Question about Drip-feeding into regular savers account

life_nit

I have been reading the articles on this, and i would like to know from anyone that has this set-up what accounts will actually allow this to work.

i would like to drip feed into 'Santander 4% AER for 13 months account'.

from which account I'm unsure which will be the most suitable/problem free. my question is what top rate account will allow me to do this?

also given you can only save £250 a month, should i just deposit £3k into Santander and feed it into a top suitable savings account, and invest the rest elsewhere?

Thanks

life_nit

hmm, i seem to have problems with getting responses on lots of sites Is it because my questions/threads have obvious answers or am i doing something else wrong.

Lokolo

No you just have to wait before someone replies. We don't just sit on our bums all day, we do go out

It might be best to open this:

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237848019094&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Then open the regular saver. And drip feed from that savings account to the regular saver.

ricky.patel89

I'm in the same situation as the OP. I currently have £1200 in my e-saver. I have a standing order of £250 set-up to be paid into the Regular Saver on the 29th of each month from my Current Account, so I would have to transfer over £250 each month from my e-saver into my Current Account on the 28th of each month.

I save about £400 each month into my e-saver. Would I be better off by having a Standing Order set-up so that the Regular Saver is paid from the e-saver rather then my Santander Current Account? Is this the best way to maximise the interest?

Any answers will be much appreciated.

Thanks.

Edit: The Regular Saver was set-up in branch, the first payment in on the 29th September, is this the reason why it is not yet visible on my online banking?

snowqueen555

regular savers tend to have a low maximum initial deposit, I am not sure you'd be able to drop in 3k initially. This is how they offer such high % in comparison to other savings accounts

YorkshireBoy

ricky.patel89 wrote: »

I'm in the same situation as the OP. I currently have £1200 in my e-saver. I have a standing order of £250 set-up to be paid into the Regular Saver on the 29th of each month from my Current Account

That's too near the end of the month isn't it? What if the 29th falls on a weekend? Does your bank send standing orders on a non-bank working day?

Failure to fund in one month will most likely mean you breach the T&Cs and lose the higher interest rate.

steady__eddie

"We don't just sit on our bums all day"

I do, (but I don't watch daytime T.V.)

ricky.patel89

My account is with Santander, so not sure about standing orders on weekends, anyone know?

life_nit

Lokolo wrote: »

No you just have to wait before someone replies. We don't just sit on our bums all day, we do go out .

Haha, I am known to be impatient at times when something is bugging me. Apologies

Thanks for the response Lokolo.

Mikeyorks

ricky.patel89 wrote: »

My account is with Santander, so not sure about standing orders on weekends, anyone know?

Doesn't matter who the account is with - SOs don't work at weekends or Bank Holidays.

Unless - the SO is within the same Bank and it may then just be treated as an internal transfer (eg halifax)

ricky.patel89

Would it not be considered as an internal transfer as its all with Santander? also there isn't a day I can use in the next 13 months which isn't a weekend at some point in the next year.