Nationwide start to save

callum9999

Walda_Wild said:

Adindas and Deliah, thank you both for some guidance, much appreciated. Albeit I am just not mathematically minded enough to figure out how best to spread or "drip feed" funds to my advantage. I was just looking for a simple way of putting a student loan away for at least a year with possible emergency access to funds. However, I am puzzled as to why saving accounts have to have monthly limits. Doesn't it defeat the bank's objective of accumulating as much revenue as possible?

I feel like you're overcomplicating things as there's nothing here that requires anything other than incredibly basic maths (e.g. knowing that 3 is bigger than 2).

Put the money in the account with the highest interest rate. If that account has monthly limits, put the rest in the highest interest rate account that doesn't and then transfer across monthly.

It only gets vaguely complicated if you want to start putting things in notice accounts and matching up maturity dates with monthly funding dates etc. But as you're not saving that much money the difference will be very small.