Regular Saver Thread **New and Restarted**

madlyn

Just found this thread.
I have 2k I would like to deposit and would like an account I can make further deposits into, probably between £20 and £50 a month.
I am a basic rate taxpayer and I live in the East Midlands and I am not fussed about easy access.

eskbanker

madlyn wrote: »

Just found this thread.
I have 2k I would like to deposit and would like an account I can make further deposits into, probably between £20 and £50 a month.
I am a basic rate taxpayer and I live in the East Midlands and I am not fussed about easy access.

The best regular saver accounts are all summarised on the first page of this thread, or the MSE version is https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/.

You'd be better with a different account for your £2K lump sum though, check out https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ for those that fit your needs best - you can lock your money away in a fixed term account for better rates if you don't need easy access.

schiff

adindas wrote: »

Branch product have been going hand in hand with e Saver as additional product .
Do they actually replace the online e-Saver version with the branch products or they just remove the online e Saver option ??

They have been running the store version side by side with the online version from the beginning, but the sequence - for now anyway - has been broken by no new online account recently.

We are all patiently awaiting the dawn of that day

madlyn

Without sounding daft, why would I be better with a different account for my 2k, rather than a regular saver which I can deposit into and increase my 2k?

ColdIron

madlyn wrote: »

Without sounding daft, why would I be better with a different account for my 2k, rather than a regular saver which I can deposit into and increase my 2k?

You can't deposit £2,000 into a regular saver in one go. Typically (but not exclusively) £250 per month for one year

Read the links in esbanker's post

What are regular savings accounts?

The clue's in the name. Regular savings accounts require you to put money away each month. They offer blockbuster interest rates, but tend to impose rigid terms and conditions, such as limiting the amount of withdrawals you can make, or forcing you to make a deposit every month.

RG2015

madlyn wrote: »

Without sounding daft, why would I be better with a different account for my 2k, rather than a regular saver which I can deposit into and increase my 2k?

You cannot deposit £2k into a regular saver and then add to it. The most you can deposit per month is £300 and some have a ceiling of £200 per month, Have a read of the MSE page linked in an earlier post.

soulsaver

madlyn wrote: »

Without sounding daft, why would I be better with a different account for my 2k, rather than a regular saver which I can deposit into and increase my 2k?

Because you can't put all £2k in a RS at once... but you can in a several hi interest current accounts (CA), many of which are paying as good rates as in RSs, but on all your £2k from the start.

schiff

madlyn wrote: »

Without sounding daft, why would I be better with a different account for my 2k, rather than a regular saver which I can deposit into and increase my 2k?

You can only dribble your savings into a regular saver, usually at £250 per month, but with an interest bearing current account you get your interest on the full amount from day one!

Best of both worlds open the current account and start dribbling!

madlyn

Oh I see.
That I didn't realise, I could deposit my 2k throughout the rest of the year then?

schiff

madlyn wrote: »

Oh I see.
That I didn't realise, I could deposit my 2k throughout the rest of the year then?

Into the regular saver, yes. That way you maximise the interest on the lot