A New Savings Account for a First Time Saver

RLSSpeedy

Morning MSE Forum!

I'm trying to get a saving routine together, and I'm looking for some advice.

Currently I have NO savings, and a empty Natwest saving account! I find having access to the saving account on the mobile app I'm moving money in and out and spending what I saved the month before!

Ideally what I'd like is an account where a direct debit can be set to pay into it a small portion of my salary, and once its in the account, I wont be able to access it for say 24 months after opening..and so this DD will add a little every month BUT, most importantly, I wont be able to TAKE IT OUT AND SPEND IT!

I don't know if any one has any advice or a place i can look for something that might meet my needs..??


Thanks in advance
:money:

Richard

Archi_Bald

You could try a First Direct Regular Saver, or one of the monthly savers paying less interest https://forums.moneysavingexpert.com/discussion/comment/6932895#Comment_6932895.

There is also a huge amount of information on the forum about current accounts that pay interest.

RLSSpeedy

Thanks alot for the reply!

I'll take a look at the account you suggested.

I did have a look at the accounts in the link you posted, These accounts seem to be current accounts, with a minimum pay in..

with my modest salary there are few on there that i could meet the minimum monthly payment on. And to add another spanner to the works, poor credit rating limits the number of accounts ill be able to apply to and be accepted on..

if it helps, I have a couple of hundred to start the account with, with a similar monthly payment in to it.


Regards


Rich

Eco_Miser

Your credit rating may be a spanner in the works, and your habit of spending your savings; but the minimum monthly payment isn't. Money comes out, money goes in, repeat sufficient times, with sufficient quantity of money to meet the required total payment. eg 25 times £60 is £1500. As your savings grow you can move the whole required amount at once. Start with TSB, - highest rate and easiest conditions.

MadMat

It is fairly easy to use the high interest current accounts as regular savers by setting up two standing orders.
I use my TSB one in this way

Set up a standing order on payday to move 500 from current account to TSB account.
Set up standing order on TSB account to move 400 back to your main account the day after payday.

Instant regular saver paying 5% interest!

Mat