Finance Review

Outsider_83

badger09 wrote: »

Confusing posts:cool:

It is currently possible to open a new regular saver with both Nationwide and First Direct once the existing regular saver has matured.

badger09 wrote: »

Pay it into a current account earning a decent rate of interest and drip feed from there.

You could also open additional regular savers - see Regular Savers thread for options

Nationwide allows more than £250 pm I believe?


Your strategy of opening several RSs sounds like a lot of unnecessary fannying about for little gain, I think the OP would be better just leaving their money in a standard current account.

ColdIron

Outsider_83 wrote: »

Nationwide allows more than £250 pm I believe?

It used to be £500 quite a while ago but not any more. It's £250 per month now

Your strategy of opening several RSs sounds like a lot of unnecessary fannying about for little gain

Depends on your definition of little. I made £544 last year, £1,291 if you include the old Nationwide Regular Savings account although that was a one off, and I am a bit of a slouch compared to many here

badger09

Outsider_83 wrote: »

Nationwide allows more than £250 pm I believe?

You believe wrongly.

Outsider_83 wrote: »

Your strategy of opening several RSs sounds like a lot of unnecessary fannying about for little gain, I think the OP would be better just leaving their money in a standard current account.

You are entitled to that opinion. OP is clearly looking to maximise the return on his savings. Entirely up to him how much 'fannying about' he is prepared to do.

Cotta

I don't mind tweaking about, I've so far decided upon the following :

1. Setup a new RS with Nationwide at 5% and drip feed £250 per month into it.

2. Setup a new RS with First direct at 5% and pay & £300 per month into this.

3. Setup a third RS at 5% with HSBC and pay in £200 per month, this will also allow me to avail of a switching bonus of £150.

It still leaves me with a lot swishing around doing nothing, what should I do next?

chockydavid1983

M&S and Santander also have 5% RS's

Outsider_83

I'm all for making money work but where is the sense in having 5 Regular Savers?

chockydavid1983

Either to maximise monthly savings rates or to feed into from lower paying savings/ current accounts.
Quick and easy to set up and then it's set and forget.

Outsider_83

That tactic needs a decent holding account, most current accounts pay derisory amounts?

chockydavid1983

Which is why I mentioned using a Tesco account or 2 as holding accounts above :-).
In general, see https://www.moneysavingexpert.com/banking/compare-best-bank-accounts
So atm, TSB, BOS, Lloyds also

Cotta

chockydavid1983 wrote: »

Which is why I mentioned using a Tesco account or 2 as holding accounts above :-).
In general, see https://www.moneysavingexpert.com/banking/compare-best-bank-accounts
So atm, TSB, BOS, Lloyds also

Do all those accounts pay 3%, is there any switching bonus involved?