Regular Savings Advice

JonnyH2

Hi, looking for some advice...
We're looking to save £1200-1500 per month, putting into a savings account starting soon as poss, with the highest possible return... Whats best to do? Setting up lots of regular savings accounts such as Halifax Regular Saver at 5% for 12 months, and with Barclays 4.35% or something, or start putting the full 1200 into a normal account such as the A+L Online Saver Issue 5? Dont mind about hassle, in moving money etc...

Thanks, J

Lokolo

You want to put the money in the account which pays the highest rate. Regular savers are good for this if you have X each month.

Some banks won't let you open more than 1 regular saver unfortunately.

Best bet is the Halifax, then Barclays, then another if you can find one.

RayWolfe

Lokolo is absolutely correct. For further details, look here:
http://www.moneyfacts.co.uk/money/savings/default.aspx?TabID=0

flyingscotno1

Lokolo wrote: »

You want to put the money in the account which pays the highest rate. Regular savers are good for this if you have X each month.

Some banks won't let you open more than 1 regular saver unfortunately.

Best bet is the Halifax, then Barclays, then another if you can find one.

The RBS one if rumour is correct will be the best bet.

JonnyH2

Thanks....
Its just annoying the maximum amounts are £250/500 each account and one per customer! Is that a commonly done thing have 3/4 regular savings accounts?!

avantra

JonnyH2 wrote: »

Thanks....
Its just annoying the maximum amounts are £250/500 each account and one per customer! Is that a commonly done thing have 3/4 regular savings accounts?!

Well me'boy, uncle Gordon wants you to spend the wanga and not save it, so limiting you is not that bad after all

I'll go get my coat.

cocktail

JonnyH2 wrote: »

Hi, looking for some advice...
We're looking to save £1200-1500 per month, putting into a savings account starting soon as poss, with the highest possible return... Whats best to do? Setting up lots of regular savings accounts such as Halifax Regular Saver at 5% for 12 months, and with Barclays 4.35% or something, or start putting the full 1200 into a normal account such as the A+L Online Saver Issue 5? Dont mind about hassle, in moving money etc...

Thanks, J

why not put the whole lot---£1200-£1500 into an instant acess saver--A&L have a 3.15% at the moment. do remember that the monthly regular saver at 5% would only give out about 2.5% at the end of 12 months over the entire balance and your money is stuck for 12 months

flyingscotno1

cocktail wrote: »

why not put the whole lot---£1200-£1500 into an instant acess saver--A&L have a 3.15% at the moment. do remember that the monthly regular saver at 5% would only give out about 2.5% at the end of 12 months over the entire balance and your money is stuck for 12 months

Surely doing both chucking the lump sum and regular saver is the best way to maximise the interest

JonnyH2

cocktail wrote: »

why not put the whole lot---£1200-£1500 into an instant acess saver--A&L have a 3.15% at the moment. do remember that the monthly regular saver at 5% would only give out about 2.5% at the end of 12 months over the entire balance and your money is stuck for 12 months

I mean we're looking to save 1200-1500 a month, starting from nothing... Does it work out better to have say, 4 regular savings accounts, with high interest, e.g Hailfax 5% paying in £250 into each every month? or saving immediately into an instant access like the A+L deal? It would definetly be more convienient!

MsHoarder

cocktail wrote: »

why not put the whole lot---£1200-£1500 into an instant acess saver--A&L have a 3.15% at the moment. do remember that the monthly regular saver at 5% would only give out about 2.5% at the end of 12 months over the entire balance and your money is stuck for 12 months

And if you are putting £1200 /month into a 3.15% instant access account you will only get about 1.5% interest pre tax on the total at the end of 12 months. I know which I'd rather have.

cocktail

JonnyH2 wrote: »

I mean we're looking to save 1200-1500 a month, starting from nothing... Does it work out better to have say, 4 regular savings accounts, with high interest, e.g Hailfax 5% paying in £250 into each every month? or saving immediately into an instant access like the A+L deal? It would definetly be more convienient!

aah! yes having 4 regular savers would give you more interest, most banks allow only 1 account per customer though so you shall have more paperwork.
also money stuck for 12 months , if thats not an issue the regular savers would win.