Regular savings with reasonable interest rates

mooomin

Hello,

I am currently saving into a Halifax Monthly Saver with my best friend. We are saving £20 a month with the aim of going to the Olympics in 2012. We have about £525 saved at the moment including interest.

The Monthly Saver rate is mince (technical term) at the moment, and I'm looking for advice as to where we could save into.

It doesn't matter if it a regular savings account or a normal savings account, as long as we can deposit the current balance and save monthly. We are not going to be needing to withdraw any money for at least a year.

Thanks!

Special_Saver2

Hi flying_fresian,

It has been years since I had a Halifax Monthly Saver. It used to be a very good account but then they kept cutting the interest rate and then came out with the very similarly named Halifax Regular Saver account.

Provided you have not used up your single penalty-free withdrawal for the year, I would suggest that you withdraw all but £5 of the balance and then keep the account going by depositing £5 per month (you are allowed to change the amount of the monthly payment once per year) until the account anniversary. That way you will keep the 2% bonus interest. Once that interest has been paid out then close down the account.

As to where to put the balance minus £5 right now, check out Martin's pages on regular savings accounts and normal savings accounts. You could also look at my thread on Regular Savings accounts which has all the details you could possibly want.

SS2

christhesparky_2

you have just missed the deadline to get 7.75% from barclays on their regular savings, the rate has now dropped to 6%, fixed for 12 months saving £20 - £250 per month