Regular Savings Accounts: The Best Currently Available List!

JonnyTightWad

I'm hoping to very quickly set up some Regular Saver accounts.

Is it possible for one person to set up multiple Halifax Regular Saver accounts? Ideally, I'd like my wife to have 4. Is there anything to stop her from doing this?

If so, are there any others which permit multiple accounts?

We currently overpay on our mortgage by £2,000/month, but as the current interest rate is only 0.99%, I realise that we'd be better off putting the money in Savings Accounts. I guess that the best bet is Regular Savings accounts in my wife's name as she isn't a top rate taxpayer, and I am?

On that basis, the Norwich & Peterborough at 6% looks good, allowing £250/month, but that leaves £1750 to save. For the sake of simplicity, 4 Halifax Regular Savers at 5% would appear to be the best bet.

Does anyone else have any better advice please?

Thanks in advance for any pointers. I realise that I really need to get this sorted immediately.

Cash ISA allowances have already been used this year.

abstemious

I believe you can only open Halifax account, but there wouldn't be anything to stop you opening a Bank of Scotland regular saver as well. Having these two accounts open with HBOS would allow you at to save £1000 at 5% every month.

EDIT: Sorry everyone. This is incorrect. You can only have one HBOS regualr saver. THe BOS's website just asvertises the Halifax account.

JonnyTightWad

Much obliged to you. Many thanks for the top tip. I don't suppose you know whether multiple Norwich and Peterborough Accounts are possible in the same name do you please?

abstemious

JonnyTightWad wrote: »

Much obliged to you. Many thanks for the top tip. I don't suppose you know whether multiple Norwich and Peterborough Accounts are possible in the same name do you please?

Sorry to disppoint but I've just checked on BOS's website and it seems the regular savings account they advertise is actually the Halifax one. You would only be able to save the £500 with the HBOS group. Sorry for giving you incorrect information.

To be honest, regular savings accounts are really only designed for smaller amounts of money. It looks like you would have to open accounts with HBOS, Natwest, RBS, N&P etc to save it all. Seeing as £2000 is not an insignificant sum by itself, have you considered buying fixed term bonds each month instead?

Jonboy1889

abstemious wrote: »

I believe you can only open Halifax account, but there wouldn't be anything to stop you opening a Bank of Scotland regular saver as well. Having these two accounts open with HBOS would allow you at to save £1000 at 5% every month.

I don't think you can have both?? They seem to both be the same thing, at least are called the same thing: http://www.bankofscotlandhalifax.co.uk/savings/regularsaver.asp?!!!!!regssel

Can anyone clarify this?

JonnyTightWad

No problem. I hadn't considered that as an option - I'll have a little root around the best buys and see what looks the best option.

Thanks again.

Jonboy1889

Jonboy1889 wrote: »

I don't think you can have both?? They seem to both be the same thing, at least are called the same thing: http://www.bankofscotlandhalifax.co.uk/savings/regularsaver.asp?!!!!!regssel

Can anyone clarify this?

I can confirm I've just tried to apply for the BOS reg saver and it wouldn't let me, given that I already have a Halifax regular one...

JonnyTightWad

Sorry - crossed with JonBoy there. Thanks for your response.

JonnyTightWad

Make that responses.

rb10

Be aware that to get the 5% Halifax/Bank of Scotland Regular Saver you must open and fund the account by 8th October. You can make the first payment by cash or cheque, in a branch.