Savings accounts and standing orders?

Mellers

Hi all


I want to take advantage of a regular saver account, and take Martin's advice - put a lump of money into a savings account and drip feed a regular saver account from that via standing order...

But... which accounts allow you to set up a standing order? (I'm new to this, really - the site and the saving!)

Thanks in advance
Mel

Sillychuckie

I'm not sure of any, but in case no others reply with better advice, an alternative thing you could do is open a current account with the same place providing your savings. Then, just create a regular transfer from your savings acct to your current acct, and then a standing order from your current acct to the regular saver.
Sounds long winded, but really isn't too difficult. Its how mine works...

steady__eddie

I use Nationwide for this very purpose, transferring from my e-saver to my flexaccount the day before my standing order goes out.
One word of warning though, on 2 occasions over the last 5 years when I have logged onto Nationwide, I have been refused access because it was alleged that I entered an incorrect password. I know that I didn't because I log on virtually every day of the week and my password is indelibly burnt into my grey matter. On these occasions it was necessary for me to deposit cash into my Flexaccount from another source or be faced with the daunting prospect of bank charges for straying into the red.

Sillychuckie

Set up a recurring transfer and you won't have that problem.

steady__eddie

What's one of them here recurring transfer thingys then ?

grumbler

steady__eddie wrote:

What's one of them here recurring transfer thingys then ?

I don't know any.
I know two exceptions though:

• Halifax Websaver (4.5% now) - allows standing orders to other Halifax accounts. Transfers are instant. You can create a chain of two standing orders if you open Halifax current account.
• Covernty BS First account (see Current Accounts article) - a hybrid current and savings account. However, it requires £1000 minimum monthly credit to get 5.1% interest rate.

P.S. If you save every month anyway, just set up a Standing Order from your current account and pay less into your savings account. Result will be the same as if you paid money into the savings account and had a Standing Order from the savings account.

Mellers

Thanks guys - off to investigate options now

Mellers

Hi again...

Looking at doing the Halifax Regular Saver account. Also, looking at putting a lump sum into the Sainsbury Savings accounts - the deposit one has a rate of 4.9%, and the saver one has a rate of 4.75%

So, if I put a bit into the deposit account, which I then can't touch until May next year,

put a bit into the savings account,

transfer a little to my current account every month,

set up a standing order/recurring transfer from that current account to the Halifax...

Does that sound about right? My brain hurts!

Mel

grumbler

Hi

Mellers wrote:

...transfer a little to my current account every month...

...if you don't have enough money for spending and transfer to Halifax.

set up a standing order/recurring transfer from that current account to the Halifax...

Does that sound about right?

Yes

My brain hurts!

Now read a thread below about new Lloyds TSB regular savings account available from today, that is better than Halifax' one ...:D

Quietgirl

Am I right assuming that you can do a standing order from the Halifax Websaver to the Regular Saver account?

Mellers

Thanks Grumbler!

More numbers - hurrah!

Quietgirl - nope - had a look, and they say no standing orders from another Halifax account - dunno about between Halifax and Lloyds