Regularly Beat the Best Savings Account Rates Discussion Area

RayWolfe

The recommendation to drip feed from a savings account only applies if the have the annual total to hand before you start. For most people, paying into monthly savers from income is the norm.

tattytom

I've just finished reading all the info on savings. Martin suggests that regular savings account(s) is one of the first places to go with your money.

Can anyone advise me; For example if I have £20000 in a high interest savings account would it earn greater interest in 1 years time there or would it earn greater interest spread around several regular savers ?

dee100

I want to put a lump sum in an easy access account that allows me a standing order to dripfeed to a regular saver (West bromwich?). I don't trust online accounts as someone could hijack my computer. Which easy access account??

info_maniac

Hello Everyone

I recently noticed that the alliance-leicester Premier Regular Saver is giving a rate of 12.00% gross p.a./AER. The rate is guaranteed for one year, you can pay only a maximum of £250 every month. But to avail this offer, you need to have their Premier Current Account and have to pay in at least £500 per month in that account.

http://www.alliance-leicester.co.uk/savings/index.asp?page=prs3&ct=htmlmidleftsavingsDec07

I noticed that this account is not listed in the "Regular Savings Accounts" article on mse.

Are their any catches accociated that this account as it is not included in your "best regular saver accounts list" on MSE.

Also, can someone hold more than one regular savers with different banks or is there a restricstion like the ISA (only one account per individual) .

RayWolfe

I know nothing about the A&L offering.
You can have as many regular savers with different providers as you wish. Many of us have 5, 10 or more.

ukdutypaid

They ain't worth messing about with.... Unless you can time everything perfectly every month, with multiple manual BACS payments from a Hi Interest savings account (find one of those for starters [yes I know there are some, but you get my point]), then you'll have to do it as an SO from your CA.

Remember that these reg savings accounts only actually pay the full amount of interest on average on half your balance (the way it works out).

I'd just get a hi interest savings account, with penalty/notice access in your case. Stick it in there and concentrate of earning/saving more, living and looking forward...

Messin about with all the reg savings clickin, just ain't worth it.. We're talking pennies here..
Well that's my two penneth anyway... (Sev Reg savings accounts and I wish I'd never started with 'em, too easy to !!!!!! up, miss days etc)

knights

info_maniac there is a lot of info on this site regarding this acc if you do a search.

No prob with this Reg Saver, but make sure you only leave the bare mimimum in the Premier Curr Acc., i.e pay in the £ 500.00 pm to feed the £ 250.00 into the Reg Saver but then move the majority of the balance into a better interest account elsewhere.

With regard to the number of Reg Savers, you can have as many as you like as RayWolfe says but you may not be able to have more than one with a particular supplier.

Skipton Special Saver is an exception because you can run 3 of those at a time side by side.

LionKing

What is the best feeder account? Which is better? ICIC or Siansburys to feed regular savers?

ukdutypaid

LionKing wrote: »

What is the best feeder account? Which is better? ICIC or Siansburys to feed regular savers?

Read how the accounts work........

See my post above............... ICICI... only goes to your nominated C/A. Sainsbury's not highest paying and it's all manual every month....
Fiddle about getting it right every month... This is all for a few quid mind...
Extra on your mortgage and it's reduced by thousands!
Or 3mth lump sum lock in with halifax at 7.05...........
Job done..............

Nomad25

HelloI think I am in danger of disappearing up my own backside!I have spent the morning trawling all the top rates regular savings accounts company sites, only to find I have to apply in-person, which is a little difficult as I live in Belfast! So my choice is very limited.
It seems I am left with Halifax [7%] or Anglo Irish [6.75%], oh and NS & I [can't get my head around their rate yet].I would very much appreciate any input from some of you financial whizzes.Thanks.