanted the wife to open one as she pays less tax...but they refused on the basis of her nationality. By the time that had been argued it was down to 8%. By the time I got my forms back it was down to 6%. At least I earned some topcashback on the callback request. In the meantime the missus opened a RS at Barclays for 7% (IIRC)


post-dating a cheque isnt a great way of stopping anyone cashing it. Banks very rarely check the dates on cheques.

csiman;4502754

post-dating a cheque isnt a great way of stopping anyone cashing it. … post-dating a cheque isnt a great way of stopping anyone cashing it. Banks very rarely check the dates on cheques.

Agreed. Saffron have also asked for a covering letter.

I just called and double-checked. They confirmed to me with a post-dated cheque and a covering letter they were happy for me to state ]April 25th

Just got all the paperwork through today, although I am an existing customer.

Because of the amount of applications the accounts were spread between the different branches, and therefore they will probably be dealt with differently. Customer Services and the people at branch are very friendly and extremely helpful!

They wouldn't let me put anything later than 15th April on my cheque, I sent the cheque post application to ask a few questions but it still was opened fine, seems they wouldn't allow me to start on any day other than the 6th.
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