Regular Savings Advice

tiptoe_mouse

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?!

Don't know how common it is, but I certainly have a few. Between me and my partner, we have:

2 Barclays Monthly Savings accounts @ 6% (opened before they cut the rate)
2 Halifax Regular Savers @ 4% (may close and open 5% ones with them instead, taking interest rate hit)
1 Lloyds Monthly Saver@ 5%
1 West Bromwich Birthday Bonus @ 6%

Phew!

The first few posts of this thread are regularly updated with the best deals on offer, thanks to Special_Saver2.

HTH,

tiptoe

herbertthehelper

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?!

Unfortunately yes .

tiptoe_mouse

cocktail wrote: »

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.

The money isn't always stuck there for 12 months. LLoyds allow as many withdrawals as you like without penalty. West Bromwich BS allow one penalty-free withdrawal on their birthday bonus account and Barclays drop the rate to 2.99% for a month if you make a withdrawal.

What's more, many regular savers allow you to vary the monthly repayments, so you're not even committed to maintaining high monthly payments.

tiptoe