How many regular savers can I drip feed

Elderone

Hi. I'm looking to change my current account possibly to 1st direct with £100 switching bonus. They do a linked regular saver at 2.75%. Can I also drip feed into non linked savers alongside that, such as the Coventry BS paying 2.5% at the same time? I'm looking at ways to maximise returns on inheritance money from a house sale that I need to save for a couple of years. 

oli356

Yes, you can have many.

vernall

As many as you can get ..... I have over £4000 a month being drip fed into RS

Elderone

Could you name a few for me to look at please

veryintrigued

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest

Elderone

Also which would make ideal feeder accounts? 

Vortigern

See post 9 in the Regular Savers thread linked above by veryintrigued 

SFindlay

Elderone said:

Also which would make ideal feeder accounts? 

First thing to do is open a Nationwide Flexdirect giving you 5% on up to £2500 and fill that. Once that's maxed out can use that as feeder account as only condition is you pay £1000 in per month. If more spare lump sum also open a TSB (join through quidco and get £50 bonus) and max the £1500 at 3% but that will soon drop (though opening it gives you access to 2% regular saver). Then open either Marcus or Cynergy which are both true immediate access savings paying about 1.3% put all your savings in that account and pay your £1000 to Nationwide from there each month then immediately on to your monthly savers from there so meet Natinwide conditions for account but money moving from 1.3% to your 2% regulars on same day. 
As far as regular savers best at moment still Coventry at 1.5 though that may drop but fixed rate yyou want to open immediately is Virgin at 2% (keep an eye on virgin as they open new versions every couple of months and just opened version 15 but you can have 1 of each new version so I currently have 13, 14 and 15 all running) and Halifax at 2% both can be opened online in minutes and dont need you committing to another product like current account. Personally also like Principality Building Society as like virgin they regularly open new versions and can have 1 of each, unfortunately latest version is only 1.5% but worth keeping an eye on them. Other than that have looked at some of the in branch accounts for near you as may give better rates than online. 
My advice is open as many as you can at the fixed rates, I have about £6000 going into various ones paying between 2% and 5% (luckily got First Direct before they cut it) each month, some like Virgin allow immediate access anyway so nothing to lose even if think might need the money in 6 months!! 

SFindlay

Elderone said:

Hi. I'm looking to change my current account possibly to 1st direct with £100 switching bonus. They do a linked regular saver at 2.75%. Can I also drip feed into non linked savers alongside that, such as the Coventry BS paying 2.5% at the same time? I'm looking at ways to maximise returns on inheritance money from a house sale that I need to save for a couple of years. 

By the way you can still switch to First Direct and get the switching bonus even though opening Nationwide account, I know some people say effects credit rating opening multiple current accounts close together however I have found if you don't apply for an overdraft with Nationwwide (as why would you anyway as plan is to keep minimum £2500 in that account to get benefit of 5% interest) it doesnt impact your score. 

SFindlay

Elderone said:

Also which would make ideal feeder accounts? 

Also worth considering for feeder accounts is how much you can pay in per month for example if you open a Club Lloyd's current account (no monthly fee and just need to pay £1000 in per month so can be part of circle between accounts) you can open a Club Lloyslds monthly saver putting away £400 at 2.5% and a further £250 at 2% into the Lloyd's monthly saver (available for non Club memebers but you can open both!!) So immediately that's £650 a month earning you 2% and over!!