Savings account problem

slinkydonkey

Hello

I am stuck between choosing an ISA or a Regular Savings Account.
I am not a great saver of money I did have an ISA account before but it was far too easy to take money out of it and spend it so I ended up not saving anything.

I am thinking of opening a regular savings account maybe one which is only managed via the phone or post and that I can only take out after a year. But I realise I will have to pay tax on the interest I earn something I don't have to do for an ISA.

Is it possible to get a regular payment ISA as such.
I have read some other forum here about ISA, but to be honest I cant be bothered to spend all day looking into the 1000's of savings accounts and there minute differences talk about information overload.

If anyone could just reccomend a general one that would be great.

Cheers
Paul

xylophone

http://www.skipton.co.uk/savings_and_investments/isas/regular_saver_isa/ might suit.

slinkydonkey

Thanks looks interesting

psychic_teabag

I think Nottingham BS offer the best reg.saver ISA. I think Buckinghamshire BS do one too, but at a lower rate.

Even though reg savers are taxable, they can still give a better return (in the short term). 5% taxable matches 4% in an ISA (for a basic-rate taxpayer). So a good strategy is to use reg.saver to build up a lump sump over a year, then move it to an ISA before you lose the allowance, and start over.

Reg.savers tend use a standing order for the payments, and don't really require any other management. They do tend to require a fixed amount each month, on a fixed date. Though some are more flexible than others over missed payments, etc.

Most reg.saver accounts seem to be branch-based these days - I guess they're trying to get you in front of a salesman so they can sell you other products.

See https://forums.moneysavingexpert.com/discussion/608697

slinkydonkey

Wouldn't this one be better?

"Top online account, inc. 1 withdrawal
Norwich & Peterborough BS 4% AER for 12 months"

moneysavingexpert.com/savings/best-regular-savings-accounts

innovate

The best online regular saver, no withdrawals for 12 months, is First Direct, at 8%.

Collect £100 or even £125 for opening a First Direct Current account too. Takes a bit of work & thinking, but not a lot more than 2 hours, so that's a damned good hourly rate. Search the forum for the First Direct threads if it interests you.

xylophone

"Top online account, inc. 1 withdrawal
Norwich & Peterborough BS 4% AER for 12 months"

Not an ISA?
The Nottingham ISA regular saver is branch only. http://www.moneysupermarket.com/savings/details/11406/?enquiryId=4074366&lumpsum=1000&rowPosition=1 http://www.thenottingham.com/help-centre/branch-finder/

I found another regular saver ISA here http://www.westbrom.co.uk/westbrom/savings.category?id=8