Best savings account for holiday savings (goes up and down)

877cms

Hi all,

As per the title, I save up several thousand over the year and then withdraw it all in one go to pay off the holiday. I was wondering what is the best account for this kind of fluctuating balance?
Thanks

R_P_W

Any savings account

innovate

I got absolutely no experience with them but they do what you want - - check them out before you use them. Particularly - - is your money safe?
http://www.matepay.co.uk/

psychic_teabag

The title says the balance goes up and down, but the description implies it goes only up for most of the time, with a single large withdrawal.

If it's the latter, you could consider a regular-saver account, which tend to pay a higher interest rate than normal instant-access accounts. Many of these are branch-only, so it will depend where in the country you live. You could also consider a notice account, since you (presumably) know when you'll need to withdraw. But I'm not aware of any decent notice accounts at the moment.

At the moment, current accounts are paying more interest than savings accounts. Most have a lower threshold before paying the best rate of interest, though. Nationwide is an exception to this.

877cms

psychic_teabag wrote: »

The title says the balance goes up and down, but the description implies it goes only up for most of the time, with a single large withdrawal.

Thanks everyone for the info, I've been ill with the flu so apologies for the late reply, all better now - almost

Yes you are correct, regular monthly payments in with one large payment going out occasionally. I was wondering if a cash isa might be an idea too? But I just transferred my old isa from halifax to nationwide, so am not sure if i can open another. Will have a look at the site guides..