Regular Savings Accounts discussion

mary

10% B&B SO from Lloyds
10% A&L SO From A&L
10% Barclays SO from Barclays
8% Lloyds SO from Lloyds
7% Halifax SO from Lloyds
7% Leeds SO from Lloyds
7% Stroud & Sw. SO from Lloyds
6% Principality SO from Lloyds
6% Principality SO from Lloyds
6% Leek SO from A&L

Lloyds is my main current account, where the majority of SOs come from.

We have a Barclays joint current account where husband's salary gets paid in and on the strength of that, I qualified to have a Regular Saver with them, but I feed it from my Lloyds current account.

I also have an A&L Premier Direct account, and in order to keep it open I have to pay in £500 per month, so £250 of that each month gets transferred to their Regular Saver and the other £250 goes to Leek Regular Saver.

If you time it right, obviously depending on when a new regular saver appears in the market, you find that one regular saver matures, i.e. Halifax for me in MArch, so I started a new Principality regular saver with the proceeds the next month. Bit of a merry go round and being quick to make a decision to start a new one when it appears before it disappears!

lil_miss_2

Thank you Mary. :beer:

So I guess it's a lot of planning, organising and checking that everything is running ok!! Mmh!!

Got one with HSBC already. Which is going to mature soon. So i guess I could change to a another banks current account. Gonna try a reg saver with Lloyds at the end of this month. And maybe if i'm feeling ambitious, with halifax too!

mary

Just avoid getting run over by a bus, otherwise it all goes out the window!

lipidicman

Hope you avoid that!
In my best Mr T voice
'I pity the fool who has to sort out your affairs'

lil_miss_2

Mmh.. so do I risk getting run over by a bus or do i risk Lloyds messing things up over the phone....

lipidicman

lil_miss wrote:

Mmh.. so do I risk getting run over by a bus or do i risk Lloyds messing things up over the phone....

My throat is hurting from saying this over and over....

'GO TO A BRANCH' (the phoneline has a backlog)

miss_sixty_3

can anyone suggest a bank account to invest a lump sum for my granchidren.?I only want to invest it and leave it ?I don t want to make monthly additions.

lipidicman

miss_sixty wrote:

can anyone suggest a bank account to invest a lump sum for my granchidren.?I only want to invest it and leave it ?I don t want to make monthly additions.

You might want to ask this question elsewhere. As this thread is titled 'Regular Savings Accounts discussion' you are going slightly off-topic!

Also, you are not looking to invest if you are after a bank account, so just look for the best interest rate. That's it, it is that easy

humfer

mary wrote:

10% B&B SO from Lloyds
10% A&L SO From A&L
10% Barclays SO from Barclays
8% Lloyds SO from Lloyds
7% Halifax SO from Lloyds
7% Leeds SO from Lloyds
7% Stroud & Sw. SO from Lloyds
6% Principality SO from Lloyds
6% Principality SO from Lloyds
6% Leek SO from A&L

QUOTE]

Blimey - that is some serious organising. Well Done!!!

mary

7 of them go out on the 1st of the month and 3 of them go out on the same date mid month.
2 of them feed the A&L Premier Direct Current account which has to receive £500 p.m. and 1 of them goes on to A&L's own Regular Saver and the other 1 goes to Leek, so killing 2 birds with one stone.
Didn't do it all at once, was a gradual build up. Was fortunate to inherit some money, but didn't want to chance it to shares etc. and then loose it.

Total circulating 50,200.
Total annual net interest on reg sav 1836.51
Gross Interest on remainder in an account paying 4.95% = 1,494.90 and 1,195.92 net
Total net interest = 3032.43 = 6.04% net, 7.55% gross
v
Compared to 50,200 in an account for a year at 4.95% gross = 1,987.92 net

Therefore profit = 1,044.51 by chasing regular savers