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Regular savings account linked to current accounts
felixthecat626
Posts: 9 Forumite
Hi all,
Despite regular nagging from my rather money savvy mother, I've always been a bit lax on the whole looking after my money business, but right now without any alignment of the stars or the horoscopes foretelling my economic fate I have randomly decided now is the time to concede and start getting in the know (couldn't possibly be to avoid her verbal berrations).
I have a large portion of money in my current well above the interest earning threshold that I should probably be making more use of. My idea is to slowly move this into a regular savings account because of the good interest rates (5% at FirstDirect) but you can only get these savers accounts with the great interest if you have a current account with them.
My plan is to open a regular savings account with Lloyds (where my current account is) for the 2.5%AER. Then switch current accounts to FD and open a regular savers with them too for 5%AER.
My question is will Lloyds close my regular savers with them when I switch my current account from them to FD? The regular savers seems to be quite punishing if you don't follow the rules precisely, and I don't want to end up them changing the accounts to the easy saver at 0.2% AER.
Any help and patience for a money noob appreciated
Thanks all.
Despite regular nagging from my rather money savvy mother, I've always been a bit lax on the whole looking after my money business, but right now without any alignment of the stars or the horoscopes foretelling my economic fate I have randomly decided now is the time to concede and start getting in the know (couldn't possibly be to avoid her verbal berrations).
I have a large portion of money in my current well above the interest earning threshold that I should probably be making more use of. My idea is to slowly move this into a regular savings account because of the good interest rates (5% at FirstDirect) but you can only get these savers accounts with the great interest if you have a current account with them.
My plan is to open a regular savings account with Lloyds (where my current account is) for the 2.5%AER. Then switch current accounts to FD and open a regular savers with them too for 5%AER.
My question is will Lloyds close my regular savers with them when I switch my current account from them to FD? The regular savers seems to be quite punishing if you don't follow the rules precisely, and I don't want to end up them changing the accounts to the easy saver at 0.2% AER.
Any help and patience for a money noob appreciated
Thanks all.
0
Comments
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Open a Classic current account with Lloyds and switch that one to FD.0
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A club Lloyds account gets you two RS one at 2.5% and one at 2%.0
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Just saying.YorkshireBoy wrote: »Open a Classic current account with Lloyds and switch that one to [STRIKE]FD[/STRIKE] Nationwide.0 -
Would need to put a couple of DDs on the new account before switching it. But would give a couple of benefits over FD...ceredigion wrote: »Just saying.
1. A home for £2.5K of the Lloyds current account cash currently making either 1.5% or nothing, and
2. The regular saver is much more flexible.
Plus of course someone else, ideally a family member, gets £100 too.0 -
Why not open a Nationwide Flex Account - earn 5% interest on £2500 for the first 12months? You can also open a variable (currently 5%) Regular Saver - max £250 per month with the Nationwide Account.
I'd also open a TSB Account - 5% Interest on up to £1500. Think they have a regular saver which gives 2% (£250 a month).0
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