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Best method to save £5000 over 1 year (need some access - no Fixed deposit) - drip feed method?
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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.
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 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
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 .0 -
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?Debt Free: 01/01/2020
Mortgage: 11/09/20241 -
5% easy access, although some primitive actions are needed to have Blue Rewards monthly fee reimbursed.
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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?
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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.
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.0 -
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
Eco Miser
Saving money for well over half a century0
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