Various Accounts Maturing

socrates

Below are a list of accounts maturing in the next few weeks:

First Direct Regular Saver - can be rolled over for another year so no problems there

Halifax Regular Saver - what do I do with this?

Abbey and Alliance (Santander) Current Accounts - each with £2500 credit - with £1000 + £500 (respectively) going in and out every month - advice is to close them - can you re-open.

RBS - Regular Saver - what do I do with this?

Lloyds - Regular Saver - what do I do with this?

Nat West - Regular Saver - what do I do with this?

N&P - Regular Saver - what do I do with this?

All of these are a mixture of 5 and 6%

I can commit to regular savers for another year

One of my first moves will be to fill up my ISA Allowance - any recommendations for which ISA is welcome.

Beyond that any other advice?

Thanks in anticipation

Rob_192

If you have all those regular saving accounts then you are obviously capable to investigaing which banks and BSs are offering ongoing regular saving accounts. The problem is where to stick the money which is maturing in each account and presumably being transfered to a crap account paying next to no interest. To answer this you would need to give a bit more information, such as do you need access to this money? and are you prepared to invest some of it?

You are presumably paying the maximum into all these accounts, otherwise you wouldn't have so many. Therefore you have access to a reasonable monthly sum. If not, are you looking to recycle the money? Either way, if you were to open a Lloyds Vantage account you could put upto £7k in (or you can open 3 of these and stick in £21k). This account pays 4% and you could also use this account to recycle money into various regular savers. You could do the same with the Santander Account which pays 5% on first £2.5k. After this you're looking at AA instant access savings account at 2.8%.

Assuming you're looking at savings rather than investments, you obviouly need to top up your cash Isa first. Well I would to ensure I built up my Isa pot for times when rates pick up, whenever that might be.

R

Rob_192

Sorry, I missed you Isa comment! Santander at 3.2% is your best bet - I know they get a lot of grief on here, but we've not had any problems (so far!!). That's assuming you haven't already deposited any money this year? - you refer to 'fill up', do you mean top-up? Also make sure your previous year's Isa's are transfered to the best rate - various at around 2.75% or better if you look at longer term.

I have a feeling I'm teaching grandmother to suck eggs here;) If you've got all those regular savers, you obviously know your stuff.

R

Rob_192

Hey I've just noticed an angry face next to my post above - where did that come from? was it me? I'm not angry at all. Sorry if I pressed something I shouldn't have - although I'm a long time lurker on here, I've only recently started posting and haven't got the hang of it yet!

R

socrates

I am getting conflicting stories from Santander:

- the Abbey sales team are saying that you can close your account and open another to get the same kind of account I have at present but @ 5%

- the A&L sales team are saying that once you close the account you cannot get that same account for 3 years

I already have the Vantage Accounts so that angle is covered.