1 year Short term savings

khampson

Hi I am looking to put money into a account but would need to access it around it every November. I am looking at depositing around £1000 each month. What are my options? Thanks

redpete

A combination of high interest current and linked regular savings accounts. See here. The Club Lloyds looks useful as it allows withdrawals which some don't.

khampson

redpete wrote: »

A combination of high interest current and linked regular savings accounts. See here. The Club Lloyds looks useful as it allows withdrawals which some don't.

I do like the 4% idea but I am very happy with my Halifax reward account which pays me £5 a month. Is that my only option? Thanks for replying

Archi_Bald

redpete wrote: »

A combination of high interest current and linked regular savings accounts. See here. The Club Lloyds looks useful as it allows withdrawals which some don't.

Club Lloyds won't be enough for several months of £1,000/mth/ You need to add other current accounts.

khampson wrote: »

I do like the 4% idea but I am very happy with my Halifax reward account which pays me £5 a month. Is that my only option? Thanks for replying

You don't have to switch your Halifax account. Just open a few additional current accounts for your savings. TSB, Tesco, Santander, Lloyds etc

khampson

Archi_Bald wrote: »

Club Lloyds won't be enough for several months of £1,000/mth/ You need to add other current accounts.

You don't have to switch your Halifax account. Just open a few additional current accounts for your savings. TSB, Tesco, Santander, Lloyds etc

I did have a look at opening other current accounts but they all required me to pay my wages into these account?

jimjames

khampson wrote: »

I did have a look at opening other current accounts but they all required me to pay my wages into these account?

No they don't. If you read the conditions you'll see there is no mention of wages at all. All it needs is money paid into the account which can then be removed.

Eco_Miser

If you insist on having only a single current account, Halifax is not the one to have. However there is no reason not to have TSB, Lloyds, Tesco and Santander as well - even though their marketing material says 'Pay your salary in', their actual legal terms and conditions don't. (Fortunately as I don't have any salary.)

Most Regular Savers have to be held for a year, so this October set up enough RSs to take your desired savings for November 2016.
Meanwhile Club Lloyds Monthly Saver will take 10 * £400 (February-November) plus £5000 any time making £9000 in all, though preferably you'd get the main account to £4000 quickly to qualify for the highest rate.