Account for regular deposits from someone else

PixelPound

Looking for a savings account for someone where I can set up a SO for regular payments into. Not sure if normal regular Savings accounts would be okay or if they expect the holder to pay in.

Its for a couple of years and shouldn't be any withdrawals in that time.

Archi_Bald

Any current account, or savings account that has sort code and account number, will do.

Presumably you, or the beneficiary, will be interested in getting the best interest rate? How much is the monthly deposit?

jamesd

Effectively any account that doesn't require a passbook to be updated can be used for this. That's almost all current and savings accounts in the UK, it's harder to find one that doesn't allow it than one which does.

PixelPound

About £200. So maybe Leeds BS one if just a single payment pm is done? I know some are linked to current accounts, so guess just avoid those.

colsten

Why do you want to avoid current accounts?

A couple of Tesco current accounts would be ideal, taking a total of £6K between them, and paying 3% AER.

The M&S Regular Saver takes £250 a month and pays 6% AER. The TSB Monthly Saver pays 5% and also takes £250 a month. Both pre-req their current accounts.

The best savings account you can get is at KRBS and pays 1.65%.

Vortigern

nic_c wrote: »

About £200. So maybe Leeds BS one if just a single payment pm is done? I know some are linked to current accounts, so guess just avoid those.

The Leeds BS regular saver should suit your need. Once opened you can pay in once a month by standing order from any bank. There is no fixed maturity or expiry date, so you can continue to pay in until they withdraw the product.

jimjames

Vortigern wrote: »

The Leeds BS regular saver should suit your need. Once opened you can pay in once a month by standing order from any bank. There is no fixed maturity or expiry date, so you can continue to pay in until they withdraw the product.

The only problem I can see with regular savers is the need to maintain payments every month. If it's a third party paying in then that may be hard to control.

PixelPound

jimjames wrote: »

The only problem I can see with regular savers is the need to maintain payments every month. If it's a third party paying in then that may be hard to control.

Not if its me paying in and doing via SO