multiple savings account, one bank ?

littlefoot47

Sorry if this is a stupid question but are you able to have multiple savings accounts with the same bank?
I have some money saved up but want to split it up so I get the most for my money. 

For example, I'm looking at what Natwest were offering and wondering if I could I pay;

£50 a month into their digital regular saver offering me 3% variable up to 1000
then chuck 
~ a few grand into their savings builder account as an initial deposit and then £50 a month which offers 0.25% as long as you pay in £50 a month, up to 10,000

If there are better options/ other ways of doing this I'm all ears, I do need to be able to access the money easily though

Thanks!

refluxer

That shouldn't be a problem, although you can do a lot better than their Savings Builder account at the moment. You can get anything up to 0.66% easy access (with little or no restrictions) if you look elsewhere and most of these accounts can be opened online with minimal effort.

eskbanker

In general, there aren't any restrictions preventing you from holding multiple savings accounts with the same provider, but individual products may be limited, so, for example, many institutions won't allow you to hold more than one of their regular savers.

NatWest's 3% account sounds competitive but the 0.25% one isn't, you can earn 0.6+% on easy access accounts elsewhere, such as Marcus, Tesco, etc.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

refluxer

Regular Savers are a great way of getting a good rate on small monthly amounts but as the amounts you can deposit are often quite small (eg. the £50/month NatWest RS you mentioned) then, to get the most from your money, you're better off paying the lump sum into a higher interest account first and then 'drip-feeding' this into the regular saver. That way, your lump sum is earning a better rate of interest while it's sat there, rather than in (for example) a typical current account paying 0%.

You just need to make sure the account you drip-feed from facilitates this - some easy access savings accounts don't, so one option is to choose a current account that pays a decent rate of interest instead. eg. the Virgin Money or Nationwide current accounts that pay 2% on balances up to £1000-£1500.

littlefoot47

Thanks for that - I didn't realise others were offering more interest.
Will check those out

Some are offering 0.6% variable and 0.5% fixed for 12 months, is it best to fix or stick with the higher percentage?

refluxer

littlefoot47 said:

Thanks for that - I didn't realise others were offering more interest.
Will check those out

Some are offering 0.6% variable and 0.5% fixed for 12 months, is it best to fix or stick with the higher percentage?

Most easy access accounts are variable, which may be a good thing with the way interest rates might be headed.

It would be unusual for an easy access savings account to have a fixed interest rate, although some do have bonus rates which are fixed for 12 months. These bonus rates can then be considered as a minimum that the rate will drop to, should interest rates fall.

littlefoot47

refluxer said:

littlefoot47 said:

Thanks for that - I didn't realise others were offering more interest.
Will check those out

Some are offering 0.6% variable and 0.5% fixed for 12 months, is it best to fix or stick with the higher percentage?

Most easy access accounts are variable, which may be a good thing with the way interest rates might be headed.

It would be unusual for an easy access savings account to have a fixed interest rate, although some do have bonus rates which are fixed for 12 months. These bonus rates can then be considered as a minimum that the rate will drop to, should interest rates fall.

Brill, thanks so much for clearing that up!

Jami74

littlefoot47 said:

£50 a month into their digital regular saver offering me 3% variable up to 1000

RBS also do this account. I've got that savings account with both Natwest and RBS

pokora

Rbs and natwest with Rg 3%, 50 pounds each per month.
Tsb Rg 2%, 125 pounds per month.
Virgin Money current account 2% up to 1000 pounds.

neurosurgeon

Jami74 said:

littlefoot47 said:

£50 a month into their digital regular saver offering me 3% variable up to 1000

RBS also do this account. I've got that savings account with both Natwest and RBS

Same what happens when it reaches £1000 do you still need to pay £50 a month to get the interest please?

neurosurgeon

pokora said:

Rbs and natwest with Rg 3%, 50 pounds each per month.
Tsb Rg 2%, 125 pounds per month.
Virgin Money current account 2% up to 1000 pounds.

Skipton have a 3.5% regular saver too