Making the most out of lump sum/monthly savings

colsten

You can have as many Regular Saver accounts as you can get. Some do pre-req current accounts, and most will either not let you withdraw anything, or have hefty penalties for withdrawals before maturity. Maturity is generally 12 months.

There is no credit check for Regular Savers as they aren't credit accounts (there will be credit checks for any pre-req current accounts). They'll just check your credit files for AML and ID check reasons.

YorkshireBoy

colsten wrote: »

Personally, I'd stick it all into a Marcus for now, load up 2 LISAs, and then refer the hell out of Nationwide and TSB accounts, for both of you. As soon as those accounts are live, I'd then load them up - £2,500 each into the FlexDirects, and £1,500 each into the TSB Plus ones. But then I am an experienced switcher, not afraid of exploiting every last written and unwritten rule, and I don't have to worry about any mortgage application. You should still be able to make at least £500 between the two of you from switching offers, even if you are approaching it quite conservatively.

To the OP...

Forget regular savers. The above is the only advice you need.

I make it £700 in referral incentives (£400 from Nationwide and £300 from TSB). Plus another £100 for the person referring one of you for your first TSB account.

Loads of account openings and switches, but if the mortgage application is a year away this won't matter in my opinion.

T1T2T3T4

So we currently have just opened a HSBC account for the 175 switch.

Then the plan for our savings is as follows:
• 4000 each into a LISA
• 1500 each into a TSB account (recommend partner for £100)
• 500 per month into regular saver 2.5% (Coventry)
• 250 per month into regular saver with HSBC 2.75%

So that would deal with our current joint savings of 10k and will allow us to put away a further £750 a month. This would also mean pushing back our house hunt with the aim to buy in 12 months instead.

We can't really open up nationwide accounts because we've used theirs already a year or two ago. And we wouldn't benefit from paying for Santander's 123 account.

But what about my individual savings of 6.5k? And ideally we want to put away £1100 a month not £750 (so to put away a further £350 a month). So shall I stick this all into a savings account (e.g. cynergy bank 1.36%)? Or do something else with this money?

Then the potential plan would be to switch the HSBC current account to First Direct to get the £100 bonus and then open a regular saver with them at 2.75% (but that would be in a few months’ time)

What are your guys’ thoughts?

P.S. would you guys put off buying a house for another 3 months to get the £1000 LISA interest and continue renting in the meantime? This would mean continuing to save further money too (so another £1100 each per month)

Thanks again

T1T2T3T4

YorkshireBoy wrote: »

To the OP...

Forget regular savers. The above is the only advice you need.

I make it £700 in referral incentives (£400 from Nationwide and £300 from TSB). Plus another £100 for the person referring one of you for your first TSB account.

Loads of account openings and switches, but if the mortgage application is a year away this won't matter in my opinion.

That sounds good! But it'll really only be my partner that we can recommend each other with. Don't think the family or friends would be up for the hassle of switching to be honest. Is that what you did, work with family and friends I mean?

We are planning to switch to First Direct too after HSBC switch sorted.