Regularly Beat the Best Savings Account Rates Discussion Area

poodlehorse

Right I have just set up a Children's Reg Saver with the Halifax. You need an account to sweep it into at the end of the year and Ihave gone for the (Halifax)Save4it account. I have been told I cannot s/o money from that into the RegSaver as it is the nominated account. GRRR. Does anyone know the best way forward. I want to get the best return for my DS savings. Do you think it is possible/wise to have a second Save4it account (ie that is not the nominated account) and do it from there? I usually stick his Child Benefit in his account every month for him so that is £70 anyway, I have just opened and ICICI account for myself (well in the process as I need to send them id) so would I be better to s/o from there or will it not make any difference if I just shove the money in from my current account and leave all the savings where they are? Does this post even make sense to anyone?

I am really trying to get smarter with our savings as I have just chucked them into a savings a/c with our normal bank at the mo and they have terrible rates but I know that is lazy and I am not doing the best I can for DS or indeed ourselves. As for ISAs we have been lazy there too but will be starting an ISA each this month with Egg and shoving the full amount in there. So I just need to find the best home for the rest and also for my DS savings.

Jonbvn

Over at moneyfacts, the best buy regular saver is the with the Skipton BS. They are offering 7.4% AER. It is called the Christmas Saver, and there is a date of 4 June 2007 mentioned. Maximum that can be invested is only GBP150.

Maybe worth considering for those regular savers who have maxed-out on another RS account, with a slightly lower interest rate (e.g. 7% @ Yorkshire BS).

johnydeath

poodlehorse wrote: »

Right I have just set up a Children's Reg Saver with the Halifax. You need an account to sweep it into at the end of the year and Ihave gone for the (Halifax)Save4it account. I have been told I cannot s/o money from that into the RegSaver as it is the nominated account. GRRR. Does anyone know the best way forward. I want to get the best return for my DS savings. Do you think it is possible/wise to have a second Save4it account (ie that is not the nominated account) and do it from there? I usually stick his Child Benefit in his account every month for him so that is £70 anyway, I have just opened and ICICI account for myself (well in the process as I need to send them id) so would I be better to s/o from there or will it not make any difference if I just shove the money in from my current account and leave all the savings where they are? Does this post even make sense to anyone?

Personally I do an S/O for the maximum amount from my non-Halifax current account as soon as poss after payday to my childrens' Reg Saver - and so does Mrs Death, Grandad Death and Grandma Death

Joscar

Having asked the question about how efficient Yorkshire Building Soc are at opening new accounts I thought I should let you know that they seem very quick.

I posted the application and cheque for the regular saver account on Saturday (2nd) and received a welcome pack and passbook on the 6th stating that the account was opened and credited on the 5th.

Just need to set up the standing order now

Nick_A_2

Which savings account is recommended to drip feed from?

Thanks,

Nick.

yummie

rainyday4 wrote: »

Apologies for being so thick about this but I'm still not sure I know how to drip feed from one high interest savings account into an even higher interest regular savings account. I have an ICICI HiSave savings account and was told by them that I can only transfer money out of it into my 'nominated current back account'. How do I get them to allow me to ALSO transfer money by direct debit to another savings account such as the Leek Building Society's regular saver? Can anyone help please?!

Hi Rainyday4,

I noticed you said that you have an 'ICICI HiSave' account. Can you tell me more about them as i'm very interested in the same account but also very concerned as i've never heard about them before?

Thanks

stevec59

Like a lot of people the thing about Interest Rates and comparing Reg Saver with Instant Access is confusing me, I can save £300PM, surely I am better off putting this in the Lloyd's 8% acct rather than sticking it into my Icsave (soon to be 6.2%), and I guess if I have loads of spare income per month I open an account with Lloyd's and an account with Yorkshire..Correct?

Thanks

Steve

Kazza242

stevec59 wrote: »

Like a lot of people the thing about Interest Rates and comparing Reg Saver with Instant Access is confusing me, I can save £300PM, surely I am better off putting this in the Lloyd's 8% acct rather than sticking it into my Icsave (soon to be 6.2%), and I guess if I have loads of spare income per month I open an account with Lloyd's and an account with Yorkshire..Correct?

Thanks

Steve

Ensure that you've used up your mini cash ISA allowance first. If you have already done so, then your plan above is correct. As you are saving from income it makes sense to go for the highest paying regular saver rate available. The Lloyds 8% monthly saver and YBS 7% regular saver are very good choices. The Lloyds account allows you to pay in a lump sum of up to £500 to begin with - which is separate from your 1st £250 standing order payment.

Special_Saver2

Here is a link to a thread that I have started that some of you might find helpful. At the beginning of the thread, I am also trying to include links to other threads where certain regular savings topics have already been discussed (to avoid repetition).

Regular Savings Accounts: The Best Currently Available List!

yinhong

Dyson wrote: »

In the article, it says that you should use your ISA Allowance first, but if a basic-rate taxpayer is getting 8% interest, tax on this would be 1.6%, leaving Net Interest of 6.4% which beats all but the very best ISAs.

This would only apply to a basic-rate taxpayer, who had no savings to begin with and was just starting to save regularly, but surely the regular saver would be better in this instance?

Regards,
Dave

For the last couple hours, I've been peturbed by this post. His argument seems to make sense, so is it better to go for a regular saver?