Regular savings accounts

FrugalsaverpapaG

Is it worth transferring regular payments from my 2.72% easy access savings account to a 5% regular saver account? Looking at the percentages it looks that way, but reading how the interest is paid I’m not sure.

WillPS

Of course. Every £ you will move over will earn more interest. 

Just because you can't move in a lump sum doesn't mean there's no merit moving what you can. 

Band7

You can use the MSE Regular Saver calculator to work out the effects of drip-feeding

There is also a large thread about Regular Savers on the Savings and Investment board.

Eco_Miser

Every pound in a 5% account gets 5/365 pence per day it is there. Every pound in a 2.72% account gets 2.72/365 pence per day it is there. Which is better?

A Regular Saver restricts the number of days a pound can be in the account - 365 for the pounds in the first payment, 28-31 for the pounds in the last payment, but while they are there, they're earning nearly twice what they would earn in the easy access account.

eskbanker

At least the question is being asked the right way round in this thread, unlike another today where the OP was considering moving money from a regular saver to an easy access account, based on the traditional misunderstanding of how regular saver interest works!

https://forums.moneysavingexpert.com/discussion/6401436/regular-savings-account-or-not