Best method to save £5000 over 1 year (need some access - no Fixed deposit) - drip feed method?

OceanSound

housebuyer143 said:

OceanSound said:

housebuyer143 said:

OceanSound said:

Bigwheels1111 said:

I use FD to fund Chip, it is instant and seamless.
The way I see it, do you have a lump sum or X per month to save.
X per month then regular savers are great.
If a lump sum, stick it in Chip and fund the regular saver every month from Chip the day before it due.

The type of account at FD (first direct) that you use to fund Chip please?

As far as I'm aware Chip needs to be funded using a current account using truelayer (preferably, as we have protection) or direct payment (which dosen't have as much protection and can take longer occasionally)

That's right. I fund chip from my NatWest current using open banking and it's instant.

Does NatWest current account pay much interest though? 2.25% if you have the adapt current account it seems and that's only for 11-17 year olds. Why not open a Nationwide current account which pays 5% (it has some conditions though. Interest only payable upto £1500) or Kroo account which pays 3.33%

I don't keep any money in my current account, £300 at a time so it doesn't need to pay anything. The ones that pay are the ones I have signed up to and use as a savings account. 

I have banked with NatWest for 20 years and it works great. I don't see it worth the hassle of moving to make a few pounds interest 

Not so much to 'move' the NatWest account as such -   keep it as you have a lasting good relationship,  but open another account as a spare. 

I have had a current account with hsbc for nearly 20 years. Switching offers are rife, but I'vw never switched away using that long standing account (always with a recently opened one).

Sometimes, a bank or financial institution will make an extraordinary offer to stand out from the crowd. The club Lloyd's current account was one of them. It offered interest even beating the highest paying instant access savings account at the time. 

I had no reason to keep using the hsbc account. Easy. Open club Lloyd's account but keep hsbc accounts with a few hundred pounds in it.

Club Lloyd's also offered lifestyle benefits like movie tickets or monthly magazine. Still do .

Jami74

OceanSound said:

What are the best products out there now to save £5000 over a year (as the title says it cannot be fixed deposit as I need access to some of the cash over the year - up to £5000 being tied up towards the end of the 12 month period is fine though - as in a regular saver). 

Is it Chip (for the EAsy Access Saver) combined with First Direct Regular Saver?

Could you use Natwest and/or RBS Digital Saver for the part you don't want to tie up? 6% easy access but can only deposit £150 a month. So, put £250 a month into First Direct at 7% and £150 into Natwest at 6%. You'd have about £4,965 after 12 months.

grumbler

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

5% easy access, although some primitive actions are needed to have Blue Rewards monthly fee reimbursed.

allegro120

OceanSound said:

Okay. So, there's a thread for 'The Top Easy Access Savings Discussion Area' and there's a thread for 'Regular Savings Accounts: The Best Currently Available List!'. Can we use both of these to maximise returns?

What are the best products out there now to save £5000 over a year (as the title says it cannot be fixed deposit as I need access to some of the cash over the year - up to £5000 being tied up towards the end of the 12 month period is fine though - as in a regular saver). 

Is it Chip (for the EAsy Access Saver) combined with First Direct Regular Saver?

Any ideas?

Barclays rainy day saver pays 5.12% on up to £5k. No drip feeding needed. Instant access. For compounding monthly interest can be withdrawn/transferred to other well paying account.  The only downside is you have to join blue rewards which requires 2 DDs.

Bigwheels1111

OceanSound said:

Bigwheels1111 said:

I use FD to fund Chip, it is instant and seamless.
The way I see it, do you have a lump sum or X per month to save.
X per month then regular savers are great.
If a lump sum, stick it in Chip and fund the regular saver every month from Chip the day before it due.

The type of account at FD (first direct) that you use to fund Chip please?

As far as I'm aware Chip needs to be funded using a current account using truelayer (preferably, as we have protection) or direct payment (which dosen't have as much protection and can take longer occasionally)

I use one of my current accounts at FD.

one for bills and one for all my savings products.

As you call talk to FD if there is a problem, They unlikely to freeze your account unlike others.

I still have other accounts in case one bank freezes an account.

Eco_Miser

OceanSound said:

 Why not open a Nationwide current account which pays 5% (it has some conditions though. Interest only payable upto £1500) or Kroo account which pays 3.33%

Since one of the conditions on the Nationwide account is that the 5% only lasts a year, and is not renewable, it's not very useful for many of the regulars here.

BTW the Regular Savings thread also has a (regularly updated) post for the best easy access acount to use as a feeder for RSs: https://forums.moneysavingexpert.com/discussion/comment/76870806/#Comment_76870806