Best Regular Savings Account

Sussex_Saver

Martin's article on Regular Savers says "Head and shoulders above the rest is Lloyds TSB’s Monthly Saver, for its whopping 8% fixed interest rate, flexibility, and potential for higher saving". You must also open a Lloyds TSB current account but it can be their Classic account (minimum £1 and no monthly credit commitment).

I see on the Alliance & Leicester web-site that they are doing a much better regular savers account, called Premier Regular Saver account. You can pay up to £250 a month for a year and you receive 12% gross p.a./AER fixed for a year. The only catch is that you can only take it up if you open a new Premier Current Account. This involves making a commitment to pay a minimum of £500 monthly into the account.

As I see it, there is nothing to stop you opening the Premier Current Account, set up a standing order to pay £500 into it from your regular current account, and then set up two standing orders on the Premier Current Account; one for £250 for their Premier Regular Savers Account and the other £250 to be paid into Lloyds TSB Monthly Saver recommended by Martin. I cannot see anywhere in the terms and conditions for the Premier Current Account that you have to maintain a minimum balance, just agree to pay £500 per month into the account.

Has anyone any experience of using the Alliance & Leicester's Premier Regular Savers Account and their Premier Current Account, please? Also, can anyone tell me if I have missed anything in my surmise of using the Premier Current Account as described above?

metrobus

Nothing stopping you doing that.

Cypher

The A&L although a 12% payer, isn't better than the LTSB account as its only for 12 months. The LTSB 8% account is fixed for 2 years, so all the money you pay in during year one will earn the 8% in year 2 which brings it out on top of the A&L account.

Most current accounts ask for a minimum deposit each month, usually this assumes you will be depositing your wages, which during the month you are bound to spend. So I wouldn't worry about it as long as over the month you have paid in this amount you should be fine.


The LTSB does say you should have to have or open a LTSB Current account but it doesn't mention where the S/O to the monthly saver must come from. So I think it should be ok coming from the A&L Premier account. (I'd check though to be sure)

Sussex_Saver

Many thanks Cypher for your helpful reply. I will give it a try and see what happens.

mleonard79

If you've got the money to do it then it's a great idea to do both but if you can only do one then as other have said since Lloyds runs for 2 years it's the best overall.

Dan29

Sussex_Saver wrote:

Has anyone any experience of using the Alliance & Leicester's Premier Regular Savers Account and their Premier Current Account, please? Also, can anyone tell me if I have missed anything in my surmise of using the Premier Current Account as described above?

Yes this should work fine. The only thing you've missed is to make sure you get referred for the A&L account by a helpful MSEer who will give you £40 of their referral bonus so you'll get £90 in total

mleonard79

Ah good point Dan - I'd forgot to mention it and I refer people every day :rotfl:

I actually offer £45 back but there are a couple of other trustworthy referrers on the referrers board too who offer £40 so if you do decide to go ahead with it Sussex Saver pop over HERE and give one of us a bell (if you want to be referred make sure you don't go through quidco or any other cashback site though!)

Regards

Michelle

gelato_cat

I do exactly as you describe and it works a treat.

Suze

Sussex_Saver wrote:

Martin's article on Regular Savers says "Head and shoulders above the rest is Lloyds TSB’s Monthly Saver, for its whopping 8% fixed interest rate, flexibility, and potential for higher saving". You must also open a Lloyds TSB current account but it can be their Classic account (minimum £1 and no monthly credit commitment).

I see on the Alliance & Leicester web-site that they are doing a much better regular savers account, called Premier Regular Saver account. You can pay up to £250 a month for a year and you receive 12% gross p.a./AER fixed for a year. The only catch is that you can only take it up if you open a new Premier Current Account. This involves making a commitment to pay a minimum of £500 monthly into the account.

As I see it, there is nothing to stop you opening the Premier Current Account, set up a standing order to pay £500 into it from your regular current account, and then set up two standing orders on the Premier Current Account; one for £250 for their Premier Regular Savers Account and the other £250 to be paid into Lloyds TSB Monthly Saver recommended by Martin. I cannot see anywhere in the terms and conditions for the Premier Current Account that you have to maintain a minimum balance, just agree to pay £500 per month into the account.

Has anyone any experience of using the Alliance & Leicester's Premier Regular Savers Account and their Premier Current Account, please? Also, can anyone tell me if I have missed anything in my surmise of using the Premier Current Account as described above?