Drip feeding - is this still a thing?

tanner5912

Hello,

Looking for some advice for most efficient use for our savings as a couple.  We have used our current years ISA allowance of £20k each.  We have easy access accounts which both equate to exactly £1000 interest per year per person, as basic rate tax payers.

Beyond this with our savings, is drip feeding regular savings accounts with the remainder still worth it as they pay better rates, albeit on smaller amounts?  I understand that as we will be above our PSA that this would be subject to tax etc.  We are not looking to add further to pensions nor overpay mortgage further.  We both work and have 3 children.

I remember a few years back their being a savings 'pyramid' on MSE but can't seem to find the best order for savings.

Any advice would be so greatly appreciated.

nottsphil

Sure it is, otherwise this thread wouldn't still be popular https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest
Whether it's taxable or not depends on how much of £17,570 you've each used up in work/ pension payments.

masonic

Many of us make full use of regular savings accounts to squeeze a bit more interest out of savings. If you set one up every month or couple of months, you can permanently keep a float of money earning above easy access rates, often with flexible withdrawal terms if needed early.

MSE seems to have done away with the old "savings fountain" and replaced it with a drier article listing the options: https://www.moneysavingexpert.com/savings/which-saving-account/

ColdIron

Yes they are still a thing. Small amounts but it all adds up. If you can set up a 'ladder' of them over a year they are easy to manage. All done by standing order so they run themselves

tanner5912

Thanks for the responses - some very useful links which contain the information I needed.

I think I'll setup a series of regular accounts and feed in.

Zoe02

Depends if you have the funds already and persnal prefrence.

I was also thikig this in April when the new ISA allowance was allocated.

Decided to put all my alowance at once in the end, research sad does better in the long term. 

masonic

Zoe02 said:

Depends if you have the funds already and persnal prefrence.

I was also thikig this in April when the new ISA allowance was allocated.

Decided to put all my alowance at once in the end, research sad does better in the long term. 

Yes, and if you do the same thing in subsequent years, you will be drip feeding, and therefore getting the best of both worlds.