Savings account (or current ) for £60K with standing order facility

thelawnet

Any suggestions?

Basically just want to set the account up deposit the money and make a monthly payment of £2000 automatically to a different account

So looking for interest and automated payment

kinger101

A combination of a savings and a Santander 123. The interest on the 123 for balances up to £20K is as good as any instant access savings account, and the £5 monthly fee will likely be covered by cashback on utilities/telecoms/council tax.

Savings accounts that allow standing orders are rare, but plenty have faster payments.

YorkshireBoy

Tesco Internet Saver
Currently paying 1.46% I believe
Once a month log in and set up a future dated FP out

thelawnet

I don't want to do a monthly payment , I want automated payments. This is an absolute requirement as it's for stbxw and she's useless with this stuff.

The 123 with £15k and the a monthly top-up would make sense (though in an ideal world I would have it with a smaller starting point, to help with budgeting , but I suppose you can just mentally deduct £15k off whatever balance you have)

With an average balance of say £16.5k and 1.5% interest, it works out about 1.2% after taking off the fee.

But if I could get say 1% on the full balance and then just have the 123 Lite being fed monthly from there I think I'd prefer that.

colsten

thelawnet wrote: »

I don't want to do a monthly payment , I want automated payments. This is an absolute requirement as it's for stbxw and she's useless with this stuff.

The 123 with £15k and the a monthly top-up would make sense (though in an ideal world I would have it with a smaller starting point, to help with budgeting , but I suppose you can just mentally deduct £15k off whatever balance you have)

With an average balance of say £16.5k and 1.5% interest, it works out about 1.2% after taking off the fee.

But if I could get say 1% on the full balance and then just have the 123 Lite being fed monthly from there I think I'd prefer that.

So is it £60K or £15K you want to deposit, and who do the monthly deposits come from? Is the account only required for 30 months?

Is it actually your account or for stbxw?

What's the "starting point" about that you want to have lower? And why can't you just make it lower?

Note a 123 Lite doesn't pay interest.

etienneg

thelawnet wrote: »

I don't want to do a monthly payment , I want automated payments. This is an absolute requirement as it's for stbxw and she's useless with this stuff.

But if I could get say 1% on the full balance and then just have the 123 Lite being fed monthly from there I think I'd prefer that.

You're supposed to be able to set up regular weekly or monthly transfers out of (at least some) savings accounts held with Charter Savings Bank. I'm not sure of the details and I've never tried it, but it may be worth investigating. (Section 11 of their general savings T&Cs.)

Unfortunately the interest rate on the current issue of their easy access account is only 0.75%. (It was 1.4% last year when someone I know opened one.) They also do 60 day and 95 day notice accounts at 1.61% and 1.9%, but it's probably too hopeful that you could set up regular withdrawals with automatic notice for future ones. Maybe ring and ask them? If you do, let us know the outcome.