Savings advice

Saver1980

Hi, i am a new user and after some savings advice.....I want to open 2 savings accounts, 1 which is not to be touched and 1 which is accessible. These are both going to be in joint names. I will be opening both with £1000 each and paying in £250 per month into both. I currently bank with Barclays and i have always used their savings accounts but was wondering if anyone knew of a better deal somewhere?

Thanks

jimjames

Yes.

The best rate is 5% with TSB.

Or you can use regular savers which pay similar rates - others may be able to say which as they aren't ones I use.

Eco_Miser

To expand on what jimjames said, Regular Savings Accounts, to which you pay a regular sum every month for (usually) a year pay up to 6% AER. See https://forums.moneysavingexpert.com/discussion/608697 for a regularly updated list of the best deals. You're only allowed one per bank, but you can use several banks.

The Top Savings Accounts link near the top of the page lists all the worthwhile interest paying accounts. Multiple current accounts is the favoured way of stashing cash here.

Saver1980

Thanks for the reply's. Why are most savings accounts sole and not available in joint accounts?

Archi_Bald

Saver1980 wrote: »

Why are most savings accounts sole and not available in joint accounts?

How do you conclude that?

Saver1980

The first few of the top rate savings accounts seemed to be sole only. I was looking at HSBC Regular Saver which is 6% if you have an advance account with them. This requires paying in £1750 per month. Can i transfer the £1750 from an account with another bank then transfer it back out a few days later and leave the account at £0 ? Would i still qualify for 6% savings rate?

Archi_Bald

Saver1980 wrote: »

Can i transfer the £1750 from an account with another bank then transfer it back out a few days later and leave the account at £0 ? Would i still qualify for 6% savings rate?

yes and yes - but obviously you would use up to £250 for the Regular Saver.

Saver1980

Ok so initially transfer £1750 and transfer back £1500 a few days later, then use the £250 balance for savings