can i open regular saving accounts at a number of different banks?

ianbar0

hello, i am currently with hsbc and get 10% on my regular saver which is great. i have thought about opening regular savers in other banks as this seems best way too get a decent interest rate, however at the moment i only have an account with hsbc so would banks not like me walking in opening a current account and straight away wanting there best deals? any thoughts welcome, thank you

opinions4u

As long as the individual bank's terms and conditions say you can have an account, you can have as many of these as you like.

I have 2 with different banks, as does my other half.

Both accounts restrict you to 1 per organisation, but that is their choice. There's no law on the matter.

Some will require you to have a current account as well, some won't.

apt

I currently have 6 because of the decent fixed rates that were available - 6%, 7%, 7.5%, 7.75% and 10%. But I expect to have fewer next year as one year regular savers at 4% are not really worth the effort.

opinions4u

apt wrote: »

I currently have 6 because of the decent fixed rates that were available - 6%, 7%, 7.5%, 7.75% and 10%. But I expect to have fewer next year as one year regular savers at 4% are not really worth the effort.

Oh I don't know.

3.5% over base looks worth the effort to me. That would have been 9% last year when you were prepared to do it.

I suppose it depends what you can get from a "bog standard" savings account and the premium over and above that.

It's hard to adjust down from the heady days of 12%/10% Regular Savers, but we have to do it.

MarkFromCornwall

ianbar0 wrote: »

hello, i am currently with hsbc and get 10% on my regular saver which is great. i have thought about opening regular savers in other banks as this seems best way too get a decent interest rate, however at the moment i only have an account with hsbc so would banks not like me walking in opening a current account and straight away wanting there best deals? any thoughts welcome, thank you

Yes, you can. You can even have more than one regular saver with some organisations. For example, the Principality brings out a new issue of its regular saver every few months and are quite happy for you to have one account of each issue. Keeping track of them can be hard work, and you have to be very careful to make the right payments at the right time or you will breach the terms and conditions and get a very low rate of interest, but if you don't mind the effort it's a safe way of getting a very good rate of interest.

Muffin99

I'd thoroughly recommend the regular savings accounts that Principality BS issues. As MarkFromMullion points out you can have one of each issue. I like them because they're easy to manage for a regular saver account, paying in between £20 - £500 per month before the 20th of each month is fairly flexible to manage.

Personally, I think the regular saving accounts where you can pay a bigger maximum amount each month are more worth while and worth consideration when you are making your mind up along with the rate of interest of course.

I wouldn't worry if you don't already bank with a certain one. So long as you meet the T&C's, it's an invitation and you never know you may find they have other good accounts. Good luck