Regular Savings Advice

aj23_2

Sweetcake wrote: »

Hey hey! You are in luck indeed! I'm from South London, so definitely not a resident of those postcodes for Principality or Chorley, nor do you have to be... hehe. that's why I opened them!


Just to let you know I went to a Bromley branch, and opened the regular saver with YBS, really happy!


Definitely check out Principality and Chorley. I opened my Chorley this month, and Principality this month, so I assure you, you don't need to be a resident.

I'll look into them but it looks like I'll get more interest from Virgin Money and Saffron BS

System

aj23 wrote: »

I'll look into them but it looks like I'll get more interest from Virgin Money and Saffron BS

I think you may be wrong, as Chorley is 2.50% and VM is 2.25%? unless there's a VM savings account that offers more that I'm not aware of?

System

Also have you decided about the YBS? I opened mine in branch today hehe, excited!

aj23_2

Sweetcake wrote: »

I think you may be wrong, as Chorley is 2.50% and VM is 2.25%? unless there's a VM savings account that offers more that I'm not aware of?

Chorley's fixed term ends 31 May, the maturity date, so I could only make 10 deposits. With VM, you can make 14 deposits. £28 vs £50.

aj23_2

Sweetcake wrote: »

Also have you decided about the YBS? I opened mine in branch today hehe, excited!

I'm unsure. I wouldn't be able to do that until September when I won't have Leeds to deposit into as well as Nottingham, and I'd hope to have started the process of buying a house before September 2020 due to it being two years.

It is either YBS only, or VM and Saffron.

Also I'm kinda using Regular Savers now to fund my LISA, so I don't know where I'd get my 2019/20 deposit from if I opened a two year account. I guess I could always withdraw £4000 from it

jimjames

aj23 wrote: »

I have a Tesco account which I did keep £3000 in from February 2017 until March 2018 but I used it to fund my Lifetime ISA, so all that is in it is the interest I got. The minimum 3% ends in April 2019 so they most probably will drop it.

They may drop it, they may not. I can't quite understand why you'd dismiss it when you already have the account and can get an easy 3% with zero effort

aj23_2

jimjames wrote: »

They may drop it, they may not. I can't quite understand why you'd dismiss it when you already have the account and can get an easy 3% with zero effort

Who said I've dismissed it? I still have it, but I presently don't have enough money in my account after paying for everything that would mean it would actually net me more than Halifax atm. Plus, I don't want it to be my sole current account exactly because of why when I opened it I didn't have to meet the requirements. Plus, Tesco Bank can be awful to deal with, and I don't really want my main CA to be with a limited facility provider. I originally opened it as a savings account.

The 3% is easy if I always have a minimum of £3,000, which I did until March of this year, which means if I were to use it as a main current account, I'd need a couple of thousand more than that in it to cover bills and payments and not dip below it and I definitely don't have that at the moment.

Although I may withdraw £3000 from Leeds and put it in Tesco Bank, and then build Leeds back up again.

karlie88

aj23 wrote: »

Chorley's fixed term ends 31 May, the maturity date, so I could only make 10 deposits. With VM, you can make 14 deposits. £28 vs £50.

Why are you looking at the total amount of interest earned?

If you're a savings enthusiast and a MSE member, you need to be concentrating on the interest rate. You're clearly happy to put in the effort, so go for the account with the highest interest rate, fill it, move on to the next account etc.

Also, you'd be able to make 12 deposits with Chorley. You could squeeze in this month's payment, then continue with 11 monthly payments starting from 1st July.

Now that you've divulged that you've got a Tesco current account with a low balance, I would be filling that up with £3k as soon as possible - you're practically throwing money away.

Finally, summer 2020 is 2 years away for buying your house, I personally think 6-12 months is enough time for you to be more careful with current account/credit card applications. So if I were you, I'd be maxing out the 5% regular savers and applying for their respective current accounts (and getting some switch bonuses along the way).

Each to their own.

Zanderman

karlie88 wrote: »

Why are you looking at the total amount of interest earned?

If you're a savings enthusiast and a MSE member, you need to be concentrating on the interest rate. You're clearly happy to put in the effort, so go for the account with the highest interest rate, fill it, move on to the next account etc.

It seems to be aj23's approach Karlie88. As you probably remember they made a similar comment (about total interest but not about maximising percentage) on the Raisin thread https://forums.moneysavingexpert.com/showthread.php?t=5854315

As you say, each to their own.

Zanderman

bhjm wrote: »

switch to nationwide again(assuming the promotional offer ended october 2017 for you. - if you didn`t had the switch incentive - try to use it by family member or somebody else who switch first(or i`ll give you a refer a friend link from me )

and if you have the flex direct use the flex regular saver.

5% on the current account up to 2.500£ and 5% on the regular saver.

Nationwide don't give the 5% on the £2500 a second time anymore. But FlexD account still worth it for giving access to the reg saver.