fixed savings account with multiple deposits allowed?

dllive

Hi, Ive had an excellent account with Halifax this past year which offered a 5% fixed rate and that would allow multiple deposits to be made. This was ideal for me because I wanted the security of a fixed rate, but with the flexibility of being able to plop money in there if Id had a good month. The account is closing in November, so Ild like to:
a) Find out wheres a good place to move that money as a lump some somewhere
b) Find out if there is a similar account available anywhere
Im very good at not touching savings, so not being able to make any withdraws is not a problem, however, I dont want to tie it up for 5 years earning 5.15% interest (a Barcalys account offers this) becuase I think the base rate is going to rocket within the next 5 years.
Does anyone have any suggestions?
thanks.

Baldur

ING are currently offering 3.2% fixed for a year on their easy access savings account (new customers only) - no restrictions on deposits or withdrawals.

psychic_teabag

See http://www.moneysavingexpert.com/savings/best-regular-savings-accounts for similar accounts elsewhere. I know the natwest one allows multiple deposits per month, but I suspect it may also be withdrawn soon.
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As per this weeks email, there is an account offering 5% for 5 years, but still giving instant access with a (relatively small) penalty.

dllive

Thanks for your comments.
Unfortunatley I already have an ING account. Ild like to have the flexibility of depositing as much as I like in the account at any point (rather than a fixed account where you can only put in a limited amount each month)

apt

You might want to put the lump sum from your Halifax websaver into the AA/Birmingham Midshires 5.15% five year fix which would allow you to switch your money with 90 days interest penalty if interest rates do rocket later. However, it's likely to close fairly soon so you could not continue to feed it like the Halifax account. If you want an account to do that then those similar to the ING account with a large one year fixed bonus might be best. Some choices here - http://moneyfacts.co.uk/money/savings/5/savings-introductory-bonus.aspx

rb10

The HBOS group do seem to do quite a lot of accounts that, like your Web Saver Reward, have a fixed rate, whilst allowing additional deposits (and often withdrawals).

See the Halifax Guaranteed Saver Reward at 3% (or 2.5% if you don't have a current account). This is actually a variable rate, but is higher than many other accounts that give instant access.
The Bank of Scotland Instant Access Savings Account Reward (what a mouthful!) will be available from Friday, don't know what the rate will be yet, but it'll be shown on this link once it's announced.
And finally, Sainsbury's Bank also do the same sort of thing, e.g. the Online Saver. As with the Halifax one, this is variable.

psychic_teabag

dllive wrote: »

Thanks for your comments.
Unfortunatley I already have an ING account. Ild like to have the flexibility of depositing as much as I like in the account at any point (rather than a fixed account where you can only put in a limited amount each month)

Sorry, I misread your original post as meaning just a halifax regular saver. But you could still open one or more regular-saver accounts with the minimum going in each month, then any spare money can be first added to the regular saver(s), and anything in addition to that can go in an instant-access account. You could stagger the opening dates of the regular savers so they mature through the year rather than all-at-once. (Roughly what sort of amounts are you talking about ? Is a good month a few hundred spare, or a few thousand ?)

There are some fixed-rate accounts that accept additional payments, but they usually stipulate that payments can only be added while the account is available to new customers, and once it is withdrawn, top-ups cannot be made. Eg the northern-rock 1-year (the one I have is now closed) and the AA 2-year (still open I think, but might close if the 5-year account brings them enough money).

If you are already an ING customer with a lower rate, you can just close all accounts, wait 3 days, then go back in as a new customer. And get a 25 bonus if you get a promotion code from someone on the referrals forum. Note that citibank are also paying 3.3% interest on their instant-access account, but many people are having problems opening/activating them.

dllive

Thanks for all your comments. Ill read through them in detail later and digest!