Savings

vcazzola

I have a decent amount of money saved in an account with Halifax that gives me a monthly interest which I can withdraw every month without any penalty. Halifax is now planning to reduce the interest below 0.5% and I want to move my money elsewhere but I cannot find another rank that gives me a similar arrangement. Anybody has any ideas?

jimjames

TSB? Pays 5% and you can withdraw whenever you want without penalty. Same with Tesco, Nationwide, Lloyds and Santander. Really depends on the amounts you're talking about.

richy999

Have a look at this thread...

https://forums.moneysavingexpert.com/discussion/608697

colsten

richy999 wrote: »

Have a look at this thread...

https://forums.moneysavingexpert.com/discussion/608697

All these are Regular Savings accounts that don't allow regular monthly withdrawals without penalty, which is what the requirement is.

Nor can you put any larger lump sum into Regular Savings accounts.

xylophone

decent amount of money

How much is this?

If you are not able to open joint accounts, you can get a reasonable monthly return on around £53,000 using interest paying current accounts in your sole name.

Otherwise http://www.thisismoney.co.uk/money/saving/article-1583868/Best-savings-rates-Monthly-income-saving-accounts-html.html

It's not good, is it?

richy999

colsten wrote: »

All these are Regular Savings accounts that don't allow regular monthly withdrawals without penalty, which is what the requirement is.

Nor can you put any larger lump sum into Regular Savings accounts.

Did you see the 'feeder' current accounts? These do allow regular monthly withdrawals without penalty and offer up to 5% interest.

vcazzola

TSB checked - pays annual interest, I want my interest paid monthly so I can withdraw it monthly. Will check the others

vcazzola

All feeder accounts need a monthly payment. I have a lump sum to which I will never be able to add any more money, I don't want to lock it in a bond or similar or invest it for that matter, I just want it to give me some extra cash monthly.

bsms1147

vcazzola wrote: »

TSB checked - pays annual interest, I want my interest paid monthly so I can withdraw it monthly. Will check the others


All feeder accounts need a monthly payment. I have a lump sum to which I will never be able to add any more money, I don't want to lock it in a bond or similar or invest it for that matter, I just want it to give me some extra cash monthly.

Current accounts - eg the TSB Classic Plus - pay interest monthly.

You can move money in and out - you don't need to add new money each month - to satisfy the pay-in requirements. This process can be automated.

colsten

You won't find a Regular Savings account that pays interest monthly.

ceredigion

[QUOTE=vcazzola;69517264All feeder accounts need a monthly payment. I have a lump sum to which I will never be able to add any more money, I don't want to lock it in a bond or similar or invest it for that matter, I just want it to give me some extra cash monthly.[/QUOTE]


Think about it logically, you have the money to make the monthly payments