Ready to start saving

$17mma

grumbler wrote:

If you want to use £1.5K to 'drip-feed' a regular saver, you need to find a good instant-access account too. A&L Online Saver is one of the best at the moment.

Drip feed? a regular saver. you have lost me now.

pavlovs_dog

$17mma wrote:

Drip feed? a regular saver. you have lost me now.

i believe he means to transfer a set amount regularly (like the steady pattern of a drip...drip...drip...) into the high interest account :beer:

grumbler

$17mma wrote:

Drip feed? a regular saver. you have lost me now.

If you have read :rolleyes: the Regularly Beat the Best Savings Accounts article that I mentioned above, you'd understand:

How to invest a lump sum?

To invest a lump sum … put the money first in a standard savings account (Best Savings Account Article) then make monthly payments from there to the Regular Saver.
Make the maximum payments in the first months to get the cash in quickly, whilst ensuring there's always enough left to keep up the minimum payments for the year. This way your money trickles across and you always meet the terms and conditions.
Not all savings accounts allow you to set up a standing order so you can drip feed your cash, so check out whether or not yours will.

P.S. A&L Online Saver that I mentioned above doesn't allow to set up standing orders. If you use it you must move money manually (online) to a current account.

$17mma

Looks like the A&L will be the best option for me going by the % offered. Although I did want an account where the funds could be "drip fed" :rolleyes: and be automatically transfered each month.

However the rate offered by A&L will make the tedious task of online transfers every month palatable for my parents, they are technophobes so I can see this being a concern to ensure that the transfers run smoothly every month..

So question re the A&L Account. Rather than opening a seperate account each so that they can drip feed their gran kids Halifax Regular Saver accounts will there be any disadvantages to them opening a joint account with A&L to "drip feed" the Halifax Regular savers?

$17mma

The Halifax accounts for the kids have been opened (well at least i think they have) and am still awaiting the pass books info/confirmation from Halifax.

Not very impressed with the service. We stood there for 10 or so minutes hoping that someone would serve us, then the girl on the service desk said she would be with us in a few minutes and went up stairs and didnt return for another 5 minutes.

Anyhow, they didnt have any forms available for the regular saver kids account so she made us fill out another form just for the details and will open the account for us. She said that we should recieve confirmation in the post to come in and pay money into the account and recieve our pass books.

Still waiting. Surely it should have been actioned by now.