Can you set up regular transfers from a Savings Ac

lacanox

Hello All
I think I put this question in the wrong section , anyway. Martin states under how to save a lump sum,"One final tip. To invest a lump sum using these schemes, put the money first in a standard savings account (Best Savings Account Article) then set up monthly payments from there to the Regular Saver."

With my egg savings account I cannot have a reguler payment setup to go out from that account. I have just checked th Alliance & Leicester Savings Account & under the terms & conditions it is only too & from a current accounts. how do you set up reguler payments I presume like standing order or direct debits from a savings account please? Or am I being daft & he means regular payment to current account & then to the regular savings plan?

Reaper

Savings accounts don't usually offer standing orders or direct debits.

You can set up a standing order from your bank account but you will have to manually pull down the money from your savings account to your current account each month.

You could put your money in a current account which pays a reasonable rate of interest but there is usually a catch. For example the A&L Premier Plus only pays 5.5% on the first £2,500 - so only suitable for a small lump sum. EDIT: Oh and you have to pay in £1000 a month - although a standing order in and out from your main bank account could cover that.

lacanox

:)Thank you very much for that. To explain a little further what I am trying to do is take advantage of the saving plan as recommended by Martin using a savings account & a regular savings account, ie the Deryshire building society regular saver. I am reasonably discaplined but I can see me forgetting to do a pull down from my A&L account to current to then pay in to the Derbyshire so I think I will just keep it simple. Again thank you for your help.

deemy2004

You can set up a standign order from a halifax web saver to a halifax regular saver.

lacanox

Thanks will take a look at them

Walletwatch

You can set up a standign order from a halifax web saver to a halifax regular saver.

I am not so sure about that, Deemy, as I checked this explicitly with Hfx, and they told me the standing order had to come from a current account. Tried this at the branch, and through telefone banking as well... unless they're doling out misinformation on a wholesale basis...

Milarky

Savings accounts don't usually offer standing orders or direct debits.

You can set up a standing order from your bank account but you will have to manually pull down the money from your savings account to your current account each month.

You could put your money in a current account which pays a reasonable rate of interest but there is usually a catch. For example the A&L Premier Plus only pays 5.5% on the first £2,500 - so only suitable for a small lump sum. EDIT: Oh and you have to pay in £1000 a month - although a standing order in and out from your main bank account could cover that.

AFAIK, you can set up any number of single payments from this facility - probably for 12 months at a time. This would allow you to 'tweak' the payment dates to avoid weekends [etc]. All you need is a calendar and the time to enter all these payment details over and again.

If you prefer, standing orders are available of course, and are much more straightforward to set up.

The good thing about the A&L account is the interest rate whilst wating to pay money out. The 'month' for crediting the £1000 refers to a statement period rather than a calendar month. If paying out less than £1000 [£400 say] via reg savings then it would be possible to

1. Pay £1000 by S/o from somewhere else [recommend ING & cahoot as savings accounts that permit 'standing order'- type payments to a bank account - Egg for manual payments to a bank a/c]
2. A few days later Pay £500 back there by S/o from this account
3. Pay out the separate amounts during the month by S/o

You would then have a £100 per month 'buffer' going into the A&L account. Remember too that attractive rate only goes on balances up to £2500.

[Sorry if partly repeating what Reaper has already stressed above]