Keep money in bank accounts or dripfeed into regular savings

Spanishsunawaits

I have several bank accounts, Tesco, TSB, Lloyds, Bank of Scotland etc. Paying between 2 and 3% interest. I also have a First Direct account which I use for my main current account.

Would I be best opening up a regular savings account with FD and drip feeding max of £300 per month into it from one of the other accounts to get their 5% interest rate? Or keep the max amounts allowed in the above accounts?

Thanks.

ColdIron

First Direct's Regular Saver pays the highest interest so that's the one to use, feed it from your lowest rate account

Spanishsunawaits

Thanks. That’s what I was thinking. Makes sense.