Regular Savers - if you were me...

tom188

Of course the easiest place to look for a list is https://www.moneyfacts.co.uk or https://www.moneysupermarket.com

gelato_cat

Ed, thanks for the suggestion. I'm required to fund the A&L current account with £500/month, so instead of transferring £250 to the A&L Regular Saver and leaving the other £250 in there, I send the other half to my Lloyds RS. My Lloyds current account has never had any money in it.

Suze

ED wrote: »

Suzey wrote ''I do lose extra money transferring from A&L to feed the Lloyds one.'' Do you have time, each month, to deposit cash over-the-counter to Lloyds current account? You could set up an Internal Standing Order of the £ from current account to Regular Saver.

ED

Suze - Another option (successful in my family's experience) is immediately after depositing £500 into A+L over-the-counter, use their ATM to withdraw £250, then deposit those £ at Lloyds TSB. Depends on whether you have time for possible queuing.

gelato_cat

Thanks for the suggestion. The only day I can do any non-Internet or -telephone banking is Saturday so this may or may not work, depends on the dates I spose... I'll have a think about it

Suze

ED wrote: »

Suze - Another option (successful in my family's experience) is immediately after depositing £500 into A+L over-the-counter, use their ATM to withdraw £250, then deposit those £ at Lloyds TSB. Depends on whether you have time for possible queuing.

Afahmaep

Afahmaep wrote: »

rainyday4 wrote: »

If I had to start from scratch today I would start with the Halifax BS 7.00% and then the Leek BS 7.50% and then Principality BS 6.50%. Why that order and those. Halifax for the 6.1% account and Regular Saver (£250 PM) which is easily operated and repeatable. I'm into my 3rd year. Leek BS (£250PM) for the windfall/merger opportunity and to put through the Halifax Account and then the Principality BS (£500 PM) for the windfall/merger opportunity and to put through Halifax.

Leek BS 7.50% Regular Saver now not available. Next best is Yorkshire BS 7.00%.

rainyday4

I'm learning alot from these forums.....I appear to have had my head stuck in the sand for years about savings and how to save effectively!! Thanks for everyone's help and advice.

I should have been quicker off the mark about the Leek BS Afahmaep, but I have taken your advice about the Halifax RS I already have.

One more thing I'd like to get anyone's advice on please.

I opened a Principality RS last year (on the MSE's advice) which I think started off with a 5.25% interest and now has a 5.95% interest. It matures next month and I will have saved 12,000 (sorry no pound sign on my computer!) + the interest. I understand that this RS has a variable rate and that I can continue adding to it monthly after 1 year. My question is should I continue to do that or should I close this RS after a year and invest the money elsewhere. (As long as I'm still in regular employment for the next year I can afford to save this amount regularly). I have just applied for my mini-cash ISA for 2007/2008, so don't need the money for that.

Any advice gratfeully recieved!

bristolleedsfan

rainyday4 wrote: »

II opened a Principality RS last year (on the MSE's advice) which I think started off with a 5.25% interest and now has a 5.95% interest. It matures next month and I will have saved 12,000 (sorry no pound sign on my computer!) + the interest. I understand that this RS has a variable rate and that I can continue adding to it monthly after 1 year. My question is should I continue to do that or should I close this RS after a year and invest the money elsewhere. (As long as I'm still in regular employment for the next year I can afford to save this amount regularly). I have just applied for my mini-cash ISA for 2007/2008, so don't need the money for that.

Any advice gratfeully recieved!

u basically got 2 options either look on it that principality 5.95% gross RS is a relatively good rate and not bother messing about ( reason i say messing about is u have to factor in the cost of moving a lump sum of 12000 ie the loss of interest involved in moving funds from 1 provider to another) moving the money at this moment in time but be ready and prepared to move it if u see a exc rate on a lump sum offered either with principality or elsewhere, or open a principality e-saver paying 5.6% gross transfer all or the majority of your principality reg savings into it and drip feed reg monthly payments into either yorkshire BS RS ( if u havent already got 1 ( 7% gross carries on up to 20000 limit) or look 4 another Reg saver paying more than 7%, apart from the odd 1 year fixed paying about 6.15% gross their isnt really many better homes for a lump sum than 5.95% at this moment in time

rainyday4

Thanks for your advice Bristolleedsfan!
if I make the decision to try not to touch that amount of savings for a whole year what do you think about locking it into something like the Birmingham Midshires fixed rate (5.95%) thingy for a year? Or do you still think it would be better to us it to drip-feed into a higher rate paying regular saver?

bristolleedsfan

rainyday4 wrote: »

Thanks for your advice Bristolleedsfan!
if I make the decision to try not to touch that amount of savings for a whole year what do you think about locking it into something like the Birmingham Midshires fixed rate (5.95%) thingy for a year? Or do you still think it would be better to us it to drip-feed into a higher rate paying regular saver?

as far as im aware coventry BS are offering a 1 year fixed at 6.15% gross, if base rates go up in may than your 5.95% account may go up to 6.20 ish anyway

be aware that most ( not all) providers dont pay interest on cheque deposits until the 3rd day following receipt so if u transact a withdrawal on a monday u lose interest day of withdrawal,then 3 days ( inc day of receipt at new provider) + whatever time it takes for cheque to reach new provider ( principality say allow 5 working days for funds to arrive from its e-saver via bacs)

my belief is not to keep all eggs in 1 basket, that by splitting savings up between a number of good paying reg savers gives u both more withdrawal facilities and more options, as your reg saver only allows 1 withdrawal a year if u only move some of your principality RS savings then u have no options on the rest for 12 months,

most u can put in yorkshire RS over 12 months is 6000, id be minded to move 6000 out of principality RS into principality esaver and drip feed 500 per month into yorkshire RS ( 7% gross variable) and leave the remainder in principality RS and hope principality contine to pass on any base rate increases in full, the clever thing would be ( if u havent made a withdrawal on your principality RS in current 12 months would be to move 6000 out ( either into its e-saver or elsewhere) before the anniversary thus giving u 1 withdrawal facility that u can excercise during the next 12 months following the anniversary

A further advantage of holding several building society accounts is many offer "loyalty members only" accounts/bonds with rates better than the norm, so holding several accounts gives u access to these as well ( i will be funding some of my reg savings accounts by drip feeding from a leeds BS loyalty account which is currently paying 6.25% gross variable as an example of the benefit of holding several building society accounts) :cool:

ive just looked on coventry webpage it appears that with coventry "You'll earn interest on your money from the first day that a deposit is made (unless the account is overdrawn), up to and including the day before a withdrawal is made. Interest is not earned on the day of a withdrawal".

Principality pay interest "up to the day you withdraw money" but sadly are one of those that dont pay interest on cheque deposits until the third working day following receipt ie not including working day of receipt

btw at start of march 2007 u could have fixed for 12 months all or most of your RS savings with principality @6.20% gross without losing any interest that results from changing providers

rainyday4

Thanks Bristolleedsfan. Your advice makes a lot of sense. However I'm not sure I understand the last bit of your post:

btw at start of march 2007 u could have fixed for 12 months all or most of your RS savings with principality @6.20% gross without losing any interest that results from changing providers[/QUOTE]


I'd be grateful if you could explain. Cheers!