Regular savings query

MoneySavingTart

bigadaj wrote: »

Wouldn't deferring the pension give you a higher overall return on the amount?

Possibly, but Mrs MST does not enjoy the best of health, so there is a risk of getting nothing with that approach should the worst happen.

MST

enjoyyourshoes

Club Lloyds do a current account (£5K max 4% interest and £1500 in each month) They also do a RS for 4% max per month £400, if you have that sort of total to save regularly each month ! Same goes for end of 12 months as others. I make a note in diary 1 week before maturity and phone each one to see what new RS they have, also can transfer matured amount into you current account with the same institution, then shuffle it around as you see fit at the time ISA, S&S, holiday, etc)

colsten

enjoyyourshoes wrote: »

..... phone each one to see what new RS they have...

Hope you aren't burning a year's worth of regular savings account interest on phone calls when you can get the information for free online, and probably in a fraction of the time the phone calls take.

MoneySavingTart

I can't manage the extra £1500 deposit each month. I'm using that much to feed 3 Santander 123 accounts to get 3% on £60k.

Yes I could recirculate it from Santander into club Lloyds but that is getting a bit complex. I'm also trying to keep Mrs MST schemes a bit apart from mine.

MST

Turtle

MoneySavingTart wrote: »

Thank you Ballard.

Generally speaking are the subsequent regular savings account still at a premium rate or are they just trying to hook new customers with premium 1st time rates?

TIA
MST

The rates on these accounts have been 6% for absolutely ages and as someone else said, it's the same for first and subsequent accounts (only one at a time for each bank though). When it's matured just open another.

colsten

MoneySavingTart wrote: »

I can't manage the extra £1500 deposit each month. I'm using that much to feed 3 Santander 123 accounts to get 3% on £60k.

Yes I could recirculate it from Santander into club Lloyds but that is getting a bit complex. I'm also trying to keep Mrs MST schemes a bit apart from mine.

MST

If you have £60K in 3 x 123, you have £1,500 (in fact, 40 times £1,500) to cycle back and forth to a Club Lloyds each month. Nothing complex about it really. You wouldn't be amongst the first to do it, either.