Fixed Term Savings.

SuperSaver1

Hi,

I'm struggling to find a fixed term, regular saver scheme that allows me to deposit a lump sum of money into an account and then pay into it monthly.

I have £2500 to deposit and want to pay £100 to £200 per month for either 1 or 2 years.

I've been to several banks and building societies but the regular saver options they have on offer will not allow me to deposit my lump sum???? I’m not allowed to open the account with any money but can pay monthly payments instead. Surely the bank\building society would love people to cash money with them?

Does anyone have any ideas of a bank\building society that could help me out?

Many Thanks.

KingEdmund

Santander 5% First Home Saver seems obvious. You can place a lump sum deposit of between 100 - 5,000, and then after that every month a regular saver of between 100 - 300 pounds. This seems a great offer at 5%.

I am about to go ahead with this myself next week. I you pay under 100 or over 300 a month, then you will get 0.1% for that month only.

Careful_ly

Hi

Furness building society have an account at 4% which you can open with £1250 in the 1st month, followed by £25 - £250 in following months for 1 year. You can have multiple accounts, so this may suit your needs. If you have no local branch it can be opened by post by sending certified Id.
http://www.furnessbs.co.uk/savings/regular/index.html

Here is the regular saver thread that may be of interest. https://forums.moneysavingexpert.com/discussion/608697

xrjtg

The First Home Saver is my favourite if you can get it, but it's worth mentioning the solution that's always available: open two accounts. Yes, the banks are making you jump through hoops, but your reward for doing so is being subsidised by those who can't be bothered.

KingEdmund

Do you think its posible for and my wife to open two First Home Saver accounts with Santander?

xrjtg

I can't think why not.