Giving Up Saving? Can't Find a Suitable Account.

anotheruser

I have about £3000, which is a long (10-year) savings account.
To be honest, I don't mind not having any interest as I put enough in it each month to get to my goal.

However if interest accounts are there, why not?!

But it seems to be too difficult to be worth it.

It was in a Club Lloyds Monthly saver, which was great. However because Lloyds is really old fashioned, and the account is a joint account, I can't just renew it back into a Monthly Saver.
I'd have to call up, both people on the account would have to be present. Then I'd have to set up new SO's on both our accounts, then another SO from the old savings account to slowly transfer the amount into the new accounts (max £400 a month) - it's just a lot of effort for a 1.4% increase in interest.

Many of the other savings accounts seem too difficult to bother too. The Virgin Savings account - no Virgin banks near me. The HSBC regular saver (I have an HSBC account!), but you can only save up to £250 a month. Nationwide? It's only for a year, and then I have to faff about cycling £1000 in and out - gave up on that game a few years back.



Is there any bank that will allow me to put a lump sum in, lock it away for a few years, that will allow me to make regular (but less than £100) payments per month?

Reaper

Not that you can just save with and forget. However plenty of investments will let you do it and might be worth considering given the long time period and regular contributions.

El_Torro

A TSB current account is still 3% interest. Only for the first £1,500 though, so you'd have to find a home for the rest. No direct debits required either.

Unfortunately in this day and age you need to accept some hassle if you want a decent amount of interest.


I guess you've already seen this link but it explains your options:https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Captain_Bravo

What about Goldman Sachs MARCUS savings account ? seems pretty straight forward.

Easy to open and no need to have direct debits or monthly income...
Rate is down to 1.35% but it's easy access, hassle free.

Albermarle

A 5 year fixed savings account will pay about 2 %
However after the initial deposit , you can not add anymore . If you withdraw before the 5 years is up there are penalties.

badger09

Captain_Bravo wrote: »

What about Goldman Sachs MARCUS savings account ? seems pretty straight forward.

Easy to open and no need to have direct debits or monthly income...
Rate is down to 1.35% but it's easy access, hassle free.

Thought I'd missed another reduction:eek:

Marcus is still 1.45% for 12 months at the moment, then 1.35%

colsten

El_Torro wrote: »

A TSB current account is still 3% interest. Only for the first £1,500 though, so you'd have to find a home for the rest. ]

As the OP indicated, two people are involved in the savings. As each person can have 1 sole and 1 joint TSB account, they can have 3 x £1,500 = £4,500 between them. All they have to do to keep the interest payments is shuttle £500 across the 3 accounts once a month. This can be done by SO.

anotheruser wrote: »

To be honest, I don't mind not having any interest as I put enough in it each month to get to my goal.

However if interest accounts are there, why not?!

If you leave your money in an account that doesn't pay interest, it steadily loses value, due to inflation.

Murielson

Don't renew your Lloyds Monthly Saver, just open a new one online.

This is what I do everytime the interest rate drops so just renew by opening a new account, get higher rate and move monies about as required. Don't understand your issue here unless missing something