Regular Saver Expiring

Outsider_83

Hi All,


I have a regular saver that is just about the expire. It was being saved at a value of 5% and the total value of the pot is just over £6k, what is the best option for this? I don't really want to drip feed it into another account as most of it will be sitting doing nothing.

soulsaver

Put it in the best interest earning current account you haven't already got.. (see "top saving acs" above) and open another 5% regular saving ac and feed it from the current.

Eco_Miser

See the discussions on this thread and others, about the benefits of drip-feeding into regular savers. The linked thread also has suggestions for where to keep the lump sums until they are 'regular saved' again.

Outsider_83

Thank you folks, from reading the attached links my plan is as follows, does this make sense?

1. Open up a Tesco saving's account paying 3% to hold my expired savings in.
2. Drip feed money into a new regular saver preferably one offering 5% interest.

ColdIron

Tesco's savings accounts only pay 1.20%. You are probably thinking of the Tesco current accounts that pays 3% on up to £3,000 although you can have 2 of them. You would need to set up 3 Direct Debits and pay in £750 pcm