High interest from an account with monthly standing-order facility

james-harris

Any recommendations on how to find an account from which I could set up **automatic** monthly outgoing payments (essentially, an account with standing-order facility), but which gives a reasonable rate of interest?

The scenario is wanting to put money into the account periodically, e.g. once a year, and have transfers go monthly from it in to my current account, akin to a monthly salary payment, but while still getting some interest on the amount remaining in the account.

Suggestions welcome!
James

boingy

Take a look at Kroo.
It's a current account that pays 4.35% on the balance.

wmb194

james-harris said:

Any recommendations on how to find an account from which I could set up **automatic** monthly outgoing payments (essentially, an account with standing-order facility), but which gives a reasonable rate of interest?

The scenario is wanting to put money into the account periodically, e.g. once a year, and have transfers go monthly from it in to my current account, akin to a monthly salary payment, but while still getting some interest on the amount remaining in the account.

Suggestions welcome!
James

You can also do this with Chase's savings account, currently 4.1%.

james-harris

boingy said:

Take a look at Kroo.
It's a current account that pays 4.35% on the balance.

Thanks. I'd not heard of them but I see that "Kroo Bank Ltd (FRN:953772)" has FSCS protection according to the web page at https://www.fscs.org.uk/check/check-your-money-is-protected/.

james-harris

wmb194 said:

james-harris said:

Any recommendations on how to find an account from which I could set up **automatic** monthly outgoing payments (essentially, an account with standing-order facility), but which gives a reasonable rate of interest?

The scenario is wanting to put money into the account periodically, e.g. once a year, and have transfers go monthly from it in to my current account, akin to a monthly salary payment, but while still getting some interest on the amount remaining in the account.

Suggestions welcome!
James

You can also do this with Chase's savings account, currently 4.1%.

Thanks. Having taken a rake around their app I finally found that there is a way to make regular transfers from my Chase Saver to my Chase current account. (They seem strangely keen to hide functionality away in hard-to-find menus.)

I haven't yet, though, found a way to send regular payments from my Chase Saver to an account with another bank.

Rawrzy

james-harris said:

wmb194 said:

james-harris said:

Any recommendations on how to find an account from which I could set up **automatic** monthly outgoing payments (essentially, an account with standing-order facility), but which gives a reasonable rate of interest?

The scenario is wanting to put money into the account periodically, e.g. once a year, and have transfers go monthly from it in to my current account, akin to a monthly salary payment, but while still getting some interest on the amount remaining in the account.

Suggestions welcome!
James

You can also do this with Chase's savings account, currently 4.1%.

Thanks. Having taken a rake around their app I finally found that there is a way to make regular transfers from my Chase Saver to my Chase current account. (They seem strangely keen to hide functionality away in hard-to-find menus.)

I haven't yet, though, found a way to send regular payments from my Chase Saver to an account with another bank.

Go to the payments tab, create a new payee (or choose a current one), change the "From" to the Chase Saver, change the amount, and click "Schedule" to choose your standing order frequency.

james-harris

Re. setting up regular payments from a Chase savings account:

Rawrzy said:

Go to the payments tab, create a new payee (or choose a current one), change the "From" to the Chase Saver, change the amount, and click "Schedule" to choose your standing order frequency.

Thanks. That worked.

FIREmenow

I've read elsewhere that you can also set up direct debits from the Chase savings account, so direct debit cash could be earning higher interest in the saver all the time instead of transferring it to the current account.