Regular Savings?

kindanice

Both me and my partner have ISA's, into which we pay £250 each monthly.

We have an ING account which holds our holiday/christmas money.

We have an ICICI account which we have been putting a bit in too.

We have about £250 more to save each month and think we need a regular savings account. We hope to invest £250 every month, but don't want to be held to this amount just in case one month we can't afford the whole £250.

We don't really want to move our current account away from Nationwide at the mo. Can anyone recommend a regular saver which doesn't require a current account to go with it?

Our initial thought was to save in a regular saver for a year, then when that matures, transfer that money to the ICICI. Then start again with a new regular saver. Does this sound right?

Any advice would be welcome - I'm not all that clued up on savings...:o

bernice_2

i have an endowment which wont make the value in 2014
The surrender value is 20,500. does anyone know a good interest savings account to put it in?

RayWolfe

kindanice wrote:

We have about £250 more to save each month and think we need a regular savings account. We hope to invest £250 every month, but don't want to be held to this amount just in case one month we can't afford the whole £250.

Go to
http://www.moneyfacts.co.uk/searches/savings.aspx
then look at the details of the ones you fancy. That will tell you if you need a currebt account and/or can vary the amount.

RocketMan

Hello Kindanice

Lloyds has a flexible regular saver, although you do need to open a current account with them. You dont have to switch, the only thing I use the account for is funding the regular saver.

The saver has 8% AER and lasts for two years, with the option to pay an extra £500 in within the first month on top of the standing order. It is regarded as one of the best out there, here is the link below.

By paying in £250 every month, and the initial £500 you would be looking at £590 in interest (before tax) after two years.

http://www.lloydstsb.com/savings/monthly_saver.asp

Your plan on transferring the money to your saver account sounds good, as the Lloyds Guaranteed Tracker only gives 2.75% AER on the £7090 from your regsaver. Then as far as I understand you can set up another


Hi Bernice

Below is the link to the Top Savings account article, and links for A&L and ICICI.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098730527,15721,

A&L has 5.38% AER
http://www.alliance-leicester.co.uk/savings/index.asp?page=dsaver&exp=30&cm_mmc=omg-_-aff-_-ec102060000400821397freedommarket-_-compareandsa

and ICICI has 5.45% AER
http://www.icicibankukhisavepromotions.com/lms_ct/UK_LP/index.asp?PAGEID=1&USERTYPE=G_ICB_TL&gclid=COHrtPiN74gCFQJPQgod-QTJog

Hope this helps

tom188

Could the previous poster #4 explain the long links he has posted. I hope they are not cash paying referal links of some kind.

Cypher

I also do the Lloyds TSB Regular saver and although you do need a current account it doesn't have to be in regular use.

The Classic Plus account requires £1000 a month minimum, whereas the Classic account has no such restriction so just open a Classic Current Account.

I only use my Classic account to have my Childrens Tax Credits paid into which then auotmatically moves into the Regular Saver. I also vary the amounts depending on how flush I am. You can only pay into the regular saver once I month, so I sweep the access out of my Main Current account into the TSB current account and then manually change the standing order payment to take a larger (or smaller) amount.

RocketMan

tom188 wrote:

Could the previous poster #4 explain the long links he has posted. I hope they are not cash paying referal links of some kind.

Not at all tom188, just the links to A&L, MSE, Lloyds and ICICI's saver copied straight from interenet explorer!

previous poster #4