Which one, A&L 3.15% or ING 3.2% for drip feeding?

Jonboy1889

I have some savings I'd like to drip feed for the next year into RBS, Halifax & Barclays regular savers over the next year.

However what I'm wondering is would it be better to store the stash in ING for the marginally higher rate (I'd make about £15 over a year more like for like), or will this be cancelled out by annoying "slower payments" that come from ING when the money is in cyberspace, vs the speedy no messing A&L faster payments. Or is it as broad as it's long and am I worrying about details too much?

Also, as A&L is variable, it may go up. Altho I guess if it did I could just move it back there anyway... questions questions!!

LemonTree_3

It depends how much savings you have.

For example, let's assume you've got 21K. Then you're best bet is to get three of the Lloyds Vantage accounts. Keep in every one slightly less than 7K. That way each of your account will earn 4%. You should keep your balance between 5K and 7K to get that interest. Then drip feed your regular savers from your Vantage accounts. Once all of them are close to 5K, take the money out of one of them and put 2K in the remaining ones and the remainder of 1K into some instant saver.

Adjust these procedere to the acutal amount you have.

Jonboy1889

LemonTree wrote: »

It depends how much savings you have.

For example, let's assume you've got 21K. Then you're best bet is to get three of the Lloyds Vantage accounts. Keep in every one slightly less than 7K. That way each of your account will earn 4%. You should keep your balance between 5K and 7K to get that interest. Then drip feed your regular savers from your Vantage accounts. Once all of them are close to 5K, take the money out of one of them and put 2K in the remaining ones and the remainder of 1K into some instant saver.

Adjust these procedere to the acutal amount you have.

Yeah that sounds like a good idea- I've looked into the vantage account and it seems like the best bet. I have a bit more than £21k, so will probably look at getting 2 vantage accounts (I don't know if they'll let you get anymore than 2 now??), and then I'll keep the rest in my A&L, plus move the A&L gradually into the regular savers...

I can prob save a bit more as well, so this will help maintain the vantage level. Does anyone know if once you've set one vantage account up in a branch, can you set the rest up online? Has anyone done this?

socrates

LemonTree wrote: »

It depends how much savings you have.

For example, let's assume you've got 21K. Then you're best bet is to get three of the Lloyds Vantage accounts. Keep in every one slightly less than 7K. That way each of your account will earn 4%. You should keep your balance between 5K and 7K to get that interest. Then drip feed your regular savers from your Vantage accounts. Once all of them are close to 5K, take the money out of one of them and put 2K in the remaining ones and the remainder of 1K into some instant saver.

Adjust these procedere to the acutal amount you have.

Trying to follow this one as I started a thread on this recently on behalf of my uncle.

My advice to him was to set up 3 Vantage Accounts (set up over the phone - leaving 24 hours before setting up the next one) put 7k into each one and set up an immediate standing order of £1000 from account A to B, B to C and then C back to A once a month.

Then to set up Regular Savers with - Halifax, First Direct, N&P, NatWest, RBS and BOS.

I was not aware that Barclays gave a good rate for Regular Saver.

As well as 2x Halifax Reward Accounts, the A&L and Abbey current accounts £2500 maximum each.

All of these are drip fed from a Citibank Instant Access account - 3.25%.

I am beginning to think that A&L might be better for drip feeding - as with Citibank you can only transfer to one designated account. However the A&L account is now paying only 3.00%.

He wanted to avoid ISA's - does anyone know of any accounts I have missed?

Baldur

Jonboy1889 wrote: »

...so will probably look at getting 2 vantage accounts (I don't know if they'll let you get anymore than 2 now??)

Customers are restricted to a maximum of 3 Vantage accounts each (as per LTSB intranet information to bank staff last week)

Does anyone know if once you've set one vantage account up in a branch, can you set the rest up online? Has anyone done this?

I did it the other way around - set the first up online then opened another two at once in branch.

Jonboy1889

socrates wrote: »

Trying to follow this one as I started a thread on this recently on behalf of my uncle.

My advice to him was to set up 3 Vantage Accounts (set up over the phone - leaving 24 hours before setting up the next one) put 7k into each one and set up an immediate standing order of £1000 from account A to B, B to C and then C back to A once a month.

Then to set up Regular Savers with - Halifax, First Direct, N&P, NatWest, RBS and BOS.

I was not aware that Barclays gave a good rate for Regular Saver.

As well as 2x Halifax Reward Accounts, the A&L and Abbey current accounts £2500 maximum each.

All of these are drip fed from a Citibank Instant Access account - 3.25%.

I am beginning to think that A&L might be better for drip feeding - as with Citibank you can only transfer to one designated account. However the A&L account is now paying only 3.00%.

He wanted to avoid ISA's - does anyone know of any accounts I have missed?

Well the A&L is 3.15%, so not miles away from Citibank, and you have more flexibility if you instantly need the money today (because of faster payments). However if he's using Lloyds vantage then this becomes less of an issue.

I didn't know about BOS & RBS regular savers, tho I'm not sure if I want to set up another 2 current accounts! The Barclays is 4.25%, so not amazing, but at least you don't have to set up a current accounr.

I've got the customary 2 reward accounts too, hoping to get a third by upgrading a normal account, will see...

Jonboy1889

Baldur wrote: »

Customers are restricted to a maximum of 3 Vantage accounts each (as per LTSB intranet information to bank staff last week)


I did it the other way around - set the first up online then opened another two at once in branch.

Cheers- yeah I tried to do it online, but they said I needed to go into a branch/over the phone (who said I needed proof of ID), so I'm going down tomorrow to set it up. I was hoping to get the regular saver set up as well, but it is now a paltry 2%!!