Regularly Beat the Best Savings Account Rates Discussion Area

RayWolfe

The terms say you must invest £x each month ... if you don't you get y interest. So what do you think the answer to your question is?

paulboy83

Having just filled my cash Isa allowance for this year i've been looking for better ways for my money to earn interest. Currently my savings are in a Bradford and Bingley 6.4% esaver, and also I have a small amount in ICICI at 6.41%

I was looking at the Nationwide regular saver as I can put £250 a month in but I don't want to be tied in for a year like with most of the other accounts I looked at, as in april I want the money to go into my isa.

Are there any other accounts with a better interest rate that won't make me stay for a year and allow me to take a short break once i've taken my money out to put in my isa, until I use my whole isa allowance again? I looked at the Yorkshire BS account but I don't think it will allow me a little payment holiday...

I'm already with Nationwide so will the transfers be instant there as with the e savings? As that might make the difference.

Anyone got any ideas for me?

Thanks :T

RayWolfe

Don't think there is anything other than Nationwide who will do what you want. Bear in mind the rate reduction during your "holiday"
The transfers are instant on line.

paulboy83

Thanks for that, i'll only leave £1 in there when I stop paying in anyway so the rate wont matter! Thanks again

Nick_C

Paul - don't see why you cant use the YBS Regular Saver.

In an account year, you can make 1 withdrawal. You can have one month when you make no deposits. Deposits are flexible - save anything from £10 to £500. So save as much as you can each month from now to March, draw most of it out in April to fund your ISA, start saving £10 a month again from May until you've filled your ISA, then max out your YBS RS again.

I think this would be better than Nationwide.

paulboy83

That makes sense of it! I was reading and re reading it but I just didnt get it! Thank you very much!

Johns-dosh

Hi, I am just looking at stashing some money for best return and was looking at the drip feeding idea. It appears to me that most higher interest savings accounts only allow withdrawal to a nominated account, i.e. a regular bank account. I could then do another transfer to the regular saver account. However, two transfers might take up to eight days, and presumably the money would not be earning any interest while in transit. Does this loss not negate the benefit of drip feeding?

I suppose the nominated a/c for the savings could actually be the regular saver a/c, but that means you have no other access to the savings if you need it.

(The starting point would be a lump sum, not monthly amounts from salary etc.)

John

RayWolfe

Moving money between banks does, as you say, involve a loss of interest. However whether you move the money as one large lump sum or as a series of smaller amount totaling the lump sum, the interest loss will be identical. Ideally keep it within the same organisation ... but rarely possible.

Milarky

There are a few 'e savers' which allow set-up-and-pay to any account (Sainsburysbank - 6.25% gets mentioned here - also this can make 'same day' payments to Halifax current accounts IIRC so that might make for a better combination)

Conventry First current account (no chequebook) pays 6.35% for the first 12 months and a creditable 5.5% thereafter on almost unlimited balances

Best regular savers in this area actually take by direct debit rather than you sending via standing order. Britannia and Monmouthshire for instance. In the case of the latter I've noticed (because it has online viewing) they credit the payment one day earlier than it actually leaves your bank!

simplicity

Hello everyone,

can i have a bit of advice please. i'm 24, my other half and i are saving up for a deposit on a house/flat/shoebox somewhere.

i've filled up my isa for this year, have an icesave account with 1000 in. I have a HSBC regular saver at 8% where i will be putting away 250 every month.

also this weekend i opened a regular saver at Yorkshire Building Society regular saver where i'll be putting away 250, and my other half 250, thus maxing it out at 500 a month.

am i doing it right? i'm new to all of this. is there anything else i could be doing? i should state that my take home salary is around 1200, am back at home living with my parents so while my overheads are low i want to make the most out of money.

the money in the YBS reg saver will be going from a standing order from my HSBC graduate account. however, in martins savings articles he suggests drip feeding it from a savings account. should i chage the standing order from HSBC current account to my icesave one? am confused.

i get paid on the last working day of every month, so if i set up orders to leave my account on the 1st, am i not losing interest in a few days transit? i suspect this is minimal and not worth worrying about but am anxious to get it right.

any advice gratefully received.