Regular Savings Accounts discussion

Cee

Eager,

Credit search is done by the Halifax for a current account no savings accounts. The Halifax REg saver just asks the account to be funded by a current account, it doesn't matter where that account is (they prefer external banks for new money). Remember the 4 banking day transfer and don't make standing orders after the 28th of the month to allow for February.

Smiley_Happy

Can any one help?
I have got married, am keeping maiden name but am getting cheques from relatives in joint name, Therefore want to open 1 joint savings account (got about £1500 but won't have it for more than 6 months- trying to open them on line in joint names and won't allow me to. Any one else had same problem? or know of a way around this? Otherwise will we be excluded from getting best rates as best ones are mainly postal or internet
(difficulty in us getting to same branch of a BS as both work and work 50 miles apart)

Would be very grateful for any advice.

Cee

With the halifax, as long as you are both there to answer the relevant questions the account can be opened as long as you can get into the branch within 30 days.

If one of you can't make it into the branch you can take in id for your partner as long as its 2 lots of id proof of name and address.

Cee

Cee wrote:

With the halifax, as long as you are both there to answer the relevant questions .

.... on the phone....

it should read, sorry my edit button didn't work

Afahmaep

icklemish wrote:

I have savings of about £8k. Is there anything stopping me setting up several regular saver accounts with diffierent banks to maximise interest?

Just opened 3 Regular Savers this month (May) and now got 14

I've been opening one a month sometimes missing a month and opening two the following month and am now in a position where I simply renew the Regular Saver with the same organisation or obtain the next best product that I am able to get in some cases this has been a BOND instead.
The scenario is that I constantly have guaranteed maturing funds of anything between £1200 to £6000 per month which I recycle.
Obviously not all products are available to me, ones that I am not entitled to recently being the Barclays 10% Regular Saver and the A&L offerings. Barclays would only offer me a BASIC bank account and I already had a bank account with A&L so didn't qualify.
Also I think it is MUCH better to go for the SHORTER length products as the market is changing so rapidly. If you are offered 1 year or 3 years product go for the 1 year and see what's about in 12 months time.
One of the worst interest rates I have got has tied me down for 3 years and although I can pull the money out as it is Online and Instant Access the loss of interest would peeve me.

mary

Similarly have the following Regular Savers, paying £3,500 each month, but they are staggered over the months with their start dates. Apart from Lloyds they are all for 1 year.

10% B&B
10% A&L
10% Barclays
8% Lloyds
7% Halifax
7% Leeds
7% Stroud & Swindon
6% Principality
6% Principality
6% Leek

lipidicman

So your average balance in Regular Savers is pretty high then mary.

Have you calculated the interest return (ie your effective APR?)

Afahmaep

mary wrote:

Similarly have the following Regular Savers, paying £3,500 each month, but they are staggered over the months with their start dates. Apart from Lloyds they are all for 1 year.

10% B&B
10% A&L
10% Barclays
8% Lloyds
7% Halifax
7% Leeds
7% Stroud & Swindon
6% Principality
6% Principality
6% Leek

I must have got started on this route half a year before you Mary as I have a few that have now been withdrawn or fully subscribed.
My list is as follows

8% B&B
8% LLOYDS
8% HSBC (2nd Year)
8% NPBS
8% CHESHIRE
8% PORTMAN (ISA) (2nd Year)
7% HALIFAX (2nd Year)
6.75% PRINCIPALITY
6% PRINCIPALITY
6% PRINCIPALITY
6% SCARBOROUGH
5.75% YORKSHIRE (3 YEAR PERIOD)
5% DERBYSHIRE (was 5.85%)
?% ABBEY

As far as the Pricipality BS goes I got the 1st Issue before it was reduced for the 2nd Issue.
It has been a lot of effort but the rewards are now starting to pay off

mary

10% B&B 10m 150 55.00 (all net)
10% A&L 1y 250 129.94
10% Barclays 1y 250 129.94
8% Lloyds 2y 250 465.20
7% Halifax 1y 250 90.63
7% Leeds 1y 100 36.40
7% Stroud & Swindon1y 1000 363.94
6% Principality 1y 500 156.00
6% Principality 1y 500 156.00
6% Leek 1y 250 78.00
6.75% Principality 1y 500 175.46 (just matured)

Total circulating £50,200
Total annual net interest on reg sav 1836.51
Interest on remainder sitting in what should have been B. Midshires at 4.95%, but never got there, because I put the job lot with Ing at 6% when that started. But let's assume the balance was sitting with BM at 4.95% and gradually reducing over a 12 months feeding the regular saving accounts, then gross interest on this balance I reckon would be 1494.90, net 1,195.92
Total net Interest therefore £3032.43

Compared to £50,200 spending a year at 4.95% less tax would be £1987.92
So unless my maths is really wide of the mark, which it probably is, I think I make £1044.51 extra over a year by chasing these accounts.

lil_miss_2

mary wrote:

Similarly have the following Regular Savers, paying £3,500 each month, but they are staggered over the months with their start dates. Apart from Lloyds they are all for 1 year.

10% B&B
10% A&L
10% Barclays
8% Lloyds
7% Halifax
7% Leeds
7% Stroud & Swindon
6% Principality
6% Principality
6% Leek

WOW! Thats fantastic!

Don't some of these regular accounts, need a current account running alongside with a salary going into the current account? And if so how did you get around that?

Thank you