Regular Savings Accounts

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This discussion relates to the following article Regularly Beat the Best Savings Accounts
To discuss it or ask a question click reply.
(note this article has been updated since the discussion was started, so some of the earlier posts here may be out of date)
To discuss it or ask a question click reply.
(note this article has been updated since the discussion was started, so some of the earlier posts here may be out of date)
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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OK.
Account 1: ING Direct 4.3%
Account 2: Leeds & Holbeck regular saver
You have £2000 to invest
You put £250 in Account 2 and the remainder in account 1
Every month you transfer £250 (max allowable) from account 1 into account 2. The only thing to be careful of is that you must ensure is that once you've nearly spent up the initial lump sum - you keep enough back to make the minimum monthly payments.
Does this make sense
martin
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
My gf and l are going to start saving for a car next month - £300 per month between us. I want to find the best place to put the money. I currently have an ISA with about £3250 in it. I think it's currently only paying 3.64% tax free.
Questions l have are:
1) Would l benefit from transferring the ISA money into the ING account and save monthly into the ING account while transferring into the L+H account as suggested to Ernst?
2) Should l just save into the ISA and build on what l have there instead of opening a L+H account at all?
3) Would it be best if l kept the ISA (but moved it to a higher interest one) and opened a L+H account for the monthly savings?
Please let me know you wonderful group of money saving gurus.
So push as much as you c an in this years cash ISA (is your £3k in this years or last years) and the rest into Leeds & Hoblbeck.
As a note - read my cash ISA article and it explains how you can transfer your existing cash ISA to a new provider that pays more
Martin
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
I have not used this years £3000 allowance yet - so l will take full advantage of that.
I think l read that ISA article a while ago - l'll go and refesh my memory and make the tranfer asap.
I WILL be buying your book! ;D
(and recommending it to everyone) ;)
Is there anywhere else that pays a higher gross interest rate than one I am getting now? I am particulalrly interest in ISA's but also savings accounts.
Best hold fire until early August though when most providers are expected to lower their interest rates.
How do you set up monthly payments from a savings account (such as ING) to the Regular Savings Account. Saving acounts don't normally provide for bankers orders.