Savings accounts permitting in-year deposits

dazedandconfused1992

Hello all, first-time poster! Apologies if this is in the wrong place but as I say I’m new . . .

I am in the process of saving for a major expenditure and have been trying to get the best return possible on cash/salary savings. I’m taking advantage of all of the best interest-paying current accounts and “linked regular saver accounts” around; however I’m saving more cash than I can put into these (and get a return on).

For that reason I am looking at “proper” savings or ISA accounts. I have one savings account and deposited a lump into it, and naively presumed I would be able to drop more and more money into it across the 1-year term, as my earnings and savings allowed. However I’ve since found that account is a single deposit which sits for the year (no further deposit allowed). All of which means even after I take advantage of all the best current accounts and regular savers I can, I still have a growing amount of cash which isn’t earning me anything.

So my question, after that long-winded introduction, is: do any savings or ISA accounts exist which permit in-year deposits? And if so, is there a specific section of the MSE site (or anywhere else) which details and compares the best such accounts on the market?

Answers to these questions and/or any other advice gratefully received!

penners324

Haven't you go a Marcus account yet?
You could deposit excess into a pension pot or even over pay your mortgage

redux

For the places with the notice accounts, rather than topping up the first, would they allow you to open another account?

I've assumed so, but a situation hasn't arisen where I need to find out.

Maybe that doesn't fit your circumstance either ...

colsten

There's an endless number of accounts which allow ongoing deposits, with no or little limitation of withdrawals. Whether their interest rate appeals is a different matter - they almost certainly all have lower rates than fixed term accounts. Depending on when you want to spend your money, you could consider opening a new fixed term account every time you have a lump of money to put aside. Whether the associated admin is worth it, only you can decide.

MSE doesn't do full-market comparisons, and I am not even sure the usual comparison sites cover the full market. You need to shop around to see what suits you.

ColdIron

Any easy access account will let you make further deposits but you won't get the same rates a a fixed term/rate account. You could make a start by looking at the link below or the Top Savings Accounts link at the top of this page

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html