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Best account for Regular Deposits?
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99mcalpa
Posts: 1 Newbie
I've been depositing £1 into an account every day for the last 600 days by standing order. I now think i should be depositing this money onto an account that accumilates interest.
What would be the account with the highest long term return for regular deposits? Would it be a current account? An isa? A regular saver? A fixed rate bond?
Thanks
What would be the account with the highest long term return for regular deposits? Would it be a current account? An isa? A regular saver? A fixed rate bond?
Thanks
0
Comments
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If you're looking for something that pays interest and accepts regular deposits then regular savers have typically paid better rates than easy access savings, but a standing order for a pound a day is an unusual style of saving, and some accounts may not fit that if you're looking to continue it - what's the rationale for doing that rather than, say, £25-50 monthly?
https://www.moneysavingexpert.com/savings/which-saving-account/
Edit: just realised that you're probably looking for a home for the £600 as a lump sum, as well as the ongoing regular deposits, so you may find two separate accounts better for those two separate requirements, but realistically the interest-earning potential of this sort of money is practically negligible at the moment....0
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