Am I making the most of my savings?

pete-20-11

Kim_13 wrote: »

The TSB monthly saver can be beaten - Lloyds, BOS and Halifax increased theirs to 2.5% in December. TSB are still paying the 2% they were paying before the base rate increase.

You might find this Regular Saver thread useful: https://forums.moneysavingexpert.com/discussion/608697

It’s strange that TSB is mentioned on this page but not Halifax which pays more!

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts?_ga=2.248260224.602952191.1515185988-1781766044.1479846979#bb

StarShapedPeg

HSBC require two direct debits or standing orders and they have a high pay in of £1750/month but again, you can just cycle this in and then out again.
I had a bit of a faff getting ID for online banking but since then it’s been very straight forward.

MDE

Thanks for all the assistance so far. I've had a look at the HSBC offering and the monthly saver has quite punitive rules if you need to withdraw. Bearing in mind I need to change the car or pay off the finance in August I'd rather steer clear of this.

I think I am going to switch me personal Nationwide Flex to an HSBC advance, this will give me the switching bonus. I will keep the Nationwide regular saver as our joint account is with Nationwide, and I will keep the TSB regular saver as I have a classic plus account with them.

This places £500 of the £750 I normally save regularly. I will probably put the remaining £250 in my Post Office account as it's the best other option I've got at the moment.... I think!

YorkshireBoy

Does your partner already have a Flexclusive regular saver or even a FlexDirect? If not, maybe consider using their ability to generate 5% easy access for you? That's if you trust each other...and you must do if you have a joint account.


Re the HSBC regular saver, would you need to withdraw from both 5% regular savers in August? If not, then just withdraw from Nationwide which has no penalties.

MDE

I don't think she'd be too interested in having accounts in my name.... She'd see it as money laundering!

Unknown how much I'll need in August but I'd rather not tie too much up!

YorkshireBoy

MDE wrote: »

Unknown how much I'll need in August but I'd rather not tie too much up!

You'd have £2K by August. If you've £1,500 in TSB (and you must have, if you're considering using PO savings) you'd use that first wouldn't you?...and take the £500 shortfall from Nationwide. Unless you're clearing all your accounts out to sort the car situation.

soulsaver

MDE wrote: »

Al Rayan Bank 1 year fixed @ 5%, matures in August.

Al Rayan bank 1 year fix @5% ending August this year? Is that a typo?

MDE

soulsaver wrote: »

Al Rayan bank 1 year fix @5% ending August this year? Is that a typo?

I don't think so. I may have remembered the expected profit figure wrongly.

MDE

In reply to Yorkshireboy, you raise a good point, I'll open the regular saver with HSBC once my switch goes through.