Linked regular saver

ForestBluebells

Having had notification that my Coventry regular saver I just opened is dropping it’s rate I’m wondering if there are better accounts to drip feed into. 

Is it possible to open a bank account with a linked regular saver but not actually use it as your main bank account?

I don’t want to truly switch bank accounts as I like my NatWest mobile app but not sure there’s much out there that’s worth moving money about for currently other than the linked regular savers. 

badger09

ForestBluebells said:

Having had notification that my Coventry regular saver I just opened is dropping it’s rate I’m wondering if there are better accounts to drip feed into. 

Is it possible to open a bank account with a linked regular saver but not actually use it as your main bank account?

I don’t want to truly switch bank accounts as I like my NatWest mobile app but not sure there’s much out there that’s worth moving money about for currently other than the linked regular savers. 

Yes it is. First Direct, HSBC and M&S all have current accounts with linked regular savers paying 2.75%. M&S is the only one of those which requires (or at least used to require) that you also switch to them However, you don't have to switch you 'main' current account

There are also several others - Lloyds & BoS for example which don't require a switch. Have a look at the Regular Saver thread

ForestBluebells

badger09 said:

ForestBluebells said:

Having had notification that my Coventry regular saver I just opened is dropping it’s rate I’m wondering if there are better accounts to drip feed into. 

Is it possible to open a bank account with a linked regular saver but not actually use it as your main bank account?

I don’t want to truly switch bank accounts as I like my NatWest mobile app but not sure there’s much out there that’s worth moving money about for currently other than the linked regular savers. 

Yes it is. First Direct, HSBC and M&S all have current accounts with linked regular savers paying 2.75%. M&S is the only one of those which requires (or at least used to require) that you also switch to them However, you don't have to switch you 'main' current account

There are also several others - Lloyds & BoS for example which don't require a switch. Have a look at the Regular Saver thread

So if I open another account just for the purpose of switching I could do that? 

colsten

ForestBluebells said:

So if I open another account just for the purpose of switching I could do that? 

Yes you could. In the context of Regular Savers, only M&S require that you switched (and have several DDs).

badger09 said:

....... First Direct, HSBC and M&S all have current accounts with linked regular savers .......

First Direct are not currently offering a current account to new applicants.

Opening an account with HSBC can take a very long time; similar with M&S.

dcs34

Just to be clear, you can have as many current accounts as you can open (providing the banks accept your applications!) and the concept of 'main' current accounts is simply marketing speak from the Banks. Generally most would call the account their salary is paid into as their 'main' account, but this doesn't have to be the case.

ForestBluebells

Thank you everyone, I didn’t realise it was so easy to open another bank account without switching my salary there so I have now applied for an HSBC account that doesn’t need any specific deposits each month and once this is open I’ll open their regular saver account 🙌

schiff

ForestBluebells said:

Thank you everyone, I didn’t realise it was so easy to open another bank account without switching my salary there so I have now applied for an HSBC account that doesn’t need any specific deposits each month and once this is open I’ll open their regular saver account 🙌

My HSBC account requires monthly deposits of at least £1750. Check.

schiff

And it has to be an HSBC Advance account to get access to the RS.

ForestBluebells

Oh it says from their website the following:

HSBC Bank Account

A simple everyday current account

Smile-inducing savings

Help your money work a little harder. As a Bank Account customer you can open a Regular Saver account. Earn 2.75% AER/gross, helping you build a nice little nest egg. 3

[Deleted User]

It used to be that you got a preferential rate on your HSBC Regular Saver if you had an Advance (or higher) current account than if you had a "lower" current account (eg the "Bank Account") but it was equalised a while back.