Savings account for regular withdrawals?

Curly_Girly_2

I need some MSE advice please!

Background: I have been made redundant, and received a final payment (redundancy and in lieu of notice) of £16k. I'm pregnant, and finding it difficult to find work, so the £16k is getting used up in paying the mortgage, bills and living expenses. I've estimated I need £1500 a month for this purpose (having seriously reduced my outgoings!).

At the moment, the £16k is sitting in my bank account. I want to find a savings account that I can move it to so it's at least earning reasonable interest until it all runs out. But I need to be able to withdraw the £1500 a month and move it to the bank account that all my direct debits are paid from.

I'm not sure what the best option is. I've already used up my ISA allowance for this year.

Curly_Girly_2

I need some MSE advice please!

Background: I have been made redundant, and received a final payment (redundancy and in lieu of notice) of £16k. I'm pregnant, and finding it difficult to find work, so the £16k is getting used up in paying the mortgage, bills and living expenses. I've estimated I need £1500 a month for this purpose (having seriously reduced my outgoings!).

At the moment, the £16k is sitting in my bank account. I want to find a savings account that I can move it to so it's at least earning reasonable interest until it all runs out. But I need to be able to withdraw the £1500 a month and move it to the bank account that all my direct debits are paid from.

I'm not sure what the best option is. I've already used up my ISA allowance for this year.

debbie42

Where is your current account held? Sainsbury's is a fairly quick transfer to and from the Halifax and their savings account pays 6.25%.

Otherwise, ICESAVE can be transferred easily to a nominated current account and pays 6.3%. I think you have to have a minimum £250 transfer at a time?

YorkshireBoy

Alternatively, if your current account is not with Halifax, the YBS Internet Saver might be an option at 6.20% AER.

One major downside is the 5 day transfers out (a standalone Sainsbury's Internet Saver would be 4 days), but on the upside the YBS account offers a Link card allowing withdrawals of up to £250 per day.